money not worth putting in bank
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Eh.. maybe this is common knowledge or i'm dumb or smth, but i just finally bother checking on inflation vs interest rates in the bank last nite.
why is singapore's inflation at 1.7% (2004), while DBS/POSB's savings account interest rate is at 0.25%?? Dammit, that means every year that people put money in the bank you are actually losing money....
like i said, maybe i'm just slow and this is common knowledge, but its still very irritating.... -
At least the bank can give you some protection from burglars.
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a basic theory bank earns money using your money
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0.25% is better than nothing if you keep in a tin?Originally posted by laser51088:Eh.. maybe this is common knowledge or i'm dumb or smth, but i just finally bother checking on inflation vs interest rates in the bank last nite.
why is singapore's inflation at 1.7% (2004), while DBS/POSB's savings account interest rate is at 0.25%?? Dammit, that means every year that people put money in the bank you are actually losing money....
like i said, maybe i'm just slow and this is common knowledge, but its still very irritating.... -
there are other banks offering better than 0.25%...check them outOriginally posted by pqr:0.25% is better than nothing if you keep in a tin? -
i usually bury them in my backyard...and water them 3 times everyday....
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the best thing to do is buy a bank share.
the returns are much much higher. -
yaps~
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time is money...travelling to the bank need money...so if you deposit shit amounts....you get shit interest.
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Originally posted by Mospeada:i usually bury them in my backyard...and water them 3 times everyday....
me too..so did u reap off anything u grow yet? -
deposit in Singapore Pools then...
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Actually you can earn the whole 0.25% without suffering inflation, just don't buy anything lorOriginally posted by laser51088:Eh.. maybe this is common knowledge or i'm dumb or smth, but i just finally bother checking on inflation vs interest rates in the bank last nite.
why is singapore's inflation at 1.7% (2004), while DBS/POSB's savings account interest rate is at 0.25%?? Dammit, that means every year that people put money in the bank you are actually losing money....
like i said, maybe i'm just slow and this is common knowledge, but its still very irritating....
Seriously, like what the other forumite says, buys the bank's shares & u'll make more now financial sector is on the boom. -
Typical way to get higher interest but still must guarantee principal amount is to go for Fixed Deposit. I know of Hong Leong offering 1.3125 + 0.25(promotion) for a 10K 12 month period. It is little but at least it is better than the bank rates.
For those more willing to commit more years, there are so called endowment policy with interest tag to it. Downside is tie you down for 3 - 5 years etc. The protection is basically death and permanent disability not much. This may get you maybe 3 - 4% at the end of 5 yrs period. There are also those long term playing like asset guaranteed plan etc but first need ask yourself you can wait 20 - 25 yrs?
For ppl looking for a quick returns then should go for shares, funds, bonds etc etc.... however those do not guarantee your principal amount.
My conclusion: If my money confirm won't take out, can take out those mid-term endowment policies. If my money confirm won't take out for 1 yr then go for those short term FD. If I want a sum of money at 20 - 25 yrs mark, go for those long term policy.
On top of above, can also try to play a bit of shares or invest in funds. It is always good to put your eggs in many baskets. So for those high risk even if lose not so bad still got those cash in FD and policies.
I am not a financial planner but just a normal citizen doing my own personal way of planning. Others may differ. -
secret...cannot tell u...Originally posted by snop_coolz:
me too..so did u reap off anything u grow yet?
what if later u rob me..how? -
money plant .
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singapore bank lousy.... other countries' bank pay you interest to put money in their bank, sg bank deduct your money when you put it in their bank...
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i put a lot there but have problem with the 4-digit pin required to withdraw the money.Originally posted by kaobeikaobu:deposit in Singapore Pools then...
i try to guess it every draw but still havent got it right. -
FD RATES ARE RISING!!!!
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FD RATES ARE RISING!!!!
But still not good enuff as compared to those rates 10+ yrs ago -
put yr money in yr church if u christian. its growing interest in heaven.
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Yup, interest rates are rising. think by 2006 mid, should reach 2% max. but will never reach 5-7% in the heydays 15+ years ago.
I got the UOB global titans. Hope can get average of 5-7% for the 4 yrs i put there.