Enquiry regarding DBS Fixed Deposit

[Fat_Bastard]

Hi guys. Thinking of opening a fixed deposit account and put in $50k.

I read that the fixed deposit interest rate is 3.2% but when I called DBS, they say it's only 0.05%.

That means for the first month, I'll only generate $25 interest and at the end of 12 months, I'll roughly generate only approximately $300 interest?

That's really kinda little to be honest. Can someone clarify? I asked the customer service officer to calculate how much interest I can earn by putting $50k in fixed deposit for 12 months she keep saying "This one I cannot help you sir".

Like that how I know if it's worth putting my money inside DBS Fixed Deposit?

 

[bargin]

The only local bank that charge penalty for early withdrawal. BOC, RHB offer better FD rate for 12 months
check out the thread on latest fixed deposit thread.

 

[havetheveryfun]

she is right, DBS is the only weird bank that caps the amount , you can check this page for DBS latest FD rates
https://www.dbs.com.sg/personal/rates-online/singapore-dollar-fixed-deposits.page
try other banks maybe

 

[lzydata]

Hi guys. Thinking of opening a fixed deposit account and put in $50k.

I read that the fixed deposit interest rate is 3.2% but when I called DBS, they say it's only 0.05%.

That means for the first month, I'll only generate $25 interest and at the end of 12 months, I'll roughly generate only approximately $300 interest?

That's really kinda little to be honest. Can someone clarify? I asked the customer service officer to calculate how much interest I can earn by putting $50k in fixed deposit for 12 months she keep saying "This one I cannot help you sir".

Like that how I know if it's worth putting my money inside DBS Fixed Deposit?

Yes the higher rate is for up to $19,999. Or you can try other banks which anyway offer higher rates than 3.2%.

 

[Fat_Bastard]

Thanks guys. Will go and take a look at the Fixed Deposit Thread.

 

[Fat_Bastard]

Thanks to everyone's kind advice here. Have opened up an RHB fixed deposit account for both myself and my mum. The 4.1% interest is really fantastic.

The 0.05% offered by DBS is really incredulous. How on earth are they going to compete with other banks fixed deposit?

 

[Darwinson]

Thanks to everyone's kind advice here. Have opened up an RHB fixed deposit account for both myself and my mum. The 4.1% interest is really fantastic.

The 0.05% offered by DBS is really incredulous. How on earth are they going to compete with other banks fixed deposit?

I am gonna cancel an FD with rhb and move to cimb for 4.2. Why you don’t want to cimb Ah?

my dad made a mistake a commited for 2.7% in july

 

[Fat_Bastard]

I am gonna cancel an FD with rhb and move to cimb for 4.2. Why you don’t want to cimb Ah?

my dad made a mistake a commited for 2.7% in july

Haha didn't know cum in mouth bank (CIMB) offers 4.2%. After the maturity date I'll see which one better and join. Thanks for the heads up though!

 

[havetheveryfun]

RHB fixed deposit account

opening of RHB fixed deposit acc is instant? or u already got account with them ?

 

[Fat_Bastard]

opening of RHB fixed deposit acc is instant? or u already got account with them ?

Processing takes 1 day. No I didnt have any account with them before.

 

[sohguanh]

Haha didn't know cum in mouth bank (CIMB) offers 4.2%. After the maturity date I'll see which one better and join. Thanks for the heads up though!

4.2% is for preferred else is 4.15% Both RHB and CIMB is ok but if you CIMB preferred better be CIMB. There is also Sing Investment CNY at 4.23% but they are not bank but finance company

 

[ahnyaahnya]

Thanks to everyone's kind advice here. Have opened up an RHB fixed deposit account for both myself and my mum. The 4.1% interest is really fantastic.

The 0.05% offered by DBS is really incredulous. How on earth are they going to compete with other banks fixed deposit?

All the 3 local banks offering such board rates , like DBS.
Not sure about the foreign banks, but probably about the same?
The high rates are all promo rates .
Nobody opens FD at board rate , unless he just crawled out of a cave.

 

[Fat_Bastard]

All the 3 local banks offering such board rates , like DBS.
Not sure about the foreign banks, but probably about the same?
The high rates are all promo rates .
Nobody opens FD at board rate , unless he just crawled out of a cave.

I'm very new to all these.

Wnat is the meaning of board rate? Also, promotional rates will not be year round right? Like eg RHB now is 4.1%. It will not be so good throughout the year I guess.

Also any reason why DBS offers such horrible interest rates? 0.05%.....who will invest?

Even their 3.2% is fake. First u start with 0.3% then 0.5% then 1%. It's really so ridiculously bad. No wonder the customer service officer paiseh to tell me how much I will earn at the end of 12 months.

 

[havetheveryfun]

Also any reason why DBS offers such horrible interest rates? 0.05%.....who will invest?

Even their 3.2% is fake. First u start with 0.3% then 0.5% then 1%. It's really so ridiculously bad. No wonder the customer service officer paiseh to tell me how much I will earn at the end of 12 months.

because they dont need the deposits ma
dbs is cash rich and dont need as much as deposits as other banks
u see all the aunties and uncles queue up at posb/dbs atm compared to other banks
they had good campaigns in the past where almost everyone grew up with a posb bank account and then subsequently lazy to change to other banks already

 

[Fat_Bastard]

because they dont need the deposits ma
dbs is cash rich and dont need as much as deposits as other banks
u see all the aunties and uncles queue up at posb/dbs atm compared to other banks
they had good campaigns in the past where almost everyone grew up with a posb bank account and then subsequently lazy to change to other banks already

That explains. Thanks so much for explaining =)

 

[jim889]

Hi guys. Thinking of opening a fixed deposit account and put in $50k.

I read that the fixed deposit interest rate is 3.2% but when I called DBS, they say it's only 0.05%.

That means for the first month, I'll only generate $25 interest and at the end of 12 months, I'll roughly generate only approximately $300 interest?

That's really kinda little to be honest. Can someone clarify? I asked the customer service officer to calculate how much interest I can earn by putting $50k in fixed deposit for 12 months she keep saying "This one I cannot help you sir".

Like that how I know if it's worth putting my money inside DBS Fixed Deposit?

try hsbc.. their everyday savings acount interest oredi 5.5%