Friday, 27 December 2019

Year-end Parking of some spare cash

SCB Fixed Deposit
As I have been adding to my war chest on and off through the course of this year, I found myself with more cash on hand than desirable. When I visited SCB at the I found out that their 9 month promotional FD rate had gone up from 1.85% at the start of Dec to 1.88%. Since I had the cash, I opened a $25k 9mth 1.88% FD with SCB. The term is short enough and more of a wait and see, earn a like $100+ extra interest in 9 months over my savings account.

As I have mentioned before, the promo is not found on the SCB website but the bank RM will be able to apprise you of the latest promo rate. It also stands to reason that day to day, rates may be changing faster than the website can be changed.

Refund to CPF
I also decided to try out the CPF website feature which allows you to refund money to the CPF that you had borrowed for housing. Previously you had to mail in a cheque I believe. But with Paynow integration of the CPF website, you can do an instant transfer and the refund will appear immediately on your online statement. I just refunded $5k to CPF just to see how it works. You have 2 choices Paynow or ENets. I actually tried both. Paynow is instant, by scanning a QR code, while ENets actually logs you into your banks i-banking site to make a payment but payment is only next working day. 

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