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Lastest S$ Deposit updates - Part 1

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Old 12-01-2011, 10:45 PM   #46
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bookmarked.

anyone puts money in cimb starsaver?
how much is the deposit guaranteed up to? 50k?
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Old 12-01-2011, 11:44 PM   #47
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yup...it is guaranteed up to 50k.
cimb not bad but just no atm machines around

no queues at counters, top notch customer service =)
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Old 13-01-2011, 02:32 AM   #48
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Where did u get the news that it is guaranteed up to 50k? Last check with SDIC , it is still 20K
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Old 13-01-2011, 10:41 AM   #49
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I gathered that the best savings account with the flexibility of withdrawing should you need the money to make further investment will be:

1.RHB
With its IR up to 0.78%, even if it's only $5000, you are already getting 0.48% p.a. which way beats the usual savings account rate. And you don't have to worry about all the step up IR, just throw in a lump sum.

2. CIMB Bank
I am especially intrigued with this one. With an initial deposit of $5000, IR will be 0.5% p.a.. And with an incremental deposit of S$500 or more, the IR becomes 0.8% p.a. The bank also suggest that if you throw in a lump sum, they will divide the portions into $500s so you will always enjoy the 0.8% p.a.

My question is this,

Assuming I have a S$100,000 to park, how does the IR distribution goes?
1st month $5000 (0.5% p.a)
2nd month $5000 + 500 (0.8% p.a)
3rd month $5500 + 500 (0.8% p.a)
Then the rest of the money parked there enjoys no IR, until my money is queued to be deposited? (I know I have not included compounded interest in the above analogy but I am trying to simplify things, given that I am already confused. Haha)

Secondly, if I decide to place my $100,000 at RHB (to enjoy the 0.48-0.58% meanwhile), open an account of $5000 with CIMB then incrementally deposit more than $500 every month. It is said that "CIMB will automatically convert your lump sum deposits into equal portions of S$500 a month so that you enjoy the 0.8% p.a. maximum interest on your entire savings balance over the months ahead."

So what qualifies lump sum, assuming I deposit $20,000 monthly, is this lump sum and they would quantify it as a 40 months of S$500.

Or how about if I deposit $1000 monthly, will this amount be converted to equal portions of S$500 a month and this brings me back to the 1st question, what happens to the excess funds?

Sorry if I just sound like I am confusing myself. I am new to this and is just trying to know how it works and where best to park the money while I await a good investment opportunity. Thank you!
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Old 13-01-2011, 10:45 AM   #50
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Assuming I have a S$100,000 to park, how does the IR distribution goes?
if u deposit 100k at one go, that's equivalent to 200 months of $500-mthly-deposit
the bank will from the start pay 0.8%pa interest on your entire 100k
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Old 13-01-2011, 10:52 AM   #51
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if u deposit 100k at one go, that's equivalent to 200 months of $500-mthly-deposit
the bank will from the start pay 0.8%pa interest on your entire 100k
thanks satayxp!

I think it really is that simple and I'm just over thinking it. In this case, I guess it will easily beat the UOB FD or any other savings plans for now.

I'm currently with Maybank but the effective IR is only 0.33% p.a. and that's really sad.
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Old 13-01-2011, 11:10 AM   #52
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Where did u get the news that it is guaranteed up to 50k? Last check with SDIC , it is still 20K
propose to change to $50k soon.

http://www.mas.gov.sg/news_room/pres...Singapore.html
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Old 13-01-2011, 12:27 PM   #53
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Buy the share liao will have the capital mall card boh?
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Old 13-01-2011, 12:39 PM   #54
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Buy the share liao will have the capital mall card boh?
capitamall card can apply for free, no need buy shares~
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Old 13-01-2011, 02:17 PM   #55
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Any investment vehicle which can beat the inflation rate plus offer capital guarantee to a certain degree.

Only two things come to my mind.
Mutual Funds
FDs ( though cant beat inflation rate)
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Old 13-01-2011, 06:37 PM   #56
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Any investment vehicle which can beat the inflation rate plus offer capital guarantee to a certain degree.

Only two things come to my mind.
Mutual Funds
FDs ( though cant beat inflation rate)
but there are pple who "look down" on mutual finds / unit trust. They recommend ETF instead, which is like rocket science to me
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Old 14-01-2011, 12:17 AM   #57
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but there are pple who "look down" on mutual finds / unit trust. They recommend ETF instead, which is like rocket science to me
It's like that.

Those ppl worship ETF like a holy grail although unit trusts can easily outperform ETF over a 5 year period.
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Old 14-01-2011, 12:25 AM   #58
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It's like that.

Those ppl worship ETF like a holy grail although unit trusts can easily outperform ETF over a 5 year period.
but in terms of charges ETF are cheaper...so is ETF very risky?
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Old 14-01-2011, 12:34 AM   #59
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but in terms of charges ETF are cheaper...so is ETF very risky?
If you look at charges, ETF is a low cost fund. Good for short term but mid to long term wise, unit trusts can easily outperform them.
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Old 14-01-2011, 12:45 AM   #60
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If you look at charges, ETF is a low cost fund. Good for short term but mid to long term wise, unit trusts can easily outperform them.
in a way agree....try to open an ac with dollar dex...need to print form printer spoli.

POEMS the fees are higher
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