Fixed Deposit Promotion

[Jaclyn13]

starlight1968sg:

Nothing attractive at all from the banks/

True, banks offer r limited. I found a better than bank. 4%monthly.

[oliviachng]

is it safe to leave money with Maybank?

[MyPillow]

oliviachng:

is it safe to leave money with Maybank?

Why not?May bank around n established in singfor v long . $50k deposit is covered under insurance

[pirate]

FYI, the interest on the Singapore Savings Bonds is creeping up again. This month’s issue pays 1% the first year and 1.5% the 2nd year, going up to 3.73% in the 10th year for an average return of 2.32% per year.


You may want to look at it again. The 1% for the 1st year is looking attractive because unlike FDs, there isn’t really any lock-in period or early withdrawal penalty.

[starlight1968sg]

Pirate

Am waiting for higher rates before plunging in

[pirate]

SSBs can be redeemed in any month with no penalty, while still being entitled to accrued interest. The fees are only $2 per application or redemption request. There is thus no "plunging in" required. It is simply a question of leaving your money at the bank at 0%-0.1% while waiting for interest rates to rise, or putting it in SSB at 1%+ while waiting for interest rates to rise.

[starlight1968sg]

There is $2 application fee and $2 redemption fee?

[pirate]

Yah. You apply for the bonds and apply to redeem via ATM. No need to pay for transport or parking to go down to the bank branch.


Unfortunately, you also need a CDP account.

[JurongTutor]

Hi, how about savings plan from insurance agent (for example, some can get an estimated of effective interest of 3-4% return in 15 years)? What are your thoughts on such savings products?

[starlight1968sg]

JurongTutor:

Hi, how about savings plan from insurance agent (for example, some can get an estimated of effective interest of 3-4% return in 15 years)? What are your thoughts on such savings products?

The 3-4%pa for 15 yrs can't be guaranteed. If it is guaranteed, pls let us know. Tks