Local Banks revise interest rates wef Oct'11
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Originally posted by FireIce:
UOB too!
wef 12 Oct
http://www.uob.com.sg/assets/pdfs/deposit-account-revised.pdfit means u are screwed left right up down inside out no matter which bank.
everyone, get ready your biscuit tins!
queen fifi,
theres the foreign currency fixed deposit account from dbs /posb.
interest rates are 4%/year.
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aussie $$$ is 4%/yr.
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u dunno meh? the banks are flushed with money inside their vaults, hence the low or non-existent interest rates given for your savings account.
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they use our money to invest, gained at least 6%.
We gather our money in the bank, and we get back 0.00000001%. That is crap.
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Originally posted by Darkness_hacker99:
they use our money to invest, gained at least 6%.
We gather our money in the bank, and we get back 0.00000001%. That is crap.
that was in good times.like 2 years ago or 1 year ago inbterest rate was 7.2%/year if placed in bank for 5 years.damn should have put more in!!!!
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nobody park all their money in savings account as the interest thee banks gave out is as good as zero. you might as well park it in time deposit and other money market instruments to get higher returns. if you can stomach the volatility, go buy shares as it has tumbled quite a lot since August.
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Probably the local banks have too many cash in the vault.
Hence, reduce the interest rate to force pple to spend?
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in the 80s the banks do give out between 4-6% in savings account. in the 90s the banks are flushed with money and started giving out less. in the 2000s it is as good as negligible.
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Next time in future, local banks will say:
I KEEP THE MONEY FOR YOU FOC WITHOUT INTEREST.
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love in times of low interest rates...
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Originally posted by likeyou:
Next time in future, local banks will say:
I KEEP THE MONEY FOR YOU FOC WITHOUT INTEREST.
then let's start a SgF-bank, where we pay at least some and lend out at lower than current rates....profits will be lower than others, but shud still be good. Especially if everyone boycott.
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It was meant (saving account) for reduction of bills, bills and more bills.
Seem like every month, I have to park more and more money to pay off all those increasing bills.
Sigh!
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Is standard charted better than dbs?
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forcing ppl to go for FD and investment-linked products
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With interests rates so low, I need to shift my millions elsewhere :(
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Let's take a principal of SGD 100,000. Put in Singapore banks for 1 year and the interest of 0.05% will get you SGD 50 per annum (not factoring the cumulative effect yet). In Indonesia, that equivalent of money will get you SGD 8000 per annum.
So....suck it up, people.
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Time to change, and park at standchart
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used to park $ at SCB
until their interest drop like dunno watso moved everything out
left a few dollars in the acct just to spite them
they even called me to ask me how come so little $ inside
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Standchart? Don't stand a chance. Die cock standing.
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Originally posted by Rock^Star:
Standchart? Don't stand a chance. Die cock standing.
which bank do u prefer.
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is this ......
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bible? it cant even get the fact straight that the earth was round, not square.
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How come nobody talks abt buying bonds?
There are corporate bonds ranging from 2+% to 6+% for the more conservative savers.
Personally, I prefer stocks, but will look at bonds too.
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i look at boobs
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Originally posted by kilfer:
How come nobody talks abt buying bonds?
There are corporate bonds ranging from 2+% to 6+% for the more conservative savers.
Personally, I prefer stocks, but will look at bonds too.
Which bonds do you like, if you don't mind me asking?