Lastest S$ Deposit updates - Part 1

[Sambuca78]

he indicated that it was 2006. I remember getting more than 3% for deposits during that time.

Thanks... So which bank should i go with if i wanna to place a $20K FD and what is the diff between iSAVvy Savings Plus Account and iSAVvy Savings Account???


TIA!

 

[lzydata]

Thanks... So which bank should i go with if i wanna to place a $20K FD and what is the diff between iSAVvy Savings Plus Account and iSAVvy Savings Account???


TIA!

Depending on the length of the term, Maybank and HLF promotional rates and ICICI rates are competitive. The case for a 18-month deposit is already worked out above.

iSAVvy Savings Plus Account > Deposits & Banking > Personal > Maybank2u.com Singapore

How does the iSAVvy Savings Plus Account differ from the iSAVvy Savings Account?

The main difference is that iSAVvy Savings Plus Account pays bonus interest every 6 months based on the increase in the average daily balance each month during the 6-month period while iSAVvy Savings Account pays interest-on-interest every 6 months. Other than this feature, all other product features such as fees and charges and base interest rate are the same for both types of accounts.

 

[harky]

I got SGD10K want to open a fix Deposit which bank got gd rate??
the important is the bank wont close down one

 

[lzydata]

I got SGD10K want to open a fix Deposit which bank got gd rate??
the important is the bank wont close down one

Like I said above, some banks with competitive FD rates include ICICI, Maybank and HLF. The rate you get varies more depending on the length of the term, not the amount. See the more recent posts in this thread for promotions and news. Use the Google and do your own homework.

All SGD fixed deposits with member banks are covered by deposit insurance up to $50k per person per bank. Even if the bank closes down you will get your money back. See this:

https://www.sdic.org.sg/di_faq.php

 

[Sambuca78]

Depending on the length of the term, Maybank and HLF promotional rates and ICICI rates are competitive. The case for a 18-month deposit is already worked out above.

iSAVvy Savings Plus Account > Deposits & Banking > Personal > Maybank2u.com Singapore

How does the iSAVvy Savings Plus Account differ from the iSAVvy Savings Account?

The main difference is that iSAVvy Savings Plus Account pays bonus interest every 6 months based on the increase in the average daily balance each month during the 6-month period while iSAVvy Savings Account pays interest-on-interest every 6 months. Other than this feature, all other product features such as fees and charges and base interest rate are the same for both types of accounts.

Very chim leh, meaning in order to earn the bonus interest for iSAVvy Savings Plus we need to top up every month? Thanks.

 

[lzydata]

Very chim leh, meaning in order to earn the bonus interest for iSAVvy Savings Plus we need to top up every month? Thanks.

The very next question and answer in their FAQ:

What is the bonus interest feature of the iSAVvy Savings Plus Account?

This bonus interest will be paid every 6 months only if the average daily balance increases each month during the 6-month period. Bonus interest will be credited on the first calendar day after the end of each 6-month period, starting from the second calendar month of account opening.

Just get an iSAVvy Savings Account if you don't want or need this.

 

[dork32]

Very chim leh, meaning in order to earn the bonus interest for iSAVvy Savings Plus we need to top up every month? Thanks.

Just an example to help u make your decision

If your monthly savings is high and your prinicipal is low, use isavy savings plus.


if your principle is high and your monthly savings is low then use isavy savings. then again under such situation, then FDs are better.

 

[dork32]

Just an example to help u make your decision

If your monthly savings is high and your prinicipal is low, use isavy savings plus.


if your principle is high and your monthly savings is low then use isavy savings. then again under such situation, then FDs are better.

how high is high? how low is low?
The best is to do some simulation. Decide on your principal and forecast your monthly savings. Based on you plan run it through the two systems and determine which is better.

 

[mosmos]

link: High Yield Account Promotion

 

[daristan]

by the way i got a limited time good lobang here, just pm me.

 

[MoDiE]

just open a cimb starsaver saving account... no atm card, no i banking... hehe.. force myself to save.. 0.8% p.a. seems like the highest i can find... for low amount la...

 

[manics]

go for maybank or hong leong finance.

 

[TyCoGOd_RaiNy]

what about FRANK by OCBC??

0 - S$10,000 0.30% p.a.
S$10,001 to S$100,000 0.50% p.a.
S$100,001 and above 0.60% p.a.

 

[GetFuzzy]

what about FRANK by OCBC??

Is this Savings or?

 

[TyCoGOd_RaiNy]

FRANK by OCBC - The Brand New Way to Bank

Savings n Credit Card.

 

[acetylcholine]

If I have funds in Maybank presently and I wish to give away this money to another person, how do I structure the transaction such that the person will be able to enjoy the Maybank FD promotion (which requires fresh funds)? If I draw the money out in cash and go deposit in that person's DBS account and then ask that person take out a money order from DBS to go Maybank open FD, will Maybank be able to track?

 

[mosmos]

If I have funds in Maybank presently and I wish to give away this money to another person, how do I structure the transaction such that the person will be able to enjoy the Maybank FD promotion (which requires fresh funds)? If I draw the money out in cash and go deposit in that person's DBS account and then ask that person take out a money order from DBS to go Maybank open FD, will Maybank be able to track?

Just withdraw cash and come back tmr to open FD account

 

[dork32]

If I have funds in Maybank presently and I wish to give away this money to another person, how do I structure the transaction such that the person will be able to enjoy the Maybank FD promotion (which requires fresh funds)? If I draw the money out in cash and go deposit in that person's DBS account and then ask that person take out a money order from DBS to go Maybank open FD, will Maybank be able to track?

Monday, I transferred $50k from maybank to cimb. Wednesday, I go to maybank with a cheque of $50k from cimb to open a new fd account. they gave me the rates for fresh funds.

These bank people are plain stupid. their procedures only make it a little troublesome us consumers. Maybe their policy is to irritate the customers as much as possible.

 

[acetylcholine]

Haha! OK thanks for the replies...will probably do a bank transfer too. Don't feel like lugging around a huge amount of cash...

 

[GetFuzzy]

FRANK by OCBC - The Brand New Way to Bank

Savings n Credit Card.

To enjoy the 0.30% interest rate, I must credit my salary to the bank account?