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Lastest S$ Deposit updates - Part 3

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Old 15-02-2019, 10:52 PM   #2986
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not looking at citibank maxigain? getting > 2% and interest can withdraw every month?
Yup i already have maxigain. Do have a sum of money there and i think the interest there is quite good, so I don't intend to draw any money from there as it will cause the interest to drop. So I intend to just let it grow there.
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Old 16-02-2019, 11:28 PM   #2987
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Yup i already have maxigain. Do have a sum of money there and i think the interest there is quite good, so I don't intend to draw any money from there as it will cause the interest to drop. So I intend to just let it grow there.
Start the 2nd account under your spouse/parents/siblings name and you as joint account so you still access to the fund.

Last edited by K_E_N_L_A_W; 17-02-2019 at 05:04 PM..
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Old 17-02-2019, 06:57 PM   #2988
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Start the 2nd account under your spouse/parents/siblings name and you as joint account so you still access to the fund.
Haha all have already. So yup..hence the next best I see is icbc for now.
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Old 18-02-2019, 05:40 AM   #2989
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Maybank 2% and scb 1.9% are always better than 1.9-2% 6-12mths FD as u'll be compounding interest+base monthly, unless interest rate drop

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How to tell whether a FD is compounding or simple interest?
Or is it all FD are simple interest, only maybank and scb are compounding?

Not that it matters alot but always good to have more $$ vs time
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Old 18-02-2019, 03:31 PM   #2990
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Anything to buy now
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Old 18-02-2019, 03:31 PM   #2991
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What u going to do
Yup i already have maxigain. Do have a sum of money there and i think the interest there is quite good, so I don't intend to draw any money from there as it will cause the interest to drop. So I intend to just let it grow there.
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Old 18-02-2019, 03:32 PM   #2992
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Whats the min age for a bank acc
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Old 18-02-2019, 06:34 PM   #2993
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Whats the min age for a bank acc
For cimb fast saver is 16 years old
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Old 18-02-2019, 08:25 PM   #2994
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Or is it all FD are simple interest, only maybank and scb are compounding?
Those are not fixed deposits. You can put in and withdraw money anytime.
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Old 18-02-2019, 10:08 PM   #2995
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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.
SCB has like slabs, 1st 50k something, incremental something and max is only 1.9%. I would rather lock in 1.9% for my entire amount for 1 yr. So I am going with CIMB.

Edit: I noticed ICBC has 1.98%, but dont have an account with them. I guess, I will open one, it is worth the effort since I plan to deposit about 100k so it is $100 extra compared to CIMB

Last edited by revhappy; 18-02-2019 at 10:42 PM..
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Old 18-02-2019, 10:45 PM   #2996
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Those are not fixed deposits. You can put in and withdraw money anytime.
Woah better than FD with compounding and able to withdraw every quarter or so?

Good stuff man!

@revhappy: ICBC is 1.98% min 20k but to register saving account, i suggest you queue early when their bank open at ~10am? or else, you have to wait 2 hrs as they are really slow
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Old 18-02-2019, 11:01 PM   #2997
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Woah better than FD with compounding and able to withdraw every quarter or so?

Good stuff man!

@revhappy: ICBC is 1.98% min 20k but to register saving account, i suggest you queue early when their bank open at ~10am? or else, you have to wait 2 hrs as they are really slow
Thanks, I was planning to go after lunch tomorrow to their Raffles place branch.

Last edited by revhappy; 18-02-2019 at 11:04 PM..
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Old 19-02-2019, 12:35 AM   #2998
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Can somebody please explain this jargon to me about CIMB why wait deposit?

In the event of early termination of any WWFD-i arrangement for any Eligible Account, the account
holder(s) agree that the Murabahah Sale Price (after deducting the Security Deposit) payable by the Bank
will be reduced in accordance with the CIMB Bank Terms and Conditions Governing the Operations of
Deposits Account (as may be amended, varied or supplemented from time to time) (“Deposit Terms and
Conditions”) as follows:
(a) if the tenure of deposit is 3 months and below, early withdrawal will be allowed by the Bank subject
to the account holder’s agreement to provide rebate/ibra’ in which case no profit shall be paid;
(b) if the tenure of deposit is 4 months and above, and withdrawal is made before completion of 3 months,
the account holder agrees to provide rebate/ibra’ in which case no profit shall be paid;
(c) other than the above circumstances, if withdrawal is made before maturity, the account holder agrees
to provide rebate/ibra’ based on the following formula:
Rebate/Ibra’ = Murabahah Sale Price – [(P x R% x t/T x 50%) + P]
Murabahah Sale Price = Principal + Profit (upon maturity)
P = Principal (amount of deposit)
R = Profit rate (%)
t = Tenure (based on completed months)
Is security deposit same as rebate/ibra? If I hold for more than 3months, it seems I will be paid pro rated of 1.9% - 50% so like 0.95% PA?

This seems better than other deposit products that pay almost nothing in case of early withdrawal?

https://www.cimbbank.com.sg/content/...o-20190122.pdf
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Old 19-02-2019, 01:49 PM   #2999
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I came to ICBC bank branch at raffles place, only 3 people ahead of me, but very slow. Already 1hr, my turn just came.

I realised ICBC has step up account that offers 1.95% interest that is paid quarterly, this is better than the normal 1.98% FD because I can break it earlier and I can atleast get until that quarter end interest, so I guess I will go with it.

Last edited by revhappy; 19-02-2019 at 02:05 PM..
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Old 19-02-2019, 03:31 PM   #3000
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What u going to do
What do u mean? I have both maxigain and icbc 1.95% per annum FD for now
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