Anonymous
I’ve recently started using the Singlife account. Is it safe for me to deposit $10k into my account to enjoy the high interest or should I deposit <$10k?
When will I be able to cashout my interest? I see that it’s mentioned like “$XX interest earned this month”but it doesn’t add on to my initial deposit. Am I able to cash out that interest any time?
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Gabriel
07 Aug 2020
Undergraduate at National University of Singapore
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Yes, the 2.5% applies for the first $10k. Any amount above $10k will only earn an interest of 1%.
The interest will only be credited a month after you first deposited your funds into your account.
Hope this answer is helpful!
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Billy
05 Jul 2020
Development & Acquisitions Manager at Real Estate Private Equity
**Does the ~2.5% interest applies on the first $10k deposited meaning is it safe for me to deposit $...
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Hey Anon, the Singlife Account is protected by SDIC under the Policy Owners' Protection Scheme (PPF). The PPF covers the guaranteed benefit or guaranteed surrender value at point of failure and in this case, the surrender benefit is the account value which is the amount of deposit you have in the account.