Lastest S$ Deposit updates - Part 3

[Devilsire]

as this is insurance savings product

the "crediting rate" refers to that part of the interest that is accrued daily, becomes "guaranteed" and adds to your Account value

ie shld u premature cancel, the accumulated interest is secured

if you hold til maturity, you are still getting either 2.8%pa or 3%pa

im pretty sure that the premature cancel / policy surrender cost is "high" as this is insurance savings product

 

[oceanicmanta]

im pretty sure that the premature cancel / policy surrender cost is "high" as this is insurance savings product

yes it wld be .. but shld b able to get the accumulated 1% guaranteed value

 

[glorfindel]

Trust bank reducing max interest from 2.75% to 2.25% in June and 2% from August

 

[banyan8]

as this is insurance savings product

the "crediting rate" refers to that part of the interest that is accrued daily, becomes "guaranteed" and adds to your Account value

ie shld u premature cancel, the accumulated interest is secured

if you hold til maturity, you are still getting either 2.8%pa or 3%pa

Did the app let you choose 1 or 3 years option and show the guaranteed interest rate? I am asked to pay the premium at the end of the application. But it does not show the year option nor 2.8%/3% info.

 

[maumu]

I'm curious how they publicised:
- $497 interest based on $50,000 savings at 1% crediting rate (shouldn't it be $500?)
- $4,636 interest for 3-year fixed plan on $50,000 savings at 3% interest rate

there's no illustration of calculations shown on the website or tnc documents...

not sure if signed up for 3-year fixed plan, does it mean we give up the base 1% crediting rate, or is it ON TOP OF the base 1% or is it combined as 3%.

quite confusing.

after playing around with some numbers, I think I figured out how the $4,636 came about.

Year 1: start with $50,000
End of Year 1: 103% of $50,000 = $51,500
Year 2: start with $51,500
End of Year 2: 103% of $51,500 = $53,045
Year 3: start with $53,045
End of Year 3: 103% of $53,045 = $54,636.35 (round off to $54,636)

but I can't figure out the $497 interest based on $50,000 at 1% crediting rate. I think that is IF one does not take part in the 1-yr/3-yr fixed plan so is mutually exclusive, not stacked.

it's quite misleading to advertise as:
• Earn total returns of 1% p.a. crediting rate + 3% p.a. on your 3-year fixed plan

maybe need someone who's already on this plan to share more...

 

[Mickey01]

after playing around with some numbers, I think I figured out how the $4,636 came about.

Year 1: start with $50,000
End of Year 1: 103% of $50,000 = $51,500
Year 2: start with $51,500
End of Year 2: 103% of $51,500 = $53,045
Year 3: start with $53,045
End of Year 3: 103% of $53,045 = $54,636.35 (round off to $54,636)

but I can't figure out the $497 interest based on $50,000 at 1% crediting rate. I think that is IF one does not take part in the 1-yr/3-yr fixed plan so is mutually exclusive, not stacked.

it's quite misleading to advertise as:
• Earn total returns of 1% p.a. crediting rate + 3% p.a. on your 3-year fixed plan

maybe need someone who's already on this plan to share more...

I read what is on the website. Think this is how it works

Basic Plan - min $50 to earn interest at 1% (not guaranteed and can be adjusted along the way). Accrued daily but credit once a month. Can withdraw and topup to $50,000 anytime and use for daily transactions

Rider - this is the 1 yr fixed plan @2.80% or the 3 yr fixed plan @3.00% attached to the Basic Plan. Min $1000 to max $200,000. This is single premium and cannot topup. Paid out upon maturity

 

[pratik28]

With effect from 30 May 2025, we’re adjusting our GXS Savings Account rates.

- The interest rate for Main Account will be adjusted from 2.08% p.a. to 1.68% p.a.
- The interest rate for Saving Pockets will be adjusted from 2.38% p.a. to 1.98% p.a.

Why June soo special, Trust Bank revise rates too!

From 1 June 2025, your deposit will earn:
Tiers
Interest (p.a.)
Base
0.5%

Spend Bonus*
5 x min. S$30 card spends
0.5% OR 0.3%

Balance Bonus**
S$100K ADB - Level up to Trust+
0.75% PROMO RATE

Salary Bonus
$$1,500 via GIRO
0.5%

TOTAL
on first S$1.2M deposit NEW!
Up to 2.25%*
until 31 July 2025

 

[sglandscape]

The rest of the world including SG has decoupled from US Fed fund rate liao.
Look at our SORA rates been declining steadily while US FFR still the same.

This is due to the fx rate and MAS decision, won't really say decoupled but conscious decision

 

[wwenze]

What's the best to stash $100k now?

UOB Stash for 3% effective?

 

[saintgtril]

https://dash.com.sg/dashpet2

saw it here from many months alr but seldom see ppl talking abt it,
2.8% 1yr
3% 3yr
Havent read fine details yet!
but ya, should be lock-in with premature withdrawal penalty

Hey, this is a good deal. Thanks for sharing. Hopefully there is no catch.

 

[Devilsire]

Hey, this is a good deal. Thanks for sharing. Hopefully there is no catch.

catch is probably high surrender fees
singlife also have a 3% policy, with no fixed terms can withdraw anytime. but cap at only 10k

 

[FlyGuardX]

What's the best to stash $100k now?

UOB Stash for 3% effective?

uob stash and chocolate finance

 

[fr33d0m]

OCBC 2.8 earmark when?

 

[bumdssa]

no new ocbc promo yet...

 

[mistersoh]

Trust bank reducing max interest from 2.75% to 2.25% in June and 2% from August

Sian. zzz


Read HWZ Forum Rules!

 

[sglandscape]

uob stash and chocolate finance

Chocolate finance confirm force to cut rates soon, look at where SORA is right now

 

[vsvs24]

Chocolate finance confirm force to cut rates soon, look at where SORA is right now

CF situation a bit different.

They might hang on as long as they can because they would want to recoup deposits from the run.

Cutting now will lose even those people who did not join the run.

Even if they cut, they would still maintain it above the banks.

Just analysing. Not advocating to place with CF.

 

[sglandscape]

CF situation a bit different.

They might hang on as long as they can because they would want to recoup deposits from the run.

Cutting now will lose even those people who did not join the run.

Even if they cut, they would still maintain it above the banks.

Just analysing. Not advocating to place with CF.

If they lose money from a marginal perspective, no reason why they would do that though? Imagine the more deposit they get the more money they lose if they hold the rate, doesn't make sense.

 

[vsvs24]

If they lose money from a marginal perspective, no reason why they would do that though? Imagine the more deposit they get the more money they lose if they hold the rate, doesn't make sense.

But if they cut, will have more withdrawals.

They sure regret like hell why they itchy backside go and introduce an unlimited debit card and get themselves into this mess.

 

[sglandscape]

But if they cut, will have more withdrawals.

They sure regret like hell why they itchy backside go and introduce an unlimited debit card and get themselves into this mess.

So what even if they have more withdrawals? They are a money market fund, just redeem the underlying funds to meet the requests. They do not need the funding per se to fund a loan book.

If their margins is not wide enough, less is better.