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Banking Advice
Posted: Mon, 08 Jan 2007 4:25 pm
by ken_in_sg
Hi,
I would like to put some money into fixed deposit, however i am confused on which i should select. Anyone have anything good to recommend?
I would like to check out what the general feel on save as you earn account?
Regards
Posted: Mon, 08 Jan 2007 9:44 pm
by jpatokal
Very simple: you should select the one that gives you the best rate of interest. Right now you can get around 3% for a 6-month SGD deposit. Foreign currency deposits may look attractive, but you get screwed out of most of the gains by the exchange fees and take on considerable risk from currency fluctuations.
Steer clear of "structured deposits" promising 8% for the first year or whatever, if you read the small print these usually involve locking your money for years with the possibility of 0% interest for every year after the first.
Posted: Mon, 08 Jan 2007 11:27 pm
by Weiss
I find this website quite useful in checking the best rate for SGD fixed deposits.
http://www.qotion.com/Public/privnrec.aspx
You can have a look at it.