Lastest S$ Deposit updates - Part 3

[semiret]

is it worth to put 2 years fd in rhb rather that 1 year? not sure if 1 year later, the interest will be drop a lot anot.

yeah, i am wondering the same too. Have 4.1% rhb for more months rather than 4.15% cimb / 4.5% BEA for less months. Also RHB/CIMB/BOC might increase their rates in Jan CNY.

Based on what Fed have said so far. A lots of analysts believed that it will still goes up till somewhere mid next year. Fed have said interest rates will likely stayed high for quite awhile. If you wants to lock interest rates for a longer period maybe 1st or 2nd quarter of next year will be a better timing. Just my thought.

 

[boroangel]

Based on what Fed have said so far. A lots of analysts believed that it will still goes up till somewhere mid next year. Fed have said interest rates will likely stayed high for quite awhile. If you wants to lock interest rates for a longer period maybe 1st or 2nd quarter of next year will be a better timing. Just my thought.

Personally I am doing short term lock ins for FD and T bills for 1 to 2 months, after the latest hike in Feb 2023, will start to build T bill and FD ladders for 3, 6 months. Come Q3 2023, will see how the situation is, if still signs of interest rate increase, I will continue to do short term, but be ready to lock down 1 to 2 years for part of those Tbills and FDs then. The rest, plong into equities based on indication of any pause in rate hikes.

Have to keep funds relative fluid I think for the next 6 to 9 months. And be ready to get back into the market.

 

[semiret]

Personally I am doing short term lock ins for FD and T bills for 1 to 2 months, after the latest hike in Feb 2023, will start to build T bill and FD ladders for 3, 6 months. Come Q3 2023, will see how the situation is, if still signs of interest rate increase, I will continue to do short term, but be ready to lock down 1 to 2 years for part of those Tbills and FDs then. The rest, plong into equities based on indication of any pause in rate hikes.

Have to keep funds relative fluid I think for the next 6 to 9 months. And be ready to get back into the market.

I do notice nowadays even you wants to deposits longer period's FD. They may not necessary give you higher interest lor. Take May Bank Singapore as an example. See below

Tenure​	Promotional Rate (p.a.)​
6-month	3.50%
12-month	3.90%
15-month	3.90%
18-month	3.90%
24-month	3.80%

12-18mth FD having same interest rates of 3.9%. But for 24mths FD's interest dropped to 3.8%.

https://www.maybank2u.com.sg/en/promotions/deposits/sgd-time-deposit.page

 

[revhappy]

Personally I am doing short term lock ins for FD and T bills for 1 to 2 months, after the latest hike in Feb 2023, will start to build T bill and FD ladders for 3, 6 months. Come Q3 2023, will see how the situation is, if still signs of interest rate increase, I will continue to do short term, but be ready to lock down 1 to 2 years for part of those Tbills and FDs then. The rest, plong into equities based on indication of any pause in rate hikes.

Have to keep funds relative fluid I think for the next 6 to 9 months. And be ready to get back into the market.

Yes, for me also liquidity is very important. If rates fall, it means economy has crashed and stock market also has crashed. If rates are rising means economy is still resilient and stock markets are still doing okay.

So I already see some hedge there. Keep your money in high yield savings account and wait for the economy and the stock markets to tank.

 

[boroangel]

I do notice nowadays even you wants to deposits longer period's FD. They may not necessary give you higher interest lor. Take May Bank Singapore as an example. See below

Tenure​	Promotional Rate (p.a.)​
6-month	3.50%
12-month	3.90%
15-month	3.90%
18-month	3.90%
24-month	3.80%

12-18mth FD having same interest rates of 3.9%. But for 24mths FD's interest dropped to 3.8%.

https://www.maybank2u.com.sg/en/promotions/deposits/sgd-time-deposit.page

Its because the current market expectations are that Fed rates could drop starting Q3/Q4 2023.

 

[revhappy]

I do notice nowadays even you wants to deposits longer period's FD. They may not necessary give you higher interest lor. Take May Bank Singapore as an example. See below

Tenure​	Promotional Rate (p.a.)​
6-month	3.50%
12-month	3.90%
15-month	3.90%
18-month	3.90%
24-month	3.80%

12-18mth FD having same interest rates of 3.9%. But for 24mths FD's interest dropped to 3.8%.

https://www.maybank2u.com.sg/en/promotions/deposits/sgd-time-deposit.page

yes the markets expectation is rates to go lower after 1 year. 2yr SGS bond yield is lower than 1yr SGS T-bill yield. 1yr T bill yield is lower than 6 months T bill yield. The whole curve is inverted.


https://eservices.mas.gov.sg/statistics/fdanet/SgsBenchmarkIssuePrices.aspx

 

[Tp101s]

The situation most banks are facing are really kind of one off. Since CNY next month, the queue is going to get longer.
It is good idea to have ambassadors to offer help before customers start pressing for queue ticket. But ambassadors also need to pay them mah. Unless is those jiak Liao bee r/s. Lol.

What can that one or even two ambassadors do to make a difference to the long Q?

 

[jywy2005]

What can that one or even two ambassadors do to make a difference to the long Q?

A lot of bank staff are waiting to collect that humongous 6 months bonus before they resign. Come Jan or Feb, the wait time will be even longer, when all the temp staff all go back to schools.

Just dun understand why they can’t make it easier for people to terminate FD online using IB? Need to waste time to queue.

 

[pratik28]

A lot of bank staff are waiting to collect that humongous 6 months bonus before they resign. Come Jan or Feb, the wait time will be even longer, when all the temp staff all go back to schools.

Just dun understand why they can’t make it easier for people to terminate FD online using IB? Need to waste time to queue.

I asked the same to UOB phone cust service and he tells me , no online FD termination since FDs are not meant to be terminated and even asks me why i want to terminate half way? haha.

So I guess banks want to discourage people from terminating fd by not having the online service.

 

[lzydata]

I asked the same to uob phone cust service and he tells me , no online FD termination since FDs are not meant to be terminated and even asks me why i want to terminate half way? haha.

So I guess banks want to discourage people from terminating fd by not having the online service.

You can terminate FDs prematurely in DBS online banking though. And other banks too, for sure.

 

[alex22]

You can terminate FDs prematurely in DBS online banking though. And other banks too, for sure.

Not for CIMB for sure at this time

 

[bargin]

was at UOB Jem and ask CSO, cannot terminate or withdrawal with online banking, need to be done at the branch counter.

 

[silverbomb]

was at UOB Jem and ask CSO, cannot terminate or withdrawal with online banking, need to be done at the branch counter.

waiting for the 1 day someone feedback or UOB declares that online is possible to terminate.

 

[vsvs24]

What can that one or even two ambassadors do to make a difference to the long Q?

Makes a lot of difference from what I see at POSB branch near my house.

The ambassadors will screen to ask people what they need to do at the branch. If counter service is required, they give the Q tix. I see a lot of times no tix is issued. So the number of Q tix issued is kept low. Once you get your Q number the wait is not so long.

For those they do not issue tix, they will help them at the ATM or digital booth (replace ATM or token). They help to do replacement of passbook no need Q tix. Apply Tbill with CPF they bring them to the investment desk people no need Q tix. Answer queries and tell people that can be done online.

The ambassadors at that branch work very hard. Job tougher than tellers. Because have to deal with people queuing and a lot of time people keep approaching them to ask questions.

I was quite pissed off when I see some tellers attitude towards the ambassadors. They think they belong to a different class. They should be thankful to the ambassadors for reducing their work load.

Finally, these ambassadors because they have to know who to direct customers to and all the procedures, they end up having wealth of knowledge.

Once a staff at the desk was supposed to help me settle an issue due to bank error. He say need to email backend. 4 hrs later he still got no answer as backend ask him to approach another unit. After that he came back and say he was lucky to find someone who knows who he should be contacting at the backend and she will help me and takeover from him. To my surprise an ambassador took over. She called the correct dept, confirm the process and explain very clearly to me. And my issue was settled in the system the next working day.

 

[silverbomb]

Usually the ambassadors especially the local banks are seasoned bank retirees who were asked if they want to come back to work on contract basis. So it's no surprise they're quite knowledgeable than a typical part timer working for pocket money on holidays.

But I gotta acknowledge some of their patience, they have to deal with alot of old auntie uncle who either ask very long winded qns or very short fused cos they don't like to wait kind. Their skills in dialect is very much needed also, young ones won't possess dialect proficiency mostly.

 

[havetheveryfun]

For those they do not issue tix, they will help them at the ATM or digital booth (replace ATM or token). They help to do replacement of passbook no need Q tix. Apply Tbill with CPF they bring them to the investment desk people no need Q tix. Answer queries and tell people that can be done online.

yep but only usually works with banks that have space with a lot of atms.. namely only posb dbs this kind then will have .. the rest of the banks dont have that much atms or machines together in the same branch mostly..

anyway tbill can apply with CPF online meh? tot only the bank?

 

[vsvs24]

yep but only usually works with banks that have space with a lot of atms.. namely only posb dbs this kind then will have .. the rest of the banks dont have that much atms or machines together in the same branch mostly..

anyway tbill can apply with CPF online meh? tot only the bank?

CPF for tbill cannot. Fill up form

My this branch at lvl 3 has 3 normal ATM and 3 special ATM (the type where you can withdraw higher amount and choose denomination eg you want $10, $50 or $100 notes). Total 6 cash deposit cum ATM machine. Downstairs B1 NTUC has 1 ATM. MRT next to it has 2 more ATM. Total 9 ATM. Think break record.

Branch also have digital lobby to replace ATM and token and do other stuff. Have not explored.

 

[jywy2005]

Usually the ambassadors especially the local banks are seasoned bank retirees who were asked if they want to come back to work on contract basis. So it's no surprise they're quite knowledgeable than a typical part timer working for pocket money on holidays.

But I gotta acknowledge some of their patience, they have to deal with alot of old auntie uncle who either ask very long winded qns or very short fused cos they don't like to wait kind. Their skills in dialect is very much needed also, young ones won't possess dialect proficiency mostly.

I took my daughter to apply debit card and IB at POSB branch. The staff at the entrance will screen at the entrance, and tell you how long you expect to wait. They can guide you using iPad to do online transactions.

The staff at the video booth we’re also around to provide assistance. Mine was assisted by a temp staff. Think other banks dun have such a feature.

So I dun mind going to POSB /DBS to do my banking needs.

 

[pratik28]

For UOB cannot terminate FD online is 1 thing but funny is, their cust service got the audacity to ask me why i want to cancel the FD? hahaha. I thought the answer is obvious, promo rates offered by competitor banks. Banks should be expecting increase in volumes of FDs, savings accounts apply/terminate, not just for FD but even savings accounts or government securities, lol.

Like BEA offering 12 month FD 4.5% need to go branch for placement while CIMB offers 4.15% everything online. So its a choice i guess to avoid long queue, haha.

 

[vsvs24]

I took my daughter to apply debit card and IB at POSB branch. The staff at the entrance will screen at the entrance, and tell you how long you expect to wait. They can guide you using iPad to do online transactions.

The staff at the video booth we’re also around to provide assistance. Mine was assisted by a temp staff. Think other banks dun have such a feature.

So I dun mind going to POSB /DBS to do my banking needs.

The experience at POSB much better than UOB.

Last year CNY I ask UOB if they give out ang pow packet. The staff ask me to take Q number and get from teller.

Told him off. Covid still ask people to queue just to get ang pow packet. Then security guard quietly slip me ang pow packet.