Stumbled across this just now:



With USD rates going up and up, isn't it a good move to put FD in USD? Hedge your money and at the same time get good FD rates!

Never try before. I did try with Australia FD before last time 5%p.a and ended up negative return. So much for foreign FD. That's why I said a US 3% FD cannot even beat a 5% p.a Australia FD. Best to avoid.

You can open a FD account without a savings account.

Interesting claim. Can you please point me to the MAS regulations that mandate this?

There are banks in both Singapore and Malaysia that do not require a savings account. From my experience, banks are happy to hold on to your money for as long as you don't collect at maturity, but usually they will renew the FD for you at prevailing rates. In Malaysia FDs left to auto-renew past 7 years will be transferred to unclaimed moneys.

This MAS guidelines as below:

What are the requirements to open a fixed deposit account?

If you are an existing account holder, you will have to log in to the bank’s internet banking platform to open a fixed deposit. If you do not have an existing account with the bank, you might be required to open an account. This would require the following:

Front and back of your NRIC (for Singaporeans / PRs)
Passport and Employment Pass (for foreigners)
Proof of residential address

It is required due to ekyc purposes and Amla issue 🤦‍♀️

Unlike before OTC where you can open without savings and gone are those days anymore unless you are current existing renewal holders 🤦‍♀️

It same goes as Malaysian banks as they just want a placeholder account to fulfilled AmLa gathering of account holder details