Which bank to put money in?

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Which bank to put money in?

Postby winth » Wed Mar 11, 2009 1:11 pm

We've been putting our monthly cash savings into DBS MySavings account due to the higher interest rates plus it's really a great way to put our money aside where it locks it up safely in our bank. You can't even transfer cash out using ibanking system.

It used to offer 1-1.5% for monthly cash deposits, depending on the amount you commit to save.

But now, 2 March onwards, it will decrease all the way to 0.4-0.6% liao. So there goes my monthly lump sum interest.

Now where to put my savings in for higher interest rates? Anyone can advise?

winth
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Postby caroline3sg » Wed Mar 11, 2009 2:09 pm

all banks are the same, it came out in the papers regarding the downward adjustment in interest rates. DBS, UOB, OCBC, HSBC all 0.55%.

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Postby mintcc » Wed Mar 11, 2009 2:12 pm

yeah, I put my money there too... :( now the only place I can think of that give higher is fundsupermart's cash fund at 0.79% but then the interest might become lower too...some more it only give the interest quarterly.

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Postby sashimi » Wed Mar 11, 2009 2:22 pm

Actually my take is that interest rates these days are so pathetic that it makes no difference, so I go for banks with
a) good service
b) short queues
c) accessibility
d) any other "connections" eg I have a credit card with the bank or something else.

Unless we're talking about tons and tons of money in 5-6+ digits which I personally have never come close to, then of course there are all those financial investment thingeys, which of course today are all meaningless. :wink:

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Postby MMM » Wed Mar 11, 2009 3:38 pm

I like to bank with Citibank because of the free cheque facilities.

Other banks chg $2 per month (i think) for this facility. But citibank offers it free so it's like a $2 savings each month. I think there is a min sum requirement.

Depending on whether you've housing loan. We do our housing loans with citibank and they've this cash mgt facility that offers you interest on your deposit to be the same rate as your housing loan. Though this cannot be withdraw in cash, it offsets the housing loan interest amount.

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Postby winth » Wed Mar 11, 2009 4:51 pm

FD how ah?
Last time Hong Leong rates quite attractive, fundssupermart me never try b4 but my husband used to put money there until Standchart and DBS had attractive interest rates.

Now the stocks really scary, lucky he no longer invests.

DH was just telling me how cheap Citibank was at a low of $3 when it dipped to the current $1. He was so tempted to buy then. Even his 股神friend lost alot in the Citibank shares when he jumped into the market, bring along all his shares followers. Now, he dun dare to talk about it. I told DH maybe buy when Citibank is at $0.75 (using my :pray: psychic power). hehe... Btw, I'm know nuts about stocks. Don't quote me. :lol:

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Postby ChiefKiasu » Wed Mar 11, 2009 5:50 pm

winth wrote:...DH was just telling me how cheap Citibank was at a low of $3 when it dipped to the current $1. He was so tempted to buy then. Even his 股神friend lost alot in the Citibank shares when he jumped into the market, bring along all his shares followers. Now, he dun dare to talk about it. I told DH maybe buy when Citibank is at $0.75 (using my :pray: psychic power). hehe...


Long live our very own in-house 股神 Winth!!! Your prediction is right on the money (except dunno how much below 0.75 it will go) How, can buy now or not?

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Postby MMM » Wed Mar 11, 2009 6:00 pm

With Citibank turning profitable for 1st 2 months and if this profitability is sustainable, maybe it will no longer hit the US$1 level????? We shall see....

It's enticing becoz it's cheaper than a Spore bank. Few weeks back, I got in when it hit US$2 (was telling my hubby that it will probably hit) but on that day, it went way beyond that!!! :!:

Given the volatility, I managed to make some intra day contra gain out of it. But I told myself not to play again becoz it's really tiring to stay up to mtr US shares and it's too volatile for me to take it.

My hubby was also relating to me that when it's US$7, his colleagues were like cheap cheap and got in. But who knows it dropped further. He got in around US$3 level made some gains but then position is now net off with it falling to US$1 level.

A colleague read a report that citibank is good as a trading stock but not long term investment at this pt. If you get in at the "right" time can probably make some $ but key thing is don't be greedy.

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Postby winth » Wed Mar 11, 2009 6:11 pm

ChiefKiasu wrote:Long live our very own in-house 股神 Winth!!! Your prediction is right on the money (except dunno how much below 0.75 it will go) How, can buy now or not?


That time dunno really zun or not? That time when Citibank was still at $3, I told him when it falls to $1.50, talk to me again. He said it's impossible one. He almost jumped in at $2. Then now $1, I still said 'no'. Me really adverse to shares, looking at how much he has lost to those.

Maybe I really found my new profession!!! :idea:

winth
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Postby aaron78 » Wed Mar 25, 2009 6:01 pm

banks interest rates are so low now, would it be better to invest instead? :?

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