Lastest S$ Deposit updates - Part 3

[K202020K]

Those who goes for Maybank or esaver instead of FD wants flexibility in that you can withdraw at anytime, in part or full. Difference in absolute dollars not much. Eg for 30k, difference is only $22.50 for 6 mths (1.4% vs 1.25%).

I see .... thank you for explaining the difference.

 

[neanea]

May bank customer service sucks! Very rude and lazy cso. Becareful

 

[Knight_Rider]

https://www.uob.com.sg/personal/save/fixed-deposit/singapore-dollar-fixed-deposit.page#benefits

 

[yongsaver]

SCB esaver up to 1.6% liao...ho sei.

https://www.sc.com/sg/save/savings-accounts/esaver/

 

[hwarzoner]

POSB Bank Promotions
Enjoy Up To 1.75% p.a. Bonus Interest For 7 Months
Simply open a POSB Bonus Interest Account via online now.

Promotion Period
1 August to 31 August 2018

Fresh Funds Amount
Capped at S$1,000,000

Bonus Interest Rate
Eligible fresh funds amount < S$250,000 to enjoy 1.65% p.a. for 7 months
Eligible fresh funds amount ≥ S$250,000 to enjoy 1.75% p.a. for 7 months

 

[vsvs24]

POSB Bank Promotions
Enjoy Up To 1.75% p.a. Bonus Interest For 7 Months
Simply open a POSB Bonus Interest Account via online now.

Promotion Period
1 August to 31 August 2018

Fresh Funds Amount
Capped at S$1,000,000

Bonus Interest Rate
Eligible fresh funds amount < S$250,000 to enjoy 1.65% p.a. for 7 months
Eligible fresh funds amount ≥ S$250,000 to enjoy 1.75% p.a. for 7 months

Thank you.

The link is here :

https://www.posb.com.sg/personal/pr...block-bank-promotions-fresh-funds-btnapplynow

Edit : TnC :
https://www.posb.com.sg/iwov-resources/pdf/deposits/promotions/posb-fresh-funds-promo-tnc.pdf

 

[Sausage]

does it mean they will use the amount you have in this acount at the end of august as the reference amount? so if you put in $200,000 you must ensure this amount doe not change at all until the end of march 2019?

Cannot take out, and also if you add in new funds there is no benefit as the reference amount is the snapshot they take at the end of august?

Anyone can clarify?

 

[qhong61]

May bank customer service sucks! Very rude and lazy cso. Becareful

Quite true...

 

[hwarzoner]

Yes i think so, by 31 August all the fund will be locked in after 31 august if less then the fund being locked in, zero bonus interest. If you add in new fund after 31 aug the new fund will not entitle to have bonus interest.

Customer made a fresh funds deposit of S$280,000 during Promotion Period and made a withdrawal of S$30,000 after 31 August 2018. Promo Bonus Int entitled is S$0 due to unable to maintain the deposits.

Can I make multiple deposit of fresh funds?
Yes, as long as the fresh funds deposit is in the POSB Bonus Interest Account by 31 August 2018.

 

[vsvs24]

https://www.posb.com.sg/iwov-resources/pdf/deposits/promotions/posb-fresh-funds-promo-tnc.pdf

More complicated than last time.

 

[bernardoh]

The lock-in period starts from 31st Aug. Assuming you deposit on 01st Aug, can we say that there is no interest accrued between this to 30th Aug?

 

[Sausage]

like that means no hurry to deposit yet right? For this month can continue leaving the money in other banks for their interest first and then transfer in to posb on the last day of august?

 

[hwarzoner]

The lock-in period starts from 31st Aug. Assuming you deposit on 01st Aug, can we say that there is no interest accrued between this to 30th Aug?

Yes, is start from 1 Sep onwards if i not wrong.

so to give one month to prepare money

 

[hwarzoner]

like that means no hurry to deposit yet right? For this month can continue leaving the money in other banks for their interest first and then transfer in to posb on the last day of august?

Yup i think so. give me one month to decide this

 

[FD Trinitron]

https://www.uob.com.sg/personal/save/fixed-deposit/singapore-dollar-fixed-deposit.page#benefits

I thought highest now is ICBC at 1.85% (via online deposit), why bother with lower rates bank? Also 1.5% is for funds >$75k, below that only 1.4%

 

[molangtsum]

SCB esaver up to 1.6% liao...ho sei.

https://www.sc.com/sg/save/savings-accounts/esaver/

e$aver Bonus Interest (1 August 2018 to 30 September 2018) Promotion

But this time promo cut down to 2 mths.. very soon need to look for new place to switch liao

 

[havetheveryfun]

e$aver Bonus Interest (1 August 2018 to 30 September 2018) Promotion

But this time promo cut down to 2 mths.. very soon need to look for new place to switch liao

it has always been in periods of 2 months ,what do you mean ?

 

[vsvs24]

I thought highest now is ICBC at 1.85% (via online deposit), why bother with lower rates bank? Also 1.5% is for funds >$75k, below that only 1.4%

Good to share so that we know the available options. Some people may still prefer local banks. Some need to diversify eg if they already hit 50k SDIC limit in icbc or cimb.

 

[FD Trinitron]

Good to share so that we know the available options. Some people may still prefer local banks. Some need to diversify eg if they already hit 50k SDIC limit in icbc or cimb.

oic
Anyway ICBC is the largest bank in the world (by total assets), should be very safe and stable to place fd.
In fact last week I withdrawn all my parents fd (placed 1-2 mth ago) from a non-local bank to change to ICBC but the manager offered me the same fd rate to keep us, so I stayed with them.
Personally I put 50k in ICBC after SSB results out that didn't get full 50k

 

[yongsaver]

POSB Bank Promotions
Enjoy Up To 1.75% p.a. Bonus Interest For 7 Months
Simply open a POSB Bonus Interest Account via online now.

Promotion Period
1 August to 31 August 2018

Fresh Funds Amount
Capped at S$1,000,000

Bonus Interest Rate
Eligible fresh funds amount < S$250,000 to enjoy 1.65% p.a. for 7 months
Eligible fresh funds amount ≥ S$250,000 to enjoy 1.75% p.a. for 7 months

they set up so many conditions here and there, might as well do a simple 7 month FD at 1.75% p.a. to me both are effectively the same