Lastest S$ Deposit updates - Part 3

[Mr.Canberra]

SBI - SGD 12 Month Fixed Deposit 2.05% p.a.

https://www.sbising.com/TD_promotions

sbi 2.05%?

Ah Neh bank always give good no gimmicks deals. Thanks for the heads up. Since SSB rates start to suck. Time to head back to park some funds with the chio, fair North Indian bank manager again.

Good time to lock in good rates at current market situation and in anticipation of future decrease in interest rates.

 

[nomoreliaola]

Sing Finance has this advantage.
On maturity, you can call up and renew by phone. No need to make a trip down.
They will give you the high promotional rate.
Did this about 3 weeks ago. Their renewal info/document posted reached me 2 days later

for firsttime sign up i guess need to go down right

 

[alex22]

Ah Neh bank always give good no gimmicks deals. Thanks for the heads up. Since SSB rates start to suck. Time to head back to park some funds with the chio, fair North Indian bank manager again.

Good time to lock in good rates at current market situation and in anticipation of future decrease in interest rates.

Yup it is true. But transactions very very slow.

 

[Mr.Canberra]

SBI - SGD 12 Month Fixed Deposit 2.05% p.a.

Yup it is true. But transactions very very slow.

Yes other than that it was always great doing business with Ah Neh bank for the above market interest rates with no gimmicks. If your deposit quantum is huge it is definitely worth the extra time taken. Foreign banks based in Singapore are very careful with their due diligence checks required by MAS and not because of the perceived slow pace of work.

Just take it as spending some time drinking 2 cups of free Nescafe kopi while surfing HWZ. Considered very good service to peasant depositors like myself.

https://www.sbising.com/Portals/0/d...forms/Website_ SGD TERM DEPOSIT (12M)-T&C.PDF

Terms and Conditions governing SGD 12 Month SBI Term Deposit Promotion:

• Applicable for promotional period from 26th June 2019 to 31st July 2019.
- 12month TD -fresh and renewal funds
• The minimum deposit amount per individual or per joint account with the same individuals is SGD 50,000 in the currency the deposit has been placed.
• Multiple deposits can be placed by the customer as long as the maximum amount per individual is SGD 1,000,000 in the currency the deposit has been placed.

 

[greythorne]

Yes other than that it was always great doing business with Ah Neh bank for the above market interest rates with no gimmicks. If your deposit quantum is huge it is definitely worth the extra time taken. Foreign banks based in Singapore are very careful with their due diligence checks required by MAS and not because of the perceived slow pace of work.

Just take it as spending some time drinking 2 cups of free Nescafe kopi while surfing HWZ. Considered very good service to peasant depositors like myself.

Term Deposit same as Fixed Deposit?

So for the above anything below $50k cannot? Have spare $30k wondering can put inside or not.

 

[LouisSaha]

Yes other than that it was always great doing business with Ah Neh bank for the above market interest rates with no gimmicks. If your deposit quantum is huge it is definitely worth the extra time taken. Foreign banks based in Singapore are very careful with their due diligence checks required by MAS and not because of the perceived slow pace of work.

Just take it as spending some time drinking 2 cups of free Nescafe kopi while surfing HWZ. Considered very good service to peasant depositors like myself.

No bad leh.
Maybe i can park 50k here in ah neh bank.
But is it safe? Never park before in ah neh bank.
But at 2.05% PA is quite good.

 

[AvatarViper]

is it worth it to put $20k into USD FD? and how much is the potential earning? CIMB rate is 2.15% for 6 months

https://www.cimbbank.com.sg/en/pers...promotions/accounts/cimb-efcfd-promotion.html

 

[oho]

for firsttime sign up i guess need to go down right

Yes right...

 

[~sabaisabai~]

guess SBI 2.05% for 12mth is better than Maybank which only 2% and for 24mths

 

[Mr.Canberra]

SBI

guess SBI 2.05% for 12mth is better than Maybank which only 2% and for 24mths

Of course Ah Neh bank always give the best no gimmicks deal when they show hand. No other banks can match their offer!

SBI and CIMB are Mr.Canberra's favourite no gimmicks fixed depositers with competitive rates.

I want to support local banks but local banks don't support poor uncles like me leh.

 

[yongsaver]

is it worth it to put $20k into USD FD? and how much is the potential earning? CIMB rate is 2.15% for 6 months

https://www.cimbbank.com.sg/en/pers...promotions/accounts/cimb-efcfd-promotion.html

nope. returns too low to assume forex risk.

 

[kaypohmeow]

Yup it is true. But transactions very very slow.

No leh, I was at cecil SBI just now abt 12 pm, 1st time placed fd with them, chop chop 10 min gao tim. No time to drink nescafe kopi

 

[ckong8]

guess SBI 2.05% for 12mth is better than Maybank which only 2% and for 24mths

Maybank now offering 2.22% PA for $50K for 12mths with 10% extra in Saving acct

 

[apengrg]

Maybank now offering 2.22% PA for $50K for 12mths with 10% extra in Saving acct

Wah! The best Liao? Who can beat 10% ??

 

[Mr.Canberra]

Gimmicks By Banks

Maybank now offering 2.22% PA for $50K for 12mths with 10% extra in Saving acct

My math in school is actually very poor but yours is worse than mine. When it comes to money I on the ball.

The amount in savings account do not enjoy 2.22% p.a. but at 0.1875% p.a.

You are a very good target audience for such gimmicks promotion by banks haha.

There is a reason why I always say don't fall for gimmicks by banks.

Let's use S$50,000 deposit as a comparison.

Maybank Savings Account
0.1875% p.a.

Maybank 12 Month Fixed Deposit 2.22% with gimmicks.
https://info.maybank2u.com.sg/promotion/deposits-banking/deposit-bundle.aspx

S$50,000 x 2.22% = S$1110.00
S$5000 x 0.1875% - S$9.375 <- Need to lock in S$1000 at savings account rate for every S$10,000 at 2.22%.
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1119.375

SBI 12 Month Fixed Deposit 2.05% with no gimmicks.
https://www.sbising.com/TD_promotions

S$55,000 x 2.05% = S$1127.50
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1127.50

Although the difference is only marginable but you will be surpise that many will fall for such gimmicks such as Mr.ckong8!

The only pros about Maybank is that the interest is upfront. Don't say I only highlight cons but never highlight pros hahaha.

Bank is smart but I not stupid also.

 

[Mr.Canberra]

SBI

No leh, I was at cecil SBI just now abt 12 pm, 1st time placed fd with them, chop chop 10 min gao tim. No time to drink nescafe kopi

You are very lucky to settle the fixed deposit placement so fast! Why no time to drink the Nescafe kopi? Just bring it along with you on the way out hahaha.

You must thank the bro (not me) who updated the new SBI promotion here.

 

[lzydata]

Lower minimum counts. SBI's 2.05% pa offer is a tad better than Maybank's effective 2.04% pa, but the minimum for SBI is $50k whereas Maybank's is $22k ($20k fixed deposit and $2k savings).

Another point is Maybank has more branches

 

[kaypohmeow]

You are very lucky to settle the fixed deposit placement so fast! Why no time to drink the Nescafe kopi? Just bring it along with you on the way out hahaha.

You must thank the bro (not me) who updated the new SBI promotion here.

Already finished all the paperwork and they told me can go liao, paiseh to get the kopi leh

 

[Mr.Canberra]

Already finished all the paperwork and they told me can go liao, paiseh to get the kopi leh

No need paiseh. Just self service hahaha.

 

[bermudas]

Hi all,

My CIMB MY FD just matured today after a year @ 4.3% (promo offer). Interest has been added to the principal for the 2nd year @ 3.5% (board rate non-promo).

I tried this option as the IR was quite attractive knowing fully the risks involved such as volatility of SGD-MY exchange rate etc. I am also aware of the different buy-sell rate.

For comparison sake as an example with SG banks FD IR:-

SG Bank

50K SGD @ 2.0% gives you 1000 SGD after a year

But

Msia Bank

50K SGD = 150K RM @ 3.5% minimum gives you 5250 RM = $1750 SGD approximately

For those who have the time to enter Msia may wanna consider this option.

Just sharing.