POSB 1.55% Fresh Funds Promotion

<< Update (5-Aug): The POSB 1.55% promotion is over ! >>

POSB is currently running a 1.55% for 6 months 'fresh funds' promotion. The interest rates of 1.55% is comparable with the best interests rates savings account in the market. The only drawback is that the funds will be ear-marked for 6 months, rendering it unusable for the period. If you have existing spare cash and would like to earn some returns, this promotion would be ideal for you!

Here are some of the important facts:

Promotion Period: 25 July 2016 to 4 August 2016

Fresh Funds Amount: Capped at S$50,000, with no minimum amount required.

Singapore Deposit Insurance Corporation insures this account for up to S$50,000.

Step 1

Open a POSB Fresh Funds Account online by 4 August 2016.

If you have iBanking: Apply via iBanking
-> Apply -> Deposit Accounts -> 'POSB Fresh Funds Account"

If you do not have iBanking: Apply via ATM

- You will have a 'Fresh Funds' Bank Account Number which you can now deposit your S$50K.

Step 2

Deposit fresh funds* into your POSB Fresh Funds Account by 4 August 2016, 3.30pm.

During the POSB Fresh Funds Account opening process, you will be prompted to select an existing POSB/DBS Current or Savings Account to be used for signature reference. This same account will be used for the crediting of the Cash Gift Interest.

*Fresh funds refers to funds deposited through cheque(s), cashier's order(s), demand draft(s), cash deposits, FAST credit, telegraphic transfer, share payment, IBG funds transfer and MEPS receipt.

Note: You cannot use cash from existing POSB/DBS accounts. 

Step 3

Maintain the fresh funds deposited in the account for 6 months until 4 February 2017.

Step 4

The Cash Gift Interest will be credited into your reference account by 15 March 2017. Your POSB Fresh Funds Account will thereafter be auto-closed and the funds will be credited into your reference account.

Illustration of interest earned (S$10k and S$50k):

SGD $10,000 x 1.55% p.a. x 184/365 days = SGD$78.14

SGD $50,000 x 1.55% p.a. x 184/365 days = SGD$390.68

It is worthwhile to note that successful customers will receive a confirmation SMS within 5 working days from the point of account opening. So do take note of this SMS and check with POSB if you have done the application steps listed above but did not get a confirmation. It took 1 working day for my fresh fund account to be created. I got my SMS notification on the 2nd working day.

Important side note:
Auto-closure of the account will only happen on 15-Mar. To prevent idle funds from sitting in the account (Roughly 39 days), i would suggest to make a trip down to POSB/DBS to close the account after 04-Feb-17.

Happy Saving! 

Previous POSB CNY Promotion

Credits: 1.55% POSB Fresh Funds Promotion

Best Apple Pay Promotions and how to setup your eWallet

If you are someone who enjoys using the PayWave feature for contactless credit card payments, you will be happy to hear that most credit and debit card users in Singapore can now tap and pay with their mobile devices - an added convenience for those who dislike bulky wallets filled with credit cards!

Introducing Apple Pay, a contactless payment wallet that uses wireless near-field communication technology to transmit payment data between your mobile device and a contactless payment reader.

Most major banks in Singapore - POSB, DBS Bank, OCBC Bank, United Overseas Bank and Standard Chartered Bank, have signed up to the Apple Pay e-Wallet system and have already started deploying to merchants.

So why not start using Apple Pay to make use of the promotions available!

Here are the list of the promotions available to date:

OCBC

• 3% Rebate on purchases

POSB/DBS

• DBS Apple Pay launch promotion. 20% CashBack ($10 cap)

SCB 

• 20% CashBack promotion ($50 cap)

Setting up your Apple Pay eWallet

1. Add Your Card Details To "Wallet" App on Device

You must first add your credit card details to a digital wallet stored on the iPhone, iPad and Apple Watch.

Currently supported handsets include the iPhone SE, iPhone 6, iPhone 6S, iPad Pro, iPad Air 2 and Apple Watch (Paired with iPhone 5 or later). 

To set up, click on the "Wallet" app in the device, then select "Add a card".

Position the credit card you want to add in the camera frame on screen.

The 16-digit number will be automatically captured. Then enter the card's expiration date and CVV number. The bank which issued the card will also send an SMS with a six-digit OTP code, which you will need to enter into the setup screen.

2. Tap Your Finger To Authorise a Payment

To pay, hold the phone close to the contactless reader. Place your finger on the iPhone's or iPad's fingerprint sensor to authenticate the transaction. Voila!

Important: Losing your card or iPhone

Security is of the utmost concern for most ePayment users. For Apple Pay users who lose their phones, the security of their physical credit cards will not be compromised. This is because the devices only stores an encrypted version of a unique digital identifier, created based on the actual credit card number. As such, there is virtually no way for the credit card details to be obtained by a 3rd party.

Aside from the need for biometric authentication during payments, if you lose your device or phone, fret not - as you can login to "Find My iPhone" to turn on "Lost Mode" and it will automatically deactivate Apple Pay on your AppleId. 

Credits: Apple Pay (Apple SG)

Highest Interest Rates Savings Accounts Comparison

For less than S$50-60k,

3.55% pa, BOC Smartsaver
Pros: Highest Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Bank's web interface is dated

3.25% pa, OCBC 360 (Varies 2.25-3.25%)
Pros: Best for people who spend on dining (365 Card). High Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Need to invest to get the additional 1%, otherwise interest rate will be 2.25%

3.06% pa, Maybank SaveUp
Pros: Highest Interest Rate  (Spend $500 on Card, Giro salary, Giro $300 payments)
Cons: Credit card not one of the best in terms of rewards

2.43% pa, UOB One
Pros: Highest Interest Rate among Local banks (Spend $500 and Giro salary/3 Giro payments)
Cons: Need to spend consistently using the One Card every 3 months additional yearly rebates up to $200

2.5% pa, Citibank Interest Plus (Not recommended - Due to investment components)
Pros: Highest Interest Rate (Insure, Invest and Spend)
Cons: Need to buy a Citi Insurance, Need to invest in Regular Savings Plan and Spend $25 per month on Credit Card.

Alternatives

2.08% pa, DBS Multiplier
Pros: Best if high income ($20k and above) and do not want the hassle of credit card spends.
Cons: Difficult to reach $20k (Combination of salary, investing and credit card spends per month).

1.55% pa, SCB eSaver
Pros: Best for people with No cc, no Giro, No salary crediting, No min sum, No need for withdrawals.
Cons: Applicable only to Fresh funds / Incremental Balances. ~

1.15% pa, Maybank iSsavy
Pros: Promotional rate of 1.15% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~

1.00% pa, CIMB FastSaver
Pros: No gimmicks, flat 1% on first S$50k.
Cons: Not many ATMs, Web interface is dated.

0.88% pa, UOB Uniplus
Pros: Local Bank, Promotional rate of 0.78% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~

~ Moving balances between banks once every 2 months, will constitute the monies as fresh funds, enabling you to qualify for the 'Promotional' interest rates.

For any other amounts above S$50-60k*,

1.98% pa, Bank of East Asia (BEA) - Best 1 Year Fixed Deposit
1.80% pa, Maybank iSsavy Time Deposit - Fixed Deposit
1.75% pa, Singapore Savings Bond (May 2016) - Singapore Government Bond
1.70% pa, SCB eSaver - Amounts up to S$200k
1.60% pa, UOB High Yield Account - Amounts up to S$350k
1.40% pa, Maybank iSsavy Savings - Amounts above S$200k
1.28% pa, UOB Uniplus - Amounts from S$100k - 1Mil
1.00% pa, CIMB FastSaver - Savings Account

Realistically, it would not be difficult to get between 1-2.25% on your Savings. Why leave your money idling, in a bank that gives 0.0275% interest p.a, when you can make it work! Hopefully the list above can help you make a choice on some of the best interest rate savings account available in the market today.

Read more on the Best Savings Accounts in 2016.

*Do note that the interest rates promotions may change with time. So do refer to the date that this page is updated.

Last Update: 05-Aug-2016

- Added Maybank SaveUp

Xiaomi MiBunny Watch - The Perfect Watch for your Kid!

Xiaomi has recently released an interesting Smart Watch for kids. Unlike the typical fitness tracker/time-telling functions that most smart watches on the market have, the Mi Bunny (米兔) is actually really cool - something that i am sure many parents will want their kids to wear!

Here are some of its cool features!

Location Tracking

It allows parents to track their child’s movements using a new app for Android 4.2 (or higher) or iOS 8 (or higher). Boasting connectivity with Russian and American GPS satellites, its inbuilt GPS system promises an accuracy of 10 meters. This is especially useful for parents with children who either travel to school or are brought there by their domestic helpers.

Voice Message and Calls

Anyone setup on the control application, can send voice messages or calls from their phone to the child wearing the MiBunny. The child can also reply by talking into the watch. (You will likely need a SIM Card for this feature to work). This feature can also be programmed to be turned-off when the child is in class or childcare.

SOS

In the unfortunate event that your Child is lost or in trouble, he or she can simply press the SOS button to alert the parents. This is quite an interesting feature to have, but i am not so sure if it is relevant in the context of Singapore.

Summary

Whilst it is definitely not the first child targeted wearable device on the market, the Mi Bunny does have some interesting feature that many parents would like to have. It serves not just as a pedometer, location tracker but also a communication device - AND it just looks cool!

The Mi Bunny (米兔) has a reported 2 day (usage) and 6 day standby battery life. Available in pink or blue. The Mi Bunny costs 299元 (S$60*) and is currently only available in China. 

Credit: http://www.mi.com/mituwatch/

* Rate: S$1 = RMB 4.8

The Best Child Development Account (CDA) in Singapore

Hey! If you are here because you are thinking of which bank to open a Child Development Account (CDA), then congratulations! You will soon be welcoming your bundle of joy to this world!

First off, let me explain what the CDA is all about. The Baby Bonus Child Development Account (CDA) is a co-savings scheme, where savings deposited by parents into the CDA are matched dollar-for-dollar by the Government, up to a specified ceiling, depending on the child's birth order. The CDA monies can be used at Approved Institutions (AI), such as Child Care Centres, kindergartens, Hospitals, Clinics, Pharmacies  and Optical shops. 

Yes! You can even use the money for your Pediatrician visits and for Vaccinations.

This article will compare the CDA from each of the 3 local banks and help you make the best choice, to give your child a head-start he/she deserves!

CDA First Step Grant (NEW!)

If your child is born on or after 24 March 2016, he/she is eligible for the CDA First Step grant of S$3,000 (announced on Budget Day 2016). To receive the grant, parents must wait until 1 July 2016 before saving in the child’s CDA. Since the CDA First Step Grant is a government initiative, the benefit is the same across all 3 banks!

1. POSB (Smiley CDA)

Interest Rate: 2% (Up to a max. of S$12,000 for 1st & 2nd Child)

Remaining balance: 0.05%p.a

Others: 
- 2% interest is guaranteed for 5 years
- Baby Bonus NETS Card ( Discounts on various online, retail and dining merchants).

2. OCBC (CDA)

Interest Rate: 2% (Up to a max. of S$36,000)

Remaining balance: 0.05%p.a

Others: 
- 3% Cashback on medical spend, on top of existing benefits with OCBC 365 Credit Card. 
- Discounts with the OCBC Baby Bonus Card at bookstores, optical shops, enrichment courses and other merchants like MindChamps and Kinderland.

3. UOB (CDA)

Interest Rate: 2% (With no deposit cap on all balances)

Remaining balance: N.A

Others:
- Kungfu Panda gift set promotion*

Summary

Regardless of your choice, the CDA is a must to give your child a head-start in life. Whether you intend to use the money for enrichment, education and heathcare (at approved institutions), the government will provide a dollar-for-dollar matching up until the cap, based on the order of your child.

Hopefully this article has helped you in your parenting journey!

Notes:
*Singaporean parents do not need to make a trip to the bank to open a CDA.
*The funds in the CDA cannot be withdrawn in cash.
*All banks will issue a Baby Bonus NETS card to the parents.
Credits: Babybonus