http://singaporesearchsite.com/singapore-tips/fixed-deposit-interest-rate/
As there is a myriad of fixed deposit interest rates available for various tenor/period as well as deposit amount, we shall concentrate on the most common combination:
Tenor/Period: 12mths
Deposit Amount: less than S$10k to S$50k
Based on the above tenor and deposit amounts, the following is a comparison of the Fixed Deposit Interest Rate (% p.a.) offered by the full banks in Singapore.
Rates collated on 5 August 2009:
At a glance, none of them is giving any interest rate > 1.0%.
Money in the bank is important for your liquidity usage. A wise guideline is to have at least 6~12mths of your monthly expenses in your bank in the event of any job loss or unexpected event, doesn't really matter how much interest it is earning.
The next aspect is in how to make sure of your "spare cash" to their fullest use. Do you think it's the wisest choice to lock them in banks' fixed deposit? You decide.
There are other instruments by different insurance companies that can provide a much better rate of interest. The lock-in time frame can range from a short 2yrs to a possible 20yrs. And on top of that, they normally give a basic sum assured for death coverage.
And not to forget there are unit trusts, stocks & shares, etc. A simple rule of thumb, low risk low return, high risk high return. Don't expect to strike gold by paying peanuts. If you have such a method, pls teach me!
If you want to know how to make your money work harder while you are working hard at your job, do not hesistate to call me @ 9876-0237 directly!
No comments:
Post a Comment