Summary of Singapore Banks Fixed Deposit Interest Rate

[little patrick]

Hi


Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.

[chuakee]

little patrick:

Hi


Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.

When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it

[little patrick]

chuakee:

little patrick:

Hi


Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.

When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it

Hi chuakee thanks. I'm not a risk taker still prefer SGD FD althought the interest not high but my husband would like to try FD Renminbi, is it worth it? If not wrong Foreign currency does not have the $50K insurance coverage, if any happen all the money gone :stupid:

[3Boys]

little patrick:

chuakee:

[quote=\"little patrick\"]Hi


Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.

When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it

Hi chuakee thanks. I'm not a risk taker still prefer SGD FD althought the interest not high but my husband would like to try FD Renminbi, is it worth it? If not wrong Foreign currency does not have the $50K insurance coverage, if any happen all the money gone :stupid:[/quote]There is risk inherent in any investment, even local FD. As chuakee says, if you exchange your SGD for a foreign currency, you are immediately exposed to forex risks. And don't forget the transactional costs.

There is a school of thought that RMB is on the up, and therefore provides some potential for gains. Many big investors probably have some form of exposure to the RMB. Do bear in mind that China is still considered a developing country, with inherent political and policy risks.

Having said that, keeping your money in SGD FD also loses value over the long term. If inflation is running at 3-4% a year, and your FD returns you 1%, then your cash pile is losing 2-3% of its value per annum.

[alleggsinonebasket2]

Find the latest fixed deposit rates in Singapore here


http://singaporedepositrate.com/