Category Archives for Savings
Maybank Islamic Term Deposit-i
Maybank has just launched a Singapore Dollar Islamic term deposit called the Deposit-i. This is the first Islamic deposit in Singapore for retail clients. Maybank’s Islamic Term Deposit-i is based on the Islamic financial principle of Murabaha involving the sale of commodities at a marked-up price between Maybank and you. Profits are determined before placement […]
MAS Reviews Deposit Insurance to Give Consumers More Protection
Last week, MAS announced that they will be doing a review of the current deposit insurance scheme. Back when the deposit insurance scheme was started in April 2006, it targeted to fully insure the deposits of 80-90% of individual depositors. A limit of $20,000 per individual depositor per institution was set, allowing 87% of individual […]
DBS and POSB to Cut Savings Interest Rate
Starting from yesterday, interest rates on the savings accounts at both DBS and POSB will be reduced. The interest rate for the first $50k held at PSOB will be cut from 0.25% to 0.125% while DBS Savings Plus account holders will get 0.1% for the first $50k. Rates at other banks are similarly low. For […]
CIMB FD Promotion
I saw this banner of a CIMB Bank fixed deposit promotion and thought of sharing the details here with you. These are the terms: Interest: 1.8% p.a. for 12-month SGD or 1.5% p.a. for 3-month SGD Minimum amount of $10k only Available to both new and existing customers Falls under the Singapore Governments guarantee until […]
FD Marketing Gimmick
My mum was asking me about a 3% p.a. FD rate that she saw in the newspapers the other day. The minimum sum required was $40,000. 3% for a fixed deposit at this time? Surely there was a catch. To be precise, the rate she saw was 3.08% p.a. The deal was too good to […]