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Lastest S$ Deposit updates - Part 3

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Old 12-09-2018, 09:20 AM   #2236
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Hong Leong?
RHB?
Tks, I'm aware of those.

One thing I like about CIMB is the convenience. I opened my Fastsaver acct online y'day for the FD promotion. Later can manage my FD online too and hv FAST facility. So I won't bother with ATM card and just transfer in/out to my main bank as necessary. No min balance, no fall below fee, no CC min spend etc. Even the savings acct itself is paying about 1%pa.

Anyway, will try them out a while and assess the "convenience" factor. One thing I noticed is their website (y'day) is very slow. I've also found out that CIMB group is rated investment grade, so maybe I'll just use them for all my FDs and not worry too much abt the depo insurance limit.
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Old 12-09-2018, 12:56 PM   #2237
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Hi experts, is there any big difference bet a finance company like Hong Leong and a bank like Maybank for eg.
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Old 12-09-2018, 01:57 PM   #2238
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Hi experts, is there any big difference bet a finance company like Hong Leong and a bank like Maybank for eg.
Both regulated by MAS. HL holds "Finance Company" license whereas Maybank holds "Full Bank" license. It means the former is much more restricted in it's scope of activities compared to the latter. Below is from MAS website for Finance Company:

Quote
They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations. They may not offer deposit accounts which are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5,000. Finance companies are not allowed to deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities. They may expand their scope of activities subject to MAS’ approval.
Unquote.
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Old 12-09-2018, 03:10 PM   #2239
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Both regulated by MAS. HL holds "Finance Company" license whereas Maybank holds "Full Bank" license. It means the former is much more restricted in it's scope of activities compared to the latter. Below is from MAS website for Finance Company:

Quote
They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations. They may not offer deposit accounts which are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5,000. Finance companies are not allowed to deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities. They may expand their scope of activities subject to MAS’ approval.
Unquote.
Due to the said regulatory limitations, the said finance company is thus a safer option than DBS Bank .... especially the extensive exposure to SG's property market.
Going to HL Finance now .... 哈哈。
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Old 12-09-2018, 03:53 PM   #2240
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This theory I have heard before. My parents super like Hong Leong

Due to the said regulatory limitations, the said finance company is thus a safer option than DBS Bank .... especially the extensive exposure to SG's property market.
Going to HL Finance now .... 哈哈。
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Old 12-09-2018, 03:56 PM   #2241
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This theory I have heard before. My parents super like Hong Leong
hong leong quite safe because their rates usually suck so they have quite a big buffer or margin in case of anything
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Old 12-09-2018, 04:27 PM   #2242
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hong leong quite safe because their rates usually suck so they have quite a big buffer or margin in case of anything
But DBS Bank the rates are sucker than HL leh .... means DBS is safer in a crisis?
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Old 12-09-2018, 05:38 PM   #2243
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Doubt so how safe is measured by its rate

But DBS Bank the rates are sucker than HL leh .... means DBS is safer in a crisis?
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Old 12-09-2018, 09:43 PM   #2244
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But DBS Bank the rates are sucker than HL leh .... means DBS is safer in a crisis?
Rates sucks at local banks because they hv lots of funds from locals. Foreign banks tend to attract less retail funds, so they hv to offer better rates.
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Old 12-09-2018, 09:51 PM   #2245
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Doubt so how safe is measured by its rate
dont understand either why ppl are so afraid banks collapsing in case of a crisis.

if u dont put ur money in local banks because u are afraid of a crisis, then can put in what ? properties? gold? cold hard cash ?

leaving properties and gold aside, even if u keep cold hard cash, in the event of a serious crisis where all local banks in SG collapse, it would mean that the economy is very bad and the currency would also be dropping like flies. which means that the cold hard cash u are holding may turn into just banana notes and useless. As Lee Kuan Yew said before, the money in your bank is just a digit. The money you hold is just paper. What gives them value is the economy itself.

Theres no such thing as "safe" banks in terms of a major crisis.
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Old 12-09-2018, 11:00 PM   #2246
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HLF rate suck in recent year. China bank and india bank giving better rate or might as welll put ssb if scare
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Old 14-09-2018, 04:29 AM   #2247
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Other than Maybank, which bank pay the FD interest upfront and not at the end of tenure?

Sent from Xiaomi MI MAX using GAGT
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Old 14-09-2018, 12:56 PM   #2248
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Other than Maybank, which bank pay the FD interest upfront and not at the end of tenure?

Sent from Xiaomi MI MAX using GAGT
u can try CIMB online FD promotion 1.84% for 12 mths @ $10k minimum.

the why-wait promotion pays the interest upfront the day after opening the account.

Last edited by maumu; 14-09-2018 at 12:59 PM..
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Old 14-09-2018, 01:11 PM   #2249
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u can try CIMB online FD promotion 1.84% for 12 mths @ $10k minimum.

the why-wait promotion pays the interest upfront the day after opening the account.
i placed this FD online but didnt see an option for this why wait promotion?
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Old 14-09-2018, 02:46 PM   #2250
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i think will be coming to this thread less and less...

i am a super kiasi person, In the past, i only chased FD interest rate....after so many years, i began to realise FD savers are actually paid peanuts and i really stupid to settle for these low rates for so many years...

while FD is safe, there are also instruments out there which are not super risky but which pay higher rates. recently i have opted in as a accredited investor and began investing in higher yielding instruments...

for accredited investors:
1. wholesale bonds (250K)...can invest in HDB, Temasek etc quasi govt bonds...recent HDB series already 2.625% for 7 years. Some people may disagree but i think HDB is in fact safer than a typical bank. There are also mapletree series, ascendas series. all these are either temasek or JTC owned. so bloody safe if u ask me...
2. bond express (can invest as low as $5000 per lot)...about 20 bonds to choose from depending on risk appetite. in any case, if bonds tank, only lose $5K nia. can use it to create a bond portfolio.

for non accredited investors: (those with less than 250K to save)

Singapore Savings Bond...the go to best choice. to me its a hybrid - bond yields and yet operate like a savings acc. do not waste time with FD.

after i am all done with my reallocation, i figured i would nearly double my passive income and with not a very significant increase in risk...sweet!
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