On one blue Tuesday, I received a call from DBS RM, who called to remind me that the POSB MySavings account interest rate has dropped to the lowest - from 1.5 to 0.6 to 0.4 to 0.2% p.a. as of Oct’11.
I know that their interest has dropped a lot since I joined, but I was thinking that it’s still somehow more beneficial than other account. Well, the call was kind of like a wake up call for me. If someone from the bank takes the initiative to actually call you, I guess it meant that the interest is really, really low, isn’t it? And it means that they themselves are not sure that it’s a good saving plan anymore.
After informing me about the low interest rate, the guy started to introduce me to some insurance, which I said no to. Yet, I agreed to meet him once as he promised he would give me alternatives other than insurance.
So I meet him on Saturday. He first asked me about my plan and I told him about the CIMB thingy which gave 0.8% p.a. for normal savings. He did a quick calculation and told me that it’s actually a good deal =___=’’ “Wow, foreign bank provide really attractive scheme”, that’s his comment. I guess the deal from CIMB is quite hard to beat after all, because he was kind of lost for words after that. Apparently, even the rate for DBS fixed deposit rate is lower than that. Our chat ran for almost an hour, but he didn’t get any concrete action from me. He told me that he would keep me informed if there is any good deposit deals come out in near future.
Right after the meeting, I feel so dumb to have stay in such a low rate for years. I went straight to CIMB to open an account directly (thankfully they open 7 days). Today, I went to DBS to close my MSA account. I feel kind of achievement afterwards. I should have done it years ago!
The DBS RM also told me that this is a very typical syndrome for those young executives. People are focusing too much on their work and start to ignore their financials plan and lose out in this kind of opportunities. Well, there is a truth in it (even though “young executive” sounds too good for me…)… but it's also quite hard to keep changing bank every other year, right? I just hope that it won't be a bad move...
Transferring money… Hope the RM won’t get sack because of this.
ED
... Think about it, 0.8% p.a. is also a very low rate ^^; but still better than 0.2%. Right? right??
I know that their interest has dropped a lot since I joined, but I was thinking that it’s still somehow more beneficial than other account. Well, the call was kind of like a wake up call for me. If someone from the bank takes the initiative to actually call you, I guess it meant that the interest is really, really low, isn’t it? And it means that they themselves are not sure that it’s a good saving plan anymore.
After informing me about the low interest rate, the guy started to introduce me to some insurance, which I said no to. Yet, I agreed to meet him once as he promised he would give me alternatives other than insurance.
So I meet him on Saturday. He first asked me about my plan and I told him about the CIMB thingy which gave 0.8% p.a. for normal savings. He did a quick calculation and told me that it’s actually a good deal =___=’’ “Wow, foreign bank provide really attractive scheme”, that’s his comment. I guess the deal from CIMB is quite hard to beat after all, because he was kind of lost for words after that. Apparently, even the rate for DBS fixed deposit rate is lower than that. Our chat ran for almost an hour, but he didn’t get any concrete action from me. He told me that he would keep me informed if there is any good deposit deals come out in near future.
Right after the meeting, I feel so dumb to have stay in such a low rate for years. I went straight to CIMB to open an account directly (thankfully they open 7 days). Today, I went to DBS to close my MSA account. I feel kind of achievement afterwards. I should have done it years ago!
The DBS RM also told me that this is a very typical syndrome for those young executives. People are focusing too much on their work and start to ignore their financials plan and lose out in this kind of opportunities. Well, there is a truth in it (even though “young executive” sounds too good for me…)… but it's also quite hard to keep changing bank every other year, right? I just hope that it won't be a bad move...
Transferring money… Hope the RM won’t get sack because of this.
ED
... Think about it, 0.8% p.a. is also a very low rate ^^; but still better than 0.2%. Right? right??
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