Posted by: bigtalksingapore | July 16, 2008

Fear of Bank failure in US ?

It’s a scary thought that 150 US Banks could fail in 12 to 18 months.
Singapore finance sectors is closely interlinked with the world, especially US.
How will it affect Singapore if this worst case scenario happened ?

Singapore Banks are insured to pay individual S$20,000 of their Singapore dollar deposits in standard saving, current and fixed deposit account, minus liabilities.
I’m not sure about US banks, but I remember reading somewhere that US banks are somewhat insured for US$100,000.

So, if you are “Kia Su” ( 怕输 ), you should re-distribute your cash between all the banks in Singapore.

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