Executive Summary

Singaporean bank promotions and interest rates are a hot topic on the HardwareZone forums, with users actively sharing their experiences and seeking the best deals. Recent discussions highlight a shift in banks’ practices, with some reverting to stricter adherence to their terms and conditions (T&Cs), particularly regarding cashback crediting timelines. Fixed deposit (FD) rates have seen fluctuations, with some banks increasing rates while others have decreased them, leading to a “merry-go-round” strategy among users, who move their funds between banks to maximize returns. A key point is the importance of carefully reading T&Cs to understand eligibility criteria and bonus interest calculation methods.

The forum has seen a lot of discussion on the timing and accuracy of cashback and bonus interest crediting. Many users have reported delays and discrepancies in their accounts. HSBC’s EGA 1% GIRO cashback has been a major point of discussion, with many reporting a change in crediting timelines. Users are also concerned about potential clawbacks of excess cashback. CIMB’s FastSaver and StarSaver accounts, with their tiered interest rates and promotional campaigns, are also extensively discussed, with emphasis on understanding complex bonus interest calculations and the need to maintain specific balances.

Key Statistics:
– *3.08%* p.a. was the cut-off yield for a recent T-bill auction.
– *3.2%* p.a. is a common promotional interest rate offered by several banks for fixed deposits and savings accounts.
– 14 business days is the standard timeframe for cashback crediting according to some bank T&Cs.

Key Developments

Cashback and GIRO Crediting

Recent forum discussions reveal a change in the crediting practices of some banks, particularly HSBC. Previously, cashback was often credited the next business day after a GIRO transaction. However, users report that HSBC now seems to adhere strictly to the T&Cs, stating that cashback will be credited within 14 business days after it is earned.

“All along the T&Cs state ‘cashback will be credited within 14 business days after it is earned’. Hence HSBC was ‘early’ in the past by crediting the next business day. Lately they seems to go by the book…” –
This change has caused some confusion and frustration among users who were accustomed to faster crediting. There were reports of HSBC over-crediting cashback on 8 Oct, and subsequent clawbacks in later periods. Many users reported receiving GIRO cashback for November transactions, with some still awaiting cashback from October.

Fixed Deposit and Savings Account Promotions

The forum is buzzing with information on different bank promotions, particularly for fixed deposits and savings accounts. Maybank has been mentioned for its 6-month FD offering above 3%*, as well as a bundle promotion. *HL Bank is offering *3.2%* for 6-month FDs with a minimum of SGD 100,000*. Users have also discussed securing 3.1% for 6-month FDs in late October*.

“which FD for 6mths above 3% now?” –
“Check out HL Bank: 3.2%, 6m, 100k min” –
CIMB is another popular choice with its FastSaver and StarSaver accounts, offering tiered interest rates and monthly bonus interest promotions. However, these promotions come with complex conditions, including the need to maintain specific incremental balances and avoid certain types of deposits. Many users are closely tracking these promotions and sharing strategies to maximize their returns, often engaging in a “merry-go-round” approach by moving funds between different accounts.

Mari Invest also introduced a promotion, offering *3.5% return, with specific conditions regarding the holding period and fresh funds. There was a notification sent out around 6pm* to some users about a top up return. This generated discussion about eligibility for the promo.

T-Bills and Other Investment Options

T-bills continue to be a relevant investment option, with a recent auction resulting in a cut-off yield of *3.08%* p.a.

“Not bad, inching up” –
“3.08% F***, tbill chionging up” –
Users are also exploring other investment options such as Singapore Savings Bonds (SSBs) and REITs. Some users are considering REITs due to their low price, while others are wary of them with the current high interest rates. The discussion also touched on the limitations of SRS accounts and alternatives for saving on currency conversion fees.

Community Insights

User Experiences

Users have shared various experiences with bank promotions and crediting processes. One user mentioned receiving all their November cashback, but still missing cashback from October 18th till the end of October. Others reported that their GIRO cashback for November was credited on 20th November for deductions on 13th November.

“I received yesterday all my cashback for November. But Oct 18th till Oct end cashback is still not received” –
“My Giro 18 Nov, 1% cashback in 20 Nov. Seems back to normal on my end.” –
Some users reported missing referral rewards, despite meeting all the criteria. There were also instances of banks quietly clawing back “bonus rebates” and over-credited cashback, causing confusion and frustration among users.
“They are quietly clawing back all the ‘Bonus rebates’?” –
“I didn’t get my referral rewards when my friend referred me and same goes to when i refer others. Satisfying all their criteria.” –
Several users also reported issues with bonus interest not being credited, or not matching their calculations. There are also reports of banks suspending accounts due to large transfers.
“Usually DBS straight away get the interest, how come now I don’t see any interest received in my account..” –
“Yesterday, I got the cashback for 2 giro deductions on 11 and 13 Nov. However between 1 to 10 Nov, I have close to 20K giro deduction which got nothing.” – —

Tips and Recommendations

Forum users offer practical advice to navigate the complexities of bank promotions. A common recommendation is to carefully read the T&Cs before participating in any promotion to avoid missing crucial details. It’s also suggested to keep track of your average daily balance (ADB) to maximize bonus interest earnings.

“The fuss free method is to top up SGD 500 on the 1st day of the month and maintain it throughout the month , any bonus interest or pay comes in , transfer it out to other account immediately.(Once you leave it overnight , it will mess up your ADB)” –
Users also advise setting up reminders and tracking your transactions, especially when participating in promotions that require minimum spending or monthly top-ups. For those facing difficulties in meeting spending requirements, a trick shared is to top up your Grab wallet, which some users found to be a valid spending transaction. It was also suggested to call and appeal if you miss the minimum spending requirements.
“The call center Looked through the 2 accounts last 3 months transactions and confirmed both accounts are still eligible to Join the promo so the guy from the call Center is wrong?” –
For those looking for high-interest savings accounts, UOB One is recommended, although it comes with a minimum spending requirement of *SGD 500* per month. Maribank and GXS are also mentioned as alternatives. Users also discuss strategies for maximizing interest by moving funds between different banks to take advantage of various promotions. There are also suggestions to use T-bills or a ladder of US treasuries for short term investing.
“UOB One offers up to 150k, if you can meet the min spend of 500 per month.” –
“For short term, CIMB consider good” – —

Important Considerations

Users have raised several important considerations regarding bank promotions. A key concern is the potential for account suspensions due to large or frequent transfers. It is recommended to pre-alarm your bank if you plan to make large transfers.

“xfer huge amount from uob to scb kena stop by uob, after verification ok liao lol” –
Users also warn about the complexities of some bank promotions and the need to read the T&Cs carefully, especially regarding fresh funds requirements and incremental balances. There are concerns about the accuracy of bank systems and the possibility of errors in cashback or interest crediting.
“Banks should really stop this BS ‘The first 10,000 Eligible Customers'” –
“CIMB loves doing tiering and this basically cause issues for people who forget about this and calculate base and bonus interest” –
It’s also essential to note that some banks are phasing out SMS notifications in favor of app notifications and emails.
“I guess the banks now realized that SMS can be ‘fake’ ……” –
Users have also noted that credit card cash advances at ATMs should be avoided, as it incurs interest fees. Finally, there are ongoing concerns about the safety of new fintech banks, with users emphasizing the importance of SDIC coverage.

Looking Ahead

The forum discussions suggest that the trend of fluctuating interest rates and bank promotions will likely continue. Users are actively anticipating new promotions from various banks for December and beyond. There is a general expectation that interest rates may fall in the future, and users are trying to maximize their returns while they can.

“Imo, just wait for Dec promo or alternatives from HSBC or stand chart” –
“Currently any promotion? Already 22 days into existing NOV 2024 promo” –
The community is also keenly watching for updates on existing promotions and any changes in the T&Cs. There are discussions about the need to adapt to new banking practices and the phasing out of SMS notifications.
“Wah run eh, learnt from hsbc liao” –
“Banks should really stop this BS ‘The first 10,000 Eligible Customers'” –
Users are also closely monitoring the actions of banks regarding premier status and the impact of new regulations. There is a high level of engagement and information sharing, with users actively assisting each other with practical advice and strategies to navigate the ever-changing landscape of Singaporean bank promotions and interest rates.
“Currently any promotion? Already 22 days into existing NOV 2024 promo” –