POSB used to be the best bank in the world

[Extremist]

 

[LeMans2011]

I miss those days indeed...

 

[zeddy]

I remember opening an account with POSB when I was in primary school.. That was during the 80s..

Brought $10 to school the next day with the POSB application forms signed by my parents..

Few days later received the POSB bank book with my name on it..

Used the account for nearly 10 years.. All cheques received during my part time jobs as a teenager all went into that particular account..

 

[jw5]

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.

 

[GOD IS MY DOG]

eh.........they pay more interest for lower deposit...............like that, people will split the money using family members' names lor

 

[Imation]

When Mata wear shorts.

 

[moolightaffairs]

if cheebye lky want to talk about golden age, those were the golden age!!! when things are cheap! low wages also never mind! posb gave high interest rate too!!! during the 80's and the early 90's, u think MOH making money? every time got people unable to pay the medical bill also!!! and yet after all these years still accumulate tonnes of reserves!!! look back, last time gov do help a lot of poor people. medical bill all these never pay also like that, but funnily reserves keep going up and got revenue some more!!! now every now and then must kpkb money not enough, where all the money goes to!!!

 

[winnipegjets]

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.

 

[jubilee1919]

What are the genuine grouses you all have against POSB? I am sure they are doing what is required but those days of high interests on savings are over for now.

 

[kopiuncle]

Uncle miss those good old days really.So simple, so relaxed and so peaceful.Bought those nice stamps with my savings and paste on my POSB savings book.So happy, so contented and so full of life and zest. So full of hope and love for my little country.We Were Family. Now Uncle walk around and see everything around.Changes.Different faces.Long faces.Toolan faces.Everything has gone out with a bang.The old giving way to the new - just too drastic and too fast.

Now just limkopitalkcock at kopitiam...and see the whole place spiralling down ....IF we don't stop the down turn NOW.

 

[kopiuncle]

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.

this whole place has changed....some areas good...but most areas no good....

 

[batman1]

POSB used to be a cash-rich bank for the ordinary citizens until absorbed by DBS.

 

[Dinosaur]

POSB is now part of Asia's SAFEST bank. What more can you ask of it?

 

[Kinana]

interest rates were high back then. all banks had high interests then.

 

[winnipegjets]

POSB is now part of Asia's SAFEST bank. What more can you ask of it?

Sure or not? Another PAP propaganda.

 

[cass888]

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.

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.

 

[cunnilaubu]

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.

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!

 

[johnny333]

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.

Actually I suspect the problem(s) started when the new members started to become active: LHL, Ho Ching,....

 

[cass888]

What you suggest is robbing the rich to do feel good things for the poor. And creating an interest rate environment which is untenable since the US dollars will flood into Singapore to earn the higher rates and either sink the Singapore dollar or make the banks go bust (over simplifying but trying to explain the dynamics of interest rates and foreign exchange rates in layman terms is not worth the effort for this discussion).

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!

 

[leetahbar]

it used to be a "peoples' bank" and had yearly lucky draw. i just love the old posb cos i ever won big in their lucky draw. now it's taken over by Dirty Bastard of Sgp or DBS and just like pap, DBS loves screwing the people who have grown up with posb. it now betrays the respectable name it once held. and FUCK!! the bloody gov allows it!