Sunday, July 26, 2009

Interest rate on 25 July 2009

Here is an update of the interest rate on savings account and fixed deposit as at 25 July 2009. It is for your easy reference. Hope you find it useful. As the interest rate changes, please verify with the financial institution.


hongjun said...

I think you should put "< $5,000" to indicate less than $5,000. Because e.g. interest rates for $5,000 on iSavvy is 0.5% and not 0.25%.

SPH said...

The article: Ben "Systemic Risk" Bernanke proves that Bernanke knowingly maintained a strict monetary policy long after he knew of the sub prime problem as he knew it would cause of the "Depression".

It shows that he probably engineered it on purpose!

If you want to sleep tonight, Don't Read It!

"In contradiction to the prevalent view of the time, that money and monetary policy played at most a purely passive role in the Depression, Friedman and Schwartz argued that "the [economic] contraction is in fact a tragic testimonial to the importance of monetary forces" (Friedman and Schwartz, 1963, p. 300).

The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.

In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.

Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."

Governor Ben S. Bernanke
Money, Gold, and the Great Depression.
At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
Lexington, Virginia.
March 2nd, 2004

You can read also: Preparing for the Crash, The Age of Turbulence Update: 22/07/09., which tries to accomplish Greenspan Mission Impossible:

That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer. Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances. Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away."

Alan Greenspan
The Age of Turbulence: Adventures in a New World [Economic Order?].

Plea for a New World Economic Order. explains the nature and causes of economic depressions and proposes a plausible alternative solution.

Anonymous said...

You have left out RHB Bank 3Rio account that offers <5K 0.68% ; >5K 0.73% interest.

It is a cheque account with relatively high interest.

Parka said...

These interesting rates put out by banks are insulting and demeaning to the public.

Why doesn't MAS make Singapore Government bonds more easily available to the public through the banks?

People who use these accounts should use them for purely for transactional purposes. They have not much value otherwise.

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