Multiple tenures of Fixed Deposit

[SkyNinja]

Hi people. Some banks allow placement of $1k to $5k to start Fixed Deposit. If I got $20K, I can just create several placements e.g $2k, 2k, 5k, 5k, etc so that we won't be penalised if we want early withdrawal?

Will bank staff allow this method?

 

[Slowdown]

This is common practice. I just created seven FD with Maybank last week. All done online. Will try to put the amount that meets the interest criteria. If the FD said can get X% for Y to Z dollar. Then you create as many FD as your have Y dollar lor. In my case I created seven. If I need money just break one of more whole still preserving the rest.

 

[item2sell]

Yes. No penalty.

 

[peppermint7]

This is common practice. I just created seven FD with Maybank last week. All done online. Will try to put the amount that meets the interest criteria. If the FD said can get X% for Y to Z dollar. Then you create as many FD as your have Y dollar lor. In my case I created seven. If I need money just break one of more whole still preserving the rest.

This reminds me many years back i asked for 10 separate of $10k each and the counter lady face changed immediately

No choice mah. I never know when and how much I'll need my $ and in what proportion.

 

[Opps-gal]

If there is a minimum sum for placement, then it would be harder.

 

[reddevil0728]

Hi people. Some banks allow placement of $1k to $5k to start Fixed Deposit. If I got $20K, I can just create several placements e.g $2k, 2k, 5k, 5k, etc so that we won't be penalised if we want early withdrawal?

Will bank staff allow this method?

Eh you said they allow and you are asking if they allow?

 

[dork32]

it is quite often that the interest is better for larger deposits

 

[SkyNinja]

Eh you said they allow and you are asking if they allow?

But seems like creating a lot of admin work for the staff?

 

[reddevil0728]

But seems like creating a lot of admin work for the staff?

it's no different from having 4 diff customers saying they want to put in 2k, 2k, 5k, 5k right?

and if you are so concern about creating admin work for them, then asking the question here changes what? We are not the one serving you what

 

[SkyNinja]

it is quite often that the interest is better for larger deposits

OCBC current FD rate for 4 years is 1.95% for minimum amount of 5k.

 

[livingcharsiew]

But seems like creating a lot of admin work for the staff?

that is their job
they should be thankful
once its automated
they dont have job anymore

 

[dork32]

it's no different from having 4 diff customers saying they want to put in 2k, 2k, 5k, 5k right?

and if you are so concern about creating admin work for them, then asking the question here changes what? We are not the one serving you what

i dont blame the customer. i blame the stupid bank

if the bank offer a higher interest for 10k and above, there will be less people doing such things.

and if customer still want to have multiple deposits, they will have to bear the admin cost, which is lower interest rates

 

[reddevil0728]

i dont blame the customer. i blame the stupid bank

if the bank offer a higher interest for 10k and above, there will be less people doing such things.

yea. so just do it? that's my point

 

[peppermint7]

But seems like creating a lot of admin work for the staff?

They should be thankful there's job for them to do. Otherwise they'll be laid off if there's no job. I was in service line in the past. I never blame customers who create jobs for me. Im thankful for them instead

 

[Cryophoenix]

Can be done, just that it's more of a hassle for you to manage. I rather you set aside an emergency sum and place the rest in FD.

 

[greentiger]

Can be done, just that it's more of a hassle for you to manage. I rather you set aside an emergency sum and place the rest in FD.

Will take a long time when you close all of them.

 

[cassowary18]

Still go bank do? Now can open online.

 

[Nofear40]

Yah, I open multiple FD accounts of the same tenure on line.

 

[reddevil0728]

Still go bank do? Now can open online.

A lot of ppl still old school. Know how to surf hwz but didn’t realise a lot of things can be done online or via call.

Still prefer to walk in