Sheryl Lee

01 Aug 2020

∙

Is there any risk of depositing 10k into singlife for the 2.5%? If the company closes, will we lose all 10k?

Singlife Account

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Amelia Yamato Leow

01 Aug 2020

Student Ambassador 20/21 at Seedly

Looking at their legal page, Singlife is “a registered member of the Policy Owners’ Protection (PPF) scheme. Singlife customers are protected in the event that the business fails to carry out its operations. All existing and new life insurance policies, including riders, issued by Singlife are covered under the scheme.” So, Singlife looks pretty steady.

I elaborated a bit more here, hope this helps :-)

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Gabriel

20 Jun 2020

Undergraduate at National University of Singapore

Hey Sheryl, 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.

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Boon Peng

13 Jun 2020

Hello Sheryl. The $10,000 is capital guaranteed, and Singlife is backed by SDIC. However, the 2.5% r...

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If I deposit $10K to Singlife and not top up ever, would it still be 2.5% for the first $10K or will the payout make it more than $10K and the 2.5% will be no more?

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?

I started on my first job and managed to save up to 10k. I researched that Singlife has the highest interest account. Would it be wise to deposit all 10k into Singlife?

I have 10k in my singlife account. Do I need to withdraw the interest earned after it’s credited into the account as amount above 10k will not be getting the 2.5% interest?

Hi! I am 23 y/o with $20k to spare. Would you recommend to put $10k in Singlife (2.5% pa) and another $10k in Great Eastern Great SP (2 years tenure, 1.8% returns pa)?