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Lastest S$ Deposit updates - Part 3

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Old 08-02-2019, 08:49 PM   #2956
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One good place to look at these number is from your yearly CPF statement.
Another good example is from your insurance saving plan vs deposit in bank account or CPF.
Insurance company do not pay "compounding". You may get bonus every year, but you do not get interest for your bonus earned. AND you are not paid until you complete the whole plan.

If you put the same amount in bank/investment, you either get interest for the interest/bonus earn or you can withdrawn it a spend it earlier. At the end of fix time frame (insure period). You will find you get much lesser then expected from a insurance plan.
I see, thanks for sharing... Currently having my money locked in FD as I'm too lazy/incompetent in financial knowledge. Hoping to grow it by reading this forum and many other places like moneysmart
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Old 08-02-2019, 10:24 PM   #2957
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If you are referring to Maybank isavvy (the one posted above showing Jan and Feb), for Feb 2019, base interest will be credited 28 Feb 2019. Bonus interest in first week of Mar 2019.
Hi bro, if I bank transfer from other bank to Maybank isavvy account in a few batches of deposits (due to bank transfer limit) over two days (Today & Tomorrow) to make up $50,000. So the base interest I will get end Feb is 0.38% of $50,000= $190. Bonus interest in March is 1.62% of $50,000=$810. So in total I will get $190+$810=$1000.

Is my calculation correct?

Last edited by BlackTortoise; 08-02-2019 at 10:27 PM..
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Old 08-02-2019, 10:51 PM   #2958
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Hi bro, if I bank transfer from other bank to Maybank isavvy account in a few batches of deposits (due to bank transfer limit) over two days (Today & Tomorrow) to make up $50,000. So the base interest I will get end Feb is 0.38% of $50,000= $190. Bonus interest in March is 1.62% of $50,000=$810. So in total I will get $190+$810=$1000.

Is my calculation correct?
bank transfer daily limit shld be more than 50k per day now ... which bank r u using ?

if u deposit 50k today, your Feb interest will be 0.38% x 50k x 21/365 = $10.93

bonus interest will be 1.62% x 50k x 21/365 = $46.60

(u r earning interest for 21 days in Feb, not the full 365 days)
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Old 08-02-2019, 11:41 PM   #2959
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Hi bro, if I bank transfer from other bank to Maybank isavvy account in a few batches of deposits (due to bank transfer limit) over two days (Today & Tomorrow) to make up $50,000. So the base interest I will get end Feb is 0.38% of $50,000= $190. Bonus interest in March is 1.62% of $50,000=$810. So in total I will get $190+$810=$1000.

Is my calculation correct?
no
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Old 09-02-2019, 12:05 AM   #2960
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agree, uob is the most tricky one, particularly for their cc promo
I terminated my UOB One years ago. Not only that, I terminated all my savings accounts with them and got nothing to do with them anymore
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Old 09-02-2019, 12:07 AM   #2961
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Saw ICBC 1.90% for 12 months for min S$20k deposit.
Why go for 12m FD at 1.9% only. Rates are rising. Might as well go for maybank at 2.0% in Feb. Thereafter, surely others will no less than 1.9% for savings account, like SCB.
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Old 09-02-2019, 01:46 AM   #2962
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Hi bro, if I bank transfer from other bank to Maybank isavvy account in a few batches of deposits (due to bank transfer limit) over two days (Today & Tomorrow) to make up $50,000. So the base interest I will get end Feb is 0.38% of $50,000= $190. Bonus interest in March is 1.62% of $50,000=$810. So in total I will get $190+$810=$1000.

Is my calculation correct?
Ocean has already replied you on the interest calculation.

Today is already 9 Feb and Feb has only 28 days.

My opinion is that you might want to wait and transfer on 1 Mar after checking the interest rate for the new cycle which will probably have Feb as reference month.

If you transfer in Feb, your deposit will only earn prorated bonus interest for Feb (credited in first week of Mar). And you will not earn bonus interest for Mar and Apr as Feb will likely be reference month for the new cycle.

Last edited by vsvs24; 09-02-2019 at 01:49 AM..
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Old 09-02-2019, 02:01 PM   #2963
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BEA 2% 12 months FD confirmed
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Old 09-02-2019, 02:15 PM   #2964
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Why go for 12m FD at 1.9% only. Rates are rising. Might as well go for maybank at 2.0% in Feb. Thereafter, surely others will no less than 1.9% for savings account, like SCB.
some ppl are paranoid and do not want to play the merry go round game or take the risk to do so every 2 months, so they rather stick to FDs which are safer and straightforward
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Old 09-02-2019, 03:07 PM   #2965
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some ppl are paranoid and do not want to play the merry go round game or take the risk to do so every 2 months, so they rather stick to FDs which are safer and straightforward
Two primary reasons lah.
First for some people, their time is more valuable than the extra money from the interest generated.
Second is to lock-in the rate in case there is a black swan event, and interest rates go south very rapidly.

Another possible reason is some people are afraid that they would forget to take the necessary follow-up actions on maturity. Or they may make careless mistakes during transaction & its processing.

For me, it is lesser drain on my energy so I can spend more time to laze around lah. 哈哈。
Life is short bro .... later ended up got not enough time to spend your money yo...

Last edited by K202020K; 09-02-2019 at 05:50 PM..
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Old 09-02-2019, 10:50 PM   #2966
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Why go for 12m FD at 1.9% only. Rates are rising. Might as well go for maybank at 2.0% in Feb. Thereafter, surely others will no less than 1.9% for savings account, like SCB.
Icbc is 1.98 percent if u open saving acc and do it online. Saving acc no need min balance.

Actually the reason why rates are rising is due to US Federal reserve raising rates right?

But tiagong with trade war, rates are frozen for now but still going up in the future.

What's the historical norm for us rates if it's not slowing or expanding? Ie the sweet spot rate

Last edited by xiaonajia; 09-02-2019 at 10:52 PM..
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Old 11-02-2019, 04:52 PM   #2967
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anyone put fixed deposit with CIMB before? i opened a new account online and transfer in $1000, but no notitication from CIMB that they received my money.

i called cimb and they said that they will only notify me after 2-3 days once the bank backend process it. why so slow!!! other banks are immediate leh
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Old 11-02-2019, 08:33 PM   #2968
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scb raising FD rates again in march.

raised twice within 6 months.


is there a home mortgage thread here?
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Sent by me, who can stack Geneco promo code, referral codes, bank codes up to $120 for new sign up
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Old 13-02-2019, 10:16 AM   #2969
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scb raising FD rates again in march.

raised twice within 6 months.


is there a home mortgage thread here?
There is one in the homeseekers thread - https://forums.hardwarezone.com.sg/h...39010-171.html
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Old 13-02-2019, 03:44 PM   #2970
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Why go for 12m FD at 1.9% only. Rates are rising. Might as well go for maybank at 2.0% in Feb. Thereafter, surely others will no less than 1.9% for savings account, like SCB.
I just signed for this. Every 3 months got the option to take principal and interest out. So at least the flexibility is there. If keep for 12 months..1.95% effective interest. But most probably I will relook every 3 months to see if there are better offers anywhere.
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