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Is the Singlife Account a trustable bank account?
I have money inside the Singlife account, and was wondering if it is considered a stable bank account like other reputable financial institutions (i.e., not losing your money/capital)? - since it’s licensed by MAS? I’m not sure about putting more savings into it like my normal bank account hence hope to get more insights on this!
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Tan Choong Hwee
21 Jun 2021
Investor/Trader at Home
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Victor
21 Jun 2021
Financial Service Consultant at AIA
As mentioned, it is not a bank account but it has the protection benefit similar to the a bank account plus it has the 101% death benefit as a small sweetener.
For me, i have transferred to Syfe cash, which is a cash management account. Different asset from singlife.
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thefrugalstudent
18 Jun 2021
Founder at thefrugalstudent.com
Hi Joanne,
Do note that the Singlife account, strictly speaking, is not a bank account, even though...
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Singlife Account
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S$100
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Up to 2% p.a. base return + up to 3.5% p.a. effective returns
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2% p.a. for first S$10K
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Singlife is an insurance savings plan, not bank account, but both are protected under SDIC PPF and DI schemes respectively.
BTW, licensed by MAS doesn't necessarily mean it is capital guaranteed, only means the FI (Financial Institutions) meets the regulatory requirement set by MAS. For example, the robo-advisor Smartly had MAS licence, but they closed shop and all the investors' holdings got to be liquidated and returned to investors at whatever market value at the time of liquidation.