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?

Confused About Financial Products?

You can chat directly and receive the best offers from the experts.

  • 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

    Can i use my debit card for my maintenance?

    Can I reimburse the money from the company?

    Using the companies Debit card.

    I accidently damage my Debit Card. What should I do?

    Lending my Debit card

    My grandfather are being treated at home

    Related Reviews

    Make use of your UOB Personal Internet Banking to track your account balances

    UOB Passbook Savings Account / United Overseas Bank

    This is a savings account with a stylish passbook provided entirely free of charge. Despite this being a passbook savings account, you can still make use of UOB Personal Internet Banking and use it to track your account balances. Internet Banking will provide you the banking convenience where you can make banking transactions anytime at anywhere, banking conveniences literally at your fingertips.

    The first S$50,000 balance earns at 0.1875% p.a. interest

    Maybank Passbook Savings Account / Maybank Singapore

    Maybank Passbook Savings Account is remarkably simple in terms of its interest rates structure, but has a few unique features when considering eligibility. To begin with, savings earn interest according to tiers within the balance. In other words, the first S$50,000 of a balance earns at 0.1875% p.a. interest, and any remaining balance beyond S$50,000 earns 0.25% p.a. In terms of eligibility, that may be a bit odd.

    Free Identity Theft Solutions to help in the event of stolen identity

    Citibank Basic Banking Account / Citibank Singapore

    As people’s lives grow more digital, it has only served to make it easier for hackers and cybercriminals to access more and more personal information and identity. They can open utility accounts, get a cell phone, or apply for a credit card, all using your name. Citi offers a free Identity Theft Solutions that can help you in the event that your identity is ever stolen. The service comes free with your Citibank Basic Banking Checking Account. Dealing with identity theft can be a massive pain, but Citi’s expert team can make it a little bit easier.

    Provides the potential to earn even higher interest than an ordinary savings account would allow

    Citibank Money Market Account / Citibank Singapore

    This Money Market Account provides the potential to earn even higher interest than an ordinary savings account would allow based on the daily prevailing Singapore Dollar Interbank Bid Rate. It also avails easy tracking of funds with separate monthly statement, online cheque payment service, direct transfer of funds between accounts, electronic statements and so on. The low point of this card has to be that it is only applicable to customers that are 55 years old and above

    Gain great benefits while remitting money abroad

    DBS Multi-Currency Account / DBS Bank

    For fellow expats working in Singapore, this current promotion is great for those who need to remit USD overseas. This is where good planning is necessary. You don’t only benefit from exchanging money at your desired rate, but earn even more at the same time with the 2.5% p.a. interest. Plus, when you do transfer after the 4 months, you’ll get to enjoy same-day transfers at S$0 when doing so online with DBS Remit!

    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.

    Confused About Financial Products?

    You can chat directly and receive the best offers from the experts.