UOB adjust interest rate for the 2nd time this year! fuck!

[vamjok]

https://www.straitstimes.com/busine...qKZcZuDhUzQmCQzhhFL8NFxA0e6DE-QneICB6_VWa3x4E

was very happy with the risk free 3.88 interest p.a initially with requirements that was easy to hit. now its so meh....

 

[nayr69sg]

https://www.straitstimes.com/busine...qKZcZuDhUzQmCQzhhFL8NFxA0e6DE-QneICB6_VWa3x4E

was very happy with the risk free 3.88 interest p.a initially with requirements that was easy to hit. now its so meh....

3.88% interest p.a on a savings account? Really? That is better than CPF OA interest!

You sure or not?

The article doesn't reflect those interest rates.

Or are you referring to fixed deposit? even then that is a good rate.

 

[nayr69sg]

https://www.singsaver.com.sg/bank-account/uob-one-account-review

ok I found it.

It is tiered. So you only get 3.88% on $15,000 if you have $75,000

Account Balance	Interest Rate (p.a.)^
First S$15,000	1.85%
Next S$15,000	2.00%
Next S$15,000	2.15%
Next S$15,000	2.30%
Next S$15,000	3.88%

Still pretty good that you can get >2% effective interest rate for $75k.

But only pays interest on $75k. Anything more has no interest paid on it. Am I correct?

So not useful for people with more cash.

 

[eatshitndie]

better than one of my cd accounts which is only giving out 2.69% for 6.9 months. minimum deposit is usd50k.

 

[vamjok]

https://www.singsaver.com.sg/bank-account/uob-one-account-review

ok I found it.

It is tiered. So you only get 3.88% on $15,000 if you have $75,000

Account Balance	Interest Rate (p.a.)^
First S$15,000	1.85%
Next S$15,000	2.00%
Next S$15,000	2.15%
Next S$15,000	2.30%
Next S$15,000	3.88%

Still pretty good that you can get >2% effective interest rate for $75k.

But only pays interest on $75k. Anything more has no interest paid on it. Am I correct?

So not useful for people with more cash.

not really. is the whole for 75k with a risk free interest of 3.88 i think its a god damn good product. with a few conditions that is easily hit. credit salary, spend more than 500 bucks, more than 3 transactions. the amt you state means if you have 15k you get 1.85%, once hit 60K the interest is 3.88%

it is indeed better than most fix D rate, with the liquidity. but the trick is max u only can have 75K with that interest rate then. anything more is only 0.05 percent. means 75K u get 3.88, anything more is only 0.05.

but no more already la, few months ago they adjust it down to 3.68, and now announce further reduced it to only 2.5 percent.

 

[nayr69sg]

not really. is the whole for 75k with a risk free interest of 3.88 i think its a god damn good product. with a few conditions that is easily hit. credit salary, spend more than 500 bucks, more than 3 transactions. the amt you state means if you have 15k you get 1.85%, once hit 60K the interest is 3.88%

it is indeed better than most fix D rate.

but no more already la, few months ago they adjust it down to 3.68, and now announce further reduced it to only 2.5 percent.

So if you have 300k will be 2.5% p.a on the whole 300k ie $7500? That's still damn good.

 

[nayr69sg]

Our promos here in canada dont have so good!

Simplii and Tangerine are online bank arms of CIBC and Scotiabank. So if big amounts more tricky to move money fast.

 

[vamjok]

So if you have 300k will be 2.5% p.a on the whole 300k ie $7500? That's still damn good.

unfortunately no lol....

if i am not wrong in Aug it will be 2.5% p.a on 75k, the rest of the 225k is 0.05% p.a. if you are talking about the total sum of 300k

 

[nayr69sg]

unfortunately no lol....

if i am not wrong in Aug it will be 2.5% p.a on 75k, the rest of the 225k is 0.05% p.a. if you are talking about the total sum of 300k

Ok that was my original understanding too.

From the wording it also seemed more like you only get the 3.88% on the last 15k of your total 75k. Not 3.88% on all 75k.

Account Balance	Interest Rate (p.a.)^
First S$15,000	1.85%
Next S$15,000	2.00%
Next S$15,000	2.15%
Next S$15,000	2.30%
Next S$15,000	3.88%

 

[vamjok]

So if you have 300k will be 2.5% p.a on the whole 300k ie $7500? That's still damn good.

their fix D rate not too bad, 3 years 1.65% p.a. but max in that account i think is only 75K also if i am not wrong. yeah its very strange their saving account has higher interest than their fix D.

 

[vamjok]

View attachment 85427

Our promos here in canada dont have so good!

Simplii and Tangerine are online bank arms of CIBC and Scotiabank. So if big amounts more tricky to move money fast.

btw those are promo rate for few months only. in the better years when i open this account i think the promo rate in the good years was 8% for half a year. was lucky then as economy was doing well then. knn it was better than stocks LOL. risk free

 

[vamjok]

guess in this current economy this should be expected....

 

[nayr69sg]

guess in this current economy this should be expected....

Yeah now the GIC rates also so low.

So I have decided to pay off my mortgages.

Come Dec 2020 I will be totally debt free! Zero credit card debt. Zero car loan. Zero personal line of credit. and Zero mortgage.

In a way it is like putting money into 2-3% interest accounts when paying off mortgage.

Nice to be totally debt free!

 

[nightsafari]

congrats!! you worked hard for it. enjoy it.

 

[nightsafari]

take your time. it;s going to be a big commitment! Doing due diligence is good.

 

[knowwhatyouwantinlife]

For a capital of 30k, u can buy at the ask and sell at the bid for a cash/leveraged pos in most share and currency market and make a profit everyday...

 

[vamjok]

For a capital of 30k, u can buy at the ask and sell at the bid for a cash/leveraged pos in most share and currency market and make a profit everyday...

i prefer passive investment put money and in and ignore it then concentrate on my day job. anyway the era of such active trading should be over, banks/hedge funds doing this are purely by automation and computing. you can never beat it and end up being a sucker most of the time. maybe you are really good to be that 1 percent. I know i am not.

 

[nayr69sg]

i prefer passive investment put money and in and ignore it then concentrate on my day job. anyway the era of such active trading should be over, banks/hedge funds doing this are purely by automation and computing. you can never beat it and end up being a sucker most of the time. maybe you are really good to be that 1 percent. I know i am not.

I agree with you. Have to be good trader. I am not. Lol!

 

[Xisiqomelir]

Wah, Hin Leong lose a lot ah

 

[vamjok]

I agree with you. Have to be good trader. I am not. Lol!

Maybe in the early 2000 and 90s you can do really well by trading actively.

In modern era if someone try to show off say he is a trader full time etc to me, i merely smiled. Cos i have friends working in the bank, he told me due to the computing sci guy automated so many of the process, and learning through machine learning, there is no way you can beat the major banks/hedge funds. Statistics is against you. of cos there are still 1 percent of the traders that is still able to make a living, my brain is for science, this kind of stuff I know I am not that 1 percent.