Category Archive: Savings/FD

Jan
11
2011

HSBC Renminbi Fixed Deposit

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by Martin Lee

January 11, 2011

HSBS has started offering fixed deposits in Renminbi available to retail customers.

For a one year term, the interest rates ranges from 0.28% (<350,000 CNY) to 1.28% (>5 mil CNY) depending on the amount.

You can check the latest rate at the HSBC foreign currency fixed deposit page.

The Advance and Premier customers of HSBC would enjoy a higher interest rate for 3 or 6 month terms.

Deposits has to be made in a non-Renminbi currency which will be converted to the Renminbi based on the bank’s prevailing rate. Withdrawals has to be by way of foreign exchange conversion into non-rmb denominated currency.

Bank of China (BOC) also offers Renminbi deposits to retail customers on a limited scale.

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Sep
06
2010

Deposit Insurance Scheme Enhancements

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by Martin Lee

September 6, 2010

THE Monetary Authority of Singapore (MAS) announced on Friday that it will proceed to implement the revised deposit insurance plan following feedback from consumers and the industry.

From early next year, the scope of insurance coverage will be expanded from $20,000 to $50,000 for each depositor. This will cover 91 per cent of depositors under the scheme.

As part of the enhancement, other non-bank depositors, such as companies, will also have their deposits protected under the same deposit insurance scheme.

Currently all bank deposits here are 100% guaranteed till 31st Dec 2010 as part of an emergency guarantee proposed and implemented during the financial crisis of 2008.

Review of Deposit Insurance (DI) Scheme (MAS response to consultation)

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Feb
25
2010

Review of the Deposit Insurance Scheme in Singapore

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by Martin Lee

February 25, 2010

Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore.

bank deposit insurance schemeTwo key changes being proposed include raising the coverage limit from S$20,000 to S$50,000 and also to provide coverage beyond the deposits of individuals and charities, to other non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities.

The consultation paper can be found here:

Review of Deposit Insurance Scheme in Singapore

MAS invites interested parties to give their views and comments on the proposals contained in the Consultation Paper. Comments should be submitted to policy@mas.gov.sg by 26 March 2010.

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Dec
04
2009

Launch of NTUC Capital Plus (CPN16)

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by Martin Lee

December 4, 2009

NTUC Income just launched their latest tranche of Capital Plus yesterday.

Capital Plus CPN16 is a single premium non-participating plan which offers a guaranteed return of 1.6% p.a. for a 2 year term, available for new and exisiting policyholders. This means an initial investment of $10,000 will have a maturity value of $10323. indian coins

The minimum investment is $10000 and can only be bought using cash and funds from SRS.

Application will be closed once they have reached $25m or 14 Dec 2009, whichever is earlier. Application is on a first-come-first-serve basis.

For comparison, the current fixed deposit rates are as follows (figures provided by NTUC):

Bank

S$ Fixed Deposits,
Rates Per Annum

12-Mth

18-Mth

24-Mth
DBS

0.45%

0.60%

0.70%
OCBC

0.55%

0.60%

0.70%
UOB

0.45%

0.60%

0.70%
Citibank

0.45%

0.60%

0.70%
HSBC

0.48%

NA

NA
Maybank

0.88%

1.00%

1.00%
StandChart

0.35%

0.72%

0.76%
RHB

0.75%

0.88%

1.13%
Average

0.54%

0.71%

0.81%

The table doesn’t include CIMB which currently offers 1.2% for a 12-month fixed deposit and 1.4% for a 24-month fixed deposit.

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Oct
01
2009

CIMB StarSaver

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by Martin Lee

October 1, 2009

CIMB has officially launched its retail banking business in Singapore just a couple of days ago. It is currently handicapped as it can have only two branches here. This is because it has only a full banking licence and not a qualifying full bank licence (QFB), which would have allowed it to have branches and off-site ATMs at up to 25 locations.

Nevertheless, they have launched a couple of interesting products to compete with the other banks here.

The CIMB StarSaver online savings and current account is one of them and offers an attractive base interest rate of 0.5% p.a. If you maintain an increasing balance equivalent to increments of $500 each month, the interest rate rises to 1.2% p.a. on the entire balance.

The StarSaver account also provides cheque books for free.

There is a minimum deposit of $5000 required to open the CIMB StarSaver account. There is no fall below fee but if the account is closed within 6 months, a fee of $50 will be imposed.

CIMB also gives pretty decent rates for their fixed deposits. Currently, the promotional rates are at:

1.7% p.a. for 2 years

1.2% p.a. for 1 year

0.75% p.a. for 6 months

0.5% p.a. for 3 months

The minimum deposit required for these promotional time deposits is $10,000.

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Permanent link to this article: http://www.martinlee.sg/cimb-starsaver/

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