SG Talk

how does ppl with cash more than $$ million manage their FD ?
or they dun care, just dump into 1-2 banks suah like my father in law did ?

even if say $500K, would need 7 banks to meet the 75K
$1 million would need 14 banks and the amount of account numbers/id/password to manage is siao, do u know anyone really goes to that extreme ?

The 75k is across all accounts and banks. So technically, anything above 75k is to be in Milo tin.

Dont care. Rate is more important. 75k can be reduced if economy turns sour. It is
about affect more or less. Worry about future problem it may not happen is not I Ching.

But how to make sure the assurance is assured?

Remember the people who were scammed at OCBC they were 100% compensated.

So long as its the established local banks UOB OCBC DBS .

It gets slightly riskier for smaller foreign players like CIMB Malybank ...

Having said that the risks is still lower than dying in a plane crash. Why I say this is because not a single depositor in developed country lost money through the collapse of a bank even in the financial.crisis because the govt always steps.in to rescue.

The reason is money today is fiat money. Deposit is always in local.currency that govt can print. So why should any citizen even lose 1 cent putting money in a bank when the govt can just print and compensate. If any govt refuse to compensate they will be voted out in elections.

For myself I won't bother to split even if I deposit in smaller banks like CIMB which is regulated by MAS...

Ri appears, hope it's just a casual remark

(25-12-2022, 08:00 AM)WhatDoYouThink! Wrote: [ -> ]But how to make sure the assurance is assured?

move out of singapore if you are not sure

Depends how much money you are going to deposit. It is not feasible if you are going to split $3 million into 40 banks just to get insured for $75K. 
However, if you are going to deposit just $300K, then perhaps you may split into 3 big banks. ....

(25-12-2022, 08:29 AM)drgn Wrote: [ -> ]move out of singapore if you are not sure

By doing that, you'll be assured you wun be poor?

(25-12-2022, 06:56 AM)Sticw Wrote: [ -> ]The 75k is across all accounts and banks. So technically, anything above 75k is to be in Milo tin.

I think your account in each different bank will be insured for 75k. No?


https://www.moneysense.gov.sg/articles/2...%20insured&text=The%20%2475%2C000%20is%20a%20figure,bank%20or%20finance%20company%20fail.

No need...too troublesome and time consuming. 
Banks are stringently regulated by MAS in SG.

Deposit millions also okay.

(25-12-2022, 08:00 AM)WhatDoYouThink! Wrote: [ -> ]But how to make sure the assurance is assured?

It is a gov-backed insurance. 

.

(25-12-2022, 04:03 AM)limpeh394 Wrote: [ -> ]how does ppl with cash more than $$ million manage their FD ?
or they dun care, just dump into 1-2 banks suah like my father in law did ?

even if say $500K, would need 7 banks to meet the 75K
$1 million would need 14 banks and the amount of account numbers/id/password to manage is siao, do u know anyone really goes to that extreme ?

If it is a joint account, insurance is 150k.  

Then, you can have all staggered out so that you have 12-month FDs matured in different months to get advantage of rising interest rates.  

If not, you have one FD half a year ago only 1.8% and now it is 4.5%.   

.

I only left $200 to last until next pay day.

(25-12-2022, 08:30 AM)Huliwang Wrote: [ -> ]Depends how much money you are going to deposit. It is not feasible if you are going to split $3 million into 40 banks just to get insured for $75K. 
However, if you are going to deposit just $300K, then perhaps you may split into 3 big banks. ....

property 

5% is underway after New Year

(25-12-2022, 04:03 AM)limpeh394 Wrote: [ -> ]how does ppl with cash more than $$ million manage their FD ?
or they dun care, just dump into 1-2 banks suah like my father in law did ?

even if say $500K, would need 7 banks to meet the 75K
$1 million would need 14 banks and the amount of account numbers/id/password to manage is siao, do u know anyone really goes to that extreme ?

It will depend. If say you are retired no more working then everyday nothing to do can go to this extreme which I will do if I have that many monies. 14 acct number, password so be it. It helps to occupy your time so you don't go 老人痴呆 so everyday count monies and interest see they got cheat you or not. Your brain are working not stagnant

(25-12-2022, 11:39 AM)sgh Wrote: [ -> ]It will depend. If say you are retired no more working then everyday nothing to do can go to this extreme which I will do if I have that many monies. 14 acct number, password so be it. It helps to occupy your time so you don't go 老人痴呆 so everyday count monies and interest see they got cheat you or not. Your brain are working not stagnant

(25-12-2022, 10:16 AM)K88 shu shu Wrote: [ -> ]I only left $200 to last until next pay day.

Got extra cash put in SSB or tbill

(25-12-2022, 06:56 AM)Sticw Wrote: [ -> ]The 75k is across all accounts and banks. So technically, anything above 75k is to be in Milo tin.

75k is per bank. Dun anyhow

(25-12-2022, 12:28 PM)Lukongsimi Wrote: [ -> ]Got extra cash put in SSB or tbill

thks, This one I interested.  googling this now

(25-12-2022, 10:02 AM)hansamu Wrote: [ -> ]No need...too troublesome and time consuming. 
Banks are stringently regulated by MAS in SG.

Deposit millions also okay.

That is what I thought of too, but also must be cautious of Jiuhu banks who issues relatively high interest and China banks
I placed $75 max at each jiuhu banks just to be safe as their interest too attractive to be ignore and they beri easy to apply

(25-12-2022, 01:15 PM)limpeh394 Wrote: [ -> ]That is what I thought of too, but also must be cautious of Jiuhu banks who issues relatively high interest and China banks
I placed $75 max at each jiuhu banks just to be safe as their interest too attractive to be ignore and they beri easy to apply

But if you deposit your money in jiuhu banks, it is more risky, why take the risk for only a few percentage points higher..........?

Is there even one case of people who.lost money depositing in a regulated bank in last 80yrs in a developed country?

I can't find a single case.

Closest is during financial crisis Icelandic banks cross over to UK to offer depositors 8% interest then collapse.

Even that was finally resolved and people got paid back.

If you put in bank regulated by MAS if something happens, will the MAS not compensate? it will just destroy Singapore reputation  as a financial center.

There are so many things in life to worry about. This type.of thing is so low probability it looks like a complete waste of time to try to mitigate the risk

(25-12-2022, 01:29 PM)sgbuffett Wrote: [ -> ]Is there even one case of people who.lost money depositing in a regulated bank in last 80yrs in a developed country?

I can't find a single case.

Closest is during financial crisis Icelandic banks cross over to UK to offer depositors 8% interest then collapse.

Even that was finally resolved and people got paid back.

If you put in bank regulated by MAS if something happens, will the MAS not compensate? it will just destroy Singapore reputation  as a financial center.

There are so many things in life to worry about. This type.of thing is so low probability it looks like a complete waste of time to try to mitigate the risk

yeah but upfront MAS oredi warn u they MAX insured is $75K per account per bank, if u still put $1million in a say China china and it goes bust, MAS would still only pay u $75K MAX

(25-12-2022, 01:15 PM)limpeh394 Wrote: [ -> ]That is what I thought of too, but also must be cautious of Jiuhu banks who issues relatively high interest and China banks
I placed $75 max at each jiuhu banks just to be safe as their interest too attractive to be ignore and they beri easy to apply

actually the 4 big china banks are even bigger than jp morgan and citi.

(25-12-2022, 12:28 PM)Lukongsimi Wrote: [ -> ]Got extra cash put in SSB or tbill

Yeah, put extra cash into SSB or Tbill...........as it is  guaranteed by govt....

(25-12-2022, 01:35 PM)limpeh394 Wrote: [ -> ]yeah but upfront MAS oredi warn u they MAX insured is $75K per account per bank, if u still put $1million in a say China china and it goes bust, MAS would still only pay u $75K MAX

https://en.wikipedia.org/wiki/List_of_largest_banks

Rank
Bank name

Total assets
(2021)
(US$ billion)1
 Industrial and Commercial Bank of China Limited
5,536.53
2
 China Construction Bank
4,762.46
3
 Agricultural Bank of China
4,575.95
4
 Bank of China
4,206.53
5
 JPMorgan Chase
3,743.57
6
 Mitsubishi UFJ Financial Group
3,176.84
7
 Bank of America
3,169.50
8
 HSBC
2,953.64
9
 BNP Paribas
2,905.83
10
 Crédit Agricole
2,674.35

Agree China banks top. I didn't know ICBC lagi bigger than BOC until someone point me the URL. It just happen ICBC has small presence than BOC in Spore. I am happy open accounts with both banks this Dec 2022.

US banks go s*uck ...