The local banks report bumper profits this year. Two banks earns more than $1 billion each, and much higher than in previous years. Even a foreign bank report that they earn more than $500 million in Singapore.
They make higher profits from the following sources:
- fees from sale of insurance and structured products
- high margin on their lending vs cost of funds
This is good news for their shareholders. But it is not good news for their bank customers.
The customers probably get a low rate of interest on their savings, and pay high rates of interest on their loans and credit card rollovers.
Make the banks compete - by looking for better choices to earn higher returns on your money. You can also make better investments to earn several tens of thousands of dollars more!
Come and attend our educational seminar to learn how. Call 6877 3366.
Wednesday, May 31, 2006
Monday, May 29, 2006
Ideal plan can give you $20,000 more
Most insurance companies take away 17 to 19 months of your savings as upfront charge under their investment linked plan (ILP). The ILP plan from NTUC Income (ie Ideal plan) takes away only 7 months. (See www.askdrmoney.com).
The difference is 12 months. We give 12 months of savings extra.
If the monthly saving is $300, we invest an additional $3,600, compared to other plans. Assuming an average return of 6% p.a, the additional investment will amount to $20,000 at the end of 30 years.
They can get $20,000 more, by investing with NTUC Income.
Why do the other ILP plans take away 19 months? Because, they pay higher commission to their agents and aim to make more profit for their shareholders.
Why does NTUC Income take away only 7 months? Because, we pay lower commission and reduce our expenses.
The difference is 12 months. We give 12 months of savings extra.
If the monthly saving is $300, we invest an additional $3,600, compared to other plans. Assuming an average return of 6% p.a, the additional investment will amount to $20,000 at the end of 30 years.
They can get $20,000 more, by investing with NTUC Income.
Why do the other ILP plans take away 19 months? Because, they pay higher commission to their agents and aim to make more profit for their shareholders.
Why does NTUC Income take away only 7 months? Because, we pay lower commission and reduce our expenses.
Saturday, May 27, 2006
Combined Fund or Global Equity Fund?
QUESTION
Mr Tan
Can I have your advise for a regular saving plan of $200 monthly over a 20 years investment period, into Combined Fund or Global Equity ? Since you did mention that these 2 funds are good. But which one is better if you would like to invest this much over a 20 years period ? Thanks!
ANSWER
I prefer Global Equity, but the Combined Fund (Growth) is also quote good (for those who wish to have a lower level of risk).
I suggest that you attend my educational talks. Call 6877 3366 for the date of the next talk.
Mr Tan
Can I have your advise for a regular saving plan of $200 monthly over a 20 years investment period, into Combined Fund or Global Equity ? Since you did mention that these 2 funds are good. But which one is better if you would like to invest this much over a 20 years period ? Thanks!
ANSWER
I prefer Global Equity, but the Combined Fund (Growth) is also quote good (for those who wish to have a lower level of risk).
I suggest that you attend my educational talks. Call 6877 3366 for the date of the next talk.
Friday, May 26, 2006
Funds managed by Fidelity
FUNDS MANAGED BY FIDELITY
Fund Size and Annual Charge
- Most Fidelity funds are $200m in size.
- Annual Charge is 1.5% for equity fund, 0.75% for bond fund.
- 15 fund offered under CPF investment (3 balanced funds, 1 bond fund, 11 equity funds)
Sales Charge and discount
- Sales charge for bank distributiors is 5%. Discount in the form of higher return on Fixed deposit (at least 3%)
- Sales charge for online distributor is about 1.5% to 2.5%.
- Sales charge for brokers is 5%.
-----------------------------
COMBINED FUND FROM NTUC INCOME
- fund size: $3,800 million
- annual fee: about 1%
- asset class: growth fund (70% equity, 30% bond
- sales charge: 3.5% (reduced for large investments above $20,000)
Fund Size and Annual Charge
- Most Fidelity funds are $200m in size.
- Annual Charge is 1.5% for equity fund, 0.75% for bond fund.
- 15 fund offered under CPF investment (3 balanced funds, 1 bond fund, 11 equity funds)
Sales Charge and discount
- Sales charge for bank distributiors is 5%. Discount in the form of higher return on Fixed deposit (at least 3%)
- Sales charge for online distributor is about 1.5% to 2.5%.
- Sales charge for brokers is 5%.
-----------------------------
COMBINED FUND FROM NTUC INCOME
- fund size: $3,800 million
- annual fee: about 1%
- asset class: growth fund (70% equity, 30% bond
- sales charge: 3.5% (reduced for large investments above $20,000)
A better way to pass your assets to your family
FROM A CUSTOMER
I wish to get your expert view.
Currently, many banks are encouraging clients to buy Insurance Trusts as part of estate planning. Typically, it is a significant single upfront payment with both guaranteed and projected returns and insurance payable upon death to named Trust beneficiaries.
Advantages are supposed to be faster probate process, additional estate duty exemptions and protection from creditors
------------------------
MY REPLY
Here a few points.
1. Be careful of the product. You must find out what is the return that you get. Most products offer a fairly low return, due to the high commission paid to the agent or the bank.
2. If estate duty is a consideration, you have two options. One is to write it as a trust policy under section 73, which allows the policy to be treated as a separate estate. This can be done independently of the product. It enjoys special estate duty.
But, under a trust policy, the rights are transferred from the policyholder to the beneficiaries - so the policyholder cannot change the mind and "take back" the money.
3. Another option is to place it under a revocable nomination. This is available from NTUC Income and later from the other insurance company as well.
4. I suggest that you go to read about it in www.KnowYourInsurance.com.sg. Or give a telephone call to X who is our expert on this matter.
5. What you want to do can be done with NTUC Income, and you get a much better return!
I wish to get your expert view.
Currently, many banks are encouraging clients to buy Insurance Trusts as part of estate planning. Typically, it is a significant single upfront payment with both guaranteed and projected returns and insurance payable upon death to named Trust beneficiaries.
Advantages are supposed to be faster probate process, additional estate duty exemptions and protection from creditors
------------------------
MY REPLY
Here a few points.
1. Be careful of the product. You must find out what is the return that you get. Most products offer a fairly low return, due to the high commission paid to the agent or the bank.
2. If estate duty is a consideration, you have two options. One is to write it as a trust policy under section 73, which allows the policy to be treated as a separate estate. This can be done independently of the product. It enjoys special estate duty.
But, under a trust policy, the rights are transferred from the policyholder to the beneficiaries - so the policyholder cannot change the mind and "take back" the money.
3. Another option is to place it under a revocable nomination. This is available from NTUC Income and later from the other insurance company as well.
4. I suggest that you go to read about it in www.KnowYourInsurance.com.sg. Or give a telephone call to X who is our expert on this matter.
5. What you want to do can be done with NTUC Income, and you get a much better return!
Wednesday, May 24, 2006
Car-sharing is a better option for many people
In the past months, the newspapers had reported on the sharp drop in new car prices.
Many people, particularly the younger ones, rush to the car showrooms and sign on the dotted line to buy their dream car.
This dream may not last when the true cost of car ownership strikes home.
For instance, if you buy an off-peak Nissan with a 95% car loan repayable over 10 years, you have to pay a monthly instalment of around $350. Add road tax, insurance, maintenance, petrol and parking charges, the total cost jump to $600 to $700 a month.
This is not a small sum for a young person just starting out on his career and burdened with a 10-year financial commitment.
I suggest a better option. If your job does not require you to use a car, you can consider car-sharing.
NTUC Income operates a car-sharing scheme with 200 cars serving 5000 members. A member spends between $50 and $200 per month depending on their car usage. For some months, they spend nothing if they are overseas or have other lifestyle priorities.
A car-sharing member have nearly the same benefits as private car owners.
www.carcoop.com.sg
Many people, particularly the younger ones, rush to the car showrooms and sign on the dotted line to buy their dream car.
This dream may not last when the true cost of car ownership strikes home.
For instance, if you buy an off-peak Nissan with a 95% car loan repayable over 10 years, you have to pay a monthly instalment of around $350. Add road tax, insurance, maintenance, petrol and parking charges, the total cost jump to $600 to $700 a month.
This is not a small sum for a young person just starting out on his career and burdened with a 10-year financial commitment.
I suggest a better option. If your job does not require you to use a car, you can consider car-sharing.
NTUC Income operates a car-sharing scheme with 200 cars serving 5000 members. A member spends between $50 and $200 per month depending on their car usage. For some months, they spend nothing if they are overseas or have other lifestyle priorities.
A car-sharing member have nearly the same benefits as private car owners.
www.carcoop.com.sg
50 million hits a month at our websites!
The two websites managed by NTUC Income, ie income.coop and Big Trumpet, receive a total of 51 million hits in March 2006.
This represents 1 million visitors a month (assuming that each visitor contribute to 50 hits).
This must be one of the most active websites in Singapore.
We estimate that 30% of the visitors are from our own staff and insruance advisers. 70% must be from the public, ie our customers.
This represents 1 million visitors a month (assuming that each visitor contribute to 50 hits).
This must be one of the most active websites in Singapore.
We estimate that 30% of the visitors are from our own staff and insruance advisers. 70% must be from the public, ie our customers.
Excess on motor insurance
The Excess is the amount payable by the policyholder as their contribution towards a claim.
Some insurers peg their standard Excess just below NTUC Income and publicise it in their materials.
They conveniently omit to mention that young and inexperience drivers are subject to higher Excess.
They also impose an additional Excess for unnamed drivers.
Some insurers peg their standard Excess just below NTUC Income and publicise it in their materials.
They conveniently omit to mention that young and inexperience drivers are subject to higher Excess.
They also impose an additional Excess for unnamed drivers.
Product Features INCOME Co-A Co-AX Co-R Co-C Co-H
Basic excess $500 $450 $200-$600 $450 $500 $500
Young driver $2000 $3000 $2500 $3950 $2500 $1500
Unnamed driver NA $450-$550 $500 $750 $500 $500
Is it time to invest in equities?
Two weeks ago, I mentioned that the global equity markets are "correcting". I indicate that I may want to make a further investment within two weeks, after the correction is over.
The correction has been slightly more severe than I expected. So, the various markets have come down by 5% to 10%.
I shall be carrying out a further review. I think that it may be time for me to make my further investment later this week, or earlier next week.
I shall post my decision soon.
The correction has been slightly more severe than I expected. So, the various markets have come down by 5% to 10%.
I shall be carrying out a further review. I think that it may be time for me to make my further investment later this week, or earlier next week.
I shall post my decision soon.
Why do customers come to our business center?
Here are the views of 10 customers who bought policies through the Business Center:
1. 40 % feel that agents only come around when they want to sell something and they are agressive in the approach. They feel at ease when they walk into the Business Center to buy their policies.
2. 40 % of them feel that agents do not give after sales service so they prefer to deal with directly with the company. Comment for one PH.....Agents come and go but the company is always there.
3. 20% feel that we give better value in terms of our vouchers (for direct customers).
4. All of them fell it is hassle free and straight forward to deal with the Business Center.
1. 40 % feel that agents only come around when they want to sell something and they are agressive in the approach. They feel at ease when they walk into the Business Center to buy their policies.
2. 40 % of them feel that agents do not give after sales service so they prefer to deal with directly with the company. Comment for one PH.....Agents come and go but the company is always there.
3. 20% feel that we give better value in terms of our vouchers (for direct customers).
4. All of them fell it is hassle free and straight forward to deal with the Business Center.
Saturday, May 20, 2006
Adjustible Annuity
NTUC Income now offers the participating annuity. It offers a guaranteed payout which is increased each year by a variable bonus. The bonus is usually about 2.5% per annum, but is not guaranteed. In most years, it should vary from 1% to 4%.
A male at 62 investing in this annuity will get a return of 6.3% plus bonus. If he invest $100,000, the payout is $524 per month. This will increase with the yearly bonus.
Assuming the bonus is 2.5% per year, the annuity will increase to $671 after 10 years and $859 after 20 years.
Some policyholders have asked us to provide a higher payout in the earlier years. One option is for us to offer an adjustible annuity. It will pay $660 a month, of which $524 is guaranteed and $136 is adjustible.
If the average return on our investments is 5% per annum, the annuity will remain the same. If the average return is higher than 5%, we will adjust the annuity upwards. If it is lower than 5%, it will be adjusted downwards, but will not be less than the guaranteed floor of $524.
We will make gradual adjustment, by looking at the average return over a few years.
We have not yet decided to offer the adjustible annuity at this time. If there is sufficient interest, we may offer it in the future.
A male at 62 investing in this annuity will get a return of 6.3% plus bonus. If he invest $100,000, the payout is $524 per month. This will increase with the yearly bonus.
Assuming the bonus is 2.5% per year, the annuity will increase to $671 after 10 years and $859 after 20 years.
Some policyholders have asked us to provide a higher payout in the earlier years. One option is for us to offer an adjustible annuity. It will pay $660 a month, of which $524 is guaranteed and $136 is adjustible.
If the average return on our investments is 5% per annum, the annuity will remain the same. If the average return is higher than 5%, we will adjust the annuity upwards. If it is lower than 5%, it will be adjusted downwards, but will not be less than the guaranteed floor of $524.
We will make gradual adjustment, by looking at the average return over a few years.
We have not yet decided to offer the adjustible annuity at this time. If there is sufficient interest, we may offer it in the future.
Poor performance of two bond funds
QUESTION FROM POLICYHOLDER
I have invested in your 2 bond funds. I want an explanation for the under-performance of these funds. I have attended your talk. You said if fund manager consistently do not perform you are going to remove them. Why have you NOT kept your word?
Now it has been 3 years of underperformance - you are still going to keep them? Or are you going to do the right thing for policyholders who have entrusted our money to you? Customers expect swift and robust action to correct this problem!
REPLY
NTUC Income operates two bond funds - the Global Bond fund and the Singapore Bond fund.
The annualised return for the past 3 years is:
Global Bond - 3.4% p.a. (benchmark: 3.3% p.a.)
Singapore Bond - 1.2% p.a. (benchmark: 1.8% p.a.)
The return on Singapore bonds has been rather low, due mainly to the low interest rate in Singapore.
The return on the bond funds are affected by the recent increase in interest rate. This is a temporary situation. If the investment is kept for a longer period of 5 to 10 years, the average return will be about 3.5% p.a.
Investment in bonds have low risk, but the return is also low.
If the actual performance is within 1% of the benchmark (in the case of bonds), we consider the performance to be acceptable. We have to accept a small degree of fluctuation.
My advice: If you are investing for 10 years or longer, you should choose the global equity or the combined fund. Risk is to your advantage.
I have invested in your 2 bond funds. I want an explanation for the under-performance of these funds. I have attended your talk. You said if fund manager consistently do not perform you are going to remove them. Why have you NOT kept your word?
Now it has been 3 years of underperformance - you are still going to keep them? Or are you going to do the right thing for policyholders who have entrusted our money to you? Customers expect swift and robust action to correct this problem!
REPLY
NTUC Income operates two bond funds - the Global Bond fund and the Singapore Bond fund.
The annualised return for the past 3 years is:
Global Bond - 3.4% p.a. (benchmark: 3.3% p.a.)
Singapore Bond - 1.2% p.a. (benchmark: 1.8% p.a.)
The return on Singapore bonds has been rather low, due mainly to the low interest rate in Singapore.
The return on the bond funds are affected by the recent increase in interest rate. This is a temporary situation. If the investment is kept for a longer period of 5 to 10 years, the average return will be about 3.5% p.a.
Investment in bonds have low risk, but the return is also low.
If the actual performance is within 1% of the benchmark (in the case of bonds), we consider the performance to be acceptable. We have to accept a small degree of fluctuation.
My advice: If you are investing for 10 years or longer, you should choose the global equity or the combined fund. Risk is to your advantage.
Friday, May 19, 2006
Bank customer has bad experience
FROM A BANK CUSTOMER
When I visited a bank A to put my money in a fixed deposit, I was treated to personalised service at a sit down counter. If I decide to withdraw, I have to line up at the regular counter.
The bank has a roving officer who checks periodically on everyone in the queue regarding their transaction. The hard sell is strong.
When she came to me in the withdrawl queue, she tried to interest me in structured products instead, citing that they gave better returns than fixed deposit. This is a trap for the uninformed.
------------------------------
During the the last six months, I went to my bank B on two occasions to renew a deposit and to enquire about a shield plan.
On both occasions, the bank officer has online access to my particulars. When I gave them my NRIC, they know what products I have with the bank.
The bank officer saw that I have a particular unit trust with the bank. The officer tried to get me to sell that unit trust (stating that it is not doing well) and get me to buy a different unit trust.
They recommended recommended different products on two occasions.
I was quite confused at that time. I bought the unit trust 5 yrs ago, and it was losing money all these years. Now that it is finally on the uptend, they were asking me to sell. Luckily I decided to not act rashly.
----------------------------------
I now realise that their real interest was probably in the commission they would make by selling a new product to me. Straight away, they make 5% and I lose another 5%. Nobody was interested in what was best for me.
It is like preying on my fear - that I should get out of a money losing decision made earlier. If I run now with at least my capital intact. But I realise that this is getting from the frying pan into the fire. I recover my capital and straight away give away 5% to someone else again !
It is a world of predators out there! I shall never trust anything sold by banks again. My interest is the last thing on their minds!
When I visited a bank A to put my money in a fixed deposit, I was treated to personalised service at a sit down counter. If I decide to withdraw, I have to line up at the regular counter.
The bank has a roving officer who checks periodically on everyone in the queue regarding their transaction. The hard sell is strong.
When she came to me in the withdrawl queue, she tried to interest me in structured products instead, citing that they gave better returns than fixed deposit. This is a trap for the uninformed.
------------------------------
During the the last six months, I went to my bank B on two occasions to renew a deposit and to enquire about a shield plan.
On both occasions, the bank officer has online access to my particulars. When I gave them my NRIC, they know what products I have with the bank.
The bank officer saw that I have a particular unit trust with the bank. The officer tried to get me to sell that unit trust (stating that it is not doing well) and get me to buy a different unit trust.
They recommended recommended different products on two occasions.
I was quite confused at that time. I bought the unit trust 5 yrs ago, and it was losing money all these years. Now that it is finally on the uptend, they were asking me to sell. Luckily I decided to not act rashly.
----------------------------------
I now realise that their real interest was probably in the commission they would make by selling a new product to me. Straight away, they make 5% and I lose another 5%. Nobody was interested in what was best for me.
It is like preying on my fear - that I should get out of a money losing decision made earlier. If I run now with at least my capital intact. But I realise that this is getting from the frying pan into the fire. I recover my capital and straight away give away 5% to someone else again !
It is a world of predators out there! I shall never trust anything sold by banks again. My interest is the last thing on their minds!
Feedback about the Business Center
I received two feedback about the business center.
----------------------------------------------------
Having just started working full-time after graduating, I have been shopping around looking at various financial plans and insurance policies. Most agents I meet are terrifyingly aggressive and pushy, with their emphasis seemingly being on “Sell! Sell! Sell!” while I sit there, bewildered and intimidated by lists of figures and percentages.
It is reassuring and encouraging to know where NTUC Income’s heart lies and the ethics you work by. I’m definitely looking forward to a consultation with your financial planners!”
JT
----------------------------------------------------------------------
The new business centre caters to consumers like me, someone who is not comfortable to speaking with an agent but still wants the consultation and advise necessary to
make informed decisions on financial products.
There are far too many financial products floating about in the market. Consumers are often confused and frightened off and as a result not take any steps to help themselves. With the business centre, consumers are encouraged to take the
initiative to seek advise without being solicited and without the pressure of having to make any purchases.
Your business centre is a fine example of the cooperative's ethos and philosophy of putting the consumers' needs, concerns, trust and care above all else."
NM
----------------------------------------------------
Having just started working full-time after graduating, I have been shopping around looking at various financial plans and insurance policies. Most agents I meet are terrifyingly aggressive and pushy, with their emphasis seemingly being on “Sell! Sell! Sell!” while I sit there, bewildered and intimidated by lists of figures and percentages.
It is reassuring and encouraging to know where NTUC Income’s heart lies and the ethics you work by. I’m definitely looking forward to a consultation with your financial planners!”
JT
----------------------------------------------------------------------
The new business centre caters to consumers like me, someone who is not comfortable to speaking with an agent but still wants the consultation and advise necessary to
make informed decisions on financial products.
There are far too many financial products floating about in the market. Consumers are often confused and frightened off and as a result not take any steps to help themselves. With the business centre, consumers are encouraged to take the
initiative to seek advise without being solicited and without the pressure of having to make any purchases.
Your business centre is a fine example of the cooperative's ethos and philosophy of putting the consumers' needs, concerns, trust and care above all else."
NM
Thursday, May 18, 2006
Why prior approval is useful
I wish to share an experience involving someone I know. It illustrates the importance of getting prior approval for expensive medical treatment.
Mr Koh went to see a specialist for a medical condition. The specialist carried out some complicated tests. He told Mr Koh that his condition is serious and needed to be treated immediately.
Mr Koh signed the consent letter and was operated. He was discharged a few days later. He received a bill for more than $30,000. Mr Koh was not insured.
Mr Koh consulted his personal doctor. The doctor told him, "Mr Koh, you are already 80 years old. This type of medical condition is not serious. The operation is not necessary for a person of your age. Why did you agree to be operated?"
Mr Koh paid the bill. He decided not to pursue the matter.
Lesson: If Mr Koh is insured and has to consult his insurance company, he will be able to get a second opinion. In fact, the specialist will not dare to recommend an unnecessary operation, as he might be questioned.
Mr Koh went to see a specialist for a medical condition. The specialist carried out some complicated tests. He told Mr Koh that his condition is serious and needed to be treated immediately.
Mr Koh signed the consent letter and was operated. He was discharged a few days later. He received a bill for more than $30,000. Mr Koh was not insured.
Mr Koh consulted his personal doctor. The doctor told him, "Mr Koh, you are already 80 years old. This type of medical condition is not serious. The operation is not necessary for a person of your age. Why did you agree to be operated?"
Mr Koh paid the bill. He decided not to pursue the matter.
Lesson: If Mr Koh is insured and has to consult his insurance company, he will be able to get a second opinion. In fact, the specialist will not dare to recommend an unnecessary operation, as he might be questioned.
20 insurance advisers left NTUC Income
The Straits Times reported that 20 insurance advisers left NTUC Income to join other insurance companies, due to unhappiness with our insurance business center.
This is true. But it does not give the complete picture.
Each year, an average of 40 insurance agents from other companies join NTUC Income. They find it easier to sell our products, which give better value to their customers. Although they earn a lower rate of commission, they are able to earn more through a higher volume of sales.
Some join as supervisors or salaried consultants on fixed salaries.
NTUC Income aims to provide a new channel for people to buy insurance. We want to educate consumers and allow them to buy insurance from our business centers.
We will continue to have insurance advisers, who sell insurance to customers through the traditional way, by visiting their home or workplace. They continue to offer good value products to our customers.
There will be two channels to serve the two different groups of customers.
This is true. But it does not give the complete picture.
Each year, an average of 40 insurance agents from other companies join NTUC Income. They find it easier to sell our products, which give better value to their customers. Although they earn a lower rate of commission, they are able to earn more through a higher volume of sales.
Some join as supervisors or salaried consultants on fixed salaries.
NTUC Income aims to provide a new channel for people to buy insurance. We want to educate consumers and allow them to buy insurance from our business centers.
We will continue to have insurance advisers, who sell insurance to customers through the traditional way, by visiting their home or workplace. They continue to offer good value products to our customers.
There will be two channels to serve the two different groups of customers.
Get good leaders in government
At each general election, there is the risk that some of our experienced ministers may not get elected into Parliament. People worry that this may disrupt the smooth running of our country.
Is there a different way to "find" capable people to run the country?
The American system provides an interesting alternative.
The citizens elect their representatives into Congress, which is the equaivalent of our Parliament. Each district elect their own representative. They do not have a "group consitutency" system.
The citizens also elect their President and Vice President to run the country. The President cannot run the country on his own. He nominates capable people to be secretaries of the various departments. These secretaries perform roles that are similar to our ministers.
For example, their secretary of state is like our foreign affairs minister. The secretary of the treasury is like our finance minister.
The nominees have to be approved by Congress, which are the elected representatives of the people.
I think that Singapore can adopt this aspect of the American system. We do not need all ministers to be members of parliament at the same time. If necessary, we can appoint a minister from outside of Parliament, if they get the approval of a select committee of the Parliament.
Is there a different way to "find" capable people to run the country?
The American system provides an interesting alternative.
The citizens elect their representatives into Congress, which is the equaivalent of our Parliament. Each district elect their own representative. They do not have a "group consitutency" system.
The citizens also elect their President and Vice President to run the country. The President cannot run the country on his own. He nominates capable people to be secretaries of the various departments. These secretaries perform roles that are similar to our ministers.
For example, their secretary of state is like our foreign affairs minister. The secretary of the treasury is like our finance minister.
The nominees have to be approved by Congress, which are the elected representatives of the people.
I think that Singapore can adopt this aspect of the American system. We do not need all ministers to be members of parliament at the same time. If necessary, we can appoint a minister from outside of Parliament, if they get the approval of a select committee of the Parliament.
Wednesday, May 17, 2006
Insurance Business Center
NTUC Income now provides a new channel to service our customers.
At our new business centres, our salaried insurance consultants are on hand to assist you.
You get suitable advice on insurance and financial planning, without feeling obliged to buy the product. You enjoy a lower premium and a better return on the insurance and investment products from NTUC Income.
You can also get a modest incentive by buying through our business center.
Our business centers are conveniently located at Bras Basah Road and Tampines Point.
Call 6877-3366 for an appointment.
At our new business centres, our salaried insurance consultants are on hand to assist you.
You get suitable advice on insurance and financial planning, without feeling obliged to buy the product. You enjoy a lower premium and a better return on the insurance and investment products from NTUC Income.
You can also get a modest incentive by buying through our business center.
Our business centers are conveniently located at Bras Basah Road and Tampines Point.
Call 6877-3366 for an appointment.
More people now read my blog
My site meter said that 350 people visit my blog last Friday and 400 visit yesterday. Wow.
Previously, I received an average of 150 visitors daily.
If you like my blog, tell your friends to visit it.
Previously, I received an average of 150 visitors daily.
If you like my blog, tell your friends to visit it.
Auto-renewal of fixed deposit at poor interest rate
Dear Mr Tan,
My $50,000 FD was auto-renewed 1 month ago at 1.7%, although the same bank is offering about 3% for other customers.
Probably, after this similar incident was highlighted in your blog, the bank finally tele-invited me to renew my FD at a higher rate of 3%. But I think it is still not fair that the 3% will be effective only from the date when I made a personal request at the bank to renew it.
I trust the banks to auto renew my deposit at the best rates and yet got a lousy deal in return for my trust.
Hazel
My $50,000 FD was auto-renewed 1 month ago at 1.7%, although the same bank is offering about 3% for other customers.
Probably, after this similar incident was highlighted in your blog, the bank finally tele-invited me to renew my FD at a higher rate of 3%. But I think it is still not fair that the 3% will be effective only from the date when I made a personal request at the bank to renew it.
I trust the banks to auto renew my deposit at the best rates and yet got a lousy deal in return for my trust.
Hazel
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