Sunday 10 February 2013
RHB Chinese New Year Promotional Interest Rates
RHB is offering promotional interest rates of 1.18% p.a. for 12-month's fixed deposits this Chinese New Year for fresh funds of more than $100,000 only. The promotion is valid from 17th January to 28th February 2013. Nowadays, it seems like the banks are targeting only the cash-rich depositors as the minimum deposit amounts are increasingly higher. Are Singaporeans really getting richer and richer? Hmm...
Bank of China SGD 12-month Time Deposit
Bank of China is offering up to 1.2% p.a. for SGD time deposits from 18th February 2013 for a limited period only. Only fresh funds are eligible for these rates.
For amounts from $50,000 to $199,999, the interest rate is 1.16% p.a.
For amounts from $200,000 to $499,999, the interest rate is 1.18% p.a.
For amounts above $500,000, the interest rate is 1.20% p.a.
Please refer to the website for more details.
For amounts from $50,000 to $199,999, the interest rate is 1.16% p.a.
For amounts from $200,000 to $499,999, the interest rate is 1.18% p.a.
For amounts above $500,000, the interest rate is 1.20% p.a.
Please refer to the website for more details.
Sunday 3 February 2013
CIMB Deposit Promotions
CIMB usually offers one of the most attractive deposit rates in town.
This Step Up Fixed deposit that they are offering is very similar to the one that Standard Chartered Bank is offering, except that the tenure is much shorter, 12 months instead of 36 months. For a minimum deposit of S$10,000, you will enjoy interest rates, starting from 0.5% p.a. in Month 1 to a maximum of 1.6% p.a. in Month 12. Basically, that means a step up rate of 0.1% every month. The average interest rate for the deposit tenure is 1.05% p.a. if the account is held to account maturity date.
The great thing about it is that it gives the flexibility to withdraw your funds at anytime, preferably at the cycle maturity dates, so that you can earn the interest for that particular cycle.
For more details on the CIMB SGD Step Up Fixed Deposits, please click on the link.
This Step Up Fixed deposit that they are offering is very similar to the one that Standard Chartered Bank is offering, except that the tenure is much shorter, 12 months instead of 36 months. For a minimum deposit of S$10,000, you will enjoy interest rates, starting from 0.5% p.a. in Month 1 to a maximum of 1.6% p.a. in Month 12. Basically, that means a step up rate of 0.1% every month. The average interest rate for the deposit tenure is 1.05% p.a. if the account is held to account maturity date.
The great thing about it is that it gives the flexibility to withdraw your funds at anytime, preferably at the cycle maturity dates, so that you can earn the interest for that particular cycle.
For more details on the CIMB SGD Step Up Fixed Deposits, please click on the link.
Wednesday 30 January 2013
ICICI Bank SGD Fixed deposits
If you have more than S$100,000 cash lying around, you can consider placing an SGD, USD or AUD fixed deposit with ICICI Bank, which is an Indian bank. Temasek owns a small stake in this one. I saw recently that ICICI had just set up an ATM machine at Dhoby Ghaut MRT station and it is slowly making its presence felt here in Singapore. It mainly caters to overseas Indian nationals working here and those who want to make their money work harder for them.
Interest rates offered are as follows:-
Check out the bank website for more details.
Interest rates offered are as follows:-
| Tenure | SGD | USD | AUD |
| 6 months | 0.60% | 1.40% | 4.30% |
| 9 months | 0.75% | 1.70% | 4.55% |
| 12 months | 1.25% | 2.35% | 5.05% |
| 24 months | 1.50% | 2.60% | 5.15% |
| 36 months | 1.75% | 2.85% | 5.40% |
Check out the bank website for more details.
Monday 28 January 2013
Standard Chartered Bonus$aver Account
This is one innovative product by Standard Chartered bank to capture deposits as well as minimum credit/debit card spendings by customers. This product has been launched for several months already.
Basically, for a minimum monthly spending of $500 on your Bonus$aver credit/debit card, you are entitled to earn a 1.88% p.a. interest on your deposits, up to a maximum deposit of $25,000. That's $470 a year, which translates to $39 per month. Not too bad considering the low interest rates out there. $500 is not too hard to hit if you charge everything to one card and I am quite sure that many of us out there spend more than $500 per month on our cards. This is currently one product that I am using to stretch my savings.
Stanchart is now having a promotion. If you sign up now, you will receive $100 credit card cashback for a deposit of any amount or a $200 credit card cashback for a minimum deposit of $50,000 and an American Tourister luggage bag if you are a new customer. This promotion ends on 31 January 2013. Please refer to the Standard Chartered Bank Bonus$aver Account link for more details.
Basically, for a minimum monthly spending of $500 on your Bonus$aver credit/debit card, you are entitled to earn a 1.88% p.a. interest on your deposits, up to a maximum deposit of $25,000. That's $470 a year, which translates to $39 per month. Not too bad considering the low interest rates out there. $500 is not too hard to hit if you charge everything to one card and I am quite sure that many of us out there spend more than $500 per month on our cards. This is currently one product that I am using to stretch my savings.
Stanchart is now having a promotion. If you sign up now, you will receive $100 credit card cashback for a deposit of any amount or a $200 credit card cashback for a minimum deposit of $50,000 and an American Tourister luggage bag if you are a new customer. This promotion ends on 31 January 2013. Please refer to the Standard Chartered Bank Bonus$aver Account link for more details.
Tuesday 15 January 2013
Lunar New Year Promotions to Welcome the Year of the Snake
In case you have some money on hand and looking to earn more interest on your deposits, you might be interested in some of the bank deposit promotions by our local banks. All these are pretty good deals but which ever one you choose to go with depends very much on the quantum and amount of time you can keep the funds locked up.
OCBC Promotion
OCBC is having a Lunar New Year Promotion now. If you apply for either of the following Higher-Interest Deposit Account, Bonus+ Savings Account or Premier Dividend+ Savings Account (for Premier Banking customers only).
For the Bonus+ Savings Account, when you deposit a minimum of S$10,000 into the account, the deposits will earn you the interest rate of 1.8% p.a. If you deposit a minimum of S$50,000, you will receive a limited edition NETS Flashpay card with a stored value of S$38 (for the first 1,800 eligible customers).
For the Premier Dividend+ Savings Account, when you deposit a minimum of S$100,000, you will earn an interest rate of 2.0% p.a. If you deposit a minimum of S$350,000, you will receive an exclusive Cashcard gift set with a total stored value of S$302 (for the first 300 eligible customers).
For both of these accounts, if withdrawals are made within the month, you will receive only 0.2% p.a. (base interest rate) for that month. If no withdrawals are made, you will receive 0.4% p.a. (0.2% base interest and 0.2% bonus interest). If no withdrawals are made in the quarter, an additional 1.4% quarterly bonus on top of the 0.4% p.a. will be received in the 3rd month, totalling 1.8% p.a. The amount placed will be earmarked for a period of 6 months from the date of placement.
OCBC also has a Time Deposit offer. Regular customers will earn an interest of 1% p.a. with a 12-month Time Deposit with a minimum deposit of S$20,000. For Premier Banking customers, a 12-month time deposit will earn them an interest of 1.08% p.a. with a minimum deposit of S$50,000.
UOB is also having a deposits promotion offering up to 1.0% p.a. plus limited edition medallions and lucky dip prizes for fresh fund deposits. Early bird gifts are offered for minimum deposits of S$48,000 (999 Fine Silver-plated Medallion worth S$208) and minimum deposits of S$138,000 (999.9 Fine Gold-plated Medallion worth S$308). For fresh funds amounts from S$10,000 to S$50,000, additional interest rates of 0.7% on top of prevailing rates of 0.1% p.a. are being offered. For amounts above S$50,000 to S$100,000, additional 0.8% p.a. is offered while for amounts above S$100,000, additional rate of 0.9% p.a. is offered. Hence, depositors can get up to 1.0% p.a. (maximum total interest rate). 0.9% p.a. (additional interest rate) + 0.1% (prevailing interest rate) assuming a deposit of above S$100,000. To qualify for the medallion coin, the fresh funds have to be earmarked for 3 months from the date of deposit.
For new deposits of at least S$10,000, you can stand to win prizes including New Moon Abalone sets, restaurant vouchers and more. This promotion for UOB Passbook Savings and Uniplus Account ends 29 February 2013. For more details, please refer to the UOB website.
Standard Chartered Bank Promotion
Standard Chartered Bank also has a new Step-Up Time Deposit promotion for the Lunar New Year. The total tenure is 36 months. For the initial 6 months, 1.08% p.a. interest will be earned. There is a step up in the interest rate once every 6 months to 1.18%, 1.28%, 1.38%, 1.48% and then to 1.68% for months 31 to 33 and then finally to 2.58% p.a. In addition, for a minimum of S$88,000 in fresh funds, you will receive a 24K gold-plated medallion. This deposit structure is similar to the ones that were offered in the last quarter of last year to depositors. Interest will be paid every 3 months and depositors are allowed to make withdrawals on each cycle maturity date (ie. every 3 months) without penalty. However, if any withdrawals are made in the first 3 months upon placement of deposits, an administrative fee of S$250 per account will be charged.
The average interest rate for the Contractual Tenor is 1.42% p.a. if the Account is held to Account Maturity Date. For more details, please refer to the Standard Chartered Bank website. Please refer to the Standard Chartered Bank website for more details.
OCBC Promotion
OCBC is having a Lunar New Year Promotion now. If you apply for either of the following Higher-Interest Deposit Account, Bonus+ Savings Account or Premier Dividend+ Savings Account (for Premier Banking customers only).
For the Bonus+ Savings Account, when you deposit a minimum of S$10,000 into the account, the deposits will earn you the interest rate of 1.8% p.a. If you deposit a minimum of S$50,000, you will receive a limited edition NETS Flashpay card with a stored value of S$38 (for the first 1,800 eligible customers).
For the Premier Dividend+ Savings Account, when you deposit a minimum of S$100,000, you will earn an interest rate of 2.0% p.a. If you deposit a minimum of S$350,000, you will receive an exclusive Cashcard gift set with a total stored value of S$302 (for the first 300 eligible customers).
For both of these accounts, if withdrawals are made within the month, you will receive only 0.2% p.a. (base interest rate) for that month. If no withdrawals are made, you will receive 0.4% p.a. (0.2% base interest and 0.2% bonus interest). If no withdrawals are made in the quarter, an additional 1.4% quarterly bonus on top of the 0.4% p.a. will be received in the 3rd month, totalling 1.8% p.a. The amount placed will be earmarked for a period of 6 months from the date of placement.
OCBC also has a Time Deposit offer. Regular customers will earn an interest of 1% p.a. with a 12-month Time Deposit with a minimum deposit of S$20,000. For Premier Banking customers, a 12-month time deposit will earn them an interest of 1.08% p.a. with a minimum deposit of S$50,000.
Promotion commences on 7 January 2013 and ends on 28 February 2013.
UOB PromotionUOB is also having a deposits promotion offering up to 1.0% p.a. plus limited edition medallions and lucky dip prizes for fresh fund deposits. Early bird gifts are offered for minimum deposits of S$48,000 (999 Fine Silver-plated Medallion worth S$208) and minimum deposits of S$138,000 (999.9 Fine Gold-plated Medallion worth S$308). For fresh funds amounts from S$10,000 to S$50,000, additional interest rates of 0.7% on top of prevailing rates of 0.1% p.a. are being offered. For amounts above S$50,000 to S$100,000, additional 0.8% p.a. is offered while for amounts above S$100,000, additional rate of 0.9% p.a. is offered. Hence, depositors can get up to 1.0% p.a. (maximum total interest rate). 0.9% p.a. (additional interest rate) + 0.1% (prevailing interest rate) assuming a deposit of above S$100,000. To qualify for the medallion coin, the fresh funds have to be earmarked for 3 months from the date of deposit.
For new deposits of at least S$10,000, you can stand to win prizes including New Moon Abalone sets, restaurant vouchers and more. This promotion for UOB Passbook Savings and Uniplus Account ends 29 February 2013. For more details, please refer to the UOB website.
Standard Chartered Bank Promotion
Standard Chartered Bank also has a new Step-Up Time Deposit promotion for the Lunar New Year. The total tenure is 36 months. For the initial 6 months, 1.08% p.a. interest will be earned. There is a step up in the interest rate once every 6 months to 1.18%, 1.28%, 1.38%, 1.48% and then to 1.68% for months 31 to 33 and then finally to 2.58% p.a. In addition, for a minimum of S$88,000 in fresh funds, you will receive a 24K gold-plated medallion. This deposit structure is similar to the ones that were offered in the last quarter of last year to depositors. Interest will be paid every 3 months and depositors are allowed to make withdrawals on each cycle maturity date (ie. every 3 months) without penalty. However, if any withdrawals are made in the first 3 months upon placement of deposits, an administrative fee of S$250 per account will be charged.
The average interest rate for the Contractual Tenor is 1.42% p.a. if the Account is held to Account Maturity Date. For more details, please refer to the Standard Chartered Bank website. Please refer to the Standard Chartered Bank website for more details.
Sunday 13 January 2013
eMySavings Account+ Promotion
Happy New Year everyone! This is my inaugural post for this blog and I hope that I am able to share what I know with the rest of the you folks out there who are striving to save your hard earned dollars and stretch your every cent in this environment of economic uncertainty and high inflation.
There is a new eMySavings Account + ("eMSA+") savings promotion advertised by POSB/DBS on Sunday Times today. At initial glance, it caught my eye and was providing a very attractive savings reward of 3.0% p.a. from 11 Jan to 25 June 2013 (and 1.5% p.a. from July 2013 onwards) for new monthly deposits of between S$800 - S$5000. It is primarily aimed at encouraging depositors to save regularly by depositing a regular amount each month.
To be eligible for the savings award, your eMSA+ must:
- have successful crediting of the monthly savings amount over 6 consecutive months and
- no withdrawals made over the same 6 consecutive months
These are applicable for monthly savings amount of S$800 to S$5,000 and depositors will receive a base interest on the account balance balance and an additional savings award on top of the monthly savings amount.
Please refer to POSB website link below for more details.
http://www.posb.com.sg/personal/deposit/e-msa/default.page?pid=posb_pweb_homepage_bnr_deposit_emsa
This is also available to DBS bank clients.
Depositors will receive the savings award of 3% p.a. for the first 6 months and 1.5% p.a. for the subsequent 6 months on NEW deposits only. I did a rough calculation assuming $1,000 was deposited on 31 Jan 13 and 3% p.a. savings award in the first month and 0.25% base interest was earned each month, the effective interest rate for the year will be approximately 0.48% p.a.
You will earn 0.05% p.a. if there’s an unsuccessful crediting of your monthly savings amount, withdrawal made or your account is closed during the month.
This savings product may be considered a "pseudo" fixed deposit for a term of 6 months. In recent months, local banks have come up with many varying products in a bid to attract "sticky" deposits. "Sticky" deposits are deposits which stay with the bank for long periods of time at low interest rates after their attractive introductory rates. Depositors tend to be LAZY and not wanting to move their deposits to another bank offering much better rates (just like my LAZY husband!). In a promotion that ended last month, Standard Chartered Bank came up with step-up deposits with sub-tenures of 3 months within longer tenures like 2 or 3 years to give flexibility to depositors. I am expecting more promotions coming up and do make use of them if they make sense / "cents" to you.
It might be worth your while to check out CIMB StarSaver account which is also a regular savings account and will earn you 0.8% p.a. with S$500 or more savings per month
http://www.cimbbank.com.sg/index.php?ch=sg_per_st&pg=sg_per_st_cur&ac=12&tpt=cimb_sg#
if you are looking for a regular savings account. Otherwise, please look out for the next deposit promotion that comes along.
There is a new eMySavings Account + ("eMSA+") savings promotion advertised by POSB/DBS on Sunday Times today. At initial glance, it caught my eye and was providing a very attractive savings reward of 3.0% p.a. from 11 Jan to 25 June 2013 (and 1.5% p.a. from July 2013 onwards) for new monthly deposits of between S$800 - S$5000. It is primarily aimed at encouraging depositors to save regularly by depositing a regular amount each month.
To be eligible for the savings award, your eMSA+ must:
- have successful crediting of the monthly savings amount over 6 consecutive months and
- no withdrawals made over the same 6 consecutive months
These are applicable for monthly savings amount of S$800 to S$5,000 and depositors will receive a base interest on the account balance balance and an additional savings award on top of the monthly savings amount.
Please refer to POSB website link below for more details.
http://www.posb.com.sg/personal/deposit/e-msa/default.page?pid=posb_pweb_homepage_bnr_deposit_emsa
This is also available to DBS bank clients.
Depositors will receive the savings award of 3% p.a. for the first 6 months and 1.5% p.a. for the subsequent 6 months on NEW deposits only. I did a rough calculation assuming $1,000 was deposited on 31 Jan 13 and 3% p.a. savings award in the first month and 0.25% base interest was earned each month, the effective interest rate for the year will be approximately 0.48% p.a.
You will earn 0.05% p.a. if there’s an unsuccessful crediting of your monthly savings amount, withdrawal made or your account is closed during the month.
This savings product may be considered a "pseudo" fixed deposit for a term of 6 months. In recent months, local banks have come up with many varying products in a bid to attract "sticky" deposits. "Sticky" deposits are deposits which stay with the bank for long periods of time at low interest rates after their attractive introductory rates. Depositors tend to be LAZY and not wanting to move their deposits to another bank offering much better rates (just like my LAZY husband!). In a promotion that ended last month, Standard Chartered Bank came up with step-up deposits with sub-tenures of 3 months within longer tenures like 2 or 3 years to give flexibility to depositors. I am expecting more promotions coming up and do make use of them if they make sense / "cents" to you.
It might be worth your while to check out CIMB StarSaver account which is also a regular savings account and will earn you 0.8% p.a. with S$500 or more savings per month
http://www.cimbbank.com.sg/index.php?ch=sg_per_st&pg=sg_per_st_cur&ac=12&tpt=cimb_sg#
if you are looking for a regular savings account. Otherwise, please look out for the next deposit promotion that comes along.
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