Lastest S$ Deposit updates - Part 3

K202020K

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Yes the GE product is "projected".. and my agent will always tell us they are the only company which refunded during the mini bond crisis and they always pay the projected (else their directors would need to cut the bonuses too? ) :)

I will update on this ETIQA product when my Maybank FD expires in Sept.. unless other forumers know if we need to purchase their other investment products (MAybank's usual tactics :)) ... switching some to this...

Ha ha , you know them too well.
As for GE, I know they took a 10.8% cut in their projected maturity value for some policies during the last meltdown in 2008 ~ 2009.
Probably got burned by those highly toxic US housing CDO (Collateral Debt Obligations) instruments.
So, they didn't cut bonuses, but they did cut from the policyholders' underlying asset values. Nothing ingenious to boast about.

Sent from Nagasaki長崎, Japan日本 using GAGT
 
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only_lonely

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got may bank interest credited to saving account.
strange that why it is credited before maturity date?
it's 24months fd. and I placed early July got interest 25july.
 

tmkedmw

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got may bank interest credited to saving account.
strange that why it is credited before maturity date?
it's 24months fd. and I placed early July got interest 25july.

some fd comes with interest payable upfront instead of at maturity date.
 

koja6049

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Glad someone brought this up. I was introduced similar products from Great Eastern. 84000 after 6 years is 1500 SGD per year interest using 75000 SGD. That's about 2% PA. Better than FD rate. Equal rates but Shorter Term than SSB. Assuming we already reach SA annual limit.

Is this an OK product to consider??

Someone here advised against such product but no reason given. Any one with a Good Reason why we should or should not take up such product?

Assuming we do not need this 75000 SGD for the next 6 years. Thanks!

this product is at a strange spot. It has a 6 years tenure, shorter than SSB but without the flexiblity. Compared to citbank maxigain, it has a longer tenure, but the 2% is guaranteed for 6 years while maxigain is floating with the sibor rate

From my experience, my horizon changes every 3 years, so this 6 year is a very weird number
 

Trazora

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Not under SDIC protection?... have not heard about this company FWD... :s22:

FWD is under SDIC https://www.fwd.com.sg/corporate/policy-owners-protection-scheme.html

Quite surprised you never heard of them as they have done quite a lot of advertising everywhere.
 

tiertime

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FWD is under SDIC https://www.fwd.com.sg/corporate/policy-owners-protection-scheme.html

Quite surprised you never heard of them as they have done quite a lot of advertising everywhere.

Yes, here is a list of Policy Owners Protection Scheme under SDIC :
https://www.sdic.org.sg/SDIC/apps/s...ktopbrowser/default/sm_list/pp_scheme_members



Add: I have just called SDIC, they are unable to tell how much the amount is insured at all, and the CSO asked me to inquire with FWD.... like that can meh?


btw the FWD endownment plan is for max 15K nia
 
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Mr.Canberra

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Once again I continue to be amazed by the consistent chase for miserable 10-50 basis points rate differentials by participants here. Agar agar market rate being offered by banks will just do, dump into no gimmicks Fixed Deposit deals and move on. Time = money.

The time taken to research if switched to putting into stock analysis or skills upgrade will be even more rewarding. :s13:

As the saying goes, 'Penny wise, pound foolish'. Something which I am guilty of from time to time as well. :D
 
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lousylah

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Not under SDIC protection?... have not heard about this company FWD... :s22:

Former insurance arm of ING Bank, rebranded after bought over by Li Ka Shing. It's relatively new in SG but has been operating in other countries like HK and TH for a few years.

They brand themselves as trendy, savvy, internet-only company using very aggressive marketing, advertising, even promo codes (familiar? like grab, uber, lazada).
 
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