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Lastest S$ Deposit updates - Part 3

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Old 04-06-2018, 10:23 PM   #1651
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Thanks. Very low.
Try cimb and account opening online. Very fast.
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Old 04-06-2018, 10:24 PM   #1652
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Try cimb and account opening online. Very fast.
Malaysian bank?
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Old 04-06-2018, 10:40 PM   #1653
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Malaysian bank?
Yes, and 1.35% only for the amount exceeding SGD 500k according to my source.
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Old 05-06-2018, 01:18 AM   #1654
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Seems like the best bets are with Bangkok Bank and SBI for now.

Anyone has tried either of these 2 before? Was the account opening process smooth? No hiccups or whatsoever?
SBI (Cecil) only has one RM. closes at 430pm. Quite fast process.
RM did not provide a professional explanation on the details. Standard feels slipshod.

Bangkok bank (Cecil). Was very empty despite it being situated at a busy cross junction with heavy traffic. RM who attended to me was friendly and informative. Explained everything in detail.
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Old 05-06-2018, 01:19 AM   #1655
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Bangkok one seems good, where can i find the T&C?
Sadly, its T&C is not available online.
You can give them a call to confirm the details before heading down.
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Old 07-06-2018, 10:38 AM   #1656
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Sadly, its T&C is not available online.
You can give them a call to confirm the details before heading down.
I have posted the T&C few mths again.

You can refer here for T&C:
https://forums.hardwarezone.com.sg/m...575909-20.html
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Old 07-06-2018, 01:31 PM   #1657
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港元定存息年底料升破2.5厘

HKD FD expect to hit 2.5% for 12 months by end of this yr, now Standard Charter already offer 2.3% for 18 months FD.
Spore FD rate is really slow in catching up globally, with likely FED rate hike again next week, Indonesia, India & many more country on the rise. Is spore govt printing more S$ to keep rate low here? If financial crisis hit, will exchange rate crash & interest rate surge together?
Time is approaching.
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Old 07-06-2018, 01:52 PM   #1658
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港元定存息年底料升破2.5厘

HKD FD expect to hit 2.5% for 12 months by end of this yr, now Standard Charter already offer 2.3% for 18 months FD.
Spore FD rate is really slow in catching up globally, with likely FED rate hike again next week, Indonesia, India & many more country on the rise. Is spore govt printing more S$ to keep rate low here? If financial crisis hit, will exchange rate crash & interest rate surge together?
Time is approaching.
SGD wouldn't be so strong if govt is printing money to keep rates low, the exact reverse is happening, MAS is tightening policy by buying up SGD, this is why SGD rates have been creeping higher of late.

The reason why SGD rates are lower than dollar rates is because SGD has far better fundamentals than the USD, we have large twin surpluses so there is always going to be more USD chasing SGD here. HKD is pegged to the USD so HKD FD rate is more or less pegged to dollar rates, with some caveats of course.
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Old 07-06-2018, 01:58 PM   #1659
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SGD wouldn't be so strong if govt is printing money to keep rates low, the exact reverse is happening, MAS is tightening policy by buying up SGD, this is why SGD rates have been creeping higher of late.

The reason why SGD rates are lower than dollar rates is because SGD has far better fundamentals than the USD, we have large twin surpluses so there is always going to be more USD chasing SGD here. HKD is pegged to the USD so HKD FD rate is more or less pegged to dollar rates, with some caveats of course.

S$ is tied to a basket of currency but S$ recently is not strong against most currency, SGD is weakening instead.
HKD is peg to USD but they did not officially followed US rate hike, US already hike rate 5-6 times, HK not even 1 time.
SGD is really that strong? when crisis hit, all will know. Money is not enough.

Anyway, just information for FD rate for HKD.
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Last edited by fisherman33; 07-06-2018 at 02:13 PM..
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Old 07-06-2018, 02:16 PM   #1660
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S$ is tied to a basket of currency but S$ recently is not strong against most currency, SGD is weakening instead.
HKD is peg to USD but they did not officially followed US rate hike, US already hike rate 5-6 times, HK not even 1 time.
SGD is really that strong? when crisis hit, all will know. Money is not enough.
Not strong vs most currency? Like what? SGD is unchanged YTD vs the dollar and its at/near ATHs vs most other majors.

And you are wrong about HK not hiking rates, the HKMA did hike the base rate several times, in fact its at 2% now, the only reason why HK FD rates haven't gone up as quickly as the HKMA base rate is due to the very low HIBOR (which reflects liquidity conditions). The HIBOR has now more than doubled in the last 12 months because liquidity has tightened, the HKMA has been draining liquidity due to the weakening HKD (they had to buy up HKD to keep the dollar/HKD peg intact).

Btw its not like we haven't been thru any crisis, the SGD was far stronger than other regional currencies in the 1997 AFC and it also emerged stronger than its rivals later on. Anyway the long term trend speaks for itself, SGD has been nearly as stable as the safe haven currencies like the swiss franc or the Yen in the last 15 years or so.
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Old 07-06-2018, 02:21 PM   #1661
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Anyway, just information for FD rate for HKD.
And HKD FD rates have pretty much nothing to do with SGD FD rates, as I explained they are 2 different things.
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Old 07-06-2018, 03:46 PM   #1662
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Not strong vs most currency? Like what? SGD is unchanged YTD vs the dollar and its at/near ATHs vs most other majors.

And you are wrong about HK not hiking rates, the HKMA did hike the base rate several times, in fact its at 2% now, the only reason why HK FD rates haven't gone up as quickly as the HKMA base rate is due to the very low HIBOR (which reflects liquidity conditions). The HIBOR has now more than doubled in the last 12 months because liquidity has tightened, the HKMA has been draining liquidity due to the weakening HKD (they had to buy up HKD to keep the dollar/HKD peg intact).

Btw its not like we haven't been thru any crisis, the SGD was far stronger than other regional currencies in the 1997 AFC and it also emerged stronger than its rivals later on. Anyway the long term trend speaks for itself, SGD has been nearly as stable as the safe haven currencies like the swiss franc or the Yen in the last 15 years or so.


As I said, SGD is against a basket of currency, nobody know the formula, there is no SGD index, in general against major currency is not strong recently.

I read HK paper, till this year, they are still quoting that HK did not follow US FED to up rate, you are wrong to say that they hike rate. Their HIBOR is definitely up, 12 months now is almost 2.35%.

As for SGD, the real value will only know when there is a crisis as SGD do not peg to USD, also spore mostly is internal SGD debt. Swiss franc devalued & Yen down against USD, both is not that stable. SGD is not strong as inflation in spore is high if you compared general pricing today & few years back.
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Old 07-06-2018, 03:48 PM   #1663
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And HKD FD rates have pretty much nothing to do with SGD FD rates, as I explained they are 2 different things.

sure, as I said just for information, but as financial centers in asia, good reference & comparison, also general trend & direction of interest rate movement. HK has china as backing, spore has not.
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Last edited by fisherman33; 07-06-2018 at 03:51 PM..
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Old 07-06-2018, 05:06 PM   #1664
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As I said, SGD is against a basket of currency, nobody know the formula, there is no SGD index, in general against major currency is not strong recently.
Erm who cares what the formula is? I don't know what major currency you are talking about but SGD is significantly higher vs nearly all major currencies (USD, EUR, GBP, AUD, NZD, CHF, JPY) compared to 5 years ago, more so if we look at multi decade time frame.

I read HK paper, till this year, they are still quoting that HK did not follow US FED to up rate, you are wrong to say that they hike rate. Their HIBOR is definitely up, 12 months now is almost 2.35%.
I think you misunderstood what you read.

https://www.ft.com/content/2eb6dd20-...b-bc4b9f08f381
http://www.scmp.com/business/banking...s-base-lending

The HKMA base rate is 2% now, it was the banks that did not hike deposit rates because they were flush with deposits and foreign inflows, well they have to now because liquidity has been tightening (evidenced by rising HIBOR).

As for SGD, the real value will only know when there is a crisis as SGD do not peg to USD, also spore mostly is internal SGD debt. Swiss franc devalued & Yen down against USD, both is not that stable. SGD is not strong as inflation in spore is high if you compared general pricing today & few years back.
We already went thru 2 major crisis, and the SGD always emerged stronger in the end. The govt has no net debt (people who point to SGS and SSGS as debt don't know what they are talking about), yes the private sector has debt (what country doesn't have private sector debt?) but its not at alarming levels.

CHF and Yen are down from crisis levels in 2008, they have been pretty stable in the long run and are not called safe havens for nothing.

Inflation in SG isn't high and this has nothing to do with what this thread is about, which is interest rates, don't go off on a tangent here.
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Old 07-06-2018, 05:17 PM   #1665
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sure, as I said just for information, but as financial centers in asia, good reference & comparison, also general trend & direction of interest rate movement. HK has china as backing, spore has not.
So what if HK has China as backing? You might as well say the USD should be trading at 10:1 SGD because its economy is a zillion times larger than Singapore's. .

The main things that affect a country's currency is its long term fiscal position, current account, convertibility (openness), interest rate and rate of inflation, everything else does not matter in the long run.
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