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Post by oldman on Sept 5, 2014 14:21:24 GMT 7
If you have extra cash sitting in the bank earning 0.05% per annum, this means that if you put in $100,001 for a year, the bank will give you interests of just $50! Yes, this is one entire year's worth of interests! It is better to move the money around. UOB has a current promotion giving a maximum of 1.2% per annum for 2 months. Yes, the short term interest rates given is dependent on the amount you put in. Anything above $50K gives you 0.9% and anything above $100K gives you 1.1%. Hence, for comparison purposes, I have intentionally used the figure of $100,001. The interest rates for the 2 months of promotion should be: 100,001 times 0.012 divided by 6 (as this interest rate is only paid for 2 months out of 12 months) = $200. If you have larger amounts to set aside for 2 months, it will of course, make even more financial sense. On top of that, if you put in $50K of additional funds, you also get $50 worth of CapitaVouchers. If you put in $100K, you will get $100 CapitaVouchers posted to you. I never say no to a good offer.  www.uob.com.sg/personal/promotions/deposits/2014/index.htmlTypical bank rates: www.dbs.com.sg/personal/deposit/rates/default.page |
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casey
Junior Member
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Post by casey on Sept 6, 2014 8:44:10 GMT 7
Just to add that u can get another $50 NETS FlashPay card if you earmark another $50k, on top of the CapitaMalls vouchers: www.uob.com.sg/personal/promotions/deposits/2014/golden-jubilee.htmlNETS FlashPay is as good as cash, since u can refund the amount into your account via the ATM. I know becos I got both Both UOB & StandChart (eSaver) have been doing this incremental top-up promotion for some time. I now manage my cash by rotating between these 2 banks, so that I get fixed deposit rates with no tie-up. |
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Post by oldman on Sept 6, 2014 14:20:14 GMT 7
I did not know this. Thanks for letting me know and I will certainly look out for the additional gift in the post. Ha, maybe one day I will bump into you in one of those banks! Just to add that u can get another $50 NETS FlashPay card if you earmark another $50k, on top of the CapitaMalls vouchers: www.uob.com.sg/personal/promotions/deposits/2014/golden-jubilee.htmlNETS FlashPay is as good as cash, since u can refund the amount into your account via the ATM. I know becos I got both Both UOB & StandChart (eSaver) have been doing this incremental top-up promotion for some time. I now manage my cash by rotating between these 2 banks, so that I get fixed deposit rates with no tie-up. |
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Post by om on Sept 7, 2014 0:31:41 GMT 7
In the uob link, it says 1.1% pa for above $100k, I didn't see the 2 mths. Is this only mention when one check over bank counter for more information.
and assuming if one does not have cheque facility from uob, in future, what is the easiest way to transfer say $100k out to another bank without incurring charges? Thanks.
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Post by oldman on Sept 7, 2014 6:31:07 GMT 7
Nowadays, internet banking allows one to transfer funds from one bank to another. Yes, it does not state clearly in the brochures that it is only for 2 months and I only found that out when I went to the bank branch. Also, I think it is safer to go the branch as one has to fill in a form first. Previously, UOB had an offer for a small gold bar if you added in money to your account and I simply topped up my account and filled in a form online. Well, I never received anything. So, this time, I decided to there physically to sign the form and lodge a cheque at the same time. In the uob link, it says 1.1% pa for above $100k, I didn't see the 2 mths. Is this only mention when one check over bank counter for more information. and assuming if one does not have cheque facility from uob, in future, what is the easiest way to transfer say $100k out to another bank without incurring charges? Thanks. |
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Post by oldman on Sept 7, 2014 9:30:44 GMT 7
I was told that one should also consider CIMB. Their usual rates for 24 months fixed deposit is 0.9% and they currently have a promotion for 1.25% pa. Just that they only have 2 branches and I am not sure if their internet banking allows easy access and transfer of funds. Anyone with any experience banking with CIMB? www.cimbbank.com.sg/index.php?tpt=cimb_sg&tpl=sgdfdIn the uob link, it says 1.1% pa for above $100k, I didn't see the 2 mths. Is this only mention when one check over bank counter for more information. and assuming if one does not have cheque facility from uob, in future, what is the easiest way to transfer say $100k out to another bank without incurring charges? Thanks. |
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Post by zuolun on Sept 7, 2014 9:58:48 GMT 7
oldman, Phillip's Money Market Fund offers higher interest rates, I parked some spare cash in its SGD MMF since 2008. If you have extra cash sitting in the bank earning 0.05% per annum, this means that if you put in $100,001 for a year, the bank will give you interests of just $50! Yes, this is one entire year's worth of interests! It is better to move the money around. UOB has a current promotion giving a maximum of 1.2% per annum for 2 months. Yes, the short term interest rates given is dependent on the amount you put in. Anything above $50K gives you 0.9% and anything above $100K gives you 1.1%. Hence, for comparison purposes, I have intentionally used the figure of $100,001. The interest rates for the 2 months of promotion should be: 100,001 times 0.012 divided by 6 (as this interest rate is only paid for 2 months out of 12 months) = $200. If you have larger amounts to set aside for 2 months, it will of course, make even more financial sense. On top of that, if you put in $50K of additional funds, you also get $50 worth of CapitaVouchers. If you put in $100K, you will get $100 CapitaVouchers posted to you. I never say no to a good offer. www.uob.com.sg/personal/promotions/deposits/2014/index.htmlTypical bank rates: www.dbs.com.sg/personal/deposit/rates/default.page |
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casey
Junior Member
Posts: 6
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Post by casey on Sept 8, 2014 7:44:53 GMT 7
om, UOB Internet Bank transfer daily limit is $10k and $100k for normal/privileged accounts respectively. The other way to transfer out money would be to get a cashier's order from the counter, which is free if it's paid to yourself. oldman, u need to fill up 2 forms for the 2 different gifts. The reason why u didn't receive the gold bar is because all the gifts require the "earmarking" of funds (ie. you cannot withdraw the earmarked amount for 2 mths). The forms you fill give them the permission to earmark. As for CIMB, they do have Internet transfer (FAST too), with a daily limit of 25k. CIMB has an account called "StarSaver" that pays 0.8% (no lock-in) and comes with a cheque book. You can use it with CIMB Securities to do cash upfront trading, with a brokerage fee of 0.12% (min $12) until October, or 0.18% (min $18) thereafter. Shares bought with CIMB's cash upfront goes to your CDP: www.itradecimb.com.sg/app/home/PromoPage-CUT/index.htmlBetter stop here. I feel like a bank/brokerage representative already |
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Post by om on Sept 8, 2014 8:00:40 GMT 7
Thanks Casey, looks like good old cheque is still the way to go. i will stick with local banks, not adventurous to park $ with foreign one after the last great crash. But that's just me. |
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Post by oldman on Sept 8, 2014 8:10:59 GMT 7
Just found out that UOB may have a better offer: 1.25% for 15 month FD account. This is much better than having to move money around all the time. www.uob.com.sg/personal/deposits/fixed/singapore_fixed_deposit.htmlRather embarrassed to say that for the past few years, I simply left the money in other banks like DBS as I thought that all the banks will offer quite similar rates. The interest rates that I was getting was much much lesser that that offered by UOB. Moral of the story is that one is better to always shop around for the best deposit rates. www.dbs.com.sg/personal/deposit/rates/default.pagewww.dbs.com/ratesonline/Pages/fdsgd.aspxom, UOB Internet Bank transfer daily limit is $10k and $100k for normal/privileged accounts respectively. The other way to transfer out money would be to get a cashier's order from the counter, which is free if it's paid to yourself. oldman, u need to fill up 2 forms for the 2 different gifts. The reason why u didn't receive the gold bar is because all the gifts require the "earmarking" of funds (ie. you cannot withdraw the earmarked amount for 2 mths). The forms you fill give them the permission to earmark. As for CIMB, they do have Internet transfer (FAST too), with a daily limit of 25k. CIMB has an account called "StarSaver" that pays 0.8% (no lock-in) and comes with a cheque book. You can use it with CIMB Securities to do cash upfront trading, with a brokerage fee of 0.12% (min $12) until October, or 0.18% (min $18) thereafter. Shares bought with CIMB's cash upfront goes to your CDP: www.itradecimb.com.sg/app/home/PromoPage-CUT/index.htmlBetter stop here. I feel like a bank/brokerage representative already |
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Post by stevenlsf on Sept 18, 2014 20:44:44 GMT 7
om, UOB Internet Bank transfer daily limit is $10k and $100k for normal/privileged accounts respectively. The other way to transfer out money would be to get a cashier's order from the counter, which is free if it's paid to yourself. oldman, u need to fill up 2 forms for the 2 different gifts. The reason why u didn't receive the gold bar is because all the gifts require the "earmarking" of funds (ie. you cannot withdraw the earmarked amount for 2 mths). The forms you fill give them the permission to earmark. As for CIMB, they do have Internet transfer (FAST too), with a daily limit of 25k. CIMB has an account called "StarSaver" that pays 0.8% (no lock-in) and comes with a cheque book. You can use it with CIMB Securities to do cash upfront trading, with a brokerage fee of 0.12% (min $12) until October, or 0.18% (min $18) thereafter. Shares bought with CIMB's cash upfront goes to your CDP: www.itradecimb.com.sg/app/home/PromoPage-CUT/index.htmlBetter stop here. I feel like a bank/brokerage representative already Never know that CIMB gives such good interest. All the while I park my money for investment with Phillip Security S$MMF with about 0.4% interest and I though it is already quite high with such liquid. Looks this CIMB + iTrade is better one. |
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Post by odie on Sept 18, 2014 20:52:00 GMT 7
om, UOB Internet Bank transfer daily limit is $10k and $100k for normal/privileged accounts respectively. The other way to transfer out money would be to get a cashier's order from the counter, which is free if it's paid to yourself. oldman, u need to fill up 2 forms for the 2 different gifts. The reason why u didn't receive the gold bar is because all the gifts require the "earmarking" of funds (ie. you cannot withdraw the earmarked amount for 2 mths). The forms you fill give them the permission to earmark. As for CIMB, they do have Internet transfer (FAST too), with a daily limit of 25k. CIMB has an account called "StarSaver" that pays 0.8% (no lock-in) and comes with a cheque book. You can use it with CIMB Securities to do cash upfront trading, with a brokerage fee of 0.12% (min $12) until October, or 0.18% (min $18) thereafter. Shares bought with CIMB's cash upfront goes to your CDP: www.itradecimb.com.sg/app/home/PromoPage-CUT/index.htmlBetter stop here. I feel like a bank/brokerage representative already Never know that CIMB gives such good interest. All the while I park my money for investment with Phillip Security S$MMF with about 0.4% interest and I though it is already quite high with such liquid. Looks this CIMB + iTrade is better one. i thought there are charges for cashier's orders? |
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Post by oldman on Sept 22, 2014 5:06:30 GMT 7
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Post by zuolun on Nov 3, 2014 10:09:50 GMT 7
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Post by oldman on Dec 16, 2014 11:36:00 GMT 7
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