Fixed Deposit Promotion

[zbear]

Just saw that UOB is having a 1.5% interest (13 months) for $20k minimum.

[lee_yl]

zbear:

Notice that Malaysia banks offer better interest rates than local banks but I will never put $$$ there.


Better to be safe than sorry.

I think Maybank is quite safe. Biggest bank in Malaysia. Doing very well in Malaysia and Singapore with net profit jumping yearly.

[sleepy]

lee_yl:

HLF 24month FD ok, i tried before, reliable.
Initially thought of trying CIMB, looks attractive @ 1.95%.
BUT... CIMB chairman is Najib's brother :faint:

I didn't know about that!
Keke, my time deposit with CIMB matured recently so already withdrawn

You can also consider UOB one account, OCBC 360 account, DBS multiplier or Standard Chartered Bonus$aver account. Higher interest rate without any lock in period unlike time deposit. Different terms and condition for these accounts though

[Augmum]

Augmum:

lee_yl:

[quote=\"MyPillow\"]

HL is reliable like the rest of banks. Good to know their fixed dep rate goes up

HLF 24month FD ok, i tried before, reliable.
Initially thought of trying CIMB, looks attractive @ 1.95%.
BUT... CIMB chairman is Najib's brother :faint:

yup...his youngest brother...

Btw, Maybank also offers 1.8% for 50K and above...
Tenure also for 24 months...but then comes next yr...likely to cross 2%[/quote]

zbear:

Notice that Malaysia banks offer better interest rates than local banks but I will never put $$$ there.

Better to be safe than sorry.

Zbear, to me, Maybank is ok lah...it's the largest bank in Malaysia...
By market capitalisation and total assets ...it is one of the largest banks in Southeast Asia ...
We are with Maybank for 3 generations....but of coz, it's good to be cautious ...
Never put all eggs in 1 basket....

If worry of foreign banks, spread out yr deposits...cap at $50 K each...

Under our Govt Deposit Insurance Scheme, it protects depositors in the event a DI Scheme member fails by compensating insured deposits up to a maximum of S$50K...

ALL full banks n some Finance companies are covered under DI scheme...
HL Finance confirmed under the DI List...

For the list of banks / finance companies covered under DI scheme ...click on below...
https://www.sdic.org.sg/di_scheme_members.php

[Augmum]

zbear:

Just saw that UOB is having a 1.5% interest (13 months) for $20k minimum.

Ya... But so \"pathetic increment\" from recent 1.45% to 1.5%...

[lee_yl]

sleepy:

lee_yl:

HLF 24month FD ok, i tried before, reliable.
Initially thought of trying CIMB, looks attractive @ 1.95%.
BUT... CIMB chairman is Najib's brother :faint:

I didn't know about that!
Keke, my time deposit with CIMB matured recently so already withdrawn

You can also consider UOB one account, OCBC 360 account, DBS multiplier or Standard Chartered Bonus$aver account. Higher interest rate without any lock in period unlike time deposit. Different terms and condition for these accounts though

Thanks Sleepy,

All those accounts you mentioned come with terms and conditions attached plus capped at $50k for the different banks. I am too lazy to keep track of every term and condition to be met first in order to enjoy the rates.

[Thrill_Kills]

After I open OCBC360, they change conditions. :sad:

[FantasyLandDreams]

How about RHB bank, the other Malaysian bank, any opinions?

Anyone put FD with Indian banks before, as I always see SBI FD promotion?

[Sun_2010]

lee_yl:

MyPillow:

[quote=\"TheAnswer\"]

HL is reliable like the rest of banks. Good to know their fixed dep rate goes up

HLF 24month FD ok, i tried before, reliable.
Initially thought of trying CIMB, looks attractive @ 1.95%.
BUT... CIMB chairman is Najib's brother :faint:

[/quote] :yikes: Didnt know that. I got some FD at CIMB at MY ( in Ringgit) . 1yr term . pretty large sum. :nailbite:

[lee_yl]

FantasyLandDreams:

How about RHB bank, the other Malaysian bank, any opinions?

Anyone put FD with Indian banks before, as I always see SBI FD promotion?

RHB is not that small in Malaysia afterall.

Indian banks not familiar, although they maybe big but the problem with them is their governance.

The risk of putting money in foregin banks is minimal in Singapore as MAS imposes stringent control.

Foregin currency FD carries certain risks. The expectation is that we may see S$1 to RM$2.9 in near term. Aussie dollar has also weakened and would look attractive only if it goes below parity.