OCBC Bank is offering cash rewards when you save with them this National Day. Customers can receive S$105 cash reward for every S$10,000 fresh funds deposited, with bonus cash rewards of up to S$1,000 when you deposit higher amounts.
There is no limit to how much base rewards you can earn. Bonus rewards are awarded only once and will be based on the deposit amount in a single deposit. Withdrawal of the deposited funds before the end of the 6-month period will be subjected to our right to debit fees (including the value of the cash rewards and administrative fees). Other terms and conditions apply.
This promotion is valid for selected OCBC deposit accounts:
Promotion is valid until 31 August 2022 and applies to fresh fund deposited into an OCBC Passbook or Statement Savings account. Cash rewards will be credited within 5 weeks from the date of deposit. Funds must be maintained for 6 months. Early withdrawl will be subject to our right to debit rewards and other fees. Bonus rewards are awarded only once. Terms and conditions apply. Insured up to S$75K by SDIC.
The Currency Exchange Rate is one of the most important means to quantify the country’s level of economic stability and economic health. It refers to the “rate at which one country’s currency may be converted into another”.
The market where these currencies are regularly traded is called Forex. The Forex market, the most liquid market in the world, includes all of the global currencies. There is no central marketplace for trading these currencies; however, there are financial centers in Singapore, New York, Tokyo, Zurich, London, Sydney, and Paris.
Exchange rates fluctuate regularly with diverse market factors affecting it such as inflation and government debt. If you are planning to send or receive funds from overseas, you need to be in constant lookout of the changes in the foreign exchange rates.
INFLATION RATE
A country’s inflation rate causes a change in the value of its currency. For example, if Singapore experiences high inflation, you will observe a depreciation in the Singapore Dollars (SGD). This high inflation is typically related to the higher interests rates. In contrast, if Singapore experiences low inflation, you will observe an appreciation in SGD. And the prices of the goods and services will increase at a slower rate.
This observable negative inflation or deflation is not good. It happens when the prices of the commodities fall because the supply is greater than the demand. It can ripple the economy and later lead to high unemployment, recession, and depression.
GOVERNMENT BUDGET
A government’s budget surplus or deficit have an impact to the currency exchange rate. For instance, when our government’s budget surplus is expanding, the exchange rate of SGD will grow competitive.
The financial regulatory authority and central bank of Singapore is called The Monetary Authority of Singapore (MAS). An important institution that supports the effectiveness of the interventions given by MAS is the Central Provident Fund.
INTEREST RATE
The interest rates set by the central banks influence the customers and investors. First, it affects the borrowing behavior of customers. If the economy is overheated, central banks may increase its interest rates to make borrowing more expensive and discourage people.
Second, it affects the balance between the investor’s safety of funds and the yield returns. For example, the yields for assets in SGD increases as interest rate goes up. This leads to an increased demand by investors and eventually lead to the appreciation of Singapore’s currency.
GOVERNMENT DEBT
The government debt (public debt or national debt) is the balance owed by the government. Countries with immense amounts of government debt are less likely to receive foreign investors and foreign capital. As an effect, decrease in the value of their currency exchange rate will follow.
The is 105.6% as of 2015. This signifies the country’s ability to pay back its debt.
After days of Chinese New Year, many of us feel “richer” after collecting red packets from your parents and relatives. (For those that gave out red packets, i hope your rubbed shoulder with God of Fortune and got your windfall) Now as you hold and sniff your stacks of new notes, you may be thinking of the best place to put away this sum of money other than your tin can or under your pillow. Should you just deposit these money to your standard POSB/DBS account?
We take a look at the banks you should be putting away your money with, which includes fixed deposits and your daily saving accounts.
1. POSB
If you are not aware, POSB launched a cash gift promotion of 1.88% for 12 months on 23 January 2015. What this means is that any single sum deposit between SGD 1,000 to SGD 1,000,000 to your saving account will earn you an interest of 1.88% for 12 months. The catch is you cannot withdraw these top-up amount during this 12-month period.
Note: You must sign up before 28 February 2015 to be eligible for the promotion.
DBS launched the same promotion earlier this month for customers who deposit SGD 1,000 to SGD 3,000,000 can earn an additional 1.88% p.a for 3 months on top of the 2.08% of their DBS Multiplier Account. Likewise, you need to register with them by 28 February 2015 and make a one-time top-up to be eligible for the promotion. You will need to hold on to the fund for 3 months.
For those who makes a larger deposit of fresh funds of SGD 10,000 and more can consider OCBC Bonus+ Savings Account with up to 2.35% p.a. All funds will earn a base interest rate of 0.05% p.a if no withdrawals are made. If no withdrawals are made in a month, you get an additional 0.55% p.a. Get an additional 0.55% p.a if you do not withdraw in that calendar quarter and a whopping 1.20% p.a top-up bonus if you deposit $10,000 of fresh funds. (0.05% + 0.55% + 0.55% + 1.20% = 2.35%)
For Premier customers, you get an additional 0.05% p.a on each tiers which means you could earn up to 2.50% p.a.
For a 12 month Time Deposit, earn up to 1.40% when you deposit a minimum of $20,000 in fresh funds.
Enjoy bonus rates of 0.8% p.a when you deposit fresh funds of at least $15,000. If you deposit fresh funds of $50,000, you will get 1.0% p.a bonus rates and 1.2% p.a if you deposit $100,000 and more. Get an additional 0.1% if your account balance is above S$350,000.
Receive a limited edition 24K Gold-Plated RISIS Magnificent Goat Figurine (valued at S$238) with S$108,000 fresh funds deposit*.
This UOB Lunar New Year Savings Promotion ends on 28 February 2015.
* For those who want a higher rate can opt for their SGD Fixed Deposit, where you can get up to 1.30% p.a with a 13 month tenor and a minimum of SGD 20,000. Promotion ends 28 Feb 2015.
Maybank offers more choices for their Time Deposit plans and the interest rate varies depending on the amount and tenure of your deposit. From S$25,000, you can get 1.10% p.a if you can lock away for 12 months and can go up to 1.28% p.a if you can stretch longer to 24 months. If you have double the amount (S$50,000 and above), you fall into the higher tier and can receive up to 1.55% p.a for a 24-month Time Deposit.
If you deposit S$150,000 for 24 months, you stand to receive a Corningware 6-piece Meal Maker Set “Dancing Floral” worth S$145.
Deposit a minimum of $25,000 to get an interest rate of 1.25% p.a for their 12-Month SGD Fixed Deposit Account. For larger amount deposit of $250,000 and more, you will receive 1.30% p.a. That’s not all, depending on the amount of fresh funds you deposit, you stand to receive a New Moon Abalone Set.
Register no later than 5 March 2015 to be eligible for the promotion.
Deposit a minimum of S$25,000 and get up to 1.40% p.a for 6-months and 1.35% p.a for 12 months. For larger amount of S$128,000 and more, you stand to receive a choice of two 24K Gold-Plated Goat Medallion coins OR a Coin Set. Promotion ends 28 February 2015.
* For those who want to deposit a smaller amount (with no min deposit) and no tenure can opt for their e$aver Account where you stand to earn an interest rate of 1.35% p.a until 31 March 2015. More info: http://goo.gl/18oKdx
8. Citibank
Want time deposit with a shorter tenor? Then go for Citibank’s 9-month Time Deposit and receive an interest rate of 1.18% p.a. You will need to deposit a minimum of S$50,000 and up to a maximum of S$5,000,000 of fresh funds. Promotion ends on 28 February 2015.
