HWZ Forums

Login Register FAQ Mark Forums Read

Lastest S$ Deposit updates - Part 3

Like Tree797Likes
Reply
 
LinkBack Thread Tools
Old 03-07-2017, 09:12 PM   #526
Senior Member
 
merlot6230's Avatar
 
Join Date: Jan 2005
Posts: 669
May I have the link, could find any info about HSBC 1.5% for 30K deposit ... thanks!
if plan to apply let me be your refferal...pm me
~Dragonite~ likes this.
merlot6230 is offline   Reply With Quote
Old 03-07-2017, 09:36 PM   #527
Master Member
 
Join Date: Nov 2015
Posts: 2,523
Thanks ... this was based on incremental ADB so effectively 1 month 1.5%, subsequent normal rates

"Receive bonus interest of up to 2.25% p.a. on your incremental average daily balance ("ADB") for each Relevant Month when you make a monthly spend of S$500 or more with your HSBC Debit Card for 3 months. "

go hsbc see the advance 2.2% - try the 2.2% but i decide to forgo the 0.7% due to need to spend $500 monthly for the next 3 month optional. so is still the best for 1.5% for $30k.
~Dragonite~ likes this.
rrr2015 is offline   Reply With Quote
Old 03-07-2017, 10:01 PM   #528
Master Member
 
Join Date: Oct 2010
Posts: 3,345
the terms and conditions quite tricky I find...

Incremental Balance in the Account refers to the difference in the average daily balance (“Average Daily Balance”) during the Promotion Period as compared to the average daily balance in the Account for the month of May 2017.

5.1 For Accounts opened before the Promotion Period, the Average Daily Balance of the Account in May 2017 is determined by computing the sum of every day-end balance in the Account in that month divided by the number of days in that month.


Let's say my ADB for month of May is $10k. Then on 3 July, I pump in $20k. This means that on 1 & 2 July, it's still $10k (ignoring added interest). So the ADB for July will be (3 x $10k + 28 x $30k)/31 = $28.065k which means the incremental balance is $28.065k (July) - $10k (May) = $18.065k right?

Which means it's not enough to qualify for bonus interest.

In other words, if u want to put in $20k (min), you must put it in on the first day of the month (1 July).

did I interpret it correctly? I am really not sure what is meant by "during the Promotion Period".

it doesn't matter what's the amount I have in the account in June, right? or does the ADB only starts computing from the day you put in the increment?
OK maybe it will be clearer if you think of it as interest computed daily but credited monthly, which it is. I assume ADB for May is $10k. Balances for less than $50k earn base interest 0.30% pa and bonus interest 0.70% pa.

1-2 July balance: $10k, only gets base interest
3-31 July balance: $30k, bonus interest is (30k-10k) x 0.70% / 365 x 29 = $11.12.

The base interest of $10k x 0.30% / 365 x 31 = $2.55 will be credited on 31 July. The bonus interest $11.12 will be credited sometime in early August.

Whatever you had in the account in June is irrelevant, only comparison is between current balance and the May 2017 ADB.
~Dragonite~ likes this.
lzydata is offline   Reply With Quote
Old 03-07-2017, 10:02 PM   #529
Master Member
 
Join Date: Oct 2010
Posts: 3,345
May I have the link, could find any info about HSBC 1.5% for 30K deposit ... thanks!
If that is the same as this offer, also minimum $30k, rates are now between 1% and 1.1% pa...

http://www.hsbc.com.sg/1/2/personal/...ts/tmd/deposit
~Dragonite~ likes this.
lzydata is offline   Reply With Quote
Old 03-07-2017, 11:58 PM   #530
Master Member
 
WarCloud7's Avatar
 
Join Date: Dec 2015
Posts: 4,343
Anyone know whether Citigold has any FD promo now?
~Dragonite~ likes this.
__________________
George Carlin: NeverArgueWithAnIdiot. TheyWillOnlyBringYouDownToTheirLevel & BeatYouWithExperience.
WarCloud7 is offline   Reply With Quote
Old 04-07-2017, 12:14 AM   #531
Supremacy Member
 
Join Date: Aug 2003
Posts: 9,928
HSBC Advance

5(a) For each Relevant Month, Eligible Customers will earn additional interest (“Bonus Interest”) on the Top-up Amount (as defined below) at the rates set out in the table below (“Bonus Interest Rate”), subject to a minimum Top-up Amount of S$1 and a maximum Top-up Amount of S$1,200,000.

If I want to earn the max of 1.5% and budget to put 30K is it better to put lump sum $30K in one shot? Or split by month (top up amount gets 1.5%p.a. bonus interest rate)? My understanding after reading the T&C is (A)

According to their customer service, it is based on lump sum calculations (B). She doesn't seem too sure though =/

A : July+10K (10K*1.5%p.a.) - Aug+10K (10K*1.5%p.a.) - Sept+10K (10K*1.5%p.a.)

B : July +30K (30K*1.5%p.a.) - Aug (30K*1.5%p.a.) - Sept (30K*1.5%p.a.)

Assuming this person deposits into account on 1st July and excludes all other interest, just focusing on the 1.5%p.a.
~Dragonite~ likes this.

Last edited by babyrobo; 04-07-2017 at 12:17 AM..
babyrobo is offline   Reply With Quote
Old 04-07-2017, 12:18 AM   #532
Arch-Supremacy Member
 
Join Date: Feb 2001
Posts: 23,867
Anyone know whether Citigold has any FD promo now?
Better go with hsbc premier 3 mths min 1.55% promo
~Dragonite~ likes this.
cybercom8 is offline   Reply With Quote
Old 04-07-2017, 01:33 AM   #533
Supremacy Member
 
Mr.Canberra's Avatar
 
Join Date: May 2014
Posts: 7,291
You guys damn power. Uncle's mathematics very poor so only go for straight forward 12 Month Fixed Deposit deals.

If you guys put in all this time into stock analysis sure huat big!
~Dragonite~ and WarCloud7 like this.
__________________
BEWARE OF:
1) CON MEN SELLING FOREX COURSE/SOFTWARE.
2) ACT BLUR HAO LIAN TRADER GIVING ADVICE.
Mr.Canberra is offline   Reply With Quote
Old 04-07-2017, 07:45 AM   #534
Supremacy Member
 
Join Date: Jan 2013
Posts: 5,563
Anyone know whether Citigold has any FD promo now?
http://forums.hardwarezone.com.sg/10...4-post888.html

No FD. Can be in MaxiGain account.
Being discussed in separate thread.
~Dragonite~ likes this.
oceanicmanta is offline   Reply With Quote
Old 04-07-2017, 07:50 AM   #535
Supremacy Member
 
Join Date: Jan 2013
Posts: 5,563
HSBC Advance

If I want to earn the max of 1.5% and budget to put 30K is it better to put lump sum $30K in one shot? Or split by month (top up amount gets 1.5%p.a. bonus interest rate)? My understanding after reading the T&C is (A)

A : July+10K (10K*1.5%p.a.) - Aug+10K (10K*1.5%p.a.) - Sept+10K (10K*1.5%p.a.)

B : July +30K (30K*1.5%p.a.) - Aug (30K*1.5%p.a.) - Sept (30K*1.5%p.a.)

Assuming this person deposits into account on 1st July and excludes all other interest, just focusing on the 1.5%p.a.
As New account, your incremental will be 30k from the start til end of promo period.

Answer is B.
You dont need to top up in Aug. Fund 30k in Jul & keep it there til end Sep.
~Dragonite~ likes this.
oceanicmanta is offline   Reply With Quote
Old 04-07-2017, 08:53 AM   #536
Master Member
 
WarCloud7's Avatar
 
Join Date: Dec 2015
Posts: 4,343
Better go with hsbc premier 3 mths min 1.55% promo
where did you get this? I don't see any 3mths promo on their website...
~Dragonite~ likes this.
__________________
George Carlin: NeverArgueWithAnIdiot. TheyWillOnlyBringYouDownToTheirLevel & BeatYouWithExperience.
WarCloud7 is offline   Reply With Quote
Old 04-07-2017, 08:54 AM   #537
Master Member
 
WarCloud7's Avatar
 
Join Date: Dec 2015
Posts: 4,343
http://forums.hardwarezone.com.sg/10...4-post888.html

No FD. Can be in MaxiGain account.
Being discussed in separate thread.
this is only for $150k....
~Dragonite~ likes this.
__________________
George Carlin: NeverArgueWithAnIdiot. TheyWillOnlyBringYouDownToTheirLevel & BeatYouWithExperience.
WarCloud7 is offline   Reply With Quote
Old 04-07-2017, 09:18 AM   #538
Supremacy Member
 
Join Date: Jan 2013
Posts: 5,563
this is only for $150k....
not just 150k ... around 1.8%pa on 250k in the first year
~Dragonite~ likes this.
oceanicmanta is offline   Reply With Quote
Old 04-07-2017, 09:55 AM   #539
Master Member
 
WarCloud7's Avatar
 
Join Date: Dec 2015
Posts: 4,343
not just 150k ... around 1.8%pa on 250k in the first year
Oh I see. Hmmm, but for new customers only, right? Since I'm an existing Citigold customer, I'm not eligible...
~Dragonite~ likes this.
__________________
George Carlin: NeverArgueWithAnIdiot. TheyWillOnlyBringYouDownToTheirLevel & BeatYouWithExperience.
WarCloud7 is offline   Reply With Quote
Old 04-07-2017, 11:41 AM   #540
Supremacy Member
 
Join Date: Jan 2013
Posts: 5,563
Oh I see. Hmmm, but for new customers only, right? Since I'm an existing Citigold customer, I'm not eligible...
u r right. the gift wards are for new accounts only.
~Dragonite~ and WarCloud7 like this.
oceanicmanta is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On