Lastest S$ Deposit updates - Part 3

[vsvs24]

How close is close if hold the step up FD vs plain 1.85% FD?is it 1.805%?

Also, for the interest earned at each completed cycle, does it auto-bank into the ICBC savings account quarterly (for 1-year plan?

About there. Suggest you work out based on planned placement amount. In my case, I placed 20k. I do intend to keep 12 mth unless something unexpected happen. Step up estimated interest is $360.40. 12 mth FD at 1.85% is $370. So for 20k, difference is $9.60.

BTW, step up min is 5k. 12 mth FD at 1.85% min is 20k.

I placed 12 mth FD with ICBC by IB on 15 Apr this yr at 1.47%. If I terminate now, get 0.25%. Worked out that not worth the effort to terminate and replace at higher rate. So I do see the advantage of the step up FD.

According to bank staff, interest will auto credit to the savings account after each 3 mth cycle is completed. So quarterly.

 

[yongsaver]

About there. Suggest you work out based on planned placement amount. In my case, I placed 20k. I do intend to keep 12 mth unless something unexpected happen. Step up estimated interest is $360.40. 12 mth FD at 1.85% is $370. So for 20k, difference is $9.60.

BTW, step up min is 5k. 12 mth FD at 1.85% min is 20k.

I placed 12 mth FD with ICBC by IB on 15 Apr this yr at 1.47%. If I terminate now, get 0.25%. Worked out that not worth the effort to terminate and replace at higher rate. So I do see the advantage of the step up FD.

According to bank staff, interest will auto credit to the savings account after each 3 mth cycle is completed. So quarterly.

if u have not maxed out your Singapore Savings Bonds, it is better than this step up thingy since liquidity is your primary concern.

the current issue is 1.78% for the first year...u can redeem anytime and the only 'penalty' is $4 - $2 to buy, $2 to redeem. it is as good as a savings account cos the govt still pays u whatever interest u have accumulated or accrued. u can actually take out whenever u want. payment is not immediate like a FD..but can be as fast as 1 week.

 

[vsvs24]

if u have not maxed out your Singapore Savings Bonds, it is better than this step up thingy since liquidity is your primary concern.

the current issue is 1.78% for the first year...u can redeem anytime and the only 'penalty' is $4 - $2 to buy, $2 to redeem. it is as good as a savings account cos the govt still pays u whatever interest u have accumulated or accrued. u can actually take out whenever u want. payment is not immediate like a FD..but can be as fast as 1 week.

Thanks. I have been applying for SSB too. Allocation not much due to oversubscription.

 

[Newmaxi]

Thanks. I have been applying for SSB too. Allocation not much due to oversubscription.

What is the min of the savings accounts that you need to open before the step up ?

 

[Sg_Stone]

I placed my fd at cimb online.. Back then I was given a choice to 'terminate fd upon maturity', 'renew fd principle' and 'renew fd principle and interest earned'.. So if a year later, the market fd rate drops, will I still enjoy a 2nd one year fd at 1.8%?

 

[alex22]

I placed my fd at cimb online.. Back then I was given a choice to 'terminate fd upon maturity', 'renew fd principle' and 'renew fd principle and interest earned'.. So if a year later, the market fd rate drops, will I still enjoy a 2nd one year fd at 1.8%?

No way. Board rate applies beyond time of maturity

 

[vsvs24]

What is the min of the savings accounts that you need to open before the step up ?

No deposit needed to open the savings account required for ICBC step up FD. No min balance. Can remain as zero.

 

[green.tea]

Thanks. I have been applying for SSB too. Allocation not much due to oversubscription.

Any idea how does the allocation works in the event of over subscription? Based on a % of your application or more of a fixed amount for all subscriber?
i read the priority is given to lower subscription amount...

 

[vsvs24]

Any idea how does the allocation works in the event of over subscription? Based on a % of your application or more of a fixed amount for all subscriber?
i read the priority is given to lower subscription amount...

Fixed amount for all subscriber and some get $500 more. This means definitely will get some. Eg the latest (July 18) was $12500, with some getting $13000. So those who applied for $12500 or lower gets in full what they applied. June was $12000. May $13000. Apr $23,000.

There is separate thread on this so you might want to go and read it up.

 

[K202020K]

How about citibank Maxigain? Maintain min $15k and interest rate steps up from 1.2% and after one year interest rate is 2.4%

Seems nice .... the 2.4% after one year is for how long? .... any better ones out there?

 

[yongsaver]

placed step up FD at ICBC this morning...take about 10min. Dislike the fact need to go down to place,..but luv the fact can withdraw online anytime. using it to put my spare cash.

 

[Newmaxi]

placed step up FD at ICBC this morning...take about 10min. Dislike the fact need to go down to place,..but luv the fact can withdraw online anytime. using it to put my spare cash.

Good to hear that it takes only 10 min. Am going down after lunch today at their Raffles Place HQ. Hope just as fast

 

[qhong61]

placed step up FD at ICBC this morning...take about 10min. Dislike the fact need to go down to place,..but luv the fact can withdraw online anytime. using it to put my spare cash.

What's the rate?

 

[vsvs24]

placed step up FD at ICBC this morning...take about 10min. Dislike the fact need to go down to place,..but luv the fact can withdraw online anytime. using it to put my spare cash.

Presume you already have their savings account so it is faster.

 

[yongsaver]

What's the rate?

http://singapore.icbc.com.cn/ICBC/海...PromotionInfo/latestfixeddepositpromotion.htm

 

[yongsaver]

Presume you already have their savings account so it is faster.

yep. first time i opened the savings acc took me around 1hr...

this time round, just placed FD nia...so v fast.

 

[vsvs24]

yep. first time i opened the savings acc took me around 1hr...

this time round, just placed FD nia...so v fast.

Account opening takes longer because everything is given on the spot. Token and ATM/debit card with your name printed and account linked to internet banking. The account is functional immediately. Other banks have to wait till they mail you which can take upto 2 weeks.Few banks do this nowadays but I like it this way so willing to wait.

 

[yongsaver]

Account opening takes longer because everything is given on the spot. Token and ATM/debit card with your name printed and account linked to internet banking. The account is functional immediately. Other banks have to wait till they mail you which can take upto 2 weeks.Few banks do this nowadays but I like it this way so willing to wait.

to me rates is everything,..i wont mind queuing if the food is good.

 

[Newmaxi]

to me rates is everything,..i wont mind queuing if the food is good.

I think all in all it take about 1 Hour. I was next on Q upon arrival. And I did a fast transfer after my savings account is opened which is the atm card number. Then they will open for me a FD account and transfer from the savings account to the FD account. Interest after each quarter will be credited to your savings account. There is no min balance but you need to do at least one transaction per year else there is a USD10 fee.

 

[yongsaver]

ICBC is no 1 in the world in terms of asset and China govt owned....

https://www.worldatlas.com/articles/the-largest-banks-in-the-world.html