Singlife Review

I have just been recommended to put some of my money in Singlife to earn interest.

Wait! Who is Singlife? Is it safe? Is it a scam?

Let me research third part party information before committing.

What is Singlife?

The Singlife Account is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate, but you can take your money out anytime via FAST transfer or by using your Singlife Visa Debit card. Each person is only entitled to one Singlife Account policy.

… https://singlife.com/manage/

Who owns Singlife?

Before the London financier acquired the insurer, founder Walter de Oude told DigFin his broader ambitions. Last week, on December 5, London financier Michael Spencer announced he was buying a controlling stake in Singapore Life, paying $52.7 million for a 33.8% stake… Dec 9, 2018.

… https://www.digfingroup.com/insurtech-investors-2/

Is Singlife account safe?

The policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).

… https://betterspider.com/singlife-account-review/

How does Singlife make me money?

The Singlife Account delivers a return of 2.5% per annum on the first $10,000 deposited without any lock-in period. A minimum deposit of $500 is required upon account opening, and a minimum balance of $100 needs to be maintained to enjoy the benefits of the Singlife Account.Mar 31, 2020

… https://dollarsandsense.sg/the-singlife-account-how-does-it-stack-up-against-other-high-interest-ac

Can Singlife be trusted?

It should be quite reliable since its backed by SDIC. But they may adjust the interest rate in this difficult times. So enjoy while it last. Point to note is that the SingLife account is an insurance product, not a savings account.May 12, 2020

… https://seedly.sg/questions/is-the-singlife-savings-account-trustworthy

Any bad reviews?

Yes. 3 major issues.

1. Poor customer service.
2. Missing fund transfers.
3. Delayed accounts application.

… https://m.facebook.com/SinglifeSingapore/reviews

Forum Discussions

Those who signed up for Singlife, have you gotten 2.5% interest or less during this period?… https://amp.reddit.com/r/singaporefi/comments/h7l7kf/those_who_signed_up_for_singlife_have_you_gotten/

Whats next?

Should I transfer my money to Singlife?

The research continues. Leave a comment to follow.

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