POSB used to be the best bank in the world

[batman1]

<In the last year of his presidency (1998) Ong found out through the newspapers that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank (POSB) to The Development Bank of Singapore. The POSB was, at that time, a government statutory board whose reserves were under the president's protection; this move according to Ong, was procedurally inappropriate and did not regard Ong's significance as the guardian of the reserves; he had to call and inform the government of this oversight. In spite of this, the sale proceeded and the Development Bank Of Singapore owns POSBank and its name to this present day.[13]>

What the fark do the PAP mean by 56 man-years ?
So it was the PAP bandits who robbed the People's Bank POSB in 1998 cos POSB was cash-rich.The farking PAP bandits ram through the bill in parliament cos there was no strong opposition to do the checks and balance.The farking voters who voted should be farked deeply for allowing the PAP bandits to plunder the People's Bank.And who is the major shareholder of DBS ? The blood sucking Temasek.
Similarly,the farking PAP bandits robbed the people's CPF money and pretend and lie to the people that they can withdraw their CPF money at 65 years old or older until u die .Fark the PAP liars.Those who cheat and rob the people's CPF money will go to HELL !!!
KNNCCB to the PAP !!!
KNNCCB to the 60% !!!

 

[GOD IS MY DOG]

if one is shrewd, perhaps he could consider putting in money in foreign currency saving offering higher interests. however, it must be cautioned that such action comes with certain degree of risks.

no point lah...............only way to do it is when stock markets crash and those currencies offering high interests drop in value against SGD............then you pray markets recover to book capital gains..............

problem is when markets crash, central banks lower interest rates........................so it becomes like buying stocks, you're aiming for capital gains instead of interests liao...............

some more your deposit is fixed..................so you may put money in at right time but when you take out money...............exchange rates may be lousy..........


for those wanting to earn interest......open forex a/c better lah..............just don't trade............you get interest everyday, so when exchange rate is good for you...............close a/c...............

 

[Jimmy1978]

Check out posb bank singapore interest rates for the deposits..Sigh. But to be fair, not just them..every bank also like that now..:(

 

[jw5]

Check out posb bank singapore interest rates for the deposits..Sigh. But to be fair, not just them..every bank also like that now..:(

At least the other banks including UOB and OCBC will have the occasional promotional deposit rates to try and attract and retain depositors.
The rates are still low, but at least they try.
DBS/POSB don't even bother. Perhaps it's because they are "flushed with deposits".

 

[johnny333]

Singapore's bank interest rates are NOT controlled by MAS. Two commonly used reference rates are SIBOR (Singapore Interbank Offered Rate) and SOR (Swap Offer Rate). Both are fixed by ABS (Association of Banks in Singapore).

From these two, each bank then set their own board rate.

For layman, we will notice different banks offering different interest rates for the same deposit period and with different promotional terms if any at different time.

.....

I've noticed that through the years Spore rates are usually lower than Malaysia, LOS, US,... so I doubt that MAS or some other gov't body did not influence the local rates.

Just look at how Barclays & other banks manipulted the LIBOR rates.