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.
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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.
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While situation looks OK in Singapore, bear in mind that Singapore economy is closely linked to America.
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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 (http://www.sdic.org.sg/index.html).

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That’s about 35x20k = S$700k of cash under insurance.
Click here (http://www.sdic.org.sg/scheme_members.html) for the list of banks and finance companies under coverage.
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Attachment #1: Today, 6 Oct 2008, Page B5

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