Lastest S$ Deposit updates - Part 3

F1ngolf2012

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It is not about who wins in the comparison of Maybank and SBI FD offers. It is about presenting the complete analysis so that people can make informed decision. Absolute interest rate aside, my point is also about other factors like more branches, wider ATM network, full license bank status, etc...to consider.
Just to add that for me, even for the few $ more in interest per year (which is not the case now) is not worth my time to go out of my way to open a FD with SBI and subject myself to higher intrinsic risk.
 

cscs3

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Based on Mr. Canberra calculations, the difference between Maybank and SBI for $55k FD is only $8.125. If we factor in the $1110 upfront interest payment by Maybank, to achieve $8.125, we need the $1110 just earn 0.73% p.a. interest which is achievable. Furthermore, Maybank has a much much wider network in Singapore. It is also a full licence bank in Singapore i.e. perceived to be lower risk.Not to mention that Maybank minimum amount is lower than SBI ($22k vs $50k) as picked up by Izydata.

In view of above and taking things in totality, I don't agree that the SBI's FD offer is better than Maybank and Mr ckong8 fell for such gimmicks as mentioned on his post.

Yes, thats what I think too. More branches, ATM, internet banking etc is already a win. The different probably not enough for the round trip you need to travel to the branches.
 
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cscs3

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Spot on! History is a good teacher. Money market is super efficient. There is no free lunch.

Correct, whenever FX is in between. Nothing win our strong S$. Look at what it use to be S$1 to M$1 and £1 to S$5+ day vs what you get today!

Also do remember Everytime you convert in between, some middle man will make extra from you. So do factor these into considerations.
 

Mr.Canberra

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SBI

Just deposited into SBI. 10mins flat and walked out. Yes, no time for Ness kopi.

Seems like the crowd has worn off. Probably mid month blues.

Today I went down SBI to lim Nescafe kopi again. Within 20min settle. :s13:
 

limchooc

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The interest rate is coming down, this can be seem in Singapore Saving Bond interest rate, many bank also adjusted the FD rate down. It is good to know that there are banks still offer 2% or above for 12 mth. :s12:
 

F1ngolf2012

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The interest rate is coming down, this can be seem in Singapore Saving Bond interest rate, many bank also adjusted the FD rate down. It is good to know that there are banks still offer 2% or above for 12 mth. :s12:
Pressure for central banks to cut rates has increased significantly over the past 3 months. No exception for SGD interest rate too.
 

MultiSystemAtrophy

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Anyone has ICBC online banking?

I've tried to enter 3 times for the dynamic password for fund transfer on the security token and all 3 failed ... I've reset the calibration also.
I can't figure out what's wrong.

They say there are 6 random numbers from bank account. But there's a lot of 00 and even decimal points inside the number pin you are supposed to type in, must we type the whole thing out?
 

yongsaver

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Anyone has ICBC online banking?

I've tried to enter 3 times for the dynamic password for fund transfer on the security token and all 3 failed ... I've reset the calibration also.
I can't figure out what's wrong.

They say there are 6 random numbers from bank account. But there's a lot of 00 and even decimal points inside the number pin you are supposed to type in, must we type the whole thing out?

yep. everything. :D also they limit transfer to 10k per transaction when other banks already move to 200k liao. quite painful for those with busloads of money to transfer. :s13:
 

~sabaisabai~

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My math in school is actually very poor but yours is worse than mine. When it comes to money I on the ball. :D

The amount in savings account do not enjoy 2.22% p.a. but at 0.1875% p.a.

You are a very good target audience for such gimmicks promotion by banks haha. :D

There is a reason why I always say don't fall for gimmicks by banks. :s13:

Let's use S$50,000 deposit as a comparison.

Maybank Savings Account
0.1875% p.a.


Maybank 12 Month Fixed Deposit 2.22% with gimmicks.
https://info.maybank2u.com.sg/promotion/deposits-banking/deposit-bundle.aspx

S$50,000 x 2.22% = S$1110.00
S$5000 x 0.1875% - S$9.375 <- Need to lock in S$1000 at savings account rate for every S$10,000 at 2.22%.
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1119.375


SBI 12 Month Fixed Deposit 2.05% with no gimmicks.
https://www.sbising.com/TD_promotions

S$55,000 x 2.05% = S$1127.50
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1127.50


Although the difference is only marginable but you will be surpise that many will fall for such gimmicks such as Mr.ckong8!

The only pros about Maybank is that the interest is upfront. Don't say I only highlight cons but never highlight pros hahaha. :D

Bank is smart but I not stupid also. :s13:

you are right!!
Maybank 2.22% comes with gimmicks
Need to lock in SGD$2000 in the bank

Maybank 50k with 2% only $500 locked in the saving bank, which is still ok for me, not much significant as if can do online and many branches all over in sg, it is more conv for me

SBI 2.05% - yes it is good but limited branch and hours of operations, bo time to go down...

will wait promo to come out if have
 

vsvs24

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Thanks I will try tomorrow. Can't risk getting myself locked out.

Just transferred ytd. Type everything including dec point although the decimal place does not show up on the token panel.

To transfer 20k plus had to do it 3 times. 10k per tranx but multiple times required.
 

K202020K

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you are right!!
Maybank 2.22% comes with gimmicks
Need to lock in SGD$2000 in the bank

Maybank 50k with 2% only $500 locked in the saving bank, which is still ok for me, not much significant as if can do online and many branches all over in sg, it is more conv for me

SBI 2.05% - yes it is good but limited branch and hours of operations, bo time to go down...

will wait promo to come out if have

MB these days cannot use liao lah
Me think a lot ex-DBS inside
So cannot expect good returns anymore
But becoming more and more like DBS, UOB
Squeeze the cum gong depositors blood money
They strive on the less informed, not savvy types yo.
 

swatchie

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MB these days cannot use liao lah
Me think a lot ex-DBS inside
So cannot expect good returns anymore
But becoming more and more like DBS, UOB
Squeeze the cum gong depositors blood money
They strive on the less informed, not savvy types yo.

Mind elaborating further? Seems like ~2.04% is still one of the best interest rates in this current market. :s11:
 

MultiSystemAtrophy

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Just transferred ytd. Type everything including dec point although the decimal place does not show up on the token panel.

To transfer 20k plus had to do it 3 times. 10k per tranx but multiple times required.

yeah. i just transferred 50k out. did it 5 times. lol ...

I dunno what's the max daily withdrawal limit though for ICBC, anyone knows?
 

cscs3

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you are right!!
Maybank 2.22% comes with gimmicks
Need to lock in SGD$2000 in the bank

Maybank 50k with 2% only $500 locked in the saving bank, which is still ok for me, not much significant as if can do online and many branches all over in sg, it is more conv for me

SBI 2.05% - yes it is good but limited branch and hours of operations, bo time to go down...

will wait promo to come out if have

As mention before, what is missed in the table is Maybank pay your FD interest out front. You can choose to deposit it or spend it immediately.
 

K202020K

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Mind elaborating further? Seems like ~2.04% is still one of the best interest rates in this current market.
:s11:

High rate with other conditions to be met. Why simple FD needs to be tied down with savings account? Obviously it's not that simple yo. Used already then will know.
 
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