Lastest S$ Deposit updates - Part 1

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kaisin82

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never tried withdrawing before so cant comment on that, cheque depositing is pretty fast
 

devilmaniac

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new TD promo from SCB~ :o

Source: http://www.standardchartered.com.sg...011/index.html?camp_id=mnbnr_stepup-mar_promo


ST110310SCBTD.jpg




Terms & conditions:

source: http://www.standardchartered.com.sg/promotion/stepup-td-promo2011/tnc.html


ST110310SCBTDTC.jpg
any1 got apply this ??? tat gold worth or not??
 

The_Davis

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Is stocks the only thing that comes to your mind when I say investment?

There are many investment vehicles out there, not just stocks.

Plus, if you use dollar cost averaging, you won't have to worry so much over the fluctuations of prices in the long term.

Sometimes, I think ppl who put in FD are those not investment savvy one, end up missing out better opportunities elsewhere. That's why knowledge is power.
how can you say that they are not investment savvy

they are just not risk takers :/
 

Kuniyo

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those who are teachers~ can sign up with singapore teacher's co-op to get 3.39% (the bonus saving plan - 24 months save-as-you-earn plan)

http://www.teachersco-op.org.sg/

STCO.jpg

(just an example)

Thanks Davis! Great site! I didn't know about this at all!

How does the Bonus Saving Plan measure up to OCBC's MSA123 plan? I am currently on the 36 months plan because I thought it was the best plan during that time.

Now, I'm tempted to switch... Any advice? Thanks!! :)
 

lzydata

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Are such co-op funds covered by deposit insurance? How are they regulated?

I'm asking because this interest rate is so much higher than what other banks are offering.
 
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genie47

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Are such co-op funds covered by deposit insurance? How are they regulated?

I'm asking because this interest rate is so much higher than what other banks are offering.

They are covered by deposit insurance.

There are laws on what they can invest into to get the returns. Think of these co-op funds as the credit and savings unions in the US and UK.

The Methodist Co Op rakes in quite hefty returns because they rent out their church premises for weddings and they even have catering business that add to the returns.
 

The_Davis

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Thanks Davis! Great site! I didn't know about this at all!

How does the Bonus Saving Plan measure up to OCBC's MSA123 plan? I am currently on the 36 months plan because I thought it was the best plan during that time.

Now, I'm tempted to switch... Any advice? Thanks!! :)
if you are a TEACHER, then go call them request for an application form~

after they approve your membership liao then you go apply for this bonus saving acct lor~

the rates are as indicated there lor~ 2.5%, i think got bonus 10% i-o-i 1st year, 2nd year 20% i-o-i
(EIR: 3.08%)

but you can only get the interest on maturity... early withdrawal will forfeit interest

1 member can have 2 acct
 
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genie47

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Straits Times dated 5 Jun 2005

Credit co-ops have been around for decades and are hardly the flavour of the month among investment-savvy types but this low-profile option offers returns of up to 10%

IT DOESN'T take an investment guru to know that putting your money in a plain vanilla savings account will hardly produce a pot of gold at the end of the rainbow. What with interest rates languishing near rock-bottom levels and a gamut of administrative charges to boot, you may well be better off stuffing your hoard of cash under the mattress.

But what are the options? Fixed deposits give better returns, but only marginally. Its more fancy cousin, structured deposits, along with unit trusts, are both better bets but require a certain appetite for risk. No wonder real estate investment trusts (Reits) have been all the rage since their introduction three years ago.

Reits - listed entities which generate income from rent collected from the tenants of leased properties and distribute gains to investors - promised tax-free yields of at least 5 per cent a year. So all the Reits here, from the maiden Reit, CapitaMall Trust, to Ascendas Reit, Fortune Reit, CapitaCommercial Trust and Suntec Reit, have sparked major interest from droves of investors. The Macquarie International Infrastructure Fund (MIIF), which forecast an annualised dividend yield of 7.1 to 9 per cent, is of course, the latest market darling.

But long before there were Reits and global funds, a low-profile investment instrument of sorts, was quietly dishing out equally attractive payouts. In some cases, yields have been as high as 10 per cent.

How it all started

CREDIT cooperatives, or what began as Thrift and Loan societies, were introduced in the 1920s as an alternative source of funds to loan sharks and money-lenders for the man-in-the-street. At a time when financial institutions in Singapore were few and far between, co-op societies were founded in order to offer self-help and mutual assistance to their members. They operated largely as primitive banks - a place for individuals to place their savings and obtain loans.
But these days, many of them have evolved to function much like collective funds - so members take an equity stake, which is then channelled into income-generating investments and distributed as dividends.

The first co-op to be registered here, the Singapore Government Staff Credit Cooperative Society, is a classic case in point. Set up in 1925, the then-Singapore Government Servants' Cooperative Thrift and Loan Society was just that - a thrift and loan body for workers in government-linked companies.Today, the bulk of its income still comes from loans to its 6,500 members charged at 6 per cent interest but it has also put money in structured deposits for instance. Meanwhile, the number of co-ops in Singapore has ballooned to 88 now, figures from the Registry of Cooperative Societies show.

Industry regulation

THE registry, which falls under the jurisdiction of the Ministry of Community Development, Youth and Sports, regulates the various co-ops under the provisions of the Cooperative Societies Act. The Act sets the framework within which they can operate, including restrictions on loans and borrowings, criteria for membership and a cap on dividend payout at 10 per cent of share capital. It also defines the scope of investments that a society's funds can be channelled into - fixed deposits, trustee stocks, buildings and shares of
another co-operatives. Other investments or business ventures have to be approved by the registry. While many co-ops make their money from interest on loans, rent on property
and investment gains, some have come up with more imaginative ways to make money than the typical investment route.

For example, the Methodist Cooperative Society puts the bulk of its surplus funds in fixed deposits but also does outdoor catering and runs a casket company - supplying services for its members which generate income. The co-op, termed a 'hybrid of social purpose and business' by general manager Lawrence Ang, paid out 10 per cent in dividends and bonus shares to its more than 400 members over the last three years.

Keeping a low profile

BUT co-ops, despite their historic roots and generally higher returns, have stayed largely out of the public eye. That is because eligibility for membership was often confined to a certain group of people in the beginning, either by profession, religion or employee status.

Some maintain their exclusivity to this day. About 80 per cent of the Methodist Cooperative Society's members are Methodists, the rest are Christians of other denominations. The NTUC Thrift & Loan Cooperative, one of the 11 co-ops of the National Trades Union Congress, also accepts only members of NTUC. It has more than 50,000 members.

But for others, this has now changed.

The Telecoms Credit Cooperative, which started in 1928 and is one of the oldest co-ops around, has thrown its doors open to members of the public since 1996. Prior to that, it catered exclusively to staff of the present SingTel and SingPost. Paying out dividends of 3 to 5 per cent each year, it now has 28,000
members. New kid on the block - the Singapore Remisiers' Co-operative - has welcomed 'anybody and everybody' from the time it was set up in January last year. Said its chairman, Mr Yap Swee Hoo: 'We are open to remisiers and dealers, ex-remisiers and also the public. In fact, the umbrella for membership is nationwide, depending on how you craft your constitution.'

Indeed, figures from the Singapore National Cooperative Federation, the apex association of 73 co-ops here, reveal that they jointly had over 1.4 million individual members as at the start of last November.

Getting membership

TO BECOME a member of a co-op, people typically pay a nominal membership fee, as low as, say $10. Then, depending on the co-op, members buy shares or have a monthly amount deducted from their salaries if the co-op is linked to their employer. So are co-ops the way to go for small investors?

Financial advisers interviewed think so, but offer one caveat: Go for the older and more established ones, if you qualify for membership, that is. These tend to be safer, having built up a legacy of sound investments and a track record of good payouts. And newer co-ops need time to build up their surpluses before they can start handing out any dividends.

Mr Mervyn Goh, a principal partner at First Principal Financial, cited Singapore Press Holdings Cooperative Thrift and Loan Society {Correction: see CR mnemonic} as an example of a good choice. 'It has consistently given out 6 per cent or more in dividends. Given its level of risks, it's hard to outdo that, so it's actually an excellent return,' he said.

Promiseland Independent's associate director, Mr Patrick Lim, pointed out that there were good alternatives in the market with high returns such as government bonds. However, 'if a co-op is properly managed and people of integrity are managing the fund, I would say that they are good forms of investment', he added.

Telcom Co Op

https://tcc.org.sg/index1.htm

Methodist Co Op if you qualify. Each household is limited to 1000 shares and each share is $10.

As posted by The Davis, Teachers Co Op.

http://www.teachersco-op.org.sg/

Many more. Check the Singapore National Co Op Federation.

http://www.sncf.org.sg/index.html

Please note that co-ops are Not-For-Profit as oppose to Non-profit. Big difference!
 
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The_Davis

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Straits Times dated 5 Jun 2005



Telcom Co Op

https://tcc.org.sg/index1.htm

Methodist Co Op if you qualify. Each household is limited to 1000 shares and each share is $10.

As posted by The Davis, Teachers Co Op.

http://www.teachersco-op.org.sg/

Many more. Check the Singapore National Co Op Federation.

http://www.sncf.org.sg/index.html

Please note that co-ops are Not-For-Profit as oppose to Non-profit. Big difference!
btw one person can only sign up membership with ONE co-op...
 

The_Davis

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So many to choose from but as George Lam says....There is only one choice. :D
choose the best one that you are entitled for haha

btw associate member got difference from full member ~

full member mostly can sign up the "subscription" plan, sort of like ntuc income "shares"

pay out 3-x% interest yearly either in the form of 'shares' or cash

1 'share' = $1

but you would be limited to something like 1k or 2k 'shares'
 

genie47

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choose the best one that you are entitled for haha

btw associate member got difference from full member ~

full member mostly can sign up the "subscription" plan, sort of like ntuc income "shares"

pay out 3-x% interest yearly either in the form of 'shares' or cash

1 'share' = $1

but you would be limited to something like 1k or 2k 'shares'

I know of one couple. Sibeh power.

One person can sign one. Hubby go to Methodist Co Op. Wife is teacher, go for Teachers Co Op.

Of course the dividends of the shares go to the respective spouses but who is to stop them from putting it altogether as part of their family portfolio between them? Only the most hup chok married couples will do this.
 

genie47

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Which choice? Sally Yeh? :s11:

See which one you qualify loh. Then you have to see whether you like what they are doing. If you like the social enterprise aspect of it all, then Methodist Co Op. If you like the huge umbrella or NTUC, then NTUC Co Op.

See what you like.
 

The_Davis

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I know of one couple. Sibeh power.

One person can sign one. Hubby go to Methodist Co Op. Wife is teacher, go for Teachers Co Op.

Of course the dividends of the shares go to the respective spouses but who is to stop them from putting it altogether as part of their family portfolio between them? Only the most hup chok married couples will do this.
are you member of any currently? :)
 

genie47

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are you member of any currently? :)

Didn't qualify for any. :(

Wanted the Telecom Co Op but looking at the rates. Didn't want to. Wife was a teacher but they don't let ex teachers join.

Father is a member of Methodist Co Op but he is ordinary member. Didn't take up more shares.
 
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