Lastest S$ Deposit updates - Part 3

havetheveryfun

Arch-Supremacy Member
Joined
Jul 16, 2010
Messages
20,446
Reaction score
724
Just sharing how I am optimising non locked-in (ie non FD) interest rates. Based on single person with a salaried income. Happy to hear and learn any other ideas on how to maximise non locked-in interest income.

Since I have only 1 salary credit a month, I chose a bank which requires salary crediting and another one which does not require salary crediting to get 2 accounts which benefit from higher rates which does not require me to lock-in my funds for any period of time.

(1) Max out ($50K) the DBS Multiplier a/c - (i) salary crediting plus at least any 2 of the following (ii) mortgage payments or (iii) credit card spend or (iv) insurance or (v) investments to get the maximum 3.50% pa interest rate (DBS is based on total value of eligible transactions rather than number of eligible transactions for each category). To hit the top rate, value needs to hit $30K per month (2nd highest tier is 2.30% at $15K).

(2) Max out ($75K) the UOB One a/c - (i) credit card spend of $500 and at least either 1 of the following (ii) salary credit or (iii) 3 GIROs to get the effective 2.436% pa interest rate (tiered from 1.85% to 3.88%). This is very easy to meet but the max effective interest rate is lower than DBS.

(3) Balance put inside MBB iSavvy a/c - they will pay 1.90% pa interest for Dec (progressively increased from earlier months). After Dec, depending on their promo, may have to move to another bank. This money is intended for emergency funds, future mortgage prepayment or investments.

As my DBS a/c is my main operating account (where all my income goes in), I auto transfer a sum on a monthly basis from DBS to UOB that is adequate to pay for the credit card and GIRO expenses charged to my UOB One a/c. This way, I still maintain DBS as my main operating a/c yet get to enjoy another higher tier a/c in UOB without entailing too much hassle (only need to spend $500 monthly on the credit card) and everything else is automated.

you should create a separate thread for this, maybe can get more views and opinions.

for 3), can check out stanchart eSaver (currently rates are lower than MayBank but my personal opinion that it will increase for the Dec-Jan period). Also Citibank maxigain but you need to wait 1 year to maximize the counters wait.. but its worth it as some of them are already getting ~2.4% without having to fulfil much criteria compared to DBS Multiplier, OCBC 360 etc..

CIMB online fixed deposit is currently also giving 1.90% for 1 year.

lastly can check out singapore savings bonds. the current month one is 1.89% for the 1st year and by estimation, the next month's 1 year rate is highly likely going to hit 2% : http://isimplicity.tk/ssb/ ... the downside is you may not get 100% of what you subscribe for.
 

JustDoLor

Senior Member
Joined
Dec 6, 2016
Messages
1,329
Reaction score
8
Anyone received the OCBC FairPrice $100 voucher yet? Is already over a month, there isn’t any news from OCBC about it.
 

OCBC Bank

Featured Sponsor for Money Mind, EDMW
Joined
Sep 13, 2013
Messages
6,685
Reaction score
49
Anyone received the OCBC FairPrice $100 voucher yet? Is already over a month, there isn’t any news from OCBC about it.

Hi,

We would like to check on this. Could you drop us a private message with your bank registered contact number?

^DG
 

Sakagamii

Master Member
Joined
May 14, 2012
Messages
3,482
Reaction score
0
anyone here put FD in CIMB 1.9 per annual?
did u guys renew the maturity? actually I am pretty new in these areas..
dunno if it is wise to renew, prinipal or with interest or not renew at all?
pls advise peeps!:s12:

I just signed cimb 1.9% fd. when do we get the interest payout? only upon maturity?
 

zeitou

Member
Joined
Oct 6, 2004
Messages
254
Reaction score
0
Just opened a 12 months FD account with Bangkok Bank. Interest is 2.3%.
 

a4973

Senior Member
Joined
Sep 13, 2003
Messages
1,752
Reaction score
14
then must put under 2 person ic , coz SDIC only insure $50k for per ic per bank ....

Any idea when they started this promo / when it gg to end ?

usually if the min is stated eg 100k, then it would mean 100K per person per ic right?
 

vsvs24

Master Member
Joined
Feb 3, 2018
Messages
4,812
Reaction score
116
usually if the min is stated eg 100k, then it would mean 100K per person per ic right?

No. Open FD as joint applicant. Just need to meet min 100k. But for SDIC insurance just in case, protect each person 50k.
 

tiertime

Supremacy Member
Joined
Jan 20, 2011
Messages
5,071
Reaction score
98
usually if the min is stated eg 100k, then it would mean 100K per person per ic right?

Last year i checked they say is 50K per ic per bank,

u may reconfirm with SDIC and the bank
 

luckygal

Master Member
Joined
Mar 31, 2015
Messages
4,913
Reaction score
95
Whst someone explained to me is for joint account is still 50k insured for that account. So if anything happens, both applicants in the joint account gets 25k each.
 

tiertime

Supremacy Member
Joined
Jan 20, 2011
Messages
5,071
Reaction score
98
Whst someone explained to me is for joint account is still 50k insured for that account. So if anything happens, both applicants in the joint account gets 25k each.
so even if u make placement of 100k, the joint account only get insured 50k?

u got this info from SDIC or which bank?
 

tiertime

Supremacy Member
Joined
Jan 20, 2011
Messages
5,071
Reaction score
98
Just opened a 12 months FD account with Bangkok Bank. Interest is 2.3%.

min placement how much ? is this available for new to bank customers ?


i cannot find any info from their website, how did u get to know of this promo ?
 

888888888888

Member
Joined
Jun 1, 2017
Messages
210
Reaction score
3
Someone mentioned here that time?

anyway no relationship with this bank, haiz. is close to rate of bond component. but need lock in.
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top