Dear Mr. Tan
I wish to share this experience with my bank. I think that the bank is acting dishonestly.
I placed my fixed deposit with them a few years ago. The relationship manager advised me to set the fixed deposit to mature at the end of the term and to redeposit it at the rate at that time.
She advised me not to use the auto-renew feature as the auto-renewal is at the board rate, which is much lower than the rate for new deposits.
She also promised me that she would remind me about the renewal of the fixed deposit.
I took her suggestion.
https://fisca.sg/ArticleDisplay.aspx?ID=635
https://tklcloud.com/Feedback/feedback2.aspx?id=1223
I wish to share this experience with my bank. I think that the bank is acting dishonestly.
I placed my fixed deposit with them a few years ago. The relationship manager advised me to set the fixed deposit to mature at the end of the term and to redeposit it at the rate at that time.
She advised me not to use the auto-renew feature as the auto-renewal is at the board rate, which is much lower than the rate for new deposits.
She also promised me that she would remind me about the renewal of the fixed deposit.
I took her suggestion.
https://fisca.sg/ArticleDisplay.aspx?ID=635
https://tklcloud.com/Feedback/feedback2.aspx?id=1223
2 comments:
F.D depositers, keep in mind, esp newly minted millionaires, dun use the auto renewal service, as the Bank would renew upon expiry date at pre promotion rates, which are much lower.
Request for auto crediting into your Savings Account with the same bank, and then self renew at the branch at your earliest convenience.
Never entertain or meet your relationship manager, they have a quota to meet.
Never just trust other ppl (inlc me of course) even if your RM is a VP of the bank. Everybody looks out for #1 and their job is to maximise salary for ownself.
If you are going for FD it means you are conservative, so just go with auto-renewal & don't be so greedy with this portion of your savings.
For those above 55 and already maxed their Medisave, another option is to do voluntary CPF topup. As long as your Medisave is maximum, your cash topup will flow almost all into Ordinary a/c and a little bit into Special a/c. You will get interest of at least 2.5% and you can withdraw anytime.
If you're still working, you can withdraw OA and SA once a year. If you're not working, you can withdraw multiple times a year.
My parents have been using this method for almost past 10 yrs already. If you want to explore further, better to discuss with CPF staff.
Post a Comment