Posted by: bigtalksingapore | October 6, 2008

Keeping your money safe in Singapore banks

America banks are struggling like mad and its effect are spreading throughout the globe like bush fire.

We kept hearing assurance from Singapore Government that our banks are safe and there’s really no concern at all about losing your money in the banks.
And I really hope they’re right.
While situation looks OK in Singapore, bear in mind that Singapore economy is closely linked to America.

So it’s still better that we the consumers learn more about our banks and money.
Attachment#1 is an interesting article that we should read.

There’re a few pointers that we can learn from this article.

  1. Singapore has a deposit insurance coverage of S$20k per individual per banks.So if you have S$100k in one of the banks that collapse, you only get back S$20k.This S$20k coverage pale in comparison to America banks (US$250k), United Kingdom (50,000 pounds) and full coverage in Ireland for Irish-owned bank.
  2. If you are really “Kiasu”, you can follow the article advise by splitting your money between all the 35 finance companies/bank that is covered under the Singapore Deposit Insurance Corporation (

That’s about 35x20k = S$700k of cash under insurance.
Click here ( for the list of banks and finance companies under coverage.

Attachment #1: Today, 6 Oct 2008, Page B5

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