Festive offers for savings and building wealth

To celebrate the Year of the Rooster, many lenders have new offers. For example, Hong Leong Finance is offering a fixed deposit promotion for customers who place a minimum deposit of $30,000 for either short or long tenures.
To celebrate the Year of the Rooster, many lenders have new offers. For example, Hong Leong Finance is offering a fixed deposit promotion for customers who place a minimum deposit of $30,000 for either short or long tenures.BT FILE PHOTO

The Sunday Times outlines Chinese New Year offerings, new insurance plans and a banking product.

HDB HOME LOAN BLITZ BY HONG LEONG FINANCE (HLF)

HLF's HDB Home Loan Blitz comes with a fixed rate of 1.80 per cent a year for the first year for two- and three-year fixed rate packages.

All fixed rates in these packages (as at Jan 26) are lower than the prevailing Housing Board concessionary loan rate of 2.60 per cent a year.

HLF says the packages will appeal to homeowners looking for attractive financing options. Getting a fixed rate package also eliminates the worry of rising interest rates.

As an added incentive, HLF has rolled out a customer referral programme.

Each customer who makes a successful HDB home loan referral of $150,000 or more will receive $200 worth of dining vouchers that can be used at Millennium Hotels and Resorts' hotels in Singapore - M Social Singapore, Copthorne King's Hotel and Grand Copthorne Waterfront Hotel.

FESTIVE FIXED DEPOSIT PROMOTION BY HLF

HLF is offering a fixed deposit promotion, which started on Jan 12, to celebrate the Year of the Rooster.

Individuals who place a minimum deposit of $30,000 for either short or long tenures, such as three, six, 12, 13 or 18 months, will be eligible. The 18-month fixed deposit rate for at least $200,000 is 1.30 per cent a year (as at Jan 26).

"Offering attractive HDB Home Loan and Fixed Deposit promotions is our way of celebrating the Fire Rooster Year and bringing joy and good fortune to all," said HLF president Ang Tang Chor.

FASTSAVER "LI CHUN" PROMO BY CIMB

Customers who open an online savings account CIMB FastSaver from Jan 28 to Feb 11 will be entitled to one lucky draw chance to win $88 (seven winners) or $888 (one winner). Customers can apply for CIMB FastSaver accounts online and receive an account number instantly. The account has no fall-below fees and offers an interest rate of 1 per cent a year for the first $50,000. Interest is paid on the daily balance, as long as a $1,000 balance is maintained.

CIMB is also offering 12-month fixed deposits at 1.25 per cent (minimum deposit of $20,000) and 1.30 per cent for CIMB customers with total relationship balances of $250,000. They must deposit $100,000 or more. The rates are valid until Feb 11.

SINGDOLLAR TIME DEPOSITS PROMOTION BY BANK OF CHINA (BOC)

BOC is offering promotional fixed deposit rates for customers with minimum fresh funds of $50,000. Other terms and conditions apply.

With a minimum placement of $200,000 on a six- plus six-month tenure, you can enjoy 1.30 per cent interest for the first six months and upon maturity, you can choose to withdraw your funds or continue to enjoy the same rate for another six months.

TIME DEPOSITS PROMOTION BY ANZ

ANZ's promotional rate of 1.25 per cent a year is applicable for a six-month time deposit of $150,000 and above. It is only valid for fresh funds and the promotion will end on Feb 28.

If you have more money to park and are among the first 388 to top up with a minimum of $500,000 in fresh funds, you will receive a pair of limited-edition Nets FlashPay cards (each card has a stored value of $138).

ANZ is offering an interest rate of 1.18 per cent a year for a three-month US dollar time deposit of at least US$50,000 (S$70,400).

CHINA LIFE SAVEREWARD 101 SERIES II (SGD & YUAN) ENDOWMENT PLANS BY CHINA LIFE

This is the second series of China Life's five-year endowment plans that provide fixed interest rates of 2.25 per cent a year for Singdollar-denominated premiums and 3.62 per cent for yuan-denominated premiums.

Both plans offer guaranteed maturity yields and 100 per cent capital guarantee upon maturity. The plans do not require medical underwriting and premiums are paid annually for three years.

If the insured person dies during the policy term, China Life will pay 101 per cent of total premiums paid, less any loans. Till Feb 20, customers who purchase the plans with an annual premium of at least $20,000 will receive $160 worth of Robinsons shopping vouchers.

YOUNG PROFESSIONALS SOLUTION (YPS) BY UNITED OVERSEAS BANK (UOB)

The YPS is an investment scheme to help people start building their wealth early in life.

The scheme allows those between 24 and 35 years old to "sweep" interest earned on UOB One Accounts and rebates from UOB Yolo credit card spending into a unit trust called the United SGD Fund. It is also open to anyone who holds both a Yolo card and a UOB One Account.

Through YPS, the bank has waived the 2 per cent online sales charge and has reduced the minimum initial investment amount required to $10, instead of the usual $1,000.

Mr Dennis Khoo, head of UOB's personal financial services in Singapore, said that through the compounding effect, consistent investments over time can go a long way.

About 67 per cent of UOB's millennial customers - those aged 24 to 35 - already have a UOB current or savings account.

"By reducing the minimum investment amount and incorporating the automated sweep on their credit card rebates and earned interest from their current account, the YPS enables them to enjoy the benefits of investing even as they spend in keeping with their lifestyle needs," said Mr Khoo.

Customers can also monitor the fund's performance and top up their investments online at any time with any amount.

A version of this article appeared in the print edition of The Sunday Times on February 05, 2017, with the headline 'Festive offers for savings and building wealth'. Print Edition | Subscribe