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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  1. i used to put part in singapore fixed deposit with Maybank and cimb fastsaver or starsaver (it used to be higher in their returns till mid july)
    thanks for the heads up. :)

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