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DBS and POSB cut savings rates

Think about d below loop holes(but actually just a technical fowl only) n make your money growth, esp u hv much free cash with u, in d FD or hiding under d pillows. Very effective saving, if u indented to take care of your grand pa n parents. As for your siblings, in future they can making use of part of the saving in SA to pay d downpayment for their houses.

 

The CPF Minimum Sum (MS) Topping-Up Scheme allows you to give top-ups to yourself and/or your loved ones’ Special Accounts (for recipients below age 55) or Retirement Accounts (for recipients age 55 and above). Such gifts help build up the MS and can come from your CPF or in cash. To make a top-up using your CPF to your loved ones (i.e. grandparents'/parents'/siblings'/spouse's Retirement Account and/or siblings'/spouse's Special Account), the net balances in your Ordinary and Special Accounts, including amount withdrawn for investments, must be more than the prevailing Minimum Sum. Only Ordinary Account balances can be used for the top-up. You can also enjoy tax relief of up to $7,000 per calendar year, if you use cash to make top-ups for yourself. You can enjoy an additional tax relief of up to $7,000 per calendar year if you use cash to make top-ups for your siblings, spouse, parents or grandparents. To qualify for tax relief for cash top-ups for siblings/spouse, the sibling/spouse must not have earned more than $2,000 in the preceding year. For example, if you make a cash top-up of $7,000 for your 62-year old parent who currently does not have any Minimum Sum payout, she would start to receive $297 a month for two years immediately1! At the same time, you could also receive tax savings of up to $1,4002. You can login with your SingPass to make top-ups for yourself and/or loved ones now. Read more about the CPF Minimum Sum Topping-Up Scheme. 1 The monthly payout would depend on when the person reached 55 and the Minimum Sum that the person has set aside. For more information, please click on the “Read more” above. 2 Based on 20% tax rate. Please see www.iras.sg for information on tax rates.

 

POSB My saving account,  per month >$1500, interest rate drop from 1.5% to current 0.4% ...

 

Cat, real touching, a filiar children like u, not easy to come by, esp nowadays. I hv seen it with my own eyes. My old kopitiam frd, at 60, now one leg amputated, warded NUH a yr ago liao. Wat a pity, d younger son just came out fr jail, didn't even visit him. D other 2 sons, may be wanted to visit him, but both still in jail. Wife ah, taking care of elder son children, unable to leave for d visit. Elder son n daughter in law, working like mad to feed d families.

AK opines that my poor frd likely will spend his rest of life in NUH liao. Heng, all his medical expenses were covered, not by medisave neither fr family members. I know he got few mthly allowances fr various temples n associations. But not sure how gov subsidise him on his dialysis n medical expenses in NUH.

cathylmg      ( Date: 02-Jul-2009 17:59) Posted: True lah. I agree totally. When my father got kidney failure in the 90's my bros and sis and my mum too all voted to let him die. I was thinking how can we do that when there is option for kidney dialysis right? I spend all my monthly salaries to provide kidney dialysis for him for next 5 years. I hope when my time comes, my children will not turn away from responsibilitis but one gotta be prepared so I bought alot of insurance for myself when my dad died and I can afford, just incase. AK_Francis      ( Date: 02-Jul-2009 16:31) Posted: Ha ha, sorry for my parents one, since I came to Spore in 1972. In d 70s, there was no ATM, I used to send POSB money order mthly, after payday, as then my parent can q at Msia Post Office. Sending Maybank Casher Order in d 80s and finally  ATM in d 90s. As parent dun know how to access d ATM, hence my sister came into play. Dad surrendered IC in 2000 n elder brother left us in 2004 owing to  heart attacked. Poor mum got stroke n half paralysed, in 2005. I decided to leave mum at d health care center, as perceived that bro n sister were tied up, they were unable to take care for mum closely. Heng god bless, mum is healthy so far. The moral of d story is that nowadays d children were brought up differently. They didn't go thro d hardship which we suffered bitterly when we were at young. Their thinking is different. In their mind, most likely they thought that parents are oblidged to bring them up n inreciprocate, they hv no obligation in return to take care of d parents. AK personally felt that loh, but take it easy mah. Incidentally, gov wanted to implement law to enforce filiarism, alamah problem is d word.

 

Also just to give some merit to Durai, at that time he really helped. Especially in lowering the cost for dialysis.

 

True lah. I agree totally. When my father got kidney failure in the 90's my bros and sis and my mum too all voted to let him die. I was thinking how can we do that when there is option for kidney dialysis right? I spend all my monthly salaries to provide kidney dialysis for him for next 5 years. I hope when my time comes, my children will not turn away from responsibilitis but one gotta be prepared so I bought alot of insurance for myself when my dad died and I can afford, just incase.

AK_Francis      ( Date: 02-Jul-2009 16:31) Posted: Ha ha, sorry for my parents one, since I came to Spore in 1972. In d 70s, there was no ATM, I used to send POSB money order mthly, after payday, as then my parent can q at Msia Post Office. Sending Maybank Casher Order in d 80s and finally  ATM in d 90s. As parent dun know how to access d ATM, hence my sister came into play. Dad surrendered IC in 2000 n elder brother left us in 2004 owing to  heart attacked. Poor mum got stroke n half paralysed, in 2005. I decided to leave mum at d health care center, as perceived that bro n sister were tied up, they were unable to take care for mum closely. Heng god bless, mum is healthy so far. The moral of d story is that nowadays d children were brought up differently. They didn't go thro d hardship which we suffered bitterly when we were at young. Their thinking is different. In their mind, most likely they thought that parents are oblidged to bring them up n inreciprocate, they hv no obligation in return to take care of d parents. AK personally felt that loh, but take it easy mah. Incidentally, gov wanted to implement law to enforce filiarism, alamah problem is d word. trader88.sg      ( Date: 02-Jul-2009 10:56) Posted: Wow, you are so nice, Brother Francis. Can I be your sister?

 

Maybank Singapore also have this Isavvy account, 0.5%, but must maintain minimum 5K. The interest used to be higher, have dropped since.

 

Ha ha, sorry for my parents one, since I came to Spore in 1972. In d 70s, there was no ATM, I used to send POSB money order mthly, after payday, as then my parent can q at Msia Post Office. Sending Maybank Casher Order in d 80s and finally  ATM in d 90s. As parent dun know how to access d ATM, hence my sister came into play.

Dad surrendered IC in 2000 n elder brother left us in 2004 owing to  heart attacked. Poor mum got stroke n half paralysed, in 2005. I decided to leave mum at d health care center, as perceived that bro n sister were tied up, they were unable to take care for mum closely. Heng god bless, mum is healthy so far.

The moral of d story is that nowadays d children were brought up differently. They didn't go thro d hardship which we suffered bitterly when we were at young. Their thinking is different. In their mind, most likely they thought that parents are oblidged to bring them up n inreciprocate, they hv no obligation in return to take care of d parents.

AK personally felt that loh, but take it easy mah. Incidentally, gov wanted to implement law to enforce filiarism, alamah problem is d word.

trader88.sg      ( Date: 02-Jul-2009 10:56) Posted: Wow, you are so nice, Brother Francis. Can I be your sister?  AK_Francis      ( Date: 02-Jul-2009 00:01) Posted: 2 S$ per transaction in ATM located in Msia. At Spore, no charge. My sister uses my ATM card to withdraw mthly expenses fr my Maybank saving acct. Previously, I used to send demand draft or cashier order to my sister but d commission charge was $10 long time ago. Now, I think is ard $5 per order liao. Moreover, queing in Maybank in Msia is terrible long one.

 

Heard that malaysian bank normal saving rate is about 2%. But that is in Ringgit.

 

Wow, you are so nice, Brother Francis. Can I be your sister? 

AK_Francis      ( Date: 02-Jul-2009 00:01) Posted: 2 S$ per transaction in ATM located in Msia. At Spore, no charge. My sister uses my ATM card to withdraw mthly expenses fr my Maybank saving acct. Previously, I used to send demand draft or cashier order to my sister but d commission charge was $10 long time ago. Now, I think is ard $5 per order liao. Moreover, queing in Maybank in Msia is terrible long one. poboxfor      ( Date: 01-Jul-2009 23:01) Posted: Hi AK, About your comments: PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader.  There's no extra charge when you withdraw from M'sia? Thought they always has this service charge thingy..

 

2 S$ per transaction in ATM located in Msia. At Spore, no charge.

My sister uses my ATM card to withdraw mthly expenses fr my Maybank saving acct. Previously, I used to send demand draft or cashier order to my sister but d commission charge was $10 long time ago. Now, I think is ard $5 per order liao. Moreover, queing in Maybank in Msia is terrible long one.

poboxfor      ( Date: 01-Jul-2009 23:01) Posted: Hi AK, About your comments: PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader.  There's no extra charge when you withdraw from M'sia? Thought they always has this service charge thingy..

 

yah man... can't agree with you more..

richtan      ( Date: 01-Jul-2009 23:03) Posted: Yes, it is a place to temporarily store bullets to be drawn out when need to use or invest or trade but definitely not for building wealth, the miserable interest eroded by inflation. poboxfor      ( Date: 01-Jul-2009 22:58) Posted: Oh this is where I store my bullets. Need liquidity impromptu. Or did I store my bullets wrongly?

 

Yes, it is a place to temporarily store bullets to be drawn out when need to use or invest or trade but definitely not for building wealth, the miserable interest eroded by inflation.

poboxfor      ( Date: 01-Jul-2009 22:58) Posted: Oh this is where I store my bullets. Need liquidity impromptu. Or did I store my bullets wrongly? richtan      ( Date: 01-Jul-2009 21:54) Posted: Alemak, these are peanuts or titbits, invest in equities many times tat returns (net returns), but of course can't anyhow hantam lah, otherwise eyes n pockets also blue-black

 

Hi AK,

About your comments:

PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader.

 There's no extra charge when you withdraw from M'sia? Thought they always has this service charge thingy..


 

 

Oh this is where I store my bullets. Need liquidity impromptu. Or did I store my bullets wrongly?

richtan      ( Date: 01-Jul-2009 21:54) Posted: Alemak, these are peanuts or titbits, invest in equities many times tat returns (net returns), but of course can't anyhow hantam lah, otherwise eyes n pockets also blue-black. AK_Francis      ( Date: 01-Jul-2009 17:46) Posted: Ha ha, best in town, if u r above 55, cash time deposit at Maybank, on top of d basic rate, quite d same among other rivals, u will hv another 0.25% of snr citizen bonus rate. Surf below for more details on other saving pakages n services provided by d bank. http://info.maybank2u.com.sg/site_functions/rates.htm PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader.

 

interest rate if lower than inflation means losing money

 

POEMS is not savings account, it is money market fund(may go negative one although very very unlikely)

poboxfor      ( Date: 01-Jul-2009 17:03) Posted: So far I know the following best rates around (with no bond nor minimum amount): StandChart-eSaver : 0.4% per annum OCBC-NTUC Fairplus Savings : 0.5% per annum Fundsupermart-Cash Fund : ~0.73% per annum POEMS?

 

Alemak, these are peanuts or titbits, invest in equities many times tat returns (net returns), but of course can't anyhow hantam lah, otherwise eyes n pockets also blue-black.

AK_Francis      ( Date: 01-Jul-2009 17:46) Posted: Ha ha, best in town, if u r above 55, cash time deposit at Maybank, on top of d basic rate, quite d same among other rivals, u will hv another 0.25% of snr citizen bonus rate. Surf below for more details on other saving pakages n services provided by d bank. http://info.maybank2u.com.sg/site_functions/rates.htm PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader. poboxfor      ( Date: 01-Jul-2009 17:03) Posted: So far I know the following best rates around (with no bond nor minimum amount): StandChart-eSaver : 0.4% per annum OCBC-NTUC Fairplus Savings : 0.5% per annum Fundsupermart-Cash Fund : ~0.73% per annum POEMS?

 

Yes.. more liquidity into these two sectors. Also, it means the Bank is flushed with liquidity after all the rights issues.. Did you receive many calls from Banks to take up loan recently ?  Next rally is fast and furious as it has two key ingredients - economy recovery and lots of liquidity...

trader88.sg      ( Date: 01-Jul-2009 14:49) Posted: That means stocks and properties will do well.

 

AGREE.

watchlist      ( Date: 01-Jul-2009 17:14) Posted: If they could, they would not be shy to say 0% interest rate...... Dont park your money in bank.... use it to invest wisely...

 

Ha ha, best in town, if u r above 55, cash time deposit at Maybank, on top of d basic rate, quite d same among other rivals, u will hv another 0.25% of snr citizen bonus rate.

Surf below for more details on other saving pakages n services provided by d bank.

http://info.maybank2u.com.sg/site_functions/rates.htm

PS. Apply ATM card at spore br n use d ATM card to draw Ringgits in Maybank in any corner in Msia. U can apply its credit card n link with d ATM card so that u can use d credit card as well as ATM card as well. No hassle if using d credit card to pump petrol at kiosks, no need to pay first n pump later, do it at d pump reader.

poboxfor      ( Date: 01-Jul-2009 17:03) Posted: So far I know the following best rates around (with no bond nor minimum amount): StandChart-eSaver : 0.4% per annum OCBC-NTUC Fairplus Savings : 0.5% per annum Fundsupermart-Cash Fund : ~0.73% per annum POEMS?