Lastest S$ Deposit updates - Part 3

maple96

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https://www.businesstimes.com.sg/ba...s-to-s75000-gig-workers-gain-insurance-policy

DEPOSIT insurance will rise to S$75,000 to give savers more protection in the event of bank or finance company failure.

Insurance policy owners who use their cars or homes to generate income will now also be protected should their insurer go under.

Depositors and insurance policy owners will enjoy such enhanced protection from April 1, 2019, said the Singapore Deposit Insurance Corporation (SDIC) on Thursday.
 

luckygal

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So if start a deposit before, still under the $75k after 1 April? Or must open after 1 April

https://www.businesstimes.com.sg/ba...s-to-s75000-gig-workers-gain-insurance-policy

DEPOSIT insurance will rise to S$75,000 to give savers more protection in the event of bank or finance company failure.

Insurance policy owners who use their cars or homes to generate income will now also be protected should their insurer go under.

Depositors and insurance policy owners will enjoy such enhanced protection from April 1, 2019, said the Singapore Deposit Insurance Corporation (SDIC) on Thursday.
 

jtec14

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Hi,

Anyone opened cimb FD a/c online recently?
I wish to check do I need have the funds in my fastsaver a/c first or can fast in from other bank after opening the FD a/c?
Thanks in advance.
 

tmkedmw

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So if start a deposit before, still under the $75k after 1 April? Or must open after 1 April

It doesn't matter when you start a deposit, can be a FD 2 years ago that you deposited for a 3 year term OR a new deposit that you started on say 10 April 2019.

Comes 1st April, the new limit of $75k will apply.
 

yiwei

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Hi,

Anyone opened cimb FD a/c online recently?
I wish to check do I need have the funds in my fastsaver a/c first or can fast in from other bank after opening the FD a/c?
Thanks in advance.

I opened recently
You can fast in first or fast in later, it doesn't matter
CIMB will open a new account (fastsaver-i) for you to fast in, not your current fastsaver account.
 

churnmaster

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Why don't you guys try TBills? 1yr 2% and super safe.


I applied for the Singapore Savings Bond and managed to get some allocation. This month it was oversubscribed by almost 1.5 times and hence a small allocation.

Will have to keep trying till we reach the maximum limit.:)
 

revhappy

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I applied for the Singapore Savings Bond and managed to get some allocation. This month it was oversubscribed by almost 1.5 times and hence a small allocation.

Will have to keep trying till we reach the maximum limit.:)

Me too, applied for the 1st time this month and got allocated the std 37.5k. :)

Is the FSM forum still up? I didn't find it, I thought it has been brought down.
 

churnmaster

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Me too, applied for the 1st time this month and got allocated the std 37.5k. :)

Is the FSM forum still up? I didn't find it, I thought it has been brought down.

Same allocation for me too.

No, the FSM forum is gone.
 

MultiSystemAtrophy

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Hi silly question. I want to open an ICBC fixed deposit account.

Cos other than CIMB, my experience with other banks usually involve going down with my cashier's order from my matured FD and doing it the old fashioned way.

Is it possible to go down to the ICBC branch and just open an account with internet banking service and open a Step up/FD account with no $ initially and subsequently transfer in via FAST like i do with CIMB? As this time, i have no time to go take out cashier's orders from my other banks.
(granted CIMB can do everything via online, even the original 1k deposit via FAST into their fast saver).

Any help is appreciated.
 

vsvs24

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Hi silly question. I want to open an ICBC fixed deposit account.

Cos other than CIMB, my experience with other banks usually involve going down with my cashier's order from my matured FD and doing it the old fashioned way.

Is it possible to go down to the ICBC branch and just open an account with internet banking service and open a Step up/FD account with no $ initially and subsequently transfer in via FAST like i do with CIMB? As this time, i have no time to go take out cashier's orders from my other banks.
(granted CIMB can do everything via online, even the original 1k deposit via FAST into their fast saver).

Any help is appreciated.

I think it is possible to open ICBC savings/current account with 0 balance and then fast transfer in later. But just in case bring $500 cash with you.

For step up FD, I think you need to do it at bank so need to have the cashier's order. But the normal FD you can fast in later. In fact it is better as placement of FD online have higher interest.

Be prepared to wait a while for account opening because they give you everything on the spot - internet banking token, ATM card. At SIMEI branch, they also have a PC and staff to guide you on how to use their internet banking.
 

revhappy

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Hi silly question. I want to open an ICBC fixed deposit account.

Cos other than CIMB, my experience with other banks usually involve going down with my cashier's order from my matured FD and doing it the old fashioned way.

Is it possible to go down to the ICBC branch and just open an account with internet banking service and open a Step up/FD account with no $ initially and subsequently transfer in via FAST like i do with CIMB? As this time, i have no time to go take out cashier's orders from my other banks.
(granted CIMB can do everything via online, even the original 1k deposit via FAST into their fast saver).

Any help is appreciated.

ICBC ask you to deposit atleast 500 at the branch while opening the account. But I have seen exception made, when someone said he only had 100, they still allowed him to open the account with just 100.
 

vsvs24

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ICBC ask you to deposit atleast 500 at the branch while opening the account. But I have seen exception made, when someone said he only had 100, they still allowed him to open the account with just 100.

I open a joint current account in Apr 2018. They say need min $500. I open a single current account in Jul 2018, they say no deposit needed. Not sure if change of rules. Anyway, just bring $500 cash just in case.
 

compro_1975

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These days what are the good deposits ard? Looking at monthly returns... got uob, dbs, boc and maybank liao.. will shut down maybank and boc nxt month
 

NTTDoCoMo

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These days what are the good deposits ard? Looking at monthly returns... got uob, dbs, boc and maybank liao.. will shut down maybank and boc nxt month

Maybe can state the expected % P.A that are consider good deposit to you or list down your existing accounts % P.A?
 

MultiSystemAtrophy

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I think it is possible to open ICBC savings/current account with 0 balance and then fast transfer in later. But just in case bring $500 cash with you.

For step up FD, I think you need to do it at bank so need to have the cashier's order. But the normal FD you can fast in later. In fact it is better as placement of FD online have higher interest.

Be prepared to wait a while for account opening because they give you everything on the spot - internet banking token, ATM card. At SIMEI branch, they also have a PC and staff to guide you on how to use their internet banking.

Thanks. Yeah just no time to get a cashier order for one big lump sum. Can set up account first is good.
 
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I think it is possible to open ICBC savings/current account with 0 balance and then fast transfer in later. But just in case bring $500 cash with you.

For step up FD, I think you need to do it at bank so need to have the cashier's order. But the normal FD you can fast in later. In fact it is better as placement of FD online have higher interest.

Be prepared to wait a while for account opening because they give you everything on the spot - internet banking token, ATM card. At SIMEI branch, they also have a PC and staff to guide you on how to use their internet banking.

Based on what I see from the FD options available via the ICBC app, step-up FD can also be done online.

Just need to bring $500 cash to open the basic saving account.
 
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