information is wealth.
But cherub, you say, I thought u are a risk taker! I thought u always put your money in units trusts and shares.
Its always good to put some money in the most liquid investment, and Fixed Deposits offers slightly better rate than saving accounts, don't they? And with a few months of adjustment and planning, you can have a good financial plan of liquid fixed deposits.
Beside some pple just can't take risk. *stares at beloved mother*
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Read in the Straits Times a few weeks ago that "Bank of East Asia" (BEA) offers the highest interest rate in town, for a minimum $1,000 deposits. (thanks BeeKuan for the verification!)
1 month 1.56250%
3 months 1.68750%
6 months 1.75000%
9 months 1.78000%
12 months (forgot, but slightly higher than 1.78%)
I think most of our families put our fixed deposits with local banks and/or Hong Leong Finance (Singapore's largest finance companies) but their rates are really pathetic. The BEA's 1 mth interest is higher than HongLeong's 12 mths interest.
In fact, when I went to liquidate Hong Leong's fixed deposits, even their own tellers were surprised at the interest rates. They even asked me to verify that the rates are not investment-linked.
Oh pls.
For the higher-heeled.
Citibank offers 2.0% for $200,000 for 2 years Fixed Deposits.
If you prefer local banks (i always prefer Singapore institutions, support them because of national pride. lol), you can go to UOB.
UOB offers less than 2.0%, BUT...here's the trick.
Just go to any UOB branch, inform them of your plan, let them know that you are aware of Citibank's 2.0% rate for fixed deposit.
They will then match Citibank's rate.
Cherub says, support local business!!
Tips from Cherub
8 comments:
Hey! That's a good trick. Matching 2%. But does it apply to all branches?
tat I'm not too sure. i only got to know it from someone who did it.
But i suspect it applies to all branches, coz the branch manager would not be able to adjust the rate without permission from the top.
happy earning!
hehe. You're so cute!
Cherub Finance Pte Ltd sounds good by the way. =)
-chien
Yeah, i also have sub-companies like PigHead Retailing Pte Ltd, Artworks@LiftLobby Pte Ltd, and ViolenceFortheDay Pte Ltd.
:)
For the more adventurous, check out Singapore Government Securities (SGS). Backed by the Singapore Government.
Minimum amount is S$1000. Bonds are in 2-, 5-, 7- and 10-year maturities. No commissions if you buy them at face during auction (non-competitive bid).
Yields for the 2-year issue are around 2.09%. The 5-year is yielding 2.70% as of March 2005.
hey Knight,
where and how do u buy those bonds? more info! :)
You can buy SGS at the primary auctions via any of the primary dealers.
You should be able to buy them in the secondary market from the dealers as well, but you would have to pay a commission which will reduce your yield.
This is not a high-commission product so do not expect your neighbourhood bank teller to know about it. I had to go to the treasury department of DBS's main office in Shenton to get the required forms and set up my SGS account.
Email me if you need more details.
okok..i will email u soon once i get my own finances right :P
thanks a lot!
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