Which bank offers the highest Fixed Deposit rates?

[Kopites]

1 hour ago, Spring said:

I think Voluntary contributions to CPF has a limit of $37,740 less mandatory contributions if u still working. So can't just put any amount u like if not mistaken.

https://dollarsandsense.sg/heres-cpf-interest-rates-actually-calculated-rates-almost-never-actually-earn/

Are you refering to this computation?

[Mustank]

2 hours ago, Spring said:

I think Voluntary contributions to CPF has a limit of $37,740 less mandatory contributions if u still working. So can't just put any amount u like if not mistaken.

No no is the housing loan interest accrual part

not sure whether this part is subjected to the 37k cap

[Apple-Tree]

3 hours ago, Throttle2 said:

@Wt_know plse give chance lah.

i am just trying to survive after being retrenched 5 yrs ago.   Still have 2 young children and wife who is homemaker.

jin pai mia please leave me an open door

Wanton mee for lunch again you see

Wah, the watch like branded de wor.

Don't worry, R start liao le, a BIG Petrol Chem start R last week liao.  Cannot Tahan already.

[Apple-Tree]

2 hours ago, Spring said:

Fast transfer more convenient and almost instant. U can up your limit and bring it down once transfer is completed if u don't feel comfortable with a high limit. Saves time, $ and no need 1 day clearance unlike chqs and CO.

I never use FAST for FD one.  Fast in transfer and if you key wrongly, that IT hor.  It is irreversible lor.  I think need a court order to reverse the transfer.  LL if the other party already FINISH Spending YOUR MONEY lor.

[Voodooman]

24 minutes ago, Apple-Tree said:

I never use FAST for FD one.  Fast in transfer and if you key wrongly, that IT hor.  It is irreversible lor.  I think need a court order to reverse the transfer.  LL if the other party already FINISH Spending YOUR MONEY lor.

I will usually transfer $1 first. Check account balance, then transfer the rest. It is free and instantaneous if you have internet banking at both banks. 

That is for first time transfer, after that it becomes a favourite. 

Edited August 3, 2020 by Voodooman

[Apple-Tree]

50 minutes ago, Voodooman said:

I will usually transfer $1 first. Check account balance, then transfer the rest. It is free and instantaneous if you have internet banking at both banks. 

That is for first time transfer, after that it becomes a favourite. 

Ya lor, this is what I do also.  But hor, some banks like ICBC insist you key the acct number EVERY TIME lor.

I usually do this test $1 for the local 3 lor, press go. The rest of the banks, scary lor.

[Throttle2]

3 hours ago, Kopites said:

The wanton from west coast coffee shop?

Wanton Mee with abalone slices?.😆

Cheap cheap pontian one.  Simi abalone?

[Spring]

4 hours ago, Kopites said:

https://dollarsandsense.sg/heres-cpf-interest-rates-actually-calculated-rates-almost-never-actually-earn/

Are you refering to this computation?

No, that link is how Interest is calculated. 

What I’m saying is this:

https://www.cpf.gov.sg/employers/FAQ/employer-guides/hiring-employees/cpf-contributions-for-your-employees/FAQDetails?category=Hiring+Employees&group=CPF+Contributions+for+your+Employees&ajfaqid=2230518&folderid=17077

[Spring]

3 hours ago, Mustank said:

No no is the housing loan interest accrual part

not sure whether this part is subjected to the 37k cap

Housing loan interest is a totally different matter.
 

This $37,740 is the maximum allowed under voluntary contributions. So if say u hv contributed $20k during the course of the year through your employment, u are only allowed further voluntary contribution of another $17,740 only at most. This is my understanding.

This $37,740 is calculated as $6k(max monthly pay liable for CPF) x 37% (employer + employee contribution) = $2,220 x 17mths. 

[Apple-Tree]

15 minutes ago, Spring said:

Housing loan interest is a totally different matter.
 

This $37,740 is the maximum allowed under voluntary contributions. So if say u hv contributed $20k during the course of the year through your employment, u are only allowed further voluntary contribution of another $17,740 only at most. This is my understanding, I stand corrected though. 

Yup, there is a limit to the amount you can pump into CPF every year.  In this case, if you withdraw 370k in 1 go, you need almost 10 years to put it back lor.

If you are contributing at ceiling every month of 2220, you can almost touch the 37k ceiling.  After all, BONUS has not contribution ceiling ma.

 

[Mkl22]

1 hour ago, Apple-Tree said:

Yup, there is a limit to the amount you can pump into CPF every year.  In this case, if you withdraw 370k in 1 go, you need almost 10 years to put it back lor.

If you are contributing at ceiling every month of 2220, you can almost touch the 37k ceiling.  After all, BONUS has not contribution ceiling ma.

 

Bonus got ceiling 

[Spring]

10 hours ago, Mkl22 said:

Bonus got ceiling 

CPF rule is for monthly salary ceiling of $6k for CPF contributions and up to 17 mths per year. Hence they allow up to 5 mths bonus of $6k for CPF contributions. If u get more, then there won't be CPF contributions required.

I'm not sure if this rule also applies for above 55yrs old as well? And what if they not working, can still voluntary contribute up to $37,740? Of course, some may ask how come no work where got $ and why want to contribute CPF but there are some people who do want to put $ into CPF as the interest rate is good.

[Spring]

11 hours ago, Apple-Tree said:

Yup, there is a limit to the amount you can pump into CPF every year.  In this case, if you withdraw 370k in 1 go, you need almost 10 years to put it back lor.

If you are contributing at ceiling every month of 2220, you can almost touch the 37k ceiling.  After all, BONUS has not contribution ceiling ma.

 

$37,740 is inclusive of bonus contributions so there is a ceiling ie up to $37,740

Eg If u earn $10k per mth, only $6k of it is liable for CPF contributions. And if u are paid 3 mths bonus at year end, all $30k is liable for CPF ($6k x max 5mths) and if u fortunate enough to get even more bonus than anything above $30k wont need to contribute CPF. That's my understanding.

[Pocy]

15 hours ago, Mustank said:

No no is the housing loan interest accrual part

not sure whether this part is subjected to the 37k cap

this housing loan interest accrual applies when one needs to 'pay back' after selling house, right?

[Throttle2]

The CPF is so complicated until i just dont want to touch it before retirement.

Anyway, i think we all OT already?  Maybe another thread on CPF can be started?

back on topic, which bank is offering highest 3mth depo now?  And whats the rate now.....

 

[Wt_know]

11 minutes ago, Throttle2 said:

The CPF is so complicated until i just dont want to touch it before retirement.

Anyway, i think we all OT already?  Maybe another thread on CPF can be started?

back on topic, which bank is offering highest 3mth depo now?  And whats the rate now.....

 

there are 2 millions thread on CPF already ... lol ... 

yes, please share where got 1% for 3 months ... sharing is caring!

Edited August 4, 2020 by Wt_know

[Throttle2]

15 minutes ago, Wt_know said:

there are 2 millions thread on CPF already ... lol ... 

yes, please share where got 1% for 3 months ... sharing is caring!

Oh really, thats crazy, as i said i usually keep it simple with cpf

currently dont hv, i am only paid 0.85%pa for 3 mths 

[Mustank]

45 minutes ago, Pocy said:

this housing loan interest accrual applies when one needs to 'pay back' after selling house, right?

Yes but if you are > 55 no need to pay back

so if > 55, you can tell cpf you wanna pay back this interest. But because you >55, you can take out money if you meet the min retirement sum 

2.5% risk free

 

i don’t know how cpf gets its returns to pay everyone 

so if it’s investment makes returns are no good, I worry

if they lower cpf %, i think is a sign of very very bad things 

 

I hope they didn’t have much in sph, singtel, but have a lot in amd gold 

Edited August 4, 2020 by Mustank