This is full of gimmicks. But still worth it if applied to the full 100K.
The Bonus$aver’s maximum interest rate is now the highest among players here, but customers will need to fulfil criteria that include crediting a salary of at least $3,000 and spending at least $2,000 on a card linked to the account. Customers also need to invest, buy insurance and pay their bills through the bank to get the 7.88 per cent rate on balances of up to $100,000.
(04-01-2023, 06:15 PM)sgbuffett Wrote: [ -> ]This is full of gimmicks. But still worth it if applied to the full 100K.
The Bonus$aver’s maximum interest rate is now the highest among players here, but customers will need to fulfil criteria that include crediting a salary of at least $3,000 and spending at least $2,000 on a card linked to the account. Customers also need to invest, buy insurance and pay their bills through the bank to get the 7.88 per cent rate on balances of up to $100,000.
Did a check of the gimmicks some are small items has no fianancial impact but these 3 are the main ones
1. Spend $2000 on credit card every month. Banks make 2% off every card transaction so bank will make $350 back.
2. Need to buy $12K premium insurance now that is alot
. Not sure what kind of jnsurance products but typically margin is 30% so bank makes $3600 from you buying this policy.
3. Need to buy 30K worth of investment product a year. This allows the bank to make 2% so bank makes back $600.
Total bank makes from these gimmicks = $4550
You get $7800.interest
Your net gain is $3250 or 3.25% only
Also if you forget to done some.of the small things require oay 4 bills etc your interest is lower.
So it not worth wasting time majnky your are required to spend $12K on insurance premium.
Rate will keep going up. It wont come down lah.
If reversing means, market is going to crash.
Dont be fool by banks recently, treat nothing happen after recent Fed rate hike.
HSBC in UK, just raise rate to 5%.
It is getting more and more expensive to borrow $$$ from bank.
(04-01-2023, 06:46 PM)RiseofAsia Wrote: [ -> ]HSBC in UK, just raise rate to 5%.
It is getting more and more expensive to borrow $$$ from bank.
If FD rates keeps on increasing, borrowing rates also will increase correspondingly, if not how is the bank going to make money.....
If you spend more
Some companies do not allow changing salary bank account
But the key to getting high intetest rate is still about spending on credit card, spend on buying investment products that usually insurance related
Is like go ntuc buy 1 $4, buy 3 $11.90, save 10 cents, or 8.33%,
As if you will become rich by saving 8.33%
Do you find bank refused to waive card annual fees unethical?
Charged long term customer $180, other bank waived with no question, they give attitude "because i can!!"
I ll be worried for singapore government entrusted such leadership to run their banks