Singaporeans are actively discussing the latest updates in savings accounts, insurance plans, and CPF strategies on HardwareZone. From maximizing interest rates to understanding complex insurance policies, users are sharing valuable insights and experiences.
Key Insights
- GXS Bank Rate Adjustments: GXS Bank is adjusting interest rates from 11 Feb 2025. The main account rate will decrease from 2.38% to 2.08%, and savings pockets will drop from 2.68% to 2.38%. Boost pockets will remain at up to 2.98%.
- Medishield Plan Comparisons: There’s a growing emphasis on cancer drug coverage. Prudential PRUShield Premier with PRUExtra Premier Lite CoPay rider is seen as competitive. Singlife Shield is recommended for children, especially when combined with their cancer-specific plan.
- Term Insurance Considerations: Users are comparing premiums for various term insurance plans. For example, a $700k death/TPD policy till age 65 can range from $517.05/year (Singlife) to $731.30/year (Great Eastern).
- CIMB Fastsaver Promotions: CIMB Fastsaver is offering 3.20% p.a. interest on incremental fresh funds until 28 February 2025. However, some users are finding the account management and tracking of bonus interest complicated.
- CPF Optimization: Discussions revolve around topping up CPF accounts for tax relief and transferring funds between family members. There’s a focus on strategies to maximize interest and plan for future needs.
Recent Developments
- GXS Rate Changes: Effective 11 Feb 2025, GXS will reduce interest rates. This change is prompting users to re-evaluate where they keep their funds.
- HL Bank FD Promo End: The Hong Leong Bank 3.2% FD promotion ended in late December 2024, causing many to rush for the offer.
- RHB FD Rate Cuts: RHB has revised their FD rates downwards on 10 Jan, reducing their 12-month and 18-month rates to 2.58%/2.68%.
- Maybank Hotline Issues: Users report difficulties reaching Maybank’s hotline, with long wait times and dropped calls.
Community Experiences
- GXS Phone Number Issues: A user faced problems updating their phone number on the GXS app, with customer service asking for a new number instead of delinking the old one.
This GXS is a joke I tried to update my phone number and AFTER it sent SMS verification to my new number, the APP is telling me it is in use by another customer
tiertime (07 January 2025)
- Medishield Riders: One user questioned the value of the Emergency and Outpatient Care Booster rider, citing the availability of free SCDF ambulances and limited coverage for overseas emergencies.
That’s just absurd! SCDF ambulances are free in an emergency, the $2K/$300 is just “play money” even if you do manage to collect any of it, and $50K isn’t even approaching what you actually need for coverage if you venture overseas.
BBCWatcher (29 December 2024)
- Insurance for Children: A user expressed reservations about buying life insurance for children, emphasizing the importance of saving and investing for their future needs instead.
I wouldn’t and don’t buy life insurance (insurance that pays a death benefit) with kids as policyholders, not in this era.
BBCWatcher (03 January 2025)
- CIMB Fastsaver Confusion: Users are struggling to understand the complex T&Cs of CIMB Fastsaver promotions, especially concerning the definition of ‘fresh funds’.
You don’t bother to read tnc and complain it is confusing. Learn to read the tnc. Look at Jan tnc para 4d. Stated clearly.
vsvs24 (01 January 2025)
- HSBC Premier Status: Some users are concerned about changes in HSBC Premier requirements and potential downgrades for not meeting the new TRB.
Practical Takeaways
- Re-evaluate GXS: Consider moving funds from GXS’s main and savings pockets due to the upcoming rate cuts. Explore alternative high-yield options.
- Review Medishield: Pay close attention to cancer drug coverage when choosing a Medishield plan. Singlife Shield is recommended for children.
- Compare Insurance Quotes: Shop around for term insurance policies. Compare premiums and coverage to find the best fit.
- Read T&Cs Carefully: Always read the terms and conditions of promotions. Don’t assume anything, especially with complex banking products.
- Stay Informed on CPF: Keep up-to-date with changes in CPF rules and regulations. Plan your contributions and transfers strategically.
- Diversify Savings: Don’t put all your savings in one bank. Diversify across different banks to maximize interest and minimize risk.