Local Savings Interest-Rates War Exploded on 1st Sept 2022 among banks - loan interest-rates expected to raise further

[Ng Cheh Hwang]

DBS 5-years fixed home loan was 1.45-1.50%pa a few months ago.
Now it is 1.95%pa

SME Bridging Loan backed by Enterprise Singapore is now more than 2.25%pa, up from 1.5-1.6%pa a year.

 

[Ng Cheh Hwang]

Cost of living going up, yet we still want to increase GST
https://www.channelnewsasia.com/com...-interest-rates-increased-cost-living-2404301

BEWARE THE INTEREST RATES​

At a core inflation rate of 1.6 per cent, most people would not feel a marked change in the prices of their food and transport.

Those who would feel the pressure of inflation more are those who want to rent or buy a house or travel overseas.

When inflation rates are up, the banks’ interest rates are likely to rise too, which will impact people who take out a bank loan to buy property, a car or start a business.

 

[winners]

Cost of living going up, yet we still want to increase GST
https://www.channelnewsasia.com/com...-interest-rates-increased-cost-living-2404301

BEWARE THE INTEREST RATES​

At a core inflation rate of 1.6 per cent, most people would not feel a marked change in the prices of their food and transport.

Those who would feel the pressure of inflation more are those who want to rent or buy a house or travel overseas.

When inflation rates are up, the banks’ interest rates are likely to rise too, which will impact people who take out a bank loan to buy property, a car or start a business.

KNN, my property taxes had also increased by 6%. Vote them out at the next election.

 

[SalahParking]

I've been telling you cucks here many times that interest rates going up means the economy is booming. GST go up means future outlook is bright. Learn some basic economics lah ....dumbfucks.

 

[syed putra]

I've been telling you cucks here many times that interest rates going up means the economy is booming. GST go up means future outlook is bright. Learn some basic economics lah ....dumbfucks.

Interest rates goes up to cool inflation. Does not matter whether economy is booming or bust.

 

[hbk75]

Is usa inflation too much liao and now wanna hike rates. But Ang moh are going to suffer from hyperinflation

 

[SalahParking]

who controls interest rates? ..who controls inflation? SGD ? or USD? ....LOL

 

[Ng Cheh Hwang]

who controls interest rates? ..who controls inflation? SGD ? or USD? ....LOL

USD's spike triggered another wave of Fixed Deposit rates-hike in Singapore.

RHB 2.25-2.30%pa for 24-mths
Sing Investment & Finance 2.25-2.30%pa for 24-mths
UOB 2.0%pa for 15-mths
SBI 2.0%pa for 15-mths
OCBC 2.0%pa for 24-mths
Citibank 2.0%pa for 24-mths
BOC 2.1%pa for 24-mths
Hong Leong Finance 1.98%pa for 13-mths

 

[gingerlyn]

Many SME have not paid salary on time

 

[Ng Cheh Hwang]

Many SME have not paid salary on time

Many towkays are not ethical like @JohnTan
They take government bridging loans and grants and use the money to whack shares and properties. When they get burnt, they don't pay employees. They rather owe employees than banks because banks impose penalties on overdues.

Employees with unpaid salaries (within 7 days after due, or 14 days for OT), can file this
https://www.tal.sg/tadm/eServices

 

[JohnTan]

Many towkays are not ethical like @JohnTan
They take government bridging loans and grants and use the money to whack shares and properties. When they get burnt, they don't pay employees. They rather owe employees than banks because banks impose penalties on overdues.

Employees with unpaid salaries (within 7 days after due, or 14 days for OT), can file this
https://www.tal.sg/tadm/eServices

How else should we make money grow? Where do you think towkays get the money to buy coffeeshops, given their humble background as kopi boy or hawker?

 

[hbk75]

2.3% fd rates?

 

[TheGreatWhite]

Will be 4% for 3 yr fixed by year end hallelujah

 

[rodent2005]

Will be 4% for 3 yr fixed by year end hallelujah

Hope bank fixed deposit rate will exceed 4%.
Then CPF interest rate will go up as well. Good time to be cash rich.

 

[Ng Cheh Hwang]

Hope bank fixed deposit rate will exceed 4%.
Then CPF interest rate will go up as well. Good time to be cash rich.

When local fixed deposit rate exceeds 4%, I think I will want to buy precious metals and retire. hahaha
I may be wrong.

 

[Ng Cheh Hwang]

How else should we make money grow? Where do you think towkays get the money to buy coffeeshops, given their humble background as kopi boy or hawker?

Also, it is inevitable that successful SME towkays like you, have to go KTV to entertain. Now KTV also very expensive, PRC hostess 9pm - 2am is $600 for you exclusively, butterfly 3 x 15min for your junior managers also need $150-$200, drinks and mummy excluded.

Business costs really went up these days. Please take care.

 

[Ng Cheh Hwang]

Will be 4% for 3 yr fixed by year end hallelujah

Do you think Fed will hike 0.5% or 0.75% in July?

 

[Ng Cheh Hwang]

July likely to have one last 75bp-hike for 2022
https://www.bloomberg.com/news/arti...-bolster-bets-for-75-basis-point-hike-in-july
https://www.reuters.com/markets/us/...-rate-hike-july-leans-50-september-2022-07-07
https://www.cnbc.com/2022/07/07/fed...other-big-interest-rate-increase-in-july.html

 

[Ng Cheh Hwang]

Fixed Deposits Promotion

HL Bank 12-mth 1.95%pa
CIMB 12-mth 2.05 - 2.10%pa
UOB 15-mth 2.00%pa
CIMB 18-mth 2.30%pa
OCBC 24-mth 2.20%pa

 

[Ng Cheh Hwang]

If you are looking at max $200K, you can consider Singapore Savings Bonds
Latest Tranche: 2.00% (year 1) - 3.29% (year 10).
https://www.mas.gov.sg/bonds-and-bills/Singapore-Savings-Bonds
2.00%pa for 1-12mths tenor is better than most banks.

- No lock-in Period with accrued interests
- Withdrawn/Redeem with a month's notice (notify on first 4 working days of the month) and get the funds at the end of month. $2 withdrawal fees apply.
- Imagine a year later, the new issues give 1% higher interests, you can surrender the old issue and get new ones.
- Application fee $2.