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DBS and POSB cut savings rates
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watchlist
Member |
01-Jul-2009 17:14
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If they could, they would not be shy to say 0% interest rate...... Dont park your money in bank.... use it to invest wisely... |
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poboxfor
Member |
01-Jul-2009 17:03
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So far I know the following best rates around (with no bond nor minimum amount): StandChart-eSaver : 0.4% per annum OCBC-NTUC Fairplus Savings : 0.5% per annum Fundsupermart-Cash Fund : ~0.73% per annum POEMS? |
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TuaPekGong9413
Elite |
01-Jul-2009 16:43
Yells: "deity" |
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ya....they used to give 1% then when many got into it, they adjusted to 0.5....think sooner lor later will becum 0.25 | ||
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cathylmg
Elite |
01-Jul-2009 16:40
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Also you get penalty for not having the minimum amount in your account. Better off putting money in Phillips's trading account. Just use it for trading. They also pay you interest. Or if don't need money in the near future, just lock it up in a single premium insurance policy. Works like a fixed deposit. Higher interest and if you really really really need to take out just loan from your cash values.
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poboxfor
Member |
01-Jul-2009 16:37
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Yes, can't agree more and it beats putting 1 year of FD with minimum amount of $1k for POSB or $5k for UOB which earn only 0.45%. And your money is locked for 1 whole year! But it used to be 1%....
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TuaPekGong9413
Elite |
01-Jul-2009 16:24
Yells: "deity" |
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true.....so where u keep yr $ ? me keep it in a mthly saving acc by OCBC...rate is 1.68/annum |
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cathylmg
Elite |
01-Jul-2009 16:20
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That is why I don't leave much money with banks. You lend them money to make a profit by giving out loans and looks at what you get? | ||
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TuaPekGong9413
Elite |
01-Jul-2009 15:20
Yells: "deity" |
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so far only OCBC-NTUC fair plus card is the best....no minimum deposit, the rest all sucks | ||
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nickyng
Supreme |
01-Jul-2009 14:59
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haha....not really...Bank's Asset mgt team will do well :) u see more relationship manager hawking on those depositers for their $$ to "persuade" them to buy unit trust funds ! :D | ||
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trader88.sg
Veteran |
01-Jul-2009 14:49
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That means stocks and properties will do well. | ||
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nickyng
Supreme |
01-Jul-2009 14:31
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BAD news for the legions of savers already being squeezed by the meagre interest paid out on their deposits. Today, interest rates on the millions of savings accounts at both DBS Bank and POSB will be trimmed to levels not seen since 2005.POSB savings and passbook account holders, who previously got 0.25 per cent for the first $50,000, will now get just 0.125 per cent. | ||
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