Trust Bank Singapore, New Digital Bank Freebies!

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Have you applied for your Savings Account or Credit Card with Trust Bank Singapore, Singapore's digital bank backed by a unique partnership between Standard Chartered Bank, and FairPrice Group? REFERRAL CODE: BZACYE0F ( it is a number zero, not letter ) Get $35 worth of free Fairprice vouchers and other freebies by just Downloading the Trust App and Open a Savings Account online with the App, simple/easy within 10mins!: Get free $10 Fairprice E-voucher (no minimum spend at stores/online) by entering this code ( BZACYE0F ) when apply for the Savings Account. Get free 1kg Fairprice Rice voucher Get free Kopitiam Breakfast Toast Set voucher Charge one transaction to your debit card to get free Fairprice $25 voucher (no minimum spend, at stores/online). Hack: Do a funds transfer of $1 or $10 from your own bank to Trustbank savings account. Then Just add your debit card number to Grab App, authenticate with $1 charge/refunded to your saving
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CPF Special Account Hack - Are You Ready? Part 3



Yes, I found the relevant section/clause of the CPF Act on Offences relating to investments, see extracts below:

A.  CPF Act

Offences relating to investments


   58A.—(1) No person shall, directly or indirectly, in connection with the making of any investment under any scheme in accordance with any regulations made under section 77(1)(n) or the sale or disposal of any such investment —           

  (a) employ any device, scheme or artifice to defraud; or

 (b) engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.

(2) Any person who contravenes subsection (1) shall be guilty of an offence.


B.   By a layman's interpretation of the above clause in the CPF Act, the "CPF Special Account Hack" should be classified as “an act which is likely to operate as a deception”, to deceive CPFB to transfer $160k from OA instead of SA to RA, so the member can continue to enjoy 4% interest on a higher SA balance of $160k instead of $40k!


C.  I repeat the details of the CPF Special Account Hack (first posted here) below:

"Are You Ready at 55?"

We use this example to explain the steps you should take to Retire Rich:

RA (FRS) to be created at 55 = $181k
Your SA Balance = $200k
Your OA Balance = $150k


1. Invest $160k of SA using CPFIS/SA into safe Unit Trust Fund about 2 weeks before 55th birthday.

2. On your 55th birthday, CPFB will transfer $40k from SA and $141k from OA to create the RA (FRS) of $181k

3. Sell your $160k Unit Trust Fund. Monies will be returned back to SA as per CPFIS/SA policy/rules.

Bingo! You can Retire Rich with SA ($160k) = continue to earn 4% pa interest (compounded) = funds you can withdraw anytime. You can easily earn $6400 interest per year!



D.  So any person who contravenes subsection (1) shall be guilty of an offence!





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