Summary of Singapore Banks Fixed Deposit Interest Rate

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Re: Summary of Singapore Banks Fixed Deposit Interest Rate

Postby little patrick » Mon Jan 14, 2013 2:11 pm

Hi

Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.

little patrick
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Re: Summary of Singapore Banks Fixed Deposit Interest Rate

Postby chuakee » Thu Jan 17, 2013 10:17 pm

little patrick wrote:Hi

Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.


When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it

chuakee
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Re: Summary of Singapore Banks Fixed Deposit Interest Rate

Postby little patrick » Fri Jan 18, 2013 10:39 am

chuakee wrote:
little patrick wrote:Hi

Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.


When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it



Hi chuakee thanks. I'm not a risk taker still prefer SGD FD althought the interest not high but my husband would like to try FD Renminbi, is it worth it? If not wrong Foreign currency does not have the $50K insurance coverage, if any happen all the money gone :stupid:

little patrick
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Re: Summary of Singapore Banks Fixed Deposit Interest Rate

Postby 3Boys » Fri Jan 18, 2013 1:19 pm

little patrick wrote:
chuakee wrote:
little patrick wrote:Hi

Has anyone try Foreign Currency Fixed Deposit? Which currency has the best return and no risk?

Thanks in advance.


When you participate in forex, you are already subjected to the exchange rate so there can't be no risk. Australian and NZ banks pay higher interest rates than the rest of the world, but both currencies are very expensive compared to SGD now so not worth it



Hi chuakee thanks. I'm not a risk taker still prefer SGD FD althought the interest not high but my husband would like to try FD Renminbi, is it worth it? If not wrong Foreign currency does not have the $50K insurance coverage, if any happen all the money gone :stupid:


There is risk inherent in any investment, even local FD. As chuakee says, if you exchange your SGD for a foreign currency, you are immediately exposed to forex risks. And don't forget the transactional costs.

There is a school of thought that RMB is on the up, and therefore provides some potential for gains. Many big investors probably have some form of exposure to the RMB. Do bear in mind that China is still considered a developing country, with inherent political and policy risks.

Having said that, keeping your money in SGD FD also loses value over the long term. If inflation is running at 3-4% a year, and your FD returns you 1%, then your cash pile is losing 2-3% of its value per annum.

3Boys
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Re: Summary of Singapore Banks Fixed Deposit Interest Rate

Postby alleggsinonebasket2 » Tue Jul 02, 2013 5:06 pm

Find the latest fixed deposit rates in Singapore here

http://singaporedepositrate.com/

alleggsinonebasket2
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