Lastest S$ Deposit updates - Part 3

lkhwee

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yep. kanna 1 lot. got to fill in form also when pass check to bond desk people...:s13:

understand price went up liao.

how to jio bro...if jio,...people might say i hao lian or what.

actually forced by circumstance,..bank rates still low tho rising. also DBS maciam gold standard for banks here...so buy 1 lot. also tikam tikam not sure can get as understand offer was super hot.

need to pay commission?
 

yongsaver

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need to pay commission?

the comms for bonds is already worked in the spread. i.e. for new issue bonds, instead of selling u at 100 (par), they sell u at 100.25 each. no other fees to pay.
 

Urbanchap

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I'm planning to split my FD funds in half and place to 2 banks, as the depo insurance is only $50K per customer per bank. Shortlisted CIMB as their rate not only attractive, but also fully online and no strings attached like fall below fee, minimum spend etc.

Any recommendation for another bank to look at? I prefer to just rollover my FD instead of transferring to another bank when FD matures. So those with record of competitive rates is preferred.
 

foxer77

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I'm planning to split my FD funds in half and place to 2 banks, as the depo insurance is only $50K per customer per bank. Shortlisted CIMB as their rate not only attractive, but also fully online and no strings attached like fall below fee, minimum spend etc.

Any recommendation for another bank to look at? I prefer to just rollover my FD instead of transferring to another bank when FD matures. So those with record of competitive rates is preferred.

Dump into SSB saving the trouble of renewing for 10 year. If year to come got higher rate then draw out the funds.
 

luckygal

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I'm planning to split my FD funds in half and place to 2 banks, as the depo insurance is only $50K per customer per bank. Shortlisted CIMB as their rate not only attractive, but also fully online and no strings attached like fall below fee, minimum spend etc.

Any recommendation for another bank to look at? I prefer to just rollover my FD instead of transferring to another bank when FD matures. So those with record of competitive rates is preferred.

Hong Leong?
RHB?
 

maumu

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Dump into SSB saving the trouble of renewing for 10 year. If year to come got higher rate then draw out the funds.

agree. but operation "dump" will prob take a few months to complete...:s13:

actually that's my plan as well. going to try to max the allotment over 6 consecutive months (currently at 3 months) and then just collect the coupons every month for the next 10 years.
 

foxer77

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agree. but operation "dump" will prob take a few months to complete...:s13:

last month allocation was 40k per head count. So this month should be likely the same if u r cash rich to dump it in.

SSB Max at 100k. ~3 to 5 month will complete.
 

Urbanchap

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Hong Leong?
RHB?

Tks, I'm aware of those.

One thing I like about CIMB is the convenience. I opened my Fastsaver acct online y'day for the FD promotion. Later can manage my FD online too and hv FAST facility. So I won't bother with ATM card and just transfer in/out to my main bank as necessary. No min balance, no fall below fee, no CC min spend etc. Even the savings acct itself is paying about 1%pa.

Anyway, will try them out a while and assess the "convenience" factor. One thing I noticed is their website (y'day) is very slow. I've also found out that CIMB group is rated investment grade, so maybe I'll just use them for all my FDs and not worry too much abt the depo insurance limit.
 

luckygal

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Hi experts, is there any big difference bet a finance company like Hong Leong and a bank like Maybank for eg.
 

Urbanchap

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Hi experts, is there any big difference bet a finance company like Hong Leong and a bank like Maybank for eg.

Both regulated by MAS. HL holds "Finance Company" license whereas Maybank holds "Full Bank" license. It means the former is much more restricted in it's scope of activities compared to the latter. Below is from MAS website for Finance Company:

Quote
They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations. They may not offer deposit accounts which are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5,000. Finance companies are not allowed to deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities. They may expand their scope of activities subject to MAS’ approval.
Unquote.
 

K202020K

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Both regulated by MAS. HL holds "Finance Company" license whereas Maybank holds "Full Bank" license. It means the former is much more restricted in it's scope of activities compared to the latter. Below is from MAS website for Finance Company:

Quote
They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations. They may not offer deposit accounts which are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5,000. Finance companies are not allowed to deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities. They may expand their scope of activities subject to MAS’ approval.
Unquote.
Due to the said regulatory limitations, the said finance company is thus a safer option than DBS Bank .... especially the extensive exposure to SG's property market.
Going to HL Finance now .... 哈哈。
 

luckygal

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This theory I have heard before. My parents super like Hong Leong

Due to the said regulatory limitations, the said finance company is thus a safer option than DBS Bank .... especially the extensive exposure to SG's property market.
Going to HL Finance now .... 哈哈。
 
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