Singlife Account

Details

• Z

  Zac

  Level 4. Prodigy

  Updated 5d ago

  Purchased

  Singlife Account

  [User Experience] UI was very intuitive and easy to use. Depositing money via FAST was a breeze and the money was credited to my Singlife account almost instantly. Interest rates are one of the best on the market now, at 2% per annum. [Application Process] Seamless application process, able to singup using Singpass for greater convenience.

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  Albert Tan

  Level 6. Master

  Updated 3w ago

  Purchased

  Singlife Account

  Been on Singlife Account for about a year now. The whole experience is seamless and it's easy to monitor your funds, interest returns, withdrawals and top ups. Definitely one of the places to park your emergency funds or short term savings goals with full flexibility, no hidden charges, and additional insurance coverage too. Recently they've introduced Grow, their investment linked plan with direct funding from your Singlife Account available and bonus interest.

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  Khai Ying

  Level 4. Prodigy

  Updated on 23 Dec 2020

  Purchased

  Singlife Account

  [Application Process] Creating an account was super straightforward and FAST (takes about 10 minutes at most). Also, the account doesn't take long to be approved. My Singlife card was sent to me in 3 working days as well. [Customer Support] I like how the Support button is obvious unlike other more cluttered apps where we have to dig through the Settings, Profile etc. to find the Support button. Have not tried contacting the Support yet. [User Experience] Also, the app is super easy to use - It works like a bank account where you can easily transfer money in and out. I especially like how it requires us to login with our phone number instead of email (sometimes users can have multiple email addresses you know). However, I felt like the first page of the login process (where we key in our phone number only) is unnecessary if there's already the second page that requires our mobile number and password? [Transfer Process] And for first-time users, I think there can be more guidance throughout the money transfer process because when I first transferred money in, I wasn't sure if my Singlife account is currently processing my money already. So my suggestion: When user has clicked "Top Up" and the FAST transfer information shows up, maybe there can be a "I've done the transfer." button which user can click into and see what the next steps are, like "Singlife is currently processing your money transfer. It will take X days to reflect in your account" etc. [Others] Overall a super clean and user-friendly app, does not take long to master how to use it!

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• A

  Arthur

  Level 2. Rookie

  Updated on 28 Nov 2020

  Purchased

  Singlife Account

  [Others] I own a Singlife account. I agree that the App is easy to use and the whole thing feels like a bank account. But I have doubt with what most people believe that it is 100% capital guaranteed for the money deposit in the account. As Singlife is a member of SDIC hence their product is covered by PPF scheme. So people believe it is 100% capital guaranteed (meaning die die will get back every cent in the deposit even the company collapse like Lehman Bros). But based on my experience from purchasing endowment (also an insurance product), the compensation entitlement differs between products covered by PPF scheme. Singlife account falls under the individual life and voluntary group life policies excluding annuities. In SDIC website, this is what is stated for compensation entitlement for policies under this group: - Individual life and voluntary group life policies (with the exception of annuities): Cap of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for aggregated guaranteed surrender value per life assured per insurer.​ People then tend to think that the deposit amount in Singlife account will be protected up to $100,000. But my understanding is that although $100,000 is the ultimate cap, the actual SDIC guaranteed amount depends on "guaranteed surrender value". In an insurance policy, there is always a guaranteed surrender value and a non-guaranteed surrender value. SDIC will only compensate for the guaranteed surrender value. In the endowment policy, the guaranteed surrender value will always be clearly stated in the policy schedule. For example, say I purchase an endowment policy of $100,000 and the guaranteed surrender value is $70,000. Then if the insurance company goes belly up, SDIC will only compensate me $70,000 instead of $100,000. I looked into policy schedule, product summary and fine print on the Singlife website for Singlife account. But I can't find anything explained about the guaranteed surrender value for Singlife account. The closest I can find is below line stated in policy schedule: Surrender benefit - Account value as at the surrender date But it didn't clarify whether it is the guaranteed or non-guaranteed surrender benefit. So I am having doubt with how much of the deposit in Singlife account is actually protected/guaranteed by SDIC. Appreciate if someone could help to explain and clarify. Thanks!

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  Peh Yeow Ming Lewis

  24 Dec 2020

  I read that it says “all singlife policies are protected up to specific limits by the Singapore Deposit insurance Corporation “. Does it mean it is insured up to $75k?

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  Kenneth Fong

  Level 7. Grand Master

  Updated on 24 Nov 2020

  Purchased

  Singlife Account

  [Application Process] Straightforward and can be done via SingPass. [Withdrawal Process] I like that there're no withdrawal fees or service charges levied, which truly makes this account highly liquid. [Interest Rate] It's okay for this low-interest environment that we're in. At least I don't have to jump through 12 million hoops just to get the interest. I mean, it's a non-guaranteed interest rate, but hey, better than leaving it in a regular bank savings account right? [Customer Support ] Nothing much to gripe about. Had a question about the app and the customer service rep answered it promptly and clearly. [Insurance Benefit] Okay lor. It's nice to have but hopefully, I won't have to use it... touchwood.

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