Insurance on Bank deposits

[slohand2]

Ireland and France announce over the week that the government will guarantee customer's bank deposits in full. US of A is going to raise the guaranteed amount from USD 100,000 to USD 250,000.

In the meantime MAS sees it fit to only apply guarantees of SGD 20,000 for each account. The reason given was that "most" bank accounts have deposits of SGD 20,000 or less. I hate it when the scholars use statistics to implement policies. How in the world we hope to aspire to be a financial hub is beyond explanation.

 

[newyorker88]

In the meantime MAS sees it fit to only apply guarantees of SGD 20,000 for each account. The reason given was that "most" bank accounts have deposits of SGD 20,000 or less. I hate it when the scholars use statistics to implement policies. How in the world we hope to aspire to be a financial hub is beyond explanation.

It tells the rich to park their $$$$ else where. Dont come to singapore.

 

[eeoror88]

It tells the rich to park their $$$$ else where. Dont come to singapore.

Then park where ?? USA or Cambodia ??

 

[newyorker88]

Then park where ?? USA or Cambodia ??

If the insurance is 250K( now 100k) in USA, you park in usa or in sillypore? Where it is only 20K Sing dollars somemore.

 

[Whats4]

If the insurance is 250K( now 100k) in USA, you park in usa or in sillypore? Where it is only 20K Sing dollars somemore.

it only insure only 20k for each account or 20k for irregardless of how many bank account u hv?

 

[joker88]

it only insure only 20k for each account or 20k for irregardless of how many bank account u hv?

It is 20K per bank. Just like credit card. You can have one card per bank. This is to limit the exposure per bank has on each customer.

So you should split your money into many accounts with different banks each with 20K lor.

But sometimes it is not possible becos you need to park $200K with any bank to qualify for personal banker services or priviledge banking services. :p