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Which bank offers the highest Fixed Deposit rates?


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4 minutes ago, Volvobrick said:

Only for those with no proper employment and thus no company CPF contribution and surviving on old savings lar!

 

Hai.....

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11 hours ago, Volvobrick said:

Several more days before 1st Jan. Then can put in CPF about another 38k better returns. 

How to top up 38k?🤔

By the way did anyone here top up their child SA? I read an article compound interest can reach 1million when child reach 65yo. Only 60k. 

I am contemplating. I won't be able to see him enjoying the 1 million for sure. Should I or should I not? 🤔

 

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5 hours ago, Kopites said:

How to top up 38k?🤔

By the way did anyone here top up their child SA? I read an article compound interest can reach 1million when child reach 65yo. Only 60k. 

I am contemplating. I won't be able to see him enjoying the 1 million for sure. Should I or should I not? 🤔

 

Dont know about what child cpf but mathematically at 2.5% per year, you need to compound about 30 yrs to double the original principal sum.

so if you put $60k at 2.5%pa, in 30 yrs it becomes $120k  

however, i can guarantee you that in 30yrs $120k will be worth less than $60k today.

 

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7 minutes ago, Throttle2 said:

Dont know about what child cpf but mathematically at 2.5% per year, you need to compound about 30 yrs to double the original principal sum.

so if you put $60k at 2.5%pa, in 30 yrs it becomes $120k  

however, i can guarantee you that in 30yrs $120k will be worth less than $60k today.

 

https://dollarsandsense.sg/make-babies-millionaires-singapore-using-cpf/

This one. How true I really don't know.

Help me out.

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15 minutes ago, Throttle2 said:

Dont know about what child cpf but mathematically at 2.5% per year, you need to compound about 30 yrs to double the original principal sum.

so if you put $60k at 2.5%pa, in 30 yrs it becomes $120k  

however, i can guarantee you that in 30yrs $120k will be worth less than $60k today.

 

SA is 4% currently. So double in about 18 years and 8 times in 54 years (at 65 if the kid is 11 today,).  4% should outpace inflation.

But govt can reduce the 4% any time. That's the biggest risk.

I just top up the MA first - at least can use on parents! No need to wait 50 years. 

 

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3 minutes ago, Volvobrick said:

SA is 4% currently. So double in about 18 years and 8 times in 54 years (at 65 if the kid is 11 today,).  4% should outpace inflation.

But govt can reduce the 4% any time. That's the biggest risk.

I just top up the MA first - at least can use on parents! No need to wait 50 years. 

 

Take my hat off...

Yes... use our child MA to earn the high interest!👏👏👏

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2 minutes ago, Kopites said:

Take my hat off...

Yes... use our child MA to earn the high interest!👏👏👏

I think cannot top up max in 1 year, got to do over 2 years. If you top up now, you can top up to max again on 1 Jan. 

Need to quickly apply Sing Pass for the kid to do it. 

Edited by Volvobrick
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31 minutes ago, Volvobrick said:

SA is 4% currently. So double in about 18 years and 8 times in 54 years (at 65 if the kid is 11 today,).  4% should outpace inflation.

But govt can reduce the 4% any time. That's the biggest risk.

I just top up the MA first - at least can use on parents! No need to wait 50 years. 

 

Oic, so this $60k in put into the SA? Its ok but it isnt a big deal at all

Most average IQ people with normal financial understanding will think that its a lot. This is becos they inevitably value the $1mil in todays terms.   However we must bear in mind that that is 50plus yrs later.   a normal jap car could likely cost a million bucks 50yrs later.  Therefore yes the 4% is not bad but the illiquidity of the money in cpf means absolutely no free lunch . The uncertainty of a non guaranteed rate and a non guarantee situation makes it even more unattractive.

Nah, i wont do it.   

Bottomline, this seems to be for people who might need it but cannot afford it. And for people who can well afford to just dump $60k, they dont need this.    Muayhahaha

 

if you look at it from a more “conspiracy theory political” angle, theres a lot 😅to debate..🤭

Edited by Throttle2
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20 minutes ago, Volvobrick said:

I think cannot top up max in 1 year, got to do over 2 years. If you top up now, you can top up to max again on 1 Jan. 

Need to quickly apply Sing Pass for the kid to do it. 

I have applied to cpf for access to my son accounts last week or so. Still pending their reply.

He is 7yo.

Singpass application minimum age is 15. 

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On 12/23/2020 at 1:06 PM, Volvobrick said:

SA is 4% currently. So double in about 18 years and 8 times in 54 years (at 65 if the kid is 11 today,).  4% should outpace inflation.

But govt can reduce the 4% any time. That's the biggest risk.

I just top up the MA first - at least can use on parents! No need to wait 50 years. 

 

Bros just to confirm you top up soley to your parents MA and not their RA?

Edited by Kopites
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28 minutes ago, Kopites said:

Bros just to confirm you top up soley to your parents MA and not their RA?

We are talking about kid's MA. Can start topping up today to enjoy the full year interest! 

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On 12/23/2020 at 1:13 PM, Volvobrick said:

I think cannot top up max in 1 year, got to do over 2 years. If you top up now, you can top up to max again on 1 Jan. 

Need to quickly apply Sing Pass for the kid to do it. 

Is there such a ruling? i think u can top up max up to FRS in one shot at one go if u so wish, cos it's under RSTU scheme.
I don't think there's a limit other than FRS.

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1 hour ago, Kopites said:

BOC 12mth 0.6, 6mth 0.5

Just renewed for 12mth. 😭

 

Now they auto renew at "preferential" rate due to covid-19.

Anyway, will still go down to withdraw some out since their internet banking is so complicated. Yes, they also send reminder to manage our bank account using internet banking. LOL

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7 minutes ago, Kangadrool said:

Now they auto renew at "preferential" rate due to covid-19.

Anyway, will still go down to withdraw some out since their internet banking is so complicated. Yes, they also send reminder to manage our bank account using internet banking. LOL

I have checked. Auto renewal and over the counter also 0.6

 

So empty milo tin top up and renewed for 12 mths. Sigh...silly me. Haha

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On 1/15/2021 at 4:09 PM, Kopites said:

BOC 12mth 0.6, 6mth 0.5

Just renewed for 12mth. 😭

 

so low hor only 0.6%.  😢

Saw Maybank 1% for 3 years.  Wonder should I just place there.  

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24 minutes ago, Dleodleo said:

so low hor only 0.6%.  😢

Saw Maybank 1% for 3 years.  Wonder should I just place there.  

Why locked up your money for 3 years for 0.5% more? Don't make sense unless you love to give money to banks.  

 

Have you looked at money market fund?  I presume you have maxed out SSB? 

Edited by Voodooman
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