Fixed Deposit Promotion

[starlight1968sg]

Tks, FDL, noted yr suggestion.

[alng]

For standard chartered bank FD promotion, I have a friend who placed $40K for 2.1% pa for 2 years. Another friend placed $200K for 2% pa for 1 year.

[starlight1968sg]

alng:

For standard chartered bank FD promotion, I have a friend who placed $40K for 2.1% pa for 2 years. Another friend placed $200K for 2% pa for 1 year.

Haha i hv little $$ & only keen in shorter durations. So i fit none

[lee_yl]

@comfy,

No, I didn't call and ask for better rates before going down. I just tried my luck when I was at the bank. To my surprise, they gave me a better rate on the spot after some prompting. I went to the branch at ION.

@zbear,
I placed $200K with them as initially, i was looking at the 2.08% pa. As alng's friend enjoyed a better rate too with just $40K, I believe those who know, can ask for better rates than those advertised!

@Starlight,
I think the min amt required to open a FD with SCB is $25K. The counter staff offered me 1.93% pa for 12mths. I am not sure when one's bargaining power is higher, one can get higher than 1.93% pa

[zbear]

lee_yl:

@comfy,

No, I didn't call and ask for better rates before going down. I just tried my luck when I was at the bank. To my surprise, they gave me a better rate on the spot after some prompting. I went to the branch at ION.

@zbear,
I placed $200K with them as initially, i was looking at the 2.08% pa. As alng's friend enjoyed a better rate too with just $40K, I believe those who know, can ask for better rates than those advertised!

@Starlight,
I think the min amt required to open a FD with SCB is $25K. The counter staff offered me 1.93% pa for 12mths. I am not sure when one's bargaining power is higher, one can get higher than 1.93% pa

Thanks lee_yl, so the catch is not the amount but rather the tenure? Meaning if you keep for 1 or 2 years, you can get a better rate?

Not knowing abt this 'bargaining', mine is 7 months at 1.65%. If I had known earlier, I would have tried my luck.

[starlight1968sg]

Noted with tks, lee_yl

Hope maybank, hlf & the rest can follow.
Are the interest rates still on the rising trend?

[alng]

I was deciding between a 1 or 2-year FD tenure at Standard Chartered last week. I decided on 2-year in the end.


The FD rates offered by Standard Chartered are really good. Some foreign banks and financial institutions are catching up with Standard Chartered’s rates. But the local banks are not taking any action. Even Standard Chartered is surprised by the non actions of the local banks. In that case, I do not expect the interest rates to increase very much a year later. Hopefully the interest rates do not decrease but who knows. Therefore, I choose the 2-year tenure.

[lalaland]

I was calculating the "bargain-able" delta for the SCB. Realised it works out to be $20 for a $25k deposit. So I guess that is what the managers are allowed to give up front.

[starlight1968sg]

zbear:

Not knowing abt this 'bargaining', mine is 7 months at 1.65%. If I had known earlier, I would have tried my luck.

I got mine at the standard offered rate too :oops:

[comfy]

lee_yl:

@comfy,

No, I didn't call and ask for better rates before going down. I just tried my luck when I was at the bank. To my surprise, they gave me a better rate on the spot after some prompting. I went to the branch at ION.

@zbear,
I placed $200K with them as initially, i was looking at the 2.08% pa. As alng's friend enjoyed a better rate too with just $40K, I believe those who know, can ask for better rates than those advertised!

@Starlight,
I think the min amt required to open a FD with SCB is $25K. The counter staff offered me 1.93% pa for 12mths. I am not sure when one's bargaining power is higher, one can get higher than 1.93% pa

:thankyou: lee_yl, you definitely know how to bargain.