sinkapore used to be a good place to live and die in...until the enlighten government decided to open the flood gates to bring in millions of foreigners.
POSB is now part of Asia's SAFEST bank. What more can you ask of it?
Hahahaha, 6% and 8.5% on deposits.
You'll be lucky if they give you 0.6% on a fixed deposit these days.
According to the CEO of DBS sometime ago, they are "flushed" with deposits.
The TS is an idiot. When POSB was paying 6% and 8.5% on deposits, UOB, OUB, ICB, DBS and OCBC, Tat Lee, Singapore Finance, Hong Leong Finance etc were all paying more. Mortgage rates were by definition at least 2% higher than those rates.
Deposits pay <1% now. But mortgages charge only 1.2%. You don't expect a bank to borrow high and lend low do you? Only the MONGREL who bit his masters' hands LOUDHAILER chee soon juan would do that and deplete our coffers.
sinkapore used to be a good place to live and die in...until the enlighten government decided to open the flood gates to bring in millions of foreigners.
You were right that this was the case then. But you have missed the point.
The difference is that in those days, the poor can get high interest when they save for rainy days while the rich has to pay higher interest for property purchased.
Today, the rich gets cheap financing while the poor gets peanuts for their life-savings.
That's the different!