Lastest S$ Deposit updates - Part 3

luvpraline

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just spoken to another of their staff, S, who assured me that all my transfer are in, but when I enquired more, she gave conflicting info from what Giselle said. E.g. Giselle told me as we applied during the promo, the fall below fee is waived, i.e. if we withdraw to less than 1k after Apr, no monthly service fee will be charged. But S said have to maintain 5k to avoid $5 fall below fee. When I asked how this 5k came about as what I read on their T&C stated "Minimum Balance Fee S$10 per month if average monthly balance is below S$1,000/S$10,000 (savings/current)", then she put me on hold and went to check, came back said min keep 1k after promo end in Apr, otherwise, $5 fee. HAHA.. I rest my case... :s13:

more conflicting info haha.. i was told that the fall below fee will be waived only until end april :s11:
 

sgreview

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more conflicting info haha.. i was told that the fall below fee will be waived only until end april :s11:

Confirmed waived until end April only. There was some internal discussion and they finalised on this yesterday. Website is updated today.

Check out my sharing of my experience opening this account with HL Bank here:
https://forums.hardwarezone.com.sg/...ings-account-promo-6201288.html#post125009336

First time banking with them, overall, quite happy with their service. Just a few things that hopefully they can improve soon e.g. increase the daily transfer limit and also the possibility of having automated emails sent to inform customer of the successful account opening.
 

sgreview

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nothing to worry bro. when i opened HSBC EGA, also given account over phone. the internet banking comes much later. so blind to my account for a while. HLB actually not bad liao. their process quite fast. earlier i have problems registering for HLB connect, this morning called them, they tell me they will resend the temp ID to me. i think the number of account opening too overwhelming for them liao. :s13:

Ya, they are indeed overwhelmed. This promo is really the best in the market for short term, considering that FD rates are much lower. This is even higher that MB iSAVvy, curious to see how MB will react in March.. :D

Anyway,I called in to verify my transfers, so all good. Now waiting for my IB token, hope all smooth.
 

yongsaver

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Ya, they are indeed overwhelmed. This promo is really the best in the market for short term, considering that FD rates are much lower. This is even higher that MB iSAVvy, curious to see how MB will react in March.. :D

Anyway,I called in to verify my transfers, so all good. Now waiting for my IB token, hope all smooth.


their service actually quite good. they call me to give me my replacement temp ID instead of mailing another time. this time round registered successfully. now everything set up. tested all tansfer in out in out... swee swee. :D
 

confused

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Reading the hassle at opening the HLB account unless I got a million to play with, hard pass on this.
 

BrandonnC

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Seems that the promotion of 1.98% is only for a short 2-3 months.
After that it is anyone's guess, iikely it will go back to the normal rates like other banks....

So for such short-term 'higher' interest rate, what really is the motivation for people to place the money with them? I mean, for the little bit extra money they give, there seems to be a lot of trouble opening account, getting the token, etc; and then likely to transfer money away for HLB after 2 months....
(Afterall time should be more precious.....)
 

yongsaver

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Seems that the promotion of 1.98% is only for a short 2-3 months.
After that it is anyone's guess, iikely it will go back to the normal rates like other banks....

So for such short-term 'higher' interest rate, what really is the motivation for people to place the money with them? I mean, for the little bit extra money they give, there seems to be a lot of trouble opening account, getting the token, etc; and then likely to transfer money away for HLB after 2 months....
(Afterall time should be more precious.....)

For me the primary motivation is to spread the 'love' around. avoid concentratpon risk. i am stepping down in fact from the higher 2% at HSBC EGA into HLB 1.98%. for others more banks means more opportunity to merry go around after every promo cycle.
 

ciscube1

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Not sure if it is easy to close the account after 6 mth. Eg .. can we close the account online?

For me the primary motivation is to spread the 'love' around. avoid concentratpon risk. i am stepping down in fact from the higher 2% at HSBC EGA into HLB 1.98%. for others more banks means more opportunity to merry go around after every promo cycle.
 

yongsaver

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Not sure if it is easy to close the account after 6 mth. Eg .. can we close the account online?

I dont think i will be closing the account after 6 months, at most just put the min 1K there. may still need it when another promo cycle comes along.

I like the fact thus far I have 4 banks to play merry go round.

HSBC EGA
Maybank Issavy
Stan Chart Esaver
HLB isaving

That said, my typical style of account closure is to FAST till ZERO and wait for letter to tell me bank closing account. :s13:
 

vsvs24

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I dont think i will be closing the account after 6 months, at most just put the min 1K there. may still need it when another promo cycle comes along.

I like the fact thus far I have 4 banks to play merry go round.

HSBC EGA
Maybank Issavy
Stan Chart Esaver
HLB isaving

That said, my typical style of account closure is to FAST till ZERO and wait for letter to tell me bank closing account. :s13:

Same except have not joined HLB yet. I am waiting for Maybank isavvy rates for 1 Mar and to see if there is continuity by HLB.

In addition, have UOB One and BOC smart saver.

You are not into bonds anymore ?
 

yongsaver

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Same except have not joined HLB yet. I am waiting for Maybank isavvy rates for 1 Mar and to see if there is continuity by HLB.

In addition, have UOB One and BOC smart saver.

You are not into bonds anymore ?

not the wholesale ones as yields have fallen like crazy. invest grade bonds yielding just 2+%. might as well put into CPF. :s13:

only playing bonds from FSM bondexpress. still able to get about 5+%. :D

USD up against SGD a lot in recent days and I think will continue to strengthen going forward. IR will rise in due course. so put money in savings acc at the moment is still the best option.
 

happiee

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Yes, I received my account number via email from Giselle. She's very helpful but the whole process is slow. Applied on 3th Feb n she only contacted on 7th despite calling in on 4th to expedite. Indeed feel insecured to transfer funds cos no notification after transfer and can't login cos no token. According to her, whether we get the instant access is dependent on the submitted info.

I am confused with this monthly service fee? I didn't expect such charges. If its waived till Apr, what are the charges thereafter!? Any way to avoid?

According to Giselle, cashier order for this account is $10 not $5 per the fees T&C since this is a promo.
 
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mfsi1202

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Seems that the promotion of 1.98% is only for a short 2-3 months.
After that it is anyone's guess, iikely it will go back to the normal rates like other banks....

So for such short-term 'higher' interest rate, what really is the motivation for people to place the money with them? I mean, for the little bit extra money they give, there seems to be a lot of trouble opening account, getting the token, etc; and then likely to transfer money away for HLB after 2 months....
(Afterall time should be more precious.....)

motivation - liquidity plus better interest rate & a few banks to choose from to reduce concentration risk & promote competitiveness - these short term interests will add up substantially in 12 months

a good alternative to preserve principal whilst better interest rate & withdrawals without penalty unlike fixed deposit , except the floating so as not to incur the penalty fee

with the convenience of internet banking, it is very feasible just one time setup (as usu need to wait for cards & physical tokens through mails some banks may take 2 weeks)

but if time is an essence than these promotional interest then go for fixed deposits
 
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mfsi1202

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Yes, I received my account number via email from Giselle. She's very helpful but the whole process is slow. Applied on 3th Feb n she only contacted on 7th despite calling in on 4th to expedite. Indeed feel insecured to transfer funds cos no notification after transfer and can't login cos no token. According to her, whether we get the instant access is dependent on the submitted info.

I am confused with this monthly service fee? I didn't expect such charges. If its waived till Apr, what are the charges thereafter!? Any way to avoid?

According to Giselle, cashier order for this account is $10 not $5 per the fees T&C since this is a promo.

there is a discussion thread here
https://forums.hardwarezone.com.sg/...ong-leong-isavings-account-promo-6201288.html
 

McFadden

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why do you guys do 3months fixed deposits instead of 2years one?3months must find a new account so fast
 

mfsi1202

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why do you guys do 3months fixed deposits instead of 2years one?3months must find a new account so fast
it is saving accs with short term promotionl cycles 2 to 3 mths which will be renewed again & again but at different promotional interests each time, not fixed deposits. Just need to set up accs with these banks once, rotate the money with them according to their promotion cycles & interest rates

these are the banks with the promotional interest cycles with their respective discussion threads -

HSBC EGA https://forums.hardwarezone.com.sg/money-mind-210/hsbc-step-up-promo-5474210.html

Maybank Issavy https://forums.hardwarezone.com.sg/money-mind-210/maybank-isavvy-1-3%-1-5%-promo-5203792.html

Stan Chart Esaver https://forums.hardwarezone.com.sg/money-mind-210/standchart-esaver-5070862.html

HLB isaving https://forums.hardwarezone.com.sg/...ong-leong-isavings-account-promo-6201288.html
 
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Devilsire

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why do you guys do 3months fixed deposits instead of 2years one?3months must find a new account so fast
Liquidity at comparable rates with FD is the key. At any point of time u need that stash of cash or trf for better offers without sacrificing your accrued interests. Eg.15mths into a 2 years FD, u need that cash, u'll have to forgo that 15mths interests to withdraw out that capital

Sent from Xiaomi POCOPHONE F1 using GAGT
 

yongsaver

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why do you guys do 3months fixed deposits instead of 2years one?3months must find a new account so fast

bro. in addition to what others have mentioned, interest from bank savings contribute to passive income. so to rec it monthly like HSBC EGA twice a month (1 big 1 small :D) is much welcomed. Most FDs pays you interest at the end (except for some upfront interest FD which pays upfront but give shitty rates).
 
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