Banks in Singapore attracting deposits too:
Taken from http://www.straitstimes.com/BreakingNews/S...ory_754688.html


Banks here, especially foreign ones, are getting into the seasonal spirit by offering higher interest rates on deposits as they usher in Chinese New Year.

But some market watchers say the banks' motives for handing out 'red packets', to gain a share of the deposit pie after bonus season, may be far from festive.

They say some banks may be scrambling to stockpile cash just in case the global banking system seizes up again as it did in 2008 and 2009.

Banking analyst and head of research at CIMB, Mr Kenneth Ng, said: 'There is an aggressive hunt for deposits. Banks are offering rates considerably higher than the Singapore Interbank Offered Rate (Sibor), especially the foreign banks.'

Went to OCBC to open FD account (confirmed that only need to open a current and saving account to enjoy the 5% promotion); but was told when I am there .... need introducer for Current Account and the introducer need to present.

No need lah. You need RM300K to open a Private banking account and another RM1,000 for CA and RM250 for SA. Half of the total amount ie RM301,250/2 is eligible for 5%pa for 3 mths and bal ie (300- 301,250/2) is eligible for 3.6%pa for 3 mths. Better prepare for at least RM301,250 to qualify.

If not you can place for 6 mths to 24mths at Kuwait Finance House @ 4%pa. To qualify only RM20K. PIDM and islamic banking. Interest upfront. Best in my opinion if you don't have RM301,250.

no need. i opened 2 savings a/c - normal and islamic; minimum RM20 each

Could you please describe it in more detail?
Except your deposit amount.

What rate did you get? And how long the tenure?

Thanks

Same thing happened in Hong Kong. This was widely reported by local HK media when i was there last month. HSBC was the first one to suddenly offered a 3-month and 6-month 18 times above the market rate and being the big brother in the banking arena in Hong Kong, all other banks had no choice but to come out with similar deals or else their already puny market share will become even smaller than it already has.


You meant Premier Banking. Private Banking needs a lot more than RM300k

how much money for private banking?

I think the rate of 4%pa (Kuwait Finance House) for choice of period 6, 12 and 24 mths will be the best for most of us due to its low qualifying amount (RM20K) and interest up front. So it's slightly more than 4%pa. It's Islamic banking and PIDM insured.

This post has been edited by kwokwah: Jan 12 2012, 05:51 PM

How do they pay interest upfront?

Do they pay monthly interest upfront?
Do they issue a FD certificate?

Their 4% FD promo is very straight forward and easy to understand if versus to OCBC..

Kuwait House probably is the best option for this time being...



This post has been edited by BoomChaCha: Jan 12 2012, 06:01 PM

- CIMB is asking for RM1 Million.
- HSBC MY doesn't offer Private Banking service in Malaysia, citing strict BNM rules and regulations make the unit unprofitable. In countries where HSBC does offer Private Banking service such as Hong Kong, Singapore, UK etc., the minimum deposit required is different. HSBC SG for instance, is asking for USD1 Million.
- UOB SG and DBS SG are asking for SGD5 Million.
- Credit Suisse SG is asking for USD2 Million but they have been rejecting new account opening with just USD2 Million since sometime last year as they are now targeting those ultra high net worth customers with USD15 - USD20 Million.


Let say the total profit for your Islamic FD is RM4,000, they will credit the RM4,000 into your savings account on the same day you opened the Islamic FD.

There is news going around that UOB Bank is going to raise the required AUM for UOB Privilege Banking to RM500K soon. There goes my UOB Privilege Banking Credit Cards. And I guess that is why a fellow Bro in Credit Card section mentioned that UOB launching the Visa Infinite in Malaysia.

Those of you guys that want to check out some of the Chinese New Year Red Packets by Banks, click here to see Dragon Ang Pows.

You need to open a savings ac to let them credit in the interest upfront. If due to premature withdrawal , they just less off that interest amount from your principal FD.

Thanks.
I guess I only chance is to buy lottery in order to be a private banking customer. =(

I think this will happen very soon. UOB SG raised the entry requirement fortheir Privilege Banking in Singapore from SGD300K to SGD500K last year


Nice!!! I'm going to get the UOB Bank one


Aim for Premier Banking/Priority Banking first

This post has been edited by MilesAndMore: Jan 12 2012, 10:43 PM

How many premier accounts do you have? OMG!!

Lottery also not enough.
Some private banking need USD1 million.
Lottery only 3 millions if without jackpot, RM 3 millions still a little bit shy from USD 1 million.

Aiyo ... jalat lo!! Like this can only happen in dreams ...

I'm aiming for RM54 million from Toto Supreme Jackpot...

Ei ....? Suddenly fd thread become day dreaming thread.

I also want to OT abit.
Here is something more realistic, put rm5000 and get rm124 return every month. More then 30% p.a. effectively. Datuk seri Najib guarantee one. SARA 1Malaysia.

Many people here are not eligible though.