My bank fails. What should I do?

I only have one bank here in Singapore, all of my savings are being deposited to this specific bank that I have been trusting since I first got a job. Now there is news that the bank that I have been keeping my money has suddenly gone bankrupt and told that I would not be opening anytime soon. What should I do to get my money now?

  • user image

    No Name

    Banks are the safest place to keep your money. But from time to time some banks experience bankruptcy. Most banks are FDIC secured. If your bank is under the FDIC your money is safe that is upto $250,000.

    2020.03.24 15:44

    Please leave your knowledge and opinion!

    Related Forums

    Will my bank account closed if it does not have enough balance?

    Can I reimburse the money from the company?

    Am I required to have a debit card?

    Can i use my debit card for my maintenance?

    What if I get fraud with the bank while I'm away from Singapore.

    My grandfather are being treated at home

    Related Reviews

    A competitive 3% interest rate and $50,000 insurance

    Maybank SaveUp Account / Maybank Singapore

    I use Maybank SaveUp for their 3% interest very competitive rate plus $50,000 insurance. I also use it for savings and not so much for transactions, so I'm ok with the user interface & lack of ATMs. Plus, their Maybank Platinum Visa Card has no annual fee, provided there is at least 1 transaction every quarter, and gives 3.33% cashback on almost any category of $300 spending free.

    The habit to save regularly and grow a steady stream of income

    UOB Stash Savings Account / United Overseas Bank

    I like that with UOB Stash Savings Account one can make it a habit to save regularly, to grow a steady stream of income for times to come, plan ahead and save to ensure one can have a security blanket for the future. With this bank account you get to save as and when you have any extra cash or lump sums from your bonuses or investment

    An account aimed at parents who already have an existing Citibank account and wish to open one for their kids

    Citibank Junior Savings Account / Citibank Singapore

    This is an account aimed at parents who already have an existing Citibank account and wish to open one for their kids who are below 18 years of age. Technically, Citibank does not impose fall-below fees on the Junior Savings Account holders. So if your child is the only one in the family with a Citibank account, there will be no fall below fee. However, if you as a parent also have a Citibank account and the total relationship balance which is the total balance of parent and child combined falls below $15,000, then a service fee of $15 will be charged to the parent’s account.

    Providing consumers heavy incentives to make large deposits into their accounts

    Standard Chartered e$aver / Standard Chartered Bank Singapore

    The Standard Chartered e$aver Savings Account is currently offering a promotion that significantly boosts its value by providing consumers heavy incentives to make large deposits into their accounts, as any incremental increases in their balance from month-to-month will earn 1.70% p.a. These funds must be credited to outside source, rather than transferred within the Standard Chartered banking system, and this bonus applies to the increase only and not to the entire balance.

    Hit the rate cap and continue to enjoy the base interest rate of 0.01% p.a.

    Citibank Tap and Save Account / Citibank Singapore

    If you often have wondered what will happen when you hit the rate cap, with Citibank tap and save account you will continue to enjoy the base interest rate of 0.01% p.a. and step up interest rate of 0.12% p.a. by continuing to ensure that your current month's minimum balance is greater than your last month's minimum balance or by maintaining your balance above S$20,000.

    Only an initial deposit ofy $10 with no fall below fee

    Maybank Youngstarz Savings Account / Maybank Singapore

    The initial deposit is only $10 and there are no fall below fee, while the account offers other kid-related perks such as birthday privileges, hand foot and mouth disease hospitalisation and outpatient insurance and personal accident insurance for you and your child. They’ve also got frequent promotions designed to attract kids. For instance, when opening a Youngstarz Savings Account, your kid gets a $20 POPULAR bookstore voucher.