Saturday, January 24, 2015

10.68% Risk-Free Fixed Deposit? THANKS POSB!


AWWW YEAHHHHHH!

Thank you Mr BULLYtheBEAR for the hot tip!!

For those that qualify for the $88 hongbao, your 12 month return will be 10.68% on $1,000!

1.88% from the fixed deposit
$88 from the bonus

Total of 10.68% or $106.80!

The full T&Cs is here. The reason underlined below is another reason why you should never only be banking with just ONE bank.


Thanks DBS/POSB, you're making me happy. FREE MONEHHHH!!

15 comments:

  1. Hi! I've just registered today..hopefully in time for the $88 hongbao. Do you know how to find out if you've qualified for the hongbao? Or gotta wait till 31st March?

    ReplyDelete
    Replies
    1. Hi N,

      Huat ah, I hope you qualify, and me as well, haha!

      Actually I have no idea, but by 31st March we will know for sure. It is a good rate for a fixed deposit with a low minimum anyway even if we don't qualify :)

      Delete
  2. Isn't the interest rate 12000 X 1.88 ? Then add on to 88$ extra which amounts to 2.6% ?

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    Replies
    1. Hi Anon,

      You are corright! With a 12k FD, you will get 2.613% if you get the $88 hong bao.

      For those that are putting in the minimum 1k and get the hong bao, it is a 10.68% return!
      For those that put the maximum of 1 mil.... then the return is 1.888%
      For any amount between, it is between 10.68% all the way down to 1.888%, assuming they do get the $88 hong bao.

      It is all dependent on the amount that you put in and if you get the hong bao. Huat ah!

      Delete
  3. OMG when did this promo start, is it too late now to get the hong bao?

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    Replies
    1. Hi Anon,

      I am not too sure about this, but I think it started yesterday, because I have not heard a peep about it before that.

      Even if it is too late, 1.88% of a fixed deposit is quite a good rate for spare cash lying around, unless you have OCBC360 and are earning 3.05% on that imo.

      Delete
  4. Hey GMGH, will this promo still be valid if I transfer 1K to my POSB account and then withdraw 1K, but still maintain a minimum of 1K in the account? i.e. Net zero change to POSB account

    ReplyDelete
    Replies
    1. Hi Anon,

      How about you do it tombalek?

      If you need the money already in your POSB account, why not transfer it out first, then after that transfer in the minimum 1K and leave it there. It looks more clean and clear-cut to me that way.

      I read the T&Cs but it is not so clear about this special situation. But basically as long as:

      3i) form completed
      3ii) deposit by 28th Feb
      4) money from non-POSB/DBS account
      5) don't withdraw for 1 year

      It should be eligible.

      Should call up POSB and ask them if you are not sure!

      Delete
    2. Aww yea you're right I did it already...dayum. But then again it's a saving's account so money will flow in and out right? It seems reasonable for it to fluctuate but I think as long as the minimum amount is 1K it should be fine.

      Delete
    3. Should be fine, hopefully! Huat ah! :D

      Delete
  5. Hi GMGH,

    Glad to share it :)

    If you transfer it out and transfer it back through FAST, it should be fine. I've someone who transferred the money using the old 2-3 working days one, and he got rejected. So be careful of that.

    Don't bet on the $88 lah, unlikely to get it haha

    ReplyDelete
    Replies
    1. Hi, how do you know whether rejected?

      Delete
    2. Thanks LP, your info very fast and furious!

      I know the $88 not a sure thing, but I think got good odds leh! Just hoping for the best, but expecting the worse! 1.88% still decent for a fixed deposit :D

      Anon, I've no idea. But for the previous promo I emailed them and got a confirmation that I qualify for the promo. But I don't think they gonna start earmarking the money anytime soon, so it might be a while.

      Delete
  6. He only knows about that when the dateline for the cash credit is over and he didn't receive any. He called up and the person told him about it. Basically, I think you won't know until it's too late.

    ReplyDelete
  7. Hi GMGH,

    I see you are also 'fighting' with me for the $88. LOL. Just kidding.

    I already have a friend who intends to put in $1K into as many POSB/DBS account he has (including relatives). $88 + $18.80 is almost 10%.

    On a side note, I couldn't find your contact. Would you be interested to join TheFinance.sg community of blogs?

    Cheers!
    Derek

    ReplyDelete

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