I was initially enthusiastic, having seen a wealth of integrated options in my UOB account that include gold, structured deposits, and more, but the excitement quickly subsided after I started trying these out.
Apparently, these guys have unwritten rules. Like, if you apply online, you are not going to get the same interest rates, and so on. That is in addition to the fact that "up to X%" is a euphemism for "you'll never get it, it's just a joke"
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. After I got my fixed deposit (having waited for a week!!!), I was amazed to discover that instead of the advertised %1.15, I will be getting %0.2 (because I applied online) and there is no option to withdraw it online. I went to the branch where it was all explained to me and to the question whether the bank actually wants customers with significant savings, the teller said yes, and produced a bunch of printouts for income trusts. It's a bit like the funds one buys in Vanguard or Charles Schwab but the number is more limited (bummer), and there is more exposure to Asia (yay).
I have two concerns though. First, they charge whopping 3% to buy these funds (but no charges for reinvesting or withdrawing). Second, most of these income trust are relatively new, e.g. from 2016. Which makes me wonder about the long-term viability.
Opinions / experiences?
