Can someone enlighten me on what it means by it is an insurance policy account and not a bank account, such as Singlife? What are the cons as compared than opening a bank account for my emergency funds?

Singlife account is slightly different from traditional endowment plans. Theres no lock in and no penalty for early withdrawal thus I believe its fine for emergency funds to be parked inside there.

Yes you are right, basically its not a bank account due to the limited services provided. No ATM No GIRO etc. But it comes with FAST Transfer for transferring fund to and from the account.

Im using it now, so far so good. But do note that the interest may change which is unsurprising with the recent change in the few high interest savings accounts

Hey there! Your emergency funds should be placed in a high-yield savings account because you need the liquidity in the event of a crisis. Your salary should be credited in a high-yield savings account too, though a separate one to make sure you can compartmentalize your savings and spendings separately.

Endowment plans in general often have an insurance aspect, eg. 105% of your premiums you paid. But that cannot be your way of meeting your protection needs as endowment plans are wealth accumulation tools, not protection tools. If your endowment plan closes, the insurance coverage will be lost too since its tied to the tenure of your plan.
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