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Deposits (non FD) to consider to manage concentration risks

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Old 04-07-2020, 11:25 AM   #1
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Deposits (non FD) to consider to manage concentration risks

Looking through the HWZ threads, thought I list down the banks/finance company and insurance linked day2day deposits (non FD) we could consider to manage concentration risks according category:

Banks/Finance company without hoops
1. Maybank iSavvy/Prestige (2 month promo cycle)
2. SCB eSaver (2month promo cycle)
3. CIMB Fastsaver/Starsaver
4. SIF Gosaver
5. RHB HYSA Plus

Banks/Finance company with hoops
1. DBS Multiplier
2. HSBC EGA Set Up
3. BOC Smartsaver
4. SCB BonusSaver
5. OCBC 360
6. UOB One

Insurance-link
1. Singlife - $10k@ 2.5%
2. Etiqa Elastiq/SAVE3
3. DASH Easyearn

Last but not least, CPF OA contribution/housing refund for those near or after 55.

Feel free to add or refine above list. More helpful if you share your good practices and experiences for the benefits of all.
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Last edited by F1ngolf2012; 10-07-2020 at 09:17 AM..
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Old 04-07-2020, 01:50 PM   #2
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Singapura Finance is offering their Vivid account, and itís roughly similar to SIFís GoSavers. Citibank still has their MaxiGain account, although itís not as good as it used to be. ICBC is offering their step up fixed deposits which arenít really locked like most fixed deposits are. HL Bank still has their iSavings account which is paying decent interest.

If youíre going to maintain a list like this Iíd somehow indicate which accounts are not SDIC protected.

You donít really choose any of these to avoid concentration risks. Iím not sure what you mean by that. Theyíre reasonably liquid or very liquid accounts for holding Singapore dollars, thatís all. These are Singapore dollars you need for day to day spending and/or for soon upcoming major expenses, such as a down payment on a home or a university tuition bill.
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Old 04-07-2020, 01:51 PM   #3
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Also, for those under age 26, Standard Chartered’s JumpStart account is pretty good.

Caution: Etiqa reserves the right to delay withdrawals by up to 6 months. This affects Dash EasyEarn and the other products they offer.

Last edited by BBCWatcher; 04-07-2020 at 01:55 PM..
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Old 04-07-2020, 02:11 PM   #4
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Singapura Finance is offering their Vivid account, and itís roughly similar to SIFís GoSavers. Citibank still has their MaxiGain account, although itís not as good as it used to be. ICBC is offering their step up fixed deposits which arenít really locked like most fixed deposits are. HL Bank still has their iSavings account which is paying decent interest.

If youíre going to maintain a list like this Iíd somehow indicate which accounts are not SDIC protected.

You donít really choose any of these to avoid concentration risks. Iím not sure what you mean by that. Theyíre reasonably liquid or very liquid accounts for holding Singapore dollars, thatís all. These are Singapore dollars you need for day to day spending and/or for soon upcoming major expenses, such as a down payment on a home or a university tuition bill.
With massive wave of deposit interest rates reduction, I thought it would be helpful to have a list of Day2Day deposit accounts which still provide decent interest rates. That's why I did not include FDs.

Great point on the SDIC protected. As I know, all the options listed are protected by SDIC and can be used to avoid concentration risks like depositing all your funds in a single bank just because of miniscule rate difference.

I'm not familar with Singapore Finance, HL Bank and Citibank as I don't use them. Feel free to fine-tune the list.
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Old 04-07-2020, 02:19 PM   #5
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With massive wave of deposit interest rates reduction, I thought it would be helpful to have a list of Day2Day deposit accounts which still provide decent interest rates. That's why I did not include FDs.
I know ICBC calls their Step Up Fixed Deposit a fixed deposit, and that implies you lose all interest if you withdraw prematurely. But thatís not how it works, and itís really the functionality that matters. With that account you keep all the interest for completed quarters. It seems quite odd to exclude that account but to include Etiqaís that have possible 6 month delays between withdrawal request and withdrawal fulfillment.

Great point on the SDIC protected. As I know, all the options listed are protected by SDIC and can be used to avoid concentration risks like depositing all your funds in a single bank just because of miniscule rate difference.
No, some of these accounts are not SDIC protected.
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Old 04-07-2020, 02:31 PM   #6
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Deposits (non FD) to consider to manage concentration risks

Looking through the HWZ threads, thought I list down the banks/finance company and insurance linked day2day deposits (non FD) we could consider to manage concentration risks according category by not having all your fund with one bank or financial insituition:

Banks/Finance company without hoops
1. Maybank iSavvy/Prestige (2 month promo cycle)
2. SCB eSaver (2month promo cycle)
3. CIMB Fastsaver/Starsaver
4. SIF Gosaver
5. RHB HYSA Plus
6. Singapura Finance Vivid (newly added credit to BBCWatcher)
7. HL Banks iSaving (newly added credit to BBCWatcher)
8. Citi Maxigain (newly added credit to BBCWatcher)


Banks/Finance company with hoops
1. DBS Multiplier
2. HSBC EGA Set Up
3. BOC Smartsaver
4. SCB BonusSaver
5. OCBC 360
6. UOB One

Insurance-link
1. Singlife - $10k@ 2.5%
2. Etiqa Elastiq/SAVE3
3. DASH Easyearn
Caution: Etiqa reserves the right to delay withdrawals by up to 6 months. This affects Dash EasyEarn and the other products they offer.(Credit to BBCWatcher)

Last but not least, CPF OA contribution/housing refund for those near or after 55.

Feel free to add or refine above list. More helpful if you share your good practices and experiences for the benefits of all.
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Last edited by F1ngolf2012; 10-07-2020 at 09:18 AM..
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Old 04-07-2020, 02:42 PM   #7
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I know ICBC calls their Step Up Fixed Deposit a fixed deposit, and that implies you lose all interest if you withdraw prematurely. But thatís not how it works, and itís really the functionality that matters. With that account you keep all the interest for completed quarters. It seems quite odd to exclude that account but to include Etiqaís that have possible 6 month delays between withdrawal request and withdrawal fulfillment.


No, some of these accounts are not SDIC protected.
Feel free to highlight those accounts not protected by SDIC.
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Old 04-07-2020, 05:08 PM   #8
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Singapura Finance is offering their Vivid account, and itís roughly similar to SIFís GoSavers. Citibank still has their MaxiGain account, although itís not as good as it used to be. ICBC is offering their step up fixed deposits which arenít really locked like most fixed deposits are. HL Bank still has their iSavings account which is paying decent interest.

If youíre going to maintain a list like this Iíd somehow indicate which accounts are not SDIC protected.

You donít really choose any of these to avoid concentration risks. Iím not sure what you mean by that. Theyíre reasonably liquid or very liquid accounts for holding Singapore dollars, thatís all. These are Singapore dollars you need for day to day spending and/or for soon upcoming major expenses, such as a down payment on a home or a university tuition bill.
Vivid account up to 20K 1.3%
What is the rate for HL Bank and ICBC Step-up?
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Old 04-07-2020, 05:46 PM   #9
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Vivid account up to 20K 1.3%
What is the rate for HL Bank
and ICBC Step-up?
Noted that Vivid is not 1.3% up to 20k. Interest rate is tiered as below:
0 to $10,000 1.05%
Above $10,000 up to $20,000 1.30%
Above $20,000 0.25%

https://eservices.sfl.sg/esrv_acc_op...c482cc7dfcc52e

Also fund transfer out via mobile e-Wallet App. This would not work for me and some people.
The use of E-Wallet Mobile Application is required for easy transfer of funds to/from savings account to Vivid Prepaid Mastercard

Also noted the non protection of fund in e-Wallet:
Funds stored on the Vivid E-Wallet and/or any Mobile Wallets and the Vivid Prepaid Mastercard and/or any stored value Cards provided by us are not insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act (Chapter 77B of the Singapore Statutes) and are ineligible for protection by the Deposit Insurance Scheme.

HL bank iSaving current promo:
Up to 20k @ 0.88%
Next 180k @ 1.08%

https://www.hlbank.com.sg/en/persona...er-growth.html
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Old 04-07-2020, 05:50 PM   #10
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Feel free to highlight those accounts not protected by SDIC.
Vivid is not.
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Old 04-07-2020, 06:01 PM   #11
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Vivid is not.
The account itself is: https://sfl.sg/pdfs/RegisterofInsuredDeposit1-4-20.pdf
the e-wallet /prepaid card is not.
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Old 04-07-2020, 06:04 PM   #12
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The account itself is: https://sfl.sg/pdfs/RegisterofInsuredDeposit1-4-20.pdf
the e-wallet /prepaid card is not.
Yup! Looks like that's what it says.
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Old 04-07-2020, 06:35 PM   #13
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Vivid account up to 20K 1.3%
What is the rate for HL Bank and ICBC Step-up?
Currently, for no hoops, no frills bank/financial deposits, looks like SIF go-saver and RHB HYSA Plus are in the sweet spot.

http://www.sif.com.sg/go-saver.php
First $10,000 1.00%
Next $50,000 1.05%
Next $50,000 1.10%
Next $50,000 1.15%
Above $160,000 1.20%

https://rhbgroup.com.sg/others/news-...s-account-plus
High-Yield Savings Account Plus (EIR@1.375% up to 100k)
Deposit Balance Amount Interest Rates p.a. (wef 1 July 2020)
First $50,000 1.05%
Next $25,000 1.55%
Next $25,000 1.85%
Above $100,000 0.60%

Last edited by F1ngolf2012; 04-07-2020 at 06:43 PM..
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Old 04-07-2020, 09:02 PM   #14
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Have opened too many accounts in recent days. Life used to be simpler with just a few bank accs.

My placements (from high to low rates):

1. SingLife
2. DBS Multiplier
3. Dash Earn
4. Etiqa Elastic
5. HSBC EGA
6. RHB HY Plus
7. SIF GoSaver
8. HLB Isavings

Once my HSBC EGA cycle ends this month, it will another round of shifting...

Last edited by yongsaver; 04-07-2020 at 09:04 PM..
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Old 04-07-2020, 10:02 PM   #15
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Have opened too many accounts in recent days. Life used to be simpler with just a few bank accs.

My placements (from high to low rates):

1. SingLife
2. DBS Multiplier
3. Dash Earn
4. Etiqa Elastic
5. HSBC EGA
6. RHB HY Plus
7. SIF GoSaver
8. HLB Isavings

Once my HSBC EGA cycle ends this month, it will another round of shifting...
Yup! Past few months, definitely more work to earn our interest.
On HSBC EGA, can you not open another new EGA?
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