Lastest S$ Deposit updates - Part 3

Alwaysb

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Oh i am referring to the promo for aug to sep. I wanted to open the accoubt but was told aug to sep is base on incremental. Not 1.6% for 2 months

Please refer to the terms and condition of your offer letter if you are referring to the promotion interest rate from 1 July to 30 Jun 2018. It will be the entire amount in your account, the comparison month will be average balance in June.
 

yongsaver

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We know we have reached SAVER HEAVEN when SCB esaver hits 2%...:s13:

all savers lets pray hard,...better still...reject banks that offer crap rates,...if u do that higher chance of seeing higher and higher rates,...if u deposit in banks that give crap rates, they have no incentive to increase their rates,...why should they?...cannot blame them actually...give crap rates also got people bank, why need to increase?? :s22:
 

maumu

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can I ask those who opened the icbc step-up fd, did u deposit cash on the spot, or had to FAST in (on the spot), or cheque?

i'm wondering how best to apply for it.
 

lzydata

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they set up so many conditions here and there, might as well do a simple 7 month FD at 1.75% p.a. to me both are effectively the same:s22:

Other banks are able to offer simple, easy to understand FD promotions where they just pay you principal and interest upon maturity. POSB promotions are always very complicated and there is even a lag time between closing the account and paying out the interest, like they have staff calculating it by abacus. Ironically POSB's customer base is probably the least financially savvy. Or maybe this is intentional.
 

lzydata

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foxer77

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thus year intrest us pretty high, good time to park fund in fd and ssb
 

vsvs24

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can I ask those who opened the icbc step-up fd, did u deposit cash on the spot, or had to FAST in (on the spot), or cheque?

i'm wondering how best to apply for it.

If bring cheque, go earlier like 12pm or earlier as their cut off time is 1.30pm. First time I was there on fri at 2pm with cheque. Have to treat as next working day so they can't give me the FD slip immediately and had to mail to me. But Mon they called to say they made a mistake and processed as normal FD instead of step up.

Because of this, second placement I brought cash. Smooth. Got deposit slip immediately. But pls note that if cash more than 30k they will ask to show proof of withdrawal from other bank eg if I draw from posb savings need to show passbook.

Have not tried fast.
 

vsvs24

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For ICBC step up, make sure the FD slip under IR (interest rate) shows "tier". At IB, it will show 4 lines with dates from and to for each 3 mth cycle.

The effective interest rate for 3M, 6M, 9M and 12M is about 1.5%, 1.6%, 1.7% and 1.8% (ie assuming you draw out after 3M, 6M, 9M, 12M).
 
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Newmaxi

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If bring cheque, go earlier like 12pm or earlier as their cut off time is 1.30pm. First time I was there on fri at 2pm with cheque. Have to treat as next working day so they can't give me the FD slip immediately and had to mail to me. But Mon they called to say they made a mistake and processed as normal FD instead of step up.

Because of this, second placement I brought cash. Smooth. Got deposit slip immediately. But pls note that if cash more than 30k they will ask to show proof of withdrawal from other bank eg if I draw from posb savings need to show passbook.

Have not tried fast.
Can do fast. They will open an account with a atm card. U FAST to this account and then they will open a FD for u and Trf from this account to FD account.
 

vsvs24

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Can do fast. They will open an account with a atm card. U FAST to this account and then they will open a FD for u and Trf from this account to FD account.

So must transfer at the branch ? Get the FD slip on the spot or they have to mail to you ?
 

Newmaxi

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So must transfer at the branch ? Get the FD slip on the spot or they have to mail to you ?

You can bring the token of the bank that you want to transfer from along. So after the account is open (on the spot) you do the transfer. U can download ICBC mobile app. The CS can navigate it through with you
 

maumu

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You can bring the token of the bank that you want to transfer from along. So after the account is open (on the spot) you do the transfer. U can download ICBC mobile app. The CS can navigate it through with you

so is the procedure as follows?

1. Before going to ICBC bank, add ICBC account (the 19-digit long account number) as a payee to your original bank (say DBS) which you are transferring from.
2. Transfer a sum (say 20k) from DBS to ICBC.
3. Go to ICBC bank and say you want to open step-up FD.
4. CSO will open the step-up FD account on the spot and issue you account number.
5. On the spot, transfer from ICBC account to the step-up FD.
6. CSO will issue you deposit slip.

Is it like that?
 

yongsaver

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so is the procedure as follows?

1. Before going to ICBC bank, add ICBC account (the 19-digit long account number) as a payee to your original bank (say DBS) which you are transferring from.
2. Transfer a sum (say 20k) from DBS to ICBC.
3. Go to ICBC bank and say you want to open step-up FD.
4. CSO will open the step-up FD account on the spot and issue you account number.
5. On the spot, transfer from ICBC account to the step-up FD.
6. CSO will issue you deposit slip.

Is it like that?

if u have the funds in your ICBC savings account, they will just deduct from it and place inside the FD...just give them instruction can oledi.
 

maumu

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if only it can be done online. saves me the time travelling to the branch...
 

Sinkie

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All FD rates and offers updated for August, thanks to chuanz for coding this interface:

http://sgfd.neocities.org

ICBC is still the winner, 12 months 1.80% at counter or 1.85% online :s12:

http://singapore.icbc.com.cn/ICBC/海...siness/PersonalBanking/Deposits/FixedDeposit/

But for reference:

SSB August 2018 first year rate: 1.78%, September 2018: 1.75%

The 1-year SGS T-bill benchmark yield is trading at 1.74% but the next auction is only in late October 2018.

If u have $1m of yuan, u can get 5% 1 year fd in rmb over the counter at icbc
 
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