Lastest S$ Deposit updates - Part 1

[Motherliquor.P]

I am thinking of opening OCBC MSA (Monthly Savings Account) 13 months 0.50%. I have this questions:
- Let's say I put $500, at the end of 1st month = $500.42
- For the second month I add another $500, The interest rate would be on the $1000 I have in total or purely on the $500 that I add on that month?

Are there any other banks that offer better MSA rates?

 

[S1rius]

Actually u can look into cimb starsaver account with 0.8% per annum. Just need to maintain $1000 and a monthly deposit of $100 to get e 0.8%.

 

[Motherliquor.P]

Actually u can look into cimb starsaver account with 0.8% per annum. Just need to maintain $1000 and a monthly deposit of $100 to get e 0.8%.

CIMB Starsaver (Savings account) with a 0.8% looks really good. What is the difference CIMB StarSaver-i and CIMB StarSaver (Savings) without the i?
One drawback is that they only have 2 branches?

 

[wira]

Actually I had just notice POSB/DBS MySavings account has the highest interest rate of 0.2%pa + 1.5%pa for 6mths, min $300/mth



Link: MySavings Account

Link: Savings Deposit - MySavings Account, Monthly & Flexible Savings | DBS Bank Singapore

For MYSavings Account, note that the extra 1.5% is only for your monthly contribution amount, NOT the total amount in account. so if you contribute $1000 /month, you get extra $15 a year.

 

[lzydata]

CIMB Starsaver (Savings account) with a 0.8% looks really good. What is the difference CIMB StarSaver-i and CIMB StarSaver (Savings) without the i?
One drawback is that they only have 2 branches?

The "i" accounts are the Shariah-compliant versions, but I think they are open to non-Muslims too The requirements are the same. Instead of getting paid 0.8% interest you get a "hibah rate" of 0.8%.

Yes that is the main drawback, but I guess some people are comfortable with 100% Internet banking.

 

[Motherliquor.P]

The "i" accounts are the Shariah-compliant versions, but I think they are open to non-Muslims too The requirements are the same. Instead of getting paid 0.8% interest you get a "hibah rate" of 0.8%.

Yes that is the main drawback, but I guess some people are comfortable with 100% Internet banking.

for CIMB StarSaver(Savings) Account:

"To enjoy 0.8% p.a. on the entire account balance, simply top up the month-end balance of your CIMB StarSaver Account by:
maintaining an increasing balance with monthly deposits of a minimum amount; "

Does that mean it does not have to be a fixed amount of money like $500 every month? So January $500, February $300, March $800 and I will still get the 0.8% i/r pa?
What if I decided to withdraw $1000 at the 13th month? Will the i/r drop?

 

[frustrateddude]

for CIMB StarSaver(Savings) Account:

"To enjoy 0.8% p.a. on the entire account balance, simply top up the month-end balance of your CIMB StarSaver Account by:
maintaining an increasing balance with monthly deposits of a minimum amount; "

Does that mean it does not have to be a fixed amount of money like $500 every month? So January $500, February $300, March $800 and I will still get the 0.8% i/r pa?
What if I decided to withdraw $1000 at the 13th month? Will the i/r drop?

This account requires an initial deposit of $1000. To get the 0.8% pa, u need to put at least $100 a month (any lesser u get 0.5%). For 13 months, it requires 13x100=$1300 to be added , meaning u must hv $2300 by next January in order to get the 0.8%.
Even u draw $1k on the 13th month, as long as your acct has at least $2300 , the interest is 0.8%. Otherwise, it is 0.5%.

 

[tildveryn]

I got 14k of AUD in fix deposit which is going to mature soon...

any good recommendation of high interest rate for AUD FD?

or should i take out as SGD and put into SGD FD?

 

[S1rius]

I got 14k of AUD in fix deposit which is going to mature soon...

any good recommendation of high interest rate for AUD FD?

or should i take out as SGD and put into SGD FD?

Imo, i feel tat aud is at a good price to sell. But 14k is not a very large amount, hence u can take advantage of e high aud fd rates. if am not wrg, cimb promo aud fd for 1 year is 3.61%(min 20k aud)

 

[tildveryn]

I got 14k of AUD in fix deposit which is going to mature soon...

any good recommendation of high interest rate for AUD FD?

or should i take out as SGD and put into SGD FD?

I checked... highest FD interest rate for AUD is from RHB... followed by CIMB...

 

[tildveryn]

Imo, i feel tat aud is at a good price to sell. But 14k is not a very large amount, hence u can take advantage of e high aud fd rates. if am not wrg, cimb promo aud fd for 1 year is 3.61%(min 20k aud)

hmm... yah not sure if i should still keep the AUD... and whether AUD would be strong for coming years. If not conversion rate loss is even more than what to get from the higher AUD interest rate.

The highest interest rate 2 months ago was around 4.9% from RHB... now already dropped more than 1%.

 

[Motherliquor.P]

hmm... yah not sure if i should still keep the AUD... and whether AUD would be strong for coming years. If not conversion rate loss is even more than what to get from the higher AUD interest rate.

The highest interest rate 2 months ago was around 4.9% from RHB... now already dropped more than 1%.

I'm pretty sure that AUD will still be strong for the coming years. Their mining industry are still doing pretty well since my company is getting high amount of work from them (Bias view from my work place )
Planning to invest on AUD soon.

 

[TiOnGSquare]

i intend to try out a fixed mtly deposit saving account for 1 yr, so will u guys recommend POSB savings or ocbc or cimb? btw for cimb how do u guys draw out the money?

 

[S1rius]

posb? tink their fd rate is quite low. for cimb u can either do interbank trf, issue cheque, withdraw over counter/atm.

 

[lzydata]

i intend to try out a fixed mtly deposit saving account for 1 yr, so will u guys recommend POSB savings or ocbc or cimb? btw for cimb how do u guys draw out the money?

OCBC's rates for 13 months, 24 months and 36 months are 0.5%, 0.68% and 1% pa respectively. If you don't mind committing to 36 months, OCBC will exceed CIMB's 0.8% pa. POSB's MSA only gives 0.2% pa for $300-790 per month.

 

[kyma]

posb? tink their fd rate is quite low. for cimb u can either do interbank trf, issue cheque, withdraw over counter/atm.

I think withdraw from counter is via checks. If you go without a check, they are unhappy about it.

 

[pdpdpdp]

might as well go to STANDCHART STEUP UP... Avg out is 1.5% for 3 year FD. with flexible to withdraw w/o any penalty aft 3rd month.
Best in town now!

 

[lzydata]

might as well go to STANDCHART STEUP UP... Avg out is 1.5% for 3 year FD. with flexible to withdraw w/o any penalty aft 3rd month.
Best in town now!

The rate may be the highest, but it requires at least $10k in fresh funds. Monthly savings accounts cater to those who are starting from zero or not much and want to save up by instalments, such as a few hundred dollars a month.

 

[tildveryn]

I'm pretty sure that AUD will still be strong for the coming years. Their mining industry are still doing pretty well since my company is getting high amount of work from them (Bias view from my work place )
Planning to invest on AUD soon.

thats good... AUD FD is so much better than SGD FD...

 

[pdpdpdp]

The rate may be the highest, but it requires at least $10k in fresh funds. Monthly savings accounts cater to those who are starting from zero or not much and want to save up by instalments, such as a few hundred dollars a month.

If that's the case. CIMB Starsaver... Best with only 100 increment monthly.