[luncheonmeat]

Anyone bank with them b4?
https://blog.moneysmart.sg/fixed-deposit...singapore/

[sgbuffett]

You are asking safe or absolutely safe?

To be absolutely safe it has to be insured by MAS

[K88 shu shu]

nothing is safer than in own pocket.

[Cmpunk]

Not so safe but banks still better

[p1acebo]

My milo tin ish best

[p1acebo]

Endowus is not insured under SDIC either

[luncheonmeat]

But anyone actually park money there b4? izit beri leceh? 3-6 months should be quite safe b4 coy uplorry. Insured with any Garbagemen body iz no guarantee of safeness as history has shown, especially for small fry investors.

[Lukongsimi]

Risky and not insured u think safe or not?

[Lukongsimi]

My milo tin ish best

Easily carry away n not fire proof

[p1acebo]

Easily carry away n not fire proof

Ish ok, only a few coins inside

[maxsanic]

Anyone bank with them b4?
https://blog.moneysmart.sg/fixed-deposit...singapore/

Syfe and Stashaway are not banks, so they cannot accept deposits per ser. They are just investment platform providers.

When you do a "fixed deposit" with them, they take the money and pool with other customers to invest in either fixed deposits with other banks and/or other low risk fixed income instruments.

The so-called guarantee is provided by the platform and not by SDIC. Although CMS licensed by MAS, they do not fall under the Singapore Banking Act, so scrutiny is much less onerous compared to banks.

What depositors are doing is foregoing their right to a SDIC or sovereign guarantee in return for a slightly higher interest rate. Personally, I think it's quite pointless to take on such additional risks as the additional interest generated is likely to be negligible anyway.

[luncheonmeat]

Syfe and Stashaway are not banks, so they cannot accept deposits per ser. They are just investment platform providers.

When you do a "fixed deposit" with them, they take the money and pool with other customers to invest in either fixed deposits with other banks and/or other low risk fixed income instruments.

The so-called guarantee is provided by the platform and not by SDIC. Although CMS licensed by MAS, they do not fall under the Singapore Banking Act, so scrutiny is much less onerous compared to banks.

What depositors are doing is foregoing their right to a SDIC or sovereign guarantee in return for a slightly higher interest rate. Personally, I think it's quite pointless to take on such additional risks as the additional interest generated is likely to be negligible anyway.

Yes, I sort of got the gist of it from their website. What they do iz quite similar to banks in dat both use customers' deposits to invest. These platforms however are alot less safe as they do not have a long history of generating financial returns to their customers. Madoff ran a similar outfit. The Syfe cash iz run by a CECA with some token AMDK staff. Think best iz to skip for peace of mind. Thanks for your invaluable insight, Bro.

[luncheonmeat]

My milo tin ish best

Boss belongs to high SES. Not many people can afford to buy milo in tins let alone drink pkt milo. 

[p1acebo]

Boss belongs to high SES. Not many people can afford to buy milo in tins let alone drink pkt milo. 

[Huliwang]

My milo tin ish best

I prefer Jacob cream cracker tin box but nowadays they come in paper box.   

[maxsanic]

Yes, I sort of got the gist of it from their website. What they do iz quite similar to banks in dat both use customers' deposits to invest. These platforms however are alot less safe as they do not have a long history of generating financial returns to their customers. Madoff ran a similar outfit. The Syfe cash iz run by a CECA with some token AMDK staff. Think best iz to skip for peace of mind. Thanks for your invaluable insight, Bro.

You're welcome bro

Yes, in theory MAS requires CMS providers to hold their investors' monies in a custodian account which under normal circumstances should be quite safe. The problem is when a financial tsunami strikes, even segregated custodian accounts have been known to fail as well.

IIRC during the 2008 GFC one of the largest investment brokers actually got into trouble and though monies were held in separate custodian accounts, investors were not able to retrieve their monies due to a multitude of lawsuits and cross border judicial complications. It took like 2-3 years for things to get sorted out and even then investors only got back 96-97 cents on the dollar.

Although such a thing happening is very low chance, I don't see why the need to sit with it just for that additional 0.1-0.2%. For ordinary folks, it is much more important to sleep peacefully at night.

[p1acebo]

I prefer Jacob cream cracker tin box but nowadays they come in paper box.