Fixed Deposit Promotion

[zbear]

happyheart:

i just helped my mum to place a fixed D 2 weeks ago with UOB. Now I realised so many better lobang, I am thinking of withdrawing the Fixed D with UOB ( since not much interest accrued yet) and go with other banks.


No loss right?

Is there a penalty for early termination?

[starlight1968sg]

happyheart:

i just helped my mum to place a fixed D 2 weeks ago with UOB. Now I realised so many better lobang, I am thinking of withdrawing the Fixed D with UOB ( since not much interest accrued yet) and go with other banks.


No loss right?

Check with uob if any penalty.

[needtoupdate]

ANz has 1.88% 10 month FD for minimum $150k

[needtoupdate]

Bank of china has 1.77% for their 6 month Multi currency saver account ,minimum 100k

http://www.bankofchina.com/sg/bocinfo/bi3/bi31/201508/t20150805_5390181.html

[starlight1968sg]

As mentioned earlier, Citibank offers 1.6%pa for 6mth with min 50k.

[lego]

happyheart:

i just helped my mum to place a fixed D 2 weeks ago with UOB. Now I realised so many better lobang, I am thinking of withdrawing the Fixed D with UOB ( since not much interest accrued yet) and go with other banks.


No loss right?

If what you have placed is a normal fixed deposit (not structured), there is no penalty for early withdrawal. Just that you will not get the interest for the 2 weeks.

I usually opt for auto renewal of FD as I do not have current account with them - they will only give you board rates for auto-renew so often have to withdraw to redeposit at better rates.

For FD with promotional interest rate (like those 1.6% pa), the T&C will usually be you have to hold it to maturity to get the said interest rate. If you want to withdraw before maturity, the bank has the discretion to give you either interest based on the board rate or none at all if it so decides, but you will get back your full principal amount without any penalty.

[zbear]

Just saw that HL Bank is also having FD promo - $100k for 2 years at 2.038%

[starlight1968sg]

zbear:

Just saw that HL Bank is also having FD promo - $100k for 2 years at 2.038%

still can't beat SCB's min 25k 24mth at 2.05%pa

[pacetone]

Yes, nothing beats SCB at the moment but remember this promo is only till 31 Jan 2016.


If early withdrawal before maturity, no penalty but interest rate will reverse to the existing board rate.

[lee_yl]

lalaland:

Anyone into Structured Deposits?

I was at MB today and the lady told me of a new product coming out on 1 Feb.
5 yr structured deposit. The last offering was 2.6%. Cash out interest every 6 mths.
This is last offering. The interest rate for the new series will be known 1st Feb.
http://info.maybank2u.com.sg/personal/i ... posit.aspx

BTW, I am not working for MB. I want to know how SDs compare with FDs.

I bought a 5-yr structured deposit from Maybank in 2013. The interest rate then was much higher than any FD; while the FD interest rate in 2013 was ard 1.28% pa (if i rem correctly), the Maybank product was offering a fixed 1.88% pa with 100% principal guaranteed if held till maturity (5th year).

Looking back, can only say that it was a decent deal, the interest I earn would be that for a FD continuously renewed less the hassle.