Quote:
Originally Posted by nono1973
By the way, till end of this month, UOB is giving 3.85% for S$20k placement for 6 month/ 10 month & 12 month.
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Thanks for info.
Also wish to share another 2 money growing tips.
CIMB adjusted its fix deposit interest rate to 4.15% (minimum S$10000)
RHB bank also adjusted its fix deposit rate to 4.10% (minimum S$20000)
Quote:
Originally Posted by nono1973
6 month is a good choice (S$384+/6mth for S$20k). Next year May 2023 can visit Batam for a free 2D1N trip (inclusive girl, ferry and hotel).  |
Nowadays, fix deposit interest rate is higher than cpf special account interest of 4% and in the near future it may rise further.
Last time cash is useless as the interest rate was so terribly low, and inflation eat up its value. Now the world is changing, anything can happen, even the impossible could happen like malaysia has a new pm and world cup unexpected result - japan win germany.
According to financial analyst, the high interest rate , high loan rate situation will last quite long as it was influenced by inflation and the economy of the world.
Now
cash is really king, not only it is an liquid asset, it helps you to earn good interest too..
You may have heard before that if you place money in fix deposit to earn high interest and let it auto renew, the compounding effect is very great as it was known that compounding interest is the eighth wonder of the world.
Albert Einstein said that those who understand it, earn it and those who don't, will pay it.
In simple term, the principal amount earn interest. Then the interest of the principal earn another interest. The second interest in return earn the third interest, so on and so forth which leads to the compounding effect and the sum keep accumulating..