On 14 March, government have released the solidarity cash payout of $600. Immediately upon receiving the sum, I transferred the amount to my Singlife account to earn 2.5% p.a. returns for the first $10,000 deposited. Though in the end, I decide to donate all of my payout to people that have greater needs, the amount are now money purely funded by the cash in my bank account.
I’ve first chance upon the account through HardwareZone forum whereby the members were talking about it. I went to made further research upon Singlife and found out that they’re actually a insurance company. Singlife account is a insurance savings plan that provide life insurance coverage and retrenchment coverage* (only if you uses Singlife debit card).
I was skeptical about the company as it was relatively new to me and unheard of. However, I gained confidence upon seeing that the account is protected by SDIC, which insured up-to $75,000 per account in the event should a Deposit Insurance (DI) Scheme member bank or finance company fails.
To start earning interest, there is a minimum requirement of $500 deposit and 2.5% p.a. interest is only applicable for the first $10,000, subsequent $90,000 will only earn 1% p.a. and 0% p.a. for any amount after $100,000.
During the registration, I did not opt for the complimentary Singlife debit card that would provide the retrenchment coverage using the average card spend over 6 months before retrenchment. I would still prefer to earn points through my credit card payments, however, it may be attractive as a grow older and maybe more concern about my job security.
Over the years, it have been rather difficult for me to save up cash as I would often spend them away as long as they did not dip below my emergency savings mark. As I’m trying to increase my cash holding, Singlife account is one of the good place where I’m looking at to saving up additional cash and not withdraw at any circumstances. Of course, this will only be for up to $10,000.