Fixed Deposit rates??
- Thread starter bratz
- Start date
like not accurate leh :
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6) Standard Chartered. Rating: B -
HDB variable: 2.78 per cent.
HDB fixed/pegged: 2.4, 2.4, 2.0 (3-mo. Sibor (now at 0.7) + 1.3).
HDB pegged: 2.25 per cent = (3-mo. Sibor (now at 0.7) + 1.55). No lock-in.
Private pegged: 2.0 per cent = (3-mo. Sibor (now at 0.7) + 1.3). No lock-in.
Private fixed/pegged: 2.45, 2.45, 2.0 (3-mo. Sibor (now at 0.7) + 1.3).
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i am paying 1.70% for 1st year, thereafter is 1.3% +3 months sibor. for other bank they either dont tell you the penalty or hard-selling. standard chart service is better, they make sure you understand the penalty, the terms and conditions and stuff.
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FD rates here sucks and getting bad to worst....to the extend you might be thinking to keep your money under you bed instead...lol
why want to save in singapore for peanuts in interest when u can save in malaysia for 5 times the interest...at least!
which bank has good rates??anyone care to share
CIMB Bank pays 1% pa on your savings with their Star Saver account. One of the best in Singapore for SGD deposit (non-Fixed Deposit i.e. you are free to deposit and withdraw at any time). The local banks are all paltry - way less than 1% (DBS' highest tier is 0.4% pa, UOB is 0.5% pa and OCBC is 0.48% pa). To put it in perspective, having S$500,000 in CIMB is like having S$1,000,000 with any of the local banks based on interest earned!
I have taken a chunk away from DBS and deposited it with CIMB. This is for money that I keep for emergency liquidity or for highly convicted investments. To balance between convenience and higher yield, the money I leave with DBS is for my regular expenditure and normal investment purposes.
The Singapore Government has decided to guarantee all Singapore Dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the MAS. CIMB is one of those banks. Although it is rated lower than the local banks, you are essentially given a free arbitrage due to this policy. The guarantee will take immediate effect and will remain in place until 31 December 2010.
Of course if you are enterprising enough, putting it in Aussie Dollar will multiply your returns even more but you will be exposed to foreign exchange risk. Hence, to earn a risk free boost on your SGD savings returns, consider placing your SGD with CIMB or another similarly high paying bank (or finance compay) in Singapore.
I have heard of people opening a Maybank account in Malaysia. Is there any difference between opening a Maybank account in Malaysia from the one in Singapore? I know they have to conform to local regulations which of course is much stricter in Singapore. But if it is not a lot of money like $10-20k, is it very much unsafe to the extend that it is not advisable?
The first S$20K is under the Deposit Insurance Scheme. Anything beyond that is guaranteed by the Singapore govt, which pledged S$150 bil to back this guarantee and for the first time ever, the President's approval was sought to access Singapore's past reserves for this.
See quote from OCBC Bank below.
"Deposits in excess of the amount insured by the Deposit Insurance Scheme are guaranteed by the Singapore Government during the Guarantee Period with effect from 16 October 2008 until 31 December 2010. The Singapore Government will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS) during this
period.
Guaranteed deposits by the Singapore Government are Savings accounts, Current accounts, Fixed Deposit accounts and bank accounts under the Supplementary Retirement Scheme or other deposit products prescribed by MAS, but exclude structured deposits as defined in the Financial Advisers Act (Cap. 110) as well as any deposits pledged, charged or secured as collateral."
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