Rise, rise, rise!
Prices in Singapore are getting higher and higher, and Po residents are trying to make money, and in the face of global economic uncertainty, it is a good choice to put money in the bank for a fixed period.
However, recently, the fixed deposit interest rate of Podao Bank is a bit strange, and it is no longer that the longer you save, the higher the interest......
The longer the fixed deposit, the higher the interest
UOB 6-month fixed deposit is higher than 10-month
Bank of China 3m3.40%
The longer you save for a fixed deposit, the more interest you get? That's in the past tense!
Let's take the 3 major lines of Po Island as an example. UOB has an interest rate of 2.70% for 6 months and only 2.60% for 10 months.
OCBC only offers 6 months of fixed deposits, but the interest rate is 2.90% for online processing and only 2.50% for bank processing.
DBS DBS still has a higher interest rate of 3.20% for 12 months.
Judging from the information found by Wanshitong, the highest interest rate on fixed deposits is Bank of China, and if you use mobile banking, the interest rate for 3 months is 3.40%!
The Fed is expected to cut interest rates in September
Singapore bank fixed deposit interest will not be increased again
Why is it that the longer you save, the lower the interest rate?
Because the market's expectations for future interest rate cuts are still strong, but the timing of interest rate cuts is uncertain. Therefore, banks reduce the comprehensive cost of liabilities by adjusting the deposit term premium and reducing the interest expense of long-term deposits.
Earlier, the United States released the July non-farm payrolls report, which showed a sharp slowdown in new jobs and an unexpected rise in the unemployment rate, further raising the probability of the Fed cutting interest rates in September.
Liu Yurui, portfolio manager of Bondsupermart's bond research department, said that Singapore's benchmark interest rate is largely affected by the Fed's interest rate, and the fixed deposit interest will not be raised again under the premise that Midland intends to cut interest rates in September.
How do I open a bank account in Singapore?
The babysitter-level strategy is here!
Some macaroni have just arrived in Singapore and don't even have a bank account, let alone a fixed deposit.
Today, Know-it-all will teach you how to open an account in Singapore!
The opening conditions of Singapore banks generally include the following:
1. Status of Residence: Some accounts are only available to Singapore citizens/permanent residents, while others are for short-term residence (employment/study) foreigners.
2. Age limit: Current accounts for daily use are usually required to be over 18 years old, and savings accounts are usually required to be over 15/16 years old.
3. Initial Deposit: A certain amount of money that must be deposited when opening an account.
4. Minimum Account Balance: The account balance needs to maintain a certain amount, otherwise the bank may charge a minimum balance service fee.
To open an account with a bank in Singapore, you generally need to prepare the following documents:
1. Valid passport;
2.有效签证（例如Employment Pass、Student Pass、Dependent Pass）；
3. Proof of residential address (e.g. telephone bill, bank statement, government letter) within 3 months;
4. Proof of residence status and proof of tax payment in each tax residence;
5. Proof of enrollment or employment (e.g. offer letter, student ID, IPA issued by the relevant Singapore authorities);
6. Singpass e-ID card (applicable to online account opening only).
1. There are three specific ways to apply for an account:
1) Bring the information to the bank to queue up to apply;
2) Apply online in the application;
3) The employer can handle it with one click on the website of the Ministry of Labor.
It is generally not recommended to go to the bank to queue up to apply, because it is more convenient and saves time to apply online.
If you are an employee, it is recommended that you ask your employer to apply with one click. If you are an international student, you can apply online when the SingPass is processed.
2. To apply online, you need to wait for three letters
Go to the bank to queue up to apply, and you can get your bank card on the same day.
If you are a new user who applies online, you need to wait for 7 working days, during which you will have to wait for three letters: a notification of successful account opening, a bank card, and an initial password.
After getting the bank card and the initial password, you need to activate the account, and it is recommended that you directly follow the instructions on the sticker on the bank card and activate it by SMS.
3. Open online banking and online payment
After the account is successfully activated, you can apply for online banking, follow the steps in the app, and change the bank card password directly in the app.
Next, you can open online payment, and you can also follow the steps in the app.