Lastest S$ Deposit updates - Part 3

[Honda_typeR]

No.
if you throw all 500k in CIMB FS, your EIR is only 0.58% due to the fact that above 75K only netts you 0.5% IR

Even for starsaver, your EIR is only 1.214%

Any idea For 500K to 1M best where is the best place to park funds for high interest?

Sorry, not been keeping up with these news anymore.

But likely only the same few banks with their ongoing promotions

Scb esaver
Maybank isavvy
HSBC ega

Not sure if there is a cap on gxs or if you even "trust" it...

Now with the restrictions on moving large amounts, make it more time consuming to play merry go round.

I can never figure out what ega is about seems complicated lol

 

[Honda_typeR]

New to banking at Stanchart or HSBC? Go priority or premium banking with them for their generous welcome rewards.

Currently under Ocbc premier diviend which pays about 1.6%.

Will need to calculate whether worthwhile while to switch a not, as after 6 months i guess need to switch again.

Anyone knows anything that pays above 1.6%?

 

[ericcsn]

Currently under Ocbc premier diviend which pays about 1.6%.

Will need to calculate whether worthwhile while to switch a not, as after 6 months i guess need to switch again.

Anyone knows anything that pays above 1.6%?

have a look at these (HSBC) - some numbers would have changed
https://forums.hardwarezone.com.sg/threads/lastest-s-deposit-updates-part-3.5575909/post-156865953
&
https://forums.hardwarezone.com.sg/threads/lastest-s-deposit-updates-part-3.5575909/post-156832917


Also this (Stanchart):
https://forums.hardwarezone.com.sg/...-like-nothing-much-hor.5848319/post-156969710

Go to the above stanchart directory if further discussions are needed rather than continue here.

For HSBC go https://forums.hardwarezone.com.sg/threads/official-hsbc-premier.6378696/page-2#post-157810450

 

[Sausage]

This OCBC dividend looks good but I already have 500k in a OCBC statement 88 account. If I were to create a divident account and transfer in, is it counted as fresh funds or not?

 

[Honda_typeR]

have a look at these (HSBC) - some numbers would have changed
https://forums.hardwarezone.com.sg/threads/lastest-s-deposit-updates-part-3.5575909/post-156865953
&
https://forums.hardwarezone.com.sg/threads/lastest-s-deposit-updates-part-3.5575909/post-156832917


Also this (Stanchart):
https://forums.hardwarezone.com.sg/...-like-nothing-much-hor.5848319/post-156969710

Go to the above stanchart directory if further discussions are needed rather than continue here.

For HSBC go https://forums.hardwarezone.com.sg/threads/official-hsbc-premier.6378696/page-2#post-157810450

Great will go research (=

 

[Honda_typeR]

This OCBC dividend looks good but I already have 500k in a OCBC statement 88 account. If I were to create a divident account and transfer in, is it counted as fresh funds or not?

I reckon you need to merry go round and cannot transfer direct ocbc to ocbc. Otherwise it wont be fresh funds.

 

[xoxozone]

I have funded HSBC EGA in Nov.. transfer out in Dec..
Funded SCB Seaver in Dec.. now..where is best to park $?
This month now, cant go back to HSBC EGA coz HSBC need 2 months gap…

 

[ericcsn]

I have funded HSBC EGA in Nov.. transfer out in Dec..
Funded SCB Seaver in Dec.. now..where is best to park $?
This month now, cant go back to HSBC EGA coz HSBC need 2 months gap…

Consider getting a joint EGA account, main account holder is the other person.

Then transfer fund from own EGA to outside (say esaver) back immediately to joint EGA. And rotate each month.
(max benefit is the incremental to $365k for 30 day month; ~$353.2K for 31 day month).

However, the BI component (supposedly) will be effective only about 3 months after account is opened.

 

[sglandscape]

Consider getting a joint EGA account, main account holder is the other person.

Then transfer fund from own EGA to outside (say esaver) back immediately to joint EGA. And rotate each month.
(max benefit is the incremental to $365k for 30 day month; ~$353.2K for 31 day month).

However, the BI component (supposedly) will be effective only about 3 months after account is opened.

They have been cutting rates each time, you have to decide for yourself if worth it to do the merry go round for what would be maybe at best 1 year of shelf life.

 

[tehhalia]

Any idea For 500K to 1M best where is the best place to park funds for high interest?

Now with the restrictions on moving large amounts, make it more time consuming to play merry go round.

I can never figure out what ega is about seems complicated lol

for capital guarantee and simplicity, why not just all in Tbill? Gov will sapu

 

[Honda_typeR]

for capital guarantee and simplicity, why not just all in Tbill? Gov will sapu

Never tried T bill before.

Need to open account? How much is the interest?

 

[tehhalia]

Never tried T bill before.

Need to open account? How much is the interest?

need to open cdp account and buy tbill through dbs/ocbc/uob, like how one would apply for ssb. every 2 weeks got tbill. interest given up front, hold for 6 months. the last tbill was 1.6%

you can refer to Tbill thread, relatively active
https://forums.hardwarezone.com.sg/threads/singapore-treasury-bills-t-bills.6769601/page-1194

it might be troublesome to set up and read up from scratch, but if you're risk-averse and have a lot of cash on hand, this will be worth your time

 

[vsvs24]

Never tried T bill before.

Need to open account? How much is the interest?

Do you have Singapore Savings Bond ? Go for this if you want longer term and less hassle. Upto 200k per person. This is for 10yrs but can be redeemed earlier. Application and redemption is easy. Rates are known when you apply. This month's rates is first year 1.35%, second year 1.59%.......10th year 3.03%. Av for 10 years is 2.25%. If rates increase in future, you can even redeem and apply the higher rate.

6mths tbills is available every 2 weeks, 1 yr tbills every quarter. So if holding for long term you need to reapply when they mature. Rates are not known during application. Not easy to sell so most people hold on till maturity.

Both need to have CDP account and apply through 3 local banks. Guaranteed by Singapore Government.

 

[ericcsn]

Great will go research (=

There are many combos for them if you understand them well (and if you are having $500K do a ladder).

I will lay down the most basic one using $200k:
New to Stanchart bank, do the simplest and most basic form of priority banking (open own account).

Rewards for the $200K:
1. $2k worth of unit trust (stanchart own CIO fund - Chief Investment Office) payable in 6 months.
2. $1250 (from 1.25% of $200K in its FD for 6 months)
3. $88 huat rewards for this month

And:
4. extra $800 if you used a referral from an existing customer (can ask a family member to be one or who opens any stanchart account for this purpose, u can share the $800 with him/ her. Otherwise ask someone here and split with that person this extra $800)
5. extra $500 if you qualify and opt as an Accredited Investor

Total for items 1-3 is $2000+1250+88= $3338
over 6 months (taking it to be 182 days), yield is $3338/200000*365/182= 3.347%

If 4+5 are included
total now is $3338+$800+$500=$4638
yield (prorated for the 6 months) is 4638/200000*365/182= 4.65%

Full details are in
https://av.sc.com/sg/content/docs/sg-priority-banking-q1-26-signup-promo-tc.pdf?adobe_mc=MCMID=36362185030835285424066614860039693439|MCORGID=625107C0600168480A495FE2%40AdobeOrg|TS=1767927586

https://www.sc.com/sg/priority/?int...new-priority-acquisition-sc_com_organic-sg-en

(Note: I have neglected to mention other rewards like free airport lounges etc with their priority credit card etc)

 

[hyperfuse]

happen to re look at this thread again. interest rates so low...and got to go through many different methodology to get measly interest rates...

for people in the stock market, definitely wont waste time doing all this. getting knowledge in the stock market will surely reap you way better "interests" / "profits" than going through multiple hoops and getting all this low interest rate yields.

 

[ericcsn]

happen to re look at this thread again. interest rates so low...and got to go through many different methodology to get measly interest rates...

for people in the stock market, definitely wont waste time doing all this. getting knowledge in the stock market will surely reap you way better "interests" / "profits" than going through multiple hoops and getting all this low interest rate yields.

When you are/ have:
1. risk adverse
2. retired or close to retire
3. already all sorts of financial assets ie. your choice is not binary
4. so much money that bank interests earned are in the tens even a hundred thousand dollars or more per year.
5. hoarding cash collecting some interests while waiting for the next market crash.
6. inherited a whole lot of cash, cpf, insurance, housing etc from your departed loved ones.
7. made so much money from properties but know nothing about stocks.
8. earned more than enough millions from the markets and now made your grand exit.
etc etc

then you will be considering getting these measly interest rates from banks

 

[hyperfuse]

When you are/ have:
1. risk adverse
2. retired or close to retire
3. already have all sort of financial assets ie. your choice is not binary
4. you have so much money that bank interests earned are in the tens even a hundred thousand dollars or more per year.
5. hoarding cash collecting some interests while waiting for the next market crash.
6. inherited a whole lot of cash, cpf, insurance, housing etc from your departed loved ones
7. made so much money from properties but know nothing about stocks.
etc etc

then you will be considering getting these measly interest rates from banks

yes if one is of retired age and risk averse then yes..but if still young, definitely its much better to let the monies work better.

 

[Little turtles]

Can do both.....
If purely concentrate on stock market...... not easy to sleep well at night
Having peace of mind is very impt

 

[Little turtles]

There are many combos for them if you understand them well (and if you are having $500K do a ladder).

I will lay down the most basic one using $200k:
New to Stanchart bank, do the simplest and most basic form of priority banking (open own account).

Rewards for the $200K:
1. $2k worth of unit trust (stanchart own CIO fund - Chief Investment Office) payable in 6 months.
2. $1250 (from 1.25% of $200K in its FD for 6 months)
3. $88 huat rewards for this month

And:
4. extra $800 if you used a referral from an existing customer (can ask a family member to be one or who opens any stanchart account for this purpose, u can share the $800 with him/ her. Otherwise ask someone here and split with that person this extra $800)
5. extra $500 if you qualify and opt as an Accredited Investor

Total for items 1-3 is $2000+1250+88= $3338
over 6 months (taking it to be 182 days), yield is $3338/200000*365/182= 3.347%

If 4+5 are included
total now is $3338+$800+$500=$4638
yield (prorated for the 6 months) is 4638/200000*365/182= 4.65%

Full details are in
https://av.sc.com/sg/content/docs/sg-priority-banking-q1-26-signup-promo-tc.pdf?adobe_mc=MCMID=36362185030835285424066614860039693439|MCORGID=625107C0600168480A495FE2%40AdobeOrg|TS=1767927586

https://www.sc.com/sg/priority/?int...new-priority-acquisition-sc_com_organic-sg-en

(Note: I have neglected to mention other rewards like free airport lounges etc with their priority credit card etc)

After scb, can try
1. Hsbc premier
2. Ocbc premier dividend +
3. Citigold
4. Cimb preferred

Can merry go round your funds for more than a year

 

[ericcsn]

After scb, can try
1. Hsbc premier
2. Ocbc premier dividend +
3. Citigold
4. Cimb preferred

Can merry go round your funds for more than a year

Also merry go round with opening joint accounts, where the main account holder is another person name.

Then take it to next level priority private, Premier elite.