Lastest S$ Deposit updates - Part 3

[luckygal]

yes, if 40k in FD means you will get interest for 40k. 4k in saving bank is under saving account interest rate

So let say 40k at 3.9% for one year interest is about $1560. Effective rate is only 3.5%. Not much difference from the GE and Maybank has no termination penalty.

 

[dreamwork7878]

it's strange that Fed is maintaining some more hikes and sustained elevated rates for 2024 at least, but SG the yields are all dropping like grapes.

result of too much cash out there in Singapore until banks don't need to attract in-flow?

Totally no competition at all.
they cahoot together farm out low interest rates with no penalty

 

[zeroX26]

I believe if one has lotsa 250K don't think they will surf this forum for lobang. They most likely has some dedicated RM or financial advisor to advise them and inform them of lobang. Some lobang are basically off limits to retail with low capital so it will benefit these rich ppl more. A good e.g is the just recently concluded Singlife endowment which really benefit ppl with lotsa monies as their applications are submitted first.

Only ppl with limited capital (like me) surf this and other forum searching for lobang to stretch my every dollar further.

I block my RM on whatsapp and SMS. Only unblock when I need him to check stuff with the bank.

 

[zeroX26]

The rich already outsource most of the work to their RM. so they have and left with plenty of time and nothing to do. So they surf internet, fourm to look for more lobang.

upon catching something new, they call up their RM and whack them upside down for failure to secured lobang for them. why got such things(logang) you never inform me and i didnt get it ?

only people like us, got no additional RM helping hand , we got to help ourselves.

You are really naive to think your RM will work hard for you and your money. THey will only work hard to pay themselves with your money first.

 

[saintgtril]

Hi Thanks for advice. I called DBS and they said it is exclusive to invited guests. Anyway since the rates are not bad even without the vouchers, I applied. Pretty slow compared to others. However till now few days still did not receive the policy or any advice from Manulife. Can advise how long it take for you to receive the policy?

Thanks again.

Hi, how about you try appealing?

 

[dreamwork7878]

You are really naive to think your RM will work hard for you and your money. THey will only work hard to pay themselves with your money first.

point taken

 

[~sabaisabai~]

So let say 40k at 3.9% for one year interest is about $1560. Effective rate is only 3.5%. Not much difference from the GE and Maybank has no termination penalty.

yes with the bundle of saving account, the rate is not attractive

 

[RedsYWNA]

You are really naive to think your RM will work hard for you and your money. THey will only work hard to pay themselves with your money first.

The RMs will recommend lots of options for you, but notably they dont follow up on the recommendations by putting their own money in, haha

 

[zeroX26]

The RMs will recommend lots of options for you, but notably they dont follow up on the recommendations by putting their own money in, haha

All the private equity notes stuff which is above my risk level. No thank you.

 

[Lè Crayons]

I never trust my RMs. I only trust myself.

 

[luckygal]

yes with the bundle of saving account, the rate is not attractive

Not so attractive but if no difference from GE then might as well go for Maybank. At least no termination penalty.

 

[Careful Investor]

This is a tardy reply from hotline. If I were you, I will take down the hotline person's details (time of call etc) and ask that he/she escalate and call me back as we need accountability. The bank was also tardy in responding to my query on giving me a $20 eCapita voucher instead of $50 by simply replying, 'take this as a reply, we will follow up with relevant parties'

Ya did above, had Manulife hotline officers' names and dates/times of calls. None can give me an answer, all just said will email respective dept to escalate. When I called back to speak to the same officer, can't be found and need to repeat my story again to another officer, so end up spoken to 3 officers but still no sight no sound of the policy. Called DBS to for help, DBS said will try to check, hopefully can give me my policy tomorrow. Really frustrating, think no more 2nd time purchase of Manulife policy.

Oh so you received the $20 voucher? No need to wait for long long then received?

 

[idiots]

I never trust my RMs. I only trust myself.

Most of the banks' lobangs are crap...so don't expect the RMs to work for you...they only take direction from their banks and sell products that the banks want to make money from...thus not win - win for customer and bank...
For eg. recently one of the foreign bank offer 6% on deposits for 2 months but have to purchase from them local govt bonds that mature on 1 Aug 2036 with coupon rate 2.25%...
Can see very clearly it only benefits the bank...as the bank is paying peanuts to get rid of their poor performing investments...

 

[sohguanh]

The RMs will recommend lots of options for you, but notably they dont follow up on the recommendations by putting their own money in, haha

Imagine you are the RM if that option is so attractive why would you want to share to your client? You will ownself go and take the lobang isn't it? Hence why they recommend to you but they themselves don't put their monies in

 

[Lè Crayons]

Most of the banks' lobangs are crap...so don't expect the RMs to work for you...they only take direction from their banks and sell products that the banks want to make money from...thus not win - win for customer and bank...
For eg. recently one of the foreign bank offer 6% on deposits for 2 months but have to purchase from them local govt bonds that mature on 1 Aug 2036 with coupon rate 2.25%...
Can see very clearly it only benefits the bank...as the bank is paying peanuts to get rid of their poor performing investments...

I absolutely agree with you. My RMs at DBS, OCBC and UOB all seem to be looking at a list of products given by their company to sell and they die die must sell these only. Obviously the products in the list are the most profitable to the companies or for their commission. But not for me...

I never want to meet my RMs (total waste of my time) and each time they change, DBS change most frequently, they will call me and insist to meet. When I insist there is no need to meet coz I have never met any of their predecessors anyway, they will try to introduce some products to me with lots of "good returns". I tell them this is not what I want and instead say if u have this xxx that I want then we can discuss further. Somehow like broken recorder, they keep offering products that are in their list and not what I want.

There was one RM who was the most honest of all. He said talking to me was the most pleasant coz with the other clients, he has to answer for the losses the previous RM made. He said he would get scolded for something he did not do and most clients were not easy to handle. Mine was most pleasant coz there were no losses to explain.

Of course lah... I never let u RMs invest my money.

 

[havetheveryfun]

I never want to meet my RMs (total waste of my time) and each time they change, DBS change most frequently, they will call me and insist to meet

best is that time DBS got promo 3.8 or 3.9% fixed deposit

the RM saw i had put money in that and still dare to say 3.9% interest very low haha and say he got better products with higher returns

 

[Lè Crayons]

best is that time DBS got promo 3.8 or 3.9% fixed deposit

the RM saw i had put money in that and still dare to say 3.9% interest very low haha and say he got better products with higher returns

Higher returns with higher risk!!!

 

[sglandscape]

best is that time DBS got promo 3.8 or 3.9% fixed deposit

the RM saw i had put money in that and still dare to say 3.9% interest very low haha and say he got better products with higher returns

Your RM smoking you right in your face

 

[lzydata]

To me RMs are obviously not going to be finance whizzes or future Warren Buffetts or else why would they be RMs rather than working in asset management or something. They have a basic foundation in finance but mainly they are trained to sell. It's a tough living For our own money, we take our own counsel, of course.

 

[Lè Crayons]

That time my RM's manager (I think VP) called me and asked if I want to join their bank.

I told him I am happy with my job and happy with investing as my side hustle. He still can criticise my job and said I will earn more if I join the bank. Cmon... I have conscience ok.