4 in 10 prefer to leave money in bank: Poll

[swakoo]

Left 2 more days. Meaning cheque clearing will be too late now.

If deposit cheque before 3.30pm cutoff time today, amount will be credited today and funds available by 2pm tomorrow. So still a few hours more if deposit by cheque.

It's actually 11mths. Locked till 31st Jan. Get full year interest even enough only put for 11mths.

Does the lock-in end on 31 Jan 2016 or 12 months from date of deposit? T&C not too clear...

[etan]

I got a cashier's order yesterday and drop it into DBS quick cheque deposit box early this morning, hope it will be in time to meet dateline to qualify.

Missed the earlier promotion becos they say I don't qualify becos I transfer $ from POEMs a/c, all the better now I get higher rate and can deposit bigger amt. hence much more interest received.

Those who have idle cash sitting in the bank may like to consider this:

DBS/POSB Chinese New Year Cash Gift Promotion

Savings should be this rewarding!
Register before 28 February 2015 and receive 1.88% p.a. for 12 months ("Cash Gift") in your account when you successfully top up.

https://www.posb.com.sg/Contact/posb/dep...ts-savings promo-btn register-form

http://www.posb.com.sg/iwov-resources/pd...gpromo.pdf

Note that you'll need to maintain the cash balance for 12 months to get that interest rate

The amount will be earmarked, and locked. You will not be able to access it via normal means.

It's actually 11mths. Locked till 31st Jan. Get full year interest even enough only put for 11mths.

Left 2 more days. Meaning cheque clearing will be too late now.

[NTL]

Left 2 more days. Meaning cheque clearing will be too late now.

If deposit cheque before 3.30pm cutoff time today, amount will be credited today and funds available by 2pm tomorrow. So still a few hours more if deposit by cheque.

It's actually 11mths. Locked till 31st Jan. Get full year interest even enough only put for 11mths.

Does the lock-in end on 31 Jan 2016 or 12 months from date of deposit? T&C not too clear...

I not sure, but I think some cheques need 2 or 3 days to clear... Maybe foreign banks?

As for the earmarking and interest,

Clause 5 stated:

"The earmarking by DBS will start between 1 February 2015 and 31 March 2015, and the Fresh Funds Deposit will be earmarked by DBS for the period ending on 31 January 2016 (“the Earmarked Period”). The Fresh Funds Deposit will not be available for withdrawal during the Earmarked Period."

The interest will be calculated based on clause 6:

"Customers who fulfill the criteria specified in Clause 3 to Clause 5 above (“Qualifying Customers”) will receive a lump-sum Cash Gift of 1.88% p.a. on the Fresh Funds Deposit for 12 months calculated based on the period from 1 February 2015 to 31 January 2016"


Hopefully I am right.

[valuebuddies]

I have done that few days after it was announced. $88 (hope I can get) is extra, 1.88% is good enough to beat my home loan interest of 1.2% for the next 12-months.

[swakoo]

From http://www.moneysense.gov.sg/Understandi...eques.aspx

for SGD cheque:

Cheque deposited on Account credited / debited on Funds available
Monday to Thursday (before cut-off time*) The same day the cheque is deposited The following day (after 2pm)
Thursday (after cut-off time*) Friday Monday (after 2pm)
Friday (before cut-off time*) Friday Monday (after 2pm)
Friday (after cut-off time*) Monday Tuesday(after 2pm)

*For most banks, the cheque deposit cut-off time is 3.30 pm on Mondays to Fridays.

Guess the cycle is longer for foreign currency cheques.