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Where to save money?

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Lyndan
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Where to save money?

Post by Lyndan » Mon, 30 Jul 2007 2:05 pm

Hey All,

Can anyone give me advice on where to save money? Is there any similar savings banks like ING, Northern Rock etc.

Thanks

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Splatted
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Re: Where to save money?

Post by Splatted » Mon, 30 Jul 2007 11:54 pm

Lyndan wrote:Hey All,

Can anyone give me advice on where to save money? Is there any similar savings banks like ING, Northern Rock etc.

Thanks
Most banks offer very lousy interest rates here in Singapore, even for term deposits.

I'd be interested to find a higher interest account as well if anyone knows of any

My St George bank acc in Aust offers me 4% with no minimum balance, up to 5.25% as my savings grows with no annual fees.

LT
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Post by LT » Wed, 01 Aug 2007 4:42 pm

The cost of fund for Sing dollar is about 2.5% now... Therefore it is impossible for you to find any accounts in Sing dollars that can give you interest the same as Aussie dollar...
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huggybear
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Post by huggybear » Thu, 02 Aug 2007 8:18 am

aussie dollar? why don't you get an IDR account then? you'll earn around 8.5% interest ... or a nzd account will earn you over 8% interest.

why stop at aussie??

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Post by LT » Thu, 02 Aug 2007 11:20 am

The choice of currencies depend on the individual risks and do they need that currencies... No doubt NZD gives a higher interest, but it has a higher volatility too... If the investors is very conservative and do not require the usage of NZD at all, then it will not be wise to invest in NZD.
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jesjes
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IDR account?

Post by jesjes » Thu, 02 Aug 2007 10:34 pm

can you more details on IDR accounts? where would I be able to apply for one?

rhino
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Post by rhino » Thu, 02 Aug 2007 10:59 pm

S$ depos are all relatively low interest given rates are so low. Having a sniff around, there are the following offers:

Standard Chartered e$aver - 1.5% up to S$50k, 2.0% over that
Maybank "iSavvy" - 1.68% $5k - S$50k, 1.98% over that
HSBC has a multicurrency account which pays 2.0% under S$50k, and 2.28% over that

All these rates are subject to change so you should suss out the banks' websites.

ckschua
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Lyndan

Post by ckschua » Fri, 17 Aug 2007 12:32 am

Lyndan,
It depends on what you are supposed to do with the money. Medium term? short term? That is an important factor too.

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