Deposits (non FD) to consider to manage concentration risks

F1ngolf2012

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Any return that is too good, just be careful. There is no free lunch in tis world...
There is no free lunch. For deposits with higher interest rates, they usually require some hoops to jump. For protection, consider to spread your fund across deposit accounts to leverage the SDIC protection.:)
 

F1ngolf2012

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BANK / S$ / % p.a.

DBS Multiplier (income+2 cat) -- / 50,000 / 3.5
SingLife --------------------------- / 10,000 / 2.5
BOC SmartSaver (2 conditions) - / 60,000 / 1.95
UOB One (2 conditions) --------- / 75,000 / 1.8
RHB HYSA ------------------------ / 100,000 / 1.375
SIF GoSaver (>160k) ------------ / 108,700 / 1.2
SIF GoSaver ---------------------- / 160,000 / 1.09375


My current funds allocation till 15Jul'20 ...:o
Good list. Thanks for sharing.:)
SIF reduced rates will kick in 15 July. You can consider opening another cat for DBS Multiplier to bump the deposit amount to 100k where the additional 50k earns 3.8%.;)
 

F1ngolf2012

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Your above is history leow. Check with most financial institutions. Most giving below 1% for FD now.
The deposits are not FD as mentioned by direbmem. For 10 mth FD up to $49,999, you can consider DBS at 1.1%p.a.
 

alex22

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BANK / S$ / % p.a.

DBS Multiplier (income+2 cat) -- / 50,000 / 3.5

My current funds allocation till 15Jul'20 ...:o

This gonna change soon 01August right.
Income+3cat totaling 30k ,+ 50k deposits = 3.8

how-it-works-02.png
 

direbmem

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Good list. Thanks for sharing.:)
SIF reduced rates will kick in 15 July. You can consider opening another cat for DBS Multiplier to bump the deposit amount to 100k where the additional 50k earns 3.8%.;)
if sign up insurance, a few mths later they drop the insurance can still terminate insurance without penalty?
 

F1ngolf2012

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if sign up insurance, a few mths later they drop the insurance can still terminate insurance without penalty?
My plan is to sign up CancerCare this month to unlock the Insurance category next month. I understand that I can cancel anytime except they may crawl back the current 35% discount promo if I terminate within 12 months. ;)I don't know about other insurance policy.
 

naturelover

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Looking through the HWZ threads, thought I list down the banks/finance company and insurance linked day2day deposits (non FD) we could consider to manage concentration risks according category:

Banks/Finance company without hoops
1. Maybank iSavvy/Prestige (2 month promo cycle)
2. SCB eSaver (2month promo cycle)
3. CIMB Fastsaver/Starsaver
4. SIF Gosaver
5. RHB HYSA Plus

Banks/Finance company with hoops
1. DBS Multiplier
2. HSBC EGA Set Up
3. BOC Smartsaver
4. SCB BonusSaver
5. OCBC 360
6. UOB One

Insurance-link
1. Singlife - $10k@ 2.5%
2. Etiqa Elastiq/SAVE3
3. DASH Easyearn

Last but not least, CPF OA contribution/housing refund for those near or after 55.:s13:

Feel free to add or refine above list. More helpful if you share your good practices and experiences for the benefits of all.:)

Nice compilation. Thought it would be even more useful if we could indicate the current interest rates, as well as the deposit limits of each account, e.g. GoSaver is up to 300K and HYSA+ 100K, the rest have no cap? And for those with hoops, possible to state the hoops?

Also, anyone has a list of deposit accounts (non FD), for higher amounts such as >500k.
 

F1ngolf2012

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Nice compilation. Thought it would be even more useful if we could indicate the current interest rates, as well as the deposit limits of each account, e.g. GoSaver is up to 300K and HYSA+ 100K, the rest have no cap? And for those with hoops, possible to state the hoops?

Also, anyone has a list of deposit accounts (non FD), for higher amounts such as >500k.
The purpose of the list is to provide a quick view on what are the deposit options (with better interest rates) for consideration to manage concentration risks. e.g. someone with $1mil deposit can consider splitting the deposits to 3/4 options.;)
While it would be helpful to provide details like the current deposit rates, corresponding amount, limits, features, etc...it may be too overwhelming with the recent flood of interest rates and limits revisions.:s22:
Anw, this was not the intent of this thread. However, this list would provide some directions on where to look for deposit options which offer better interest rates.:)

Aside from RHB Premier+, for amount >$500k, you can consider HSBC EGA (limit $2mil) Step Up Promo if you don't mind it is only a 3 month cycle.
 

Torenoo

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Nice compilation. Thought it would be even more useful if we could indicate the current interest rates, as well as the deposit limits of each account, e.g. GoSaver is up to 300K and HYSA+ 100K, the rest have no cap? And for those with hoops, possible to state the hoops?

Also, anyone has a list of deposit accounts (non FD), for higher amounts such as >500k.

up for this suggestions for a 1 qquick look to get up to date
 

josc36

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BANK / S$ / % p.a.

DBS Multiplier (income+2 cat) -- / 50,000 / 3.5
SingLife --------------------------- / 10,000 / 2.5
BOC SmartSaver (2 conditions) - / 60,000 / 1.95
UOB One (2 conditions) --------- / 75,000 / 1.8
RHB HYSA ------------------------ / 100,000 / 1.375
SIF GoSaver (>160k) ------------ / 108,700 / 1.2
SIF GoSaver ---------------------- / 160,000 / 1.09375


My current funds allocation till 15Jul'20 ...:o

From august:
- DBS multiplier reduced to 2.8% for <$50K
- BOC SS reduced to max 0.95% for $80K for 2 cat (assume its Sal and Payment cat for you)
- UOB One reduced to 1.2% PA for $75K (2 cat)
 

direbmem

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From august:
- DBS multiplier reduced to 2.8% for <$50K
- BOC SS reduced to max 0.95% for $80K for 2 cat (assume its Sal and Payment cat for you)
- UOB One reduced to 1.2% PA for $75K (2 cat)
Yup will adjust come Aug'20...meanwhile funds allocation as below from 16Jul till end Aug:

My funds allocation from now till end of Aug'20 ...

BANK ------------------------ S$ ---------- % p.a. --- est. S$/MTH
DBS (income+2 cat) -------- 50,000 -------- 3.5 ------- 145.83
SingLife ---------------------- 10,000 -------- 2.5 ------- 20.83
BOC -------------------------- 60,000 -------- 1.95 ------ 97.50
UOB -------------------------- 75,000 -------- 1.8 ------- 112.50
RHB -------------------------- 100,000 ------- 1.375 ---- 114.58
BOC (>60K) ----------------- 177,700 ------- 1 --------- 148.08
SingLife (>10K) ------------- 90,000 -------- 1 --------- 75.00

TOTAL ------------------------ 562,700 ------------------ 714.33
 

F1ngolf2012

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Yup will adjust come Aug'20...meanwhile funds allocation as below from 16Jul till end Aug:

My funds allocation from now till end of Aug'20 ...

BANK ------------------------ S$ ---------- % p.a. --- est. S$/MTH
DBS (income+2 cat) -------- 50,000 -------- 3.5 ------- 145.83
SingLife ---------------------- 10,000 -------- 2.5 ------- 20.83
BOC -------------------------- 60,000 -------- 1.95 ------ 97.50
UOB -------------------------- 75,000 -------- 1.8 ------- 112.50
RHB -------------------------- 100,000 ------- 1.375 ---- 114.58
BOC (>60K) ----------------- 177,700 ------- 1 --------- 148.08
SingLife (>10K) ------------- 90,000 -------- 1 --------- 75.00

TOTAL ------------------------ 562,700 ------------------ 714.33
Good spread to manage concentration risk and achieve EIR 1.523%p.a.:) Of course, EIR would reduce come August.:o

Wonder why you did not consider Etiqa at 1.8%p.a. since you are comfortable with insurance link deposit like Singlife?;)
 

Shutterfly

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Yup will adjust come Aug'20...meanwhile funds allocation as below from 16Jul till end Aug:

My funds allocation from now till end of Aug'20 ...

BANK ------------------------ S$ ---------- % p.a. --- est. S$/MTH
DBS (income+2 cat) -------- 50,000 -------- 3.5 ------- 145.83
SingLife ---------------------- 10,000 -------- 2.5 ------- 20.83
BOC -------------------------- 60,000 -------- 1.95 ------ 97.50
UOB -------------------------- 75,000 -------- 1.8 ------- 112.50
RHB -------------------------- 100,000 ------- 1.375 ---- 114.58
BOC (>60K) ----------------- 177,700 ------- 1 --------- 148.08
SingLife (>10K) ------------- 90,000 -------- 1 --------- 75.00

TOTAL ------------------------ 562,700 ------------------ 714.33

Thanks for sharing. Very impressive to achieve $700 monthly interest during this difficult time. I have not looked at BOC... Maybe will check that out.
 

josc36

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This is very real.
Total interest dropping every month (DBS Multiplier, UOB ONE, OCBC 360, BOC SS, Singlife, HL Bank).

MAR $997.20
APR $991.97
MAY $934.35
JUN $810.34

Jul probably last month to earn interest in this range.
Been moving some out to mid term accounts (Maybank 3 years FD 2.05%, Tiq 3 years 2.1%)

August will probably move more out.
The idea is that we probably don't need that much liquidity/ emergency funds unless waiting to pounce on some property/ business opportunity.(Assuming one is properly and sufficiently insured)
Increasing my monthly investment into stocks also during this period also.
 
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F1ngolf2012

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This is very real.
Total interest dropping every month (DBS Multiplier, UOB ONE, OCBC 360, BOC SS, Singlife, HL Bank).

MAR $997.20
APR $991.97
MAY $934.35
JUN $810.34

Jul probably last month to earn interest in this range.
Been moving some out to mid term accounts (Maybank 3 years FD 2.05%, Tiq 3 years 2.1%)

August will probably move more out.
The idea is that we probably don't need that much liquidity/ emergency funds unless waiting to pounce on some property/ business opportunity.(Assuming one is properly and sufficiently insured)
Increasing my monthly investment into stocks also during this period also.
Thanks for sharing. Wondering has Singlife crediting interest drop?:s11:
You may want to consider RHB HYSA+ at EIR 1.375% for 100k.;)
 

josc36

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Thanks for sharing. Wondering has Singlife crediting interest drop?:s11:
You may want to consider RHB HYSA+ at EIR 1.375% for 100k.;)

Yea its my back up for August if I cant find anything better.
But its getting too popular, likely will be nerfed soon. Hopefully can last longer.
 

F1ngolf2012

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Yup! Hope it would stay for a while. Btw RHB has increased the transfer daily limit to 100k.:)
 
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