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Banking Advice

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ken_in_sg
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Banking Advice

Postby ken_in_sg » Mon, 08 Jan 2007 4:25 pm

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

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jpatokal
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Postby jpatokal » Mon, 08 Jan 2007 9:44 pm

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.
Vaguely heretical thoughts on travel technology at Gyrovague

Weiss
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Postby Weiss » Mon, 08 Jan 2007 11:27 pm

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.


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