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Maybank is now offering fixed deposits for CPF funds, promising a rate of 2.9% per annum.
https://str.sg/adb3
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The rate of 2.9% is quite derisory. Just an extra 0.4% for the hassle of dealing with a Malaysian bank.
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Oh malaysian bank ah. Careful
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(16-01-2024, 11:19 AM)starbugs Wrote: The rate of 2.9% is quite derisory. Just an extra 0.4% for the hassle of dealing with a Malaysian bank.
If I remember correctly, CPF only pays interest for the lowest balance in each month.
So placing a 12 month FD of $100K with MayBank will actually incur a CPF OA 13 months interest loss of $2.708K (or $2.917K for 14 months if OA fund withdrawal was done on the last day of the month). So not worth the effort if the nett interest gain is minimal.
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Is Maybank doing this correctly? Sgreans know they owe CPF accrued interests if they move ....
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no 3% not worth it
u immediately lost 2 mths interest on oa