Advice on banking
-
Hey everyone! I want to open another account with a bank besides my current posb savings one... Can anyone here recommend any bank that offers the best combo in turns of interest rates/perks/convenience etc...
Thanks
-
go website readOriginally posted by DriftingGuy:Hey everyone! I want to open another account with a bank besides my current posb savings one... Can anyone here recommend any bank that offers the best combo in turns of interest rates/perks/convenience etc...
Thanks -
I assume that you're talking about normal SGD account for the purpose of savings only.
Interest rates - all about the same lah, after all they follow prime rate. And if there are differences in interest rates, it'll be so slight that you won't see any difference unless your principal amount is really huge.
Perks - sorry, not familiar.
Convenience - POSB and DBS are most convenient to me because they have the most ATMs. But this is individual and it depends on where you live, etc. -
u can forget about interest rates
miserable until cannot miserable
i would recommend UOB bcos im with UOB!
accounts-wise nothing much lah......same loh....internet banking blah blah blah....
their credit cards comes with alotta perks and privileges...
Citibank oso good.....but min 5K to open savings account
their credit card and credit line oso bery strong
service bery good (if u look rich) -
Hey thanks for the input!
I was also thinking along the lines of UOB since next to DBS it has the next largest number of ATM machines... plus I also heard from a friend that it provides quite a lot of discounts for restaurants etc if you are a card holder... -
UOB definitely.. my parents love uob.. and i do too =D..
-
Interest rates leh, I have even forgotten their existence.
-
citibank and uob.
-
United Overseas Bank (UOB)
-
OCBC also not bad
has quite a no. of ATMs around the country too! -
How much savings do you have?
UOB has a FlexiDeposit account, which is basically the same as a generic savings account, except that it gives you a higher interest rate and comes without a passbook (it's statement-based).
BUT, you must have $5000 as the initial deposit, and then maintain an average daily balance of at least $3000 (or the mthly service charge will be levied).
They have a promotion for the FlexiDeposit account now... Can check out the UOB website.
And one thing to note is... OCBC's savings accounts require a minimum account balance of $1000 before they charge you a monthly fee, unlike the $500 of other local banks. -
im on this Flexi Deposit thingyOriginally posted by MooKu:How much savings do you have?
UOB has a FlexiDeposit account, which is basically the same as a generic savings account, except that it gives you a higher interest rate and comes without a passbook (it's statement-based).
that teeny weeny bit more interest is nothing much loh..... -
if u are using it for just savings and not touching it for quite a long time...i recommend finatiq
for sums of 5k and above the interest rate is 0.5%. this is relatively higher than other bank rates which is usually 0.125%. exception is maybank which offers 0.25%.
if u have less then 5k, fear not the 0.375% for finatiq is still higher
as mentioned above if u are not touching it for long time, u can place your money in a fd. intrest rates are 0.750% for a 6-mth term. this is again higher then say other banks which offer 0.5% with the exception of maybank at 0.625% and posb at 0.3750
for a fd deposit of 5k u can double your principle in 96years compared to 192years if u place it in posb.
the 'troublesome' thing is funding....u can find out more by doing a search -
aye for some people they just like having a slightly higher interest rate.Originally posted by FireIce:im on this Flexi Deposit thingy
that teeny weeny bit more interest is nothing much loh.....
and now if you put $5000 in your account, newly-opened or not (hey you qualify
), the bank will give you $50, provided you keep that $5000 in your account for 3 months. -
finatiq? hmmmmmmmmmmmmmmmmmmmmmmmm. *fiddles chin* i'll check it out!!
-
thats a 1percent gainOriginally posted by MooKu:aye for some people they just like having a slightly higher interest rate.
and now if you put $5000 in your account, newly-opened or not (hey you qualify), the bank will give you $50, provided you keep that $5000 in your account for 3 months. technically u have to keep the account for 6 months if not they slap u with a early clousre fee -
i signed up bcos that time i terminate my other account then this account jus launched....the bank lady say until like bery good like tt.....so i sui bian loh......Originally posted by MooKu:aye for some people they just like having a slightly higher interest rate.
and now if you put $5000 in your account, newly-opened or not (hey you qualify), the bank will give you $50, provided you keep that $5000 in your account for 3 months.
when i sign up tt time the interest rates do make some difference.....then bery soon it drop until so pathetic tt i dun bother to keep track....
i have dynamic income and expenses....quite hard to keep it constantly above 5k
me bery poor one u know -
Originally posted by MooKu:finatiq? hmmmmmmmmmmmmmmmmmmmmmmmm. *fiddles chin* i'll check it out!!
-
finatiq still alive sia.......
bery bery long ago got hear about it
then like dunno die to where liao.... -
yah good things travel through word of mouthOriginally posted by FireIce:finatiq still alive sia.......
bery bery long ago got hear about it
then like dunno die to where liao....
not through massive tv ads
as long as u dun buy their unit trusts can liao -
-
Hmmm, flexideposit $5000 initial deposit sounds quite steep... besides apart from the 'higher' interest rate it is the same as the other savings plan right? Or maybe i can first put in 5000 then take out 2000? Pardon my ignorance my banking knowledge not very zai
Hey that finatiq thingy sounds interesting doesnt sound very established... but may check it out
-
i dunno if u guys know or not, this bank called singapura finance. its fixed deposit for 1 month is 0.625%. last month it used to be as high as 1.3+%. i created a fixed dep acct with em last month for 1 month and then keep on rolling the principle and interest. anything i need the cash then i wait one month for the money to mature then withdraw. only disadvantage is u have to go down personally to the branch to do transactions.
http://www.singapurafinance.com.sg/webtop/LoanCalc/rates.phtml -
finatiq is wholly owned by ocbc...iircOriginally posted by DriftingGuy:Hmmm, flexideposit $5000 initial deposit sounds quite steep... besides apart from the 'higher' interest rate it is the same as the other savings plan right? Or maybe i can first put in 5000 then take out 2000? Pardon my ignorance my banking knowledge not very zai
Hey that finatiq thingy sounds interesting doesnt sound very established... but may check it out
anyway what is the purpose for this money? if u need frequent access to it its best u dump it in posb...since the frequent movement means u wun really get to 'enjoy' the interest rates -
yep it's the same, but you have to keep the $5000 there for 3 months in order to enjoy the $50 gift. oh, did i mention you can also get to buy the iPod shuffle at a discount of $49?Originally posted by DriftingGuy:Hmmm, flexideposit $5000 initial deposit sounds quite steep... besides apart from the 'higher' interest rate it is the same as the other savings plan right? Or maybe i can first put in 5000 then take out 2000? Pardon my ignorance my banking knowledge not very zai
Hey that finatiq thingy sounds interesting doesnt sound very established... but may check it out
peppermint is right, if the account's money is meant for spending, it's better to put it in a normal savings account. Unless you have thousands of savings and the account is meant for savings only, it's wiser to open a normal savings account. I know of alot of people who unknowingly spend and spend without realizing their account balance has fallen below the minimum, then they get very unhappy when they finally see how much in charges has been deducted.