Fixed Deposit Promotion

[lee_yl]

Waiting at the bank to withdraw my matured FD. 2years ago, Standard Chartered’s rate was 2.13%pa and this year, seems like all the FD promo across the banks don’t have interesting abalone deals and also require a higher minimum sum of $100K-$200K

[starlight1968sg]

None of my recent FDs has return > 2% :stupid:

[cherrygal]

I saw HSBC 1.35% max… if only this type of rate, would you choose to put in FD or not?


I’m hesitant but also dunno where else to put the money… get more interest better than leaving in normal bank account right?

[Zappy]

cherrygal:

I saw HSBC 1.35% max... if only this type of rate, would you choose to put in FD or not?


I'm hesitant but also dunno where else to put the money... get a few thousand dollars in interest better than leaving in normal bank account right?

The first year for the Singapore Savings Bond (for Feb '18) already gives 1.55% and the interest is payable every 6 mths. Might as well put it there and can withdraw anytime.

http://www.sgs.gov.sg/savingsbonds/Your-SSB/This-months-bond.aspx

[cherrygal]

Thanks Zappy… But it says max $50,000 (per subscription, up to max 100K total)… interest is capped to a small amount. FD can put in much more.

[Zappy]

cherrygal:

Thanks Zappy... But it says only max $50,000... interest is capped to a small amount. FD can put in much more.

$50k/ tranche.
Each person can do up to $100k, but in 2 tranches or 2 months.
But yes, if you are talking about >$100k, then this wouldn't work beyond the first 100k.

[cherrygal]

Thanks Zappy again. Will discuss this with DH. Seems doable since FD rates dismal. Do we get cash back from SSB?

[Zappy]

cherrygal:

Thanks Zappy again. Will discuss this with DH. Seems doable since FD rates dismal. Do we get cash back from SSB?

Yes, just apply through ATM for the next month's SSB.
Every 6 mths they give you the interest into your account.

If you want to take out the $ because there is a better FD elsewhere, just apply to take out and it will be transferred the following month.

If you keep it all the way to 10 yrs, the yearly interest goes up (but overall, there is an average % over the 10 yrs, eg. for Feb '18 tranche, it is 2.04% - see the chart in the link).

The interest changes for each tranche of SSB.

[starlight1968sg]

Anybody managed to arrange the maturity proceeds to be electrically transferred to a designated bank account so as to save a trip to the bank?

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