Lastest S$ Deposit updates - Part 3

Mr.Canberra

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I noticed there is a 2.5 % p.a. for USD deposit promotion offered by DBS plus a SGD 25?firex rebate. Looks attractive. Anyone eyeing it or has any views ?

Ah Neh bank always have the best deal for USD Fixed Deposits lah hahaha! :s13:

https://www.sbising.com/TD_promotions

PS: Please do not ask Ah Neh, Ah Tiong or Bolehland banks safe or not. Many SSI torpedos on standby ok! :D
 
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K202020K

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I am amazed at the charges for this prestige savings account. They charge for funds transfer into the account and transfer out from the account. Lol.
You are amazed? .... 哈哈,and I'm not surprised at all .... sheer arrogance at the top yo.
 

tiertime

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I am amazed at the charges for this prestige savings account. They charge for funds transfer into the account and transfer out from the account. Lol.

i dun understand why u said got charges for funds transfer... i used to have this prestige account and did some FAST transfer, they didnt charge anything...

only my last $10 seems not able to transfer out...
 

FD Trinitron

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For this promo you have to maintian 10% of fd amount in their current account. For eg, if you put $50k into fd, you need to have at least $5k in their current account.
base on $50k+$5k in fd/current account, interest for 12 months = 50,000 x 1.95% = $975
for the same amount of money ($55k) based on the previous 1.85% (online fd), the interest for 12 months = 55,000 X1.85% = $1017.50
Conclusion: the previous promo of online fd @1.85% is higher than the new 1.95% promo, that's the reason why i never consider MayBank as they are the one who started this kind of condition.
 

LexusIS

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regret putting in GE for 3 years for 2.05% zzzz :(

Ya interest rate going up. Better to put max 1 yr.

a lot of short term deposit promo now which seems to target funds to cross yr end. Even POSB joining in the fun
 

vsvs24

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i dun understand why u said got charges for funds transfer... i used to have this prestige account and did some FAST transfer, they didnt charge anything...

only my last $10 seems not able to transfer out...

The link provided. If scroll down it shows the charges. Did I read it correctly ?


https://www.maybankpremierwealth.com/sg/en/solutions/prestige-savings-account.html
 
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yongsaver

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For this promo you have to maintian 10% of fd amount in their current account. For eg, if you put $50k into fd, you need to have at least $5k in their current account.
base on $50k+$5k in fd/current account, interest for 12 months = 50,000 x 1.95% = $975
for the same amount of money ($55k) based on the previous 1.85% (online fd), the interest for 12 months = 55,000 X1.85% = $1017.50
Conclusion: the previous promo of online fd @1.85% is higher than the new 1.95% promo, that's the reason why i never consider MayBank as they are the one who started this kind of condition.

Current account is 0.25%. Actual ir is 987.50. agree u be better off if deposit 5k into esaver at 1.6% and 50k at 1.85%..,$1005..Banks think we fail maths?
 

yuppieboy

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regret putting in GE for 3 years for 2.05% zzzz :(

How high do you think that interest rates may go up to? 2.5%? There will be serious implications ( loan rates, cpf rates etc...) if it really happens. I doubt the authority will allow rates to shoot up too much too soon.

Rather than regretting, be glad that you are already enjoying this rate everyday for the next 3 years while others are currently getting a lower rate.
 

LexusIS

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How high do you think that interest rates may go up to? 2.5%? There will be serious implications ( loan rates, cpf rates etc...) if it really happens. I doubt the authority will allow rates to shoot up too much too soon.

Rather than regretting, be glad that you are already enjoying this rate everyday for the next 3 years while others are currently getting a lower rate.

Well our interest rate follows closely to US rates and is currently expected to be on the upward trend as economy recovers.

Right now you will notice banks competing more aggressively for deposits with more promotional rates especially longer dated ones to lock in the deposit. It signifies they are also of the view that rates are on the rise. Just need to look at our SIBOR trend.

The unknown however is the trump factor and the impact of the potential trade war on the economy. But we will never know for sure.
 
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