Saturday, August 29, 2020

Why I've Deployed Part Of My Emergency Fund To Singlife Account?

Singlife Visa Debit Card
As most of you are aware, with the current battered economy situation, banks over the world are reducing the interest rates for their savings/fixed deposits accounts and Singapore is not spared. So, if you are keeping your emergency funds with banks (which most of us did, I believed), it's time to source for the alternative(s). 

I've heard of Singlife Account for quite awhile but only have time to dig in further late last month (Jul 2020). Upon more in-depth research, I've made a decision to deploy part of me Emergency Fund ($10K) from my usual DBS Multiplier Account to Singlife Account. 

Here are the reason why:

1. Higher Interest Rate (up to 2.5% for the first $10K)
So far, I only managed to clock-in maximum of 1.8% interest via my DBS Multiplier Account, hence's it's a no brainer to transfer part of it to earn an additional 0.7% of interest at no extra cost. Do take note that the 2.5% interest in Singlife is not guarantee but so far I've earned 2.5% for the first month ($20.95 for the $10K deposit). The interest amount is earned daily but will be credited to your Singlife Account Balance only once a month.

The tiered interest rates of Singlife Account is as follows:
First $10K       : 2.5%
Next $90K      : 1.0%
Above $100K : No interest

So now you know why I only deployed $10K to the account? :-) 

2. Capital Guarantee
Singlife Account is automatically protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC) for up to $100K. So, even though the interest rate is not guarantee, you know that at least your capital is guaranteed. 

3. Add-on Insurance Coverage:
Singlife Account is deemed as Universal Life Plan which come with the following insurance coverages:

a. Death Benefits: 5% of Account Value up to $50K (if account holder's age last birthday is less than 61) OR 1% of Account Value up to $50K (if account holder's age last birthday is on or above 61) 

b. Retrenchment Benefit : Up to 3 months of average card spend (capped at $10K)

4. Convenience: (including withdrawal and spending):
Setting-up the Singlige Account is a breeze, all you need is your smartphone. After downloaded the App, I've proceeded to set-up the account via SingPass's MyInfo, it took me less than 3 minutes to complete the overall registration process and voila, my account is ready.

To test out the system, I top up a small amount ($10) to my Singlife account from my DBS account, it took about a minute for the amount to be reflected in my Singlife account. With the successful trial transaction, I am deemed comfortable to transfer the intended balance amount to my Singlife Account.   
To further test the system, I've also tried to withdraw a small amount ($10) from the Singlife Account to my DBS account (just to see how fast the transaction goes). Again, it is a breeze for the withdrawal and the amount appear in my DBS account in a couple of minutes (apparently via PayNow feature). And all these are done via the App alone. 

If you are keen to find out more on the Singlife Account, you can click on the link here for more details (As part of their on-going campaign, if you set-up and activated your account via this invitation link, we each get $10 credit to our accounts). 

By the way, where do you usually keep your Emergency Fund?


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Saturday, August 15, 2020

Ways To Get Some Quick Money

Image Source: Unsplash
With the worldwide economy currently is such a mess, there are a lot of people that are struggling financially. If this is something that you are familiar with and you are looking for ways to get some cash quickly, there are things that you can do, such as selling items that you no longer require.

Most of us will have something laying around our homes that we have no use for and we can turn into some quick money. Below are some of the ways you can do this and get that much-needed cash in your pocket, quickly.

Sell Your Old Jewellery

A perfect place to start in your quest for some quick cash is looking at the jewellery that you have at home. It does not matter whether it is broken or not, as many places that will buy this from you will offer you the scrap value of your gold and other precious metals. To sell gold jewellery, check out scrap gold buyers. There are some who will give you the market value of the gold, minus their fees and refining costs. It can be an excellent way to get some quick cash, especially with the price of gold at the moment.

Image Source: Pexels

Sell Your Old Clothes

Another way that you can make some quick cash is to raid your wardrobe and get rid of any clothes that you do not wear anymore. Rather than take these to a charity shop, you can try selling these and see what you get for them. As long as your clothes are in good condition, you will be able to find a buyer for them, and if you have designer labels in your collection, you may be able to get a little more money for them.

Sell Your Old Gadgets

You can also look to sell any old gadgets and technology that you have, which can be a good earner depending on what you have. Selling your old phone is an excellent place to start, and if it’s still in working condition, you can get a lot more money for it than if it is broken. Some companies specialise in this where you can get a quote for your old phone, laptop, or gaming system, and sell it to them quickly for some quick cash. The price that you are offered for them will depend on whether they work or not, and what condition they are in. For items that are broken, they may have some value, but it will be significantly less than if they work.

Visit A Car Boot Sale

If you have a load of different types of items that you want to sell, you may also consider going to a car boot sale to sell them, where you may get a better price. There is usually a small charge for people that want to sell items, and then anything that you make on top of this is profit.

Image Source: Unsplash

One man`s junk is another man`s treasure, as they say, so no matter what you have to sell, there will be someone out there that will buy it from you.

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