February 27, 2021
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SDIC our fail-safe in case financial institutions in Singapore collapse. Here’s what you need to know about the company that insures your deposits up to $75,000.
Keeping our hard earned savings in a bank account is one of the safest ways we know to store our cash. Not only do we earn interest on our money, but we also trust that the banks have the financial capabilities to safekeep our money and allow us to withdraw them when the time arises.
However, no company is fail-proof, especially with the access consumers have to alternative digital platforms. This is where the role of the Singapore Deposit Insurance Corporation (SDIC) comes into play, helping to alleviate fears consumers might have when it comes to leaving their money with banks, finance companies, or insurance companies.
SDIC — our fail-safe in case financial institutions in Singapore collapse. Here’s what you need to know about the company that insures your deposits up to $75,000. Keeping our hard earned savings in a bank account is one of the safest ways we know to store […] The post Singapore Deposit Insurance Corporation (SDIC) Explainer: How It Safeguards Our Hard-earned Savings appeared first on SingSaver Blog - We Compare, You Save.
Underlying funds risk profile comparison
Before we start, it is important for you to know more about the difference in the risk of the cash management products these funds invest in from cash funds, money market funds (MMF) to short-duration bond funds.
An important thing to note is that these cash management accounts are investment products, which means your capital is not guaranteed by Singapore Deposit Insurance Corporation (SDIC).
In the fund space, cash funds are the safest asset class amongst these three funds. For this asset class, the fund generally invests in a diversified portfolio safe institutional bank fixed deposits and treasury bills. the cash fund has the lowest downside risk compared to the other two funds.
Fixed deposit vs Singapore Savings Bond (SSB) vs Savings Account: Where to put your money? asiaone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asiaone.com Daily Mail and Mail on Sunday newspapers.