Lastest S$ Deposit updates - Part 3

apengrg

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Can't you see that step up 2.1% is only for the last quarter ?

There is no tnc shown this round but if step up works the same way as 6 mths ago, step up should give about $390 (may vary a bit due to no. of days depending on when placement is made). FD by ebanking @1.98% is $396.

The difference is small if you keep for 1 full year. Advantage of step up FD is that they pay the interest every quarter based on the quarterly rate stated. So it gives some flexibility should you later decide that you don't want to keep for full 12 mth. Eg if you withdraw in mth 7, you still get the quarterly interest 1.8% for cycle 1 and 2% for cycle 2.

Min is lower at 5k compared to the 12 mth FD 20k.

To place step up FD, you need to open a savings account where they will pay the interest quarterly. Placement must be done at the bank. The deposit slip will show blank at the interest rate box. Internet banking will shown breakdown of the dates and interest rate for each cycle.

I have 2 step up FD. Have gotten 2 cycles of interest already.

Do check with the bank to confirm that it works as stated above since there is no tnc given this time.

Yes, ur calculation is correct. One must find out the effective interest rates.
 

a4973

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DBS multiplier has lowered the interest from jan 19 - for range 5k to 15k it is only 1.9%

what was the interest for that tier previously?
was there any announcement? or was the change just sneaked in?
 
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Newmaxi

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what was the interest for that tier previously?
was there any announcement? or was the change just sneaked in?

Was 2.2%. I happen to see this new tier when I log in my bank and earn. I don’t receive any email Nor sms of the change. Shall see what the final number when salary is credited end of the week. Btw my is salary + credit card + invest.
 
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a4973

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JavaTube

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Today opened FD accounts through online at CIMB... 40K SGD for 12 months (1.9%). 10K USD 12 months (3.05%) .
 
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