Lastest S$ Deposit updates - Part 3

[xoxozone]

Fed powell too late.. Interest rate cut is overdue very long alrdy.. rates r expected to go down at least for another 1-2 years.. so put 3 yrs just nice.. now looking back.. heng have put $ in SSB when interest rate higher last year..

 

[vsvs24]

Fed powell too late.. Interest rate cut is overdue very long alrdy.. rates r expected to go down at least for another 1-2 years.. so put 3 yrs just nice.. now looking back.. heng have put $ in SSB when interest rate higher last year..

If Powell not late and cut earlier, the SSB you took up last yr would have been lower than the rates you got.

 

[kurt111494]

Yes just put another 33k into maybank savvy 2.85% 3 years
… overall more than 200k liao …
Confidence in future for next 3 years

Just checking for this...

1. I can't use the Lite app for this right?
2. Do I need to open a Savings account with them first?

 

[Shalom_555]

Just checking for this...

1. I can't use the Lite app for this right?
2. Do I need to open a Savings account with them first?

If you want the FD 2.85 upfront interest for 3 yrs under iSavvy, you need to use the old app. You need to open iSavvy savings account, upfront interest earned will be credited into this account

 

[hwarzoner]

Just checking for this...

1. I can't use the Lite app for this right?
2. Do I need to open a Savings account with them first?

download the old app M2USG (classic) i think

 

[Jacky2000]

No . It is this, https://www.ocbc.com/personal-banking/deposits/statement-passbook-savings-account.

Up to last month, it was 2.88% for iirc min $50k.

how does the interest bonus calculated?

I saw the website, the bonus is given 2 time, so given $80K of 2.58%, the bonus output should be $1032 per payout, but the website shows seem to be lower (i.e $400++). Anyone know how they calculate?

 

[lzydata]

how does the interest bonus calculated?

I saw the website, the bonus is given 2 time, so given $80K of 2.58%, the bonus output should be $1032 per payout, but the website shows seem to be lower (i.e $400++). Anyone know how they calculate?

The term of the deposit is 88 days but 2.58% is per annum.

 

[sibeiTrolled]

how does the interest bonus calculated?

Assuming 1 year = 365 days
Bonus = 2.53%

Interest over 365 days = 80,000 * 2.53% = 2,024
1 day = 5.545205479452055
88 days = 487.9780821917808

As mentioned by Izydata, you are calculating based on 365 days... but the promo is only 88 days so you will have divide it up

 

[EveMuffins]

I just transferred 50% of my Maybank savings to place 2.85% 36 months FD with them, in multiple of $20k.

cos FD rates have been dropping ever since RHB 4.28% few years back..then now saving accounts like iSavvy only 2.8%, eSaver 2.5%..UOB Stash 3% capped at $100k. OCBC 2.8% without credit card spending.

so thought might as well put 2.85% 36 mths FD, earlier posts also mentioned upfront interest is better. Yes, 3 yrs is long but every month see the rates dropping also sian.

 

[kurt111494]

If you want the FD 2.85 upfront interest for 3 yrs under iSavvy, you need to use the old app. You need to open iSavvy savings account, upfront interest earned will be credited into this account

Sorry for sounding noob...I cant open a Savings account on the Classic app. Can only open Time Deposits. Looks like I have to try using the website

How long does it take to open a Maybank Savings account?

 

[Jacky2000]

Assuming 1 year = 365 days
Bonus = 2.53%

Interest over 365 days = 80,000 * 2.53% = 2,024
1 day = 5.545205479452055
88 days = 487.9780821917808

As mentioned by Izydata, you are calculating based on 365 days... but the promo is only 88 days so you will have divide it up

Thanks for sharing Izydata and sibeiTrolled.
This is similar to what DBS have a few month before, where they earmark for a short period for that interest. But now DBS don't have this promo already.

Comparing between this vs UOB stash account, seems like UOB stash account is better because of interest rate at 5%, if my intend is to lock the money for 3 months. Am i right here?

​

 

[~sabaisabai~]

Thanks for sharing Izydata and sibeiTrolled.
This is similar to what DBS have a few month before, where they earmark for a short period for that interest. But now DBS don't have this promo already.

Comparing between this vs UOB stash account, seems like UOB stash account is better because of interest rate at 5%, if my intend is to lock the money for 3 months. Am i right here?

​

Uob stash is not 5%
EIR is 3% for 100k
Do read their tnc before placement

 

[HoGnix]

I just transferred 50% of my Maybank savings to place 2.85% 36 months FD with them, in multiple of $20k.

cos FD rates have been dropping ever since RHB 4.28% few years back..then now saving accounts like iSavvy only 2.8%, eSaver 2.5%..UOB Stash 3% capped at $100k. OCBC 2.8% without credit card spending.

so thought might as well put 2.85% 36 mths FD, earlier posts also mentioned upfront interest is better. Yes, 3 yrs is long but every month see the rates dropping also sian.

I just placed 3Y FD 2.85% in iSavvy, but I didn't see upfront INT.

 

[Hot2002]

I just placed 3Y FD 2.85% in iSavvy, but I didn't see upfront INT.

i receive the next day (fd placed on weekday)

 

[~sabaisabai~]

I just placed 3Y FD 2.85% in iSavvy, but I didn't see upfront INT.

you check tomorrow as some mentioned you will get on weekend too
i placed on weekdays and get next day

 

[Jacky2000]

Uob stash is not 5%
EIR is 3% for 100k
Do read their tnc before placement

Thanks bro, even base on 3%, it is still higher than ocbc promo, if i calculate correctly

Based on $100K,

UOB Stash, based on EIR 3%, monthly = $250 VS
OCBC earmark for 88 days for $609, 30 days = $207

 

[~sabaisabai~]

Thanks bro, even base on 3%, it is still higher than ocbc promo, if i calculate correctly

Based on $100K,

UOB Stash, based on EIR 3%, monthly = $250 VS
OCBC earmark for 88 days for $487, 30 days = $207

yes every month $250 but make sure you withdraw the interest out on the same day cos the 3% is only for 100k
cos it is either maintain or incremental
do find out more from uob before any placement

 

[qhong61]

I just transferred 50% of my Maybank savings to place 2.85% 36 months FD with them, in multiple of $20k.

cos FD rates have been dropping ever since RHB 4.28% few years back..then now saving accounts like iSavvy only 2.8%, eSaver 2.5%..UOB Stash 3% capped at $100k. OCBC 2.8% without credit card spending.

so thought might as well put 2.85% 36 mths FD, earlier posts also mentioned upfront interest is better. Yes, 3 yrs is long but every month see the rates dropping also sian.

What if the rates go up next yr?

 

[EveMuffins]

What if the rates go up next yr?

then next yr I'll place new FD lor with my remaining/new savings..I've been waiting for the rates to go up..from 3.5% drop until now <3%..I don't wanna wait anymore le.

 

[Shalom_555]

Just checking for this...

1. I can't use the Lite app for this right?
2. Do I need to open a Savings account with them first?

Based on my experience, opening the iSavvy account was immediate using Singpass on the Maybank2U sg (new app). I downloaded the old version M2U sg (classic) later on for the 2.85% 3yrs FD isavvy upfront int,