Local Savings Interest-Rates War Exploded on 1st Sept 2022 among banks - loan interest-rates expected to raise further

[Byebye Penis]

Other central banks — the ECB and BoJ notwithstanding — are showing an increasing willingness to match the Fed in raising rates to address their own spiralling inflation problems. These already include the central banks of Canada, the Philippines, Singapore, New Zealand and South Korea, among others. The list is growing. https://www.ft.com/content/6ea4a7ee-989a-4771-a7f6-50dc8e046863

 

[Buaya]

If you are looking at max $200K, you can consider Singapore Savings Bonds
Latest Tranche: 2.00% (year 1) - 3.29% (year 10).
https://www.mas.gov.sg/bonds-and-bills/Singapore-Savings-Bonds
2.00%pa for 1-12mths tenor is better than most banks.

- No lock-in Period with accrued interests
- Withdrawn/Redeem with a month's notice (notify on first 4 working days of the month) and get the funds at the end of month. $2 withdrawal fees apply.
- Imagine a year later, the new issues give 1% higher interests, you can surrender the old issue and get new ones.
- Application fee $2.

Hi, do you think the SSB rate offers for Aug 2022 will be higher than July 2022?

 

[Byebye Penis]

Hi, do you think the SSB rate offers for Aug 2022 will be higher than July 2022?

The latest one is closing today. https://www.mas.gov.sg/bonds-and-bi...ond?issue_code=GX22080V&issue_date=2022-08-01
I believe next month will be higher.

 

[Buaya]

The latest one is closing today. https://www.mas.gov.sg/bonds-and-bi...ond?issue_code=GX22080V&issue_date=2022-08-01
I believe next month will be higher.

Me too, I will wait for next week to see the offer rate. Thanks

 

[Byebye Penis]

The three-month compounded SORA, for one, has risen from 0.2 per cent in early February to 1.2 per cent as of Jul 27. Add in the varying spreads charged by banks, a typical floating rate home loan pegged to the three-month rate now comes up to about 2 per cent, said Singcapital’s chief executive Alfred Chia. Mr Chia has revised his estimates for mortgage rates to “around 4 to 5 per cent” by the year-end, up from an earlier forecast of 3 per cent.

https://www.channelnewsasia.com/bus...need-know-after-another-fed-rate-hike-2842196

 

[winners]

The three-month compounded SORA, for one, has risen from 0.2 per cent in early February to 1.2 per cent as of Jul 27. Add in the varying spreads charged by banks, a typical floating rate home loan pegged to the three-month rate now comes up to about 2 per cent, said Singcapital’s chief executive Alfred Chia. Mr Chia has revised his estimates for mortgage rates to “around 4 to 5 per cent” by the year-end, up from an earlier forecast of 3 per cent.

https://www.channelnewsasia.com/bus...need-know-after-another-fed-rate-hike-2842196

Rising interest rates are expected to peak by the end of this year and there's also anticipation of rate cuts from H2 of 2023 or even earlier.

 

[Byebye Penis]

Rising interest rates are expected to peak by the end of this year and there's also anticipation of rate cuts from H2 of 2023 or even earlier.

If it happens, they will not drop for more than 1% in 2023.

I feel that the huge spike in rates is to save the US Dollar.
When stock markets crash, they will recover.
However if US Dollar loses its importance, it will never recover like British Pounds.

Financially-better countries, like Singapore, Korea, Canada, can match the rate hikes but many other countries can't and they currencies may implode.

 

[hbk75]

Rising interest rates are expected to peak by the end of this year and there's also anticipation of rate cuts from H2 of 2023 or even earlier.

Stagflation Liao cut Simi. Lol

 

[Loofydralb]

My prediction is it will go up to 8% interests.

Happy times for Supermen.

 

[winners]

Stagflation Liao cut Simi. Lol

Jerome Powell will be scared out of his balls. The US is now technically in a Recession, having 2 quarters of negative GDP (March and June 2022). Furthermore, if Sleepy Joe still wants to keep his job, he'll need to action on this.

 

[hbk75]

Jerome Powell will be scared out of his balls. The US is now technically in a Recession, having 2 quarters of negative GDP (March and June 2022). Furthermore, if Sleepy Joe still wants to keep his job, he'll need to action on this.

haha. recession so what? inflation will keep going up so is stagflation. ways to cure stagflation is either. 1. increase productivity which is hard because ang moh bui bui only jiak burger. 2. hike rates.

 

[Byebye Penis]

In july, SSB's 2.0% first-year rate (can surrender within a month's notice) and OCBC's 2.2%pa (2-years Fixed Deposits) sent shockwaves in the industry as these safe harbours outbidded almost everyone else. With yesterday's 75bp hike, we can expect other banks to offer higher FD rates in August (NDP promotion???)

 

[Byebye Penis]

Me too, I will wait for next week to see the offer rate. Thanks

yes higher. 2.63%pa for first year, up from 2%
can surrender within first year with a month's notice.
https://www.mas.gov.sg/bonds-and-bi...ond?issue_code=GX22090Z&issue_date=2022-09-01

 

[Byebye Penis]

Banks rushed to match new SSB rates

Standard Chartered 12-mth 2.2-2.3%pa
expect more "NDP promotions" coming up

 

[sweetiepie]

Every bank also competiting and all offer high % my uncle also don't know which 1 to place bet KNN and some banks play fresh fund tactics making things troublesome. The onlee way is to exit bank A and goto bank B and vice versa to make it a fresh fund. Why some bank so stupid ?

 

[sweetiepie]

Every bank also competiting and all offer high % my uncle also don't know which 1 to place bet KNN and some banks play fresh fund tactics making things troublesome. The onlee way is to exit bank A and goto bank B and vice versa to make it a fresh fund. Why some bank so stupid ?

But My uncle know is all leepend on the orhweesir. Some orhweesir are more flexible and will still offer you the promotional rate for renewal while some gansiokbin kind of orhweesir want to make things difficult for you to exit and leeturn with the same money the next day.

 

[blackmondy]

It should follow GST rate of 7%.

 

[Byebye Penis]

POSB joins the foray with 15-mths fixed deposits at 2.0%pa

 

[Loofydralb]

Hooray......anticipating with glee for more Supermen jumping out from condo windows

 

[worcer]

If those fixed deposits are peg to china property... then good lucky to u buying those fixed d...