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Jun 30, 2009

Business Savings Account

Business Savings Account

In today's discussion at Singapore-Savings-Account-Rates.blogspot.com, we ask,"Are there business savings accounts in Singapore?"

If you are a sole proprietor, a partner in a partnership or a director in your own company, what business savings accounts can you deploy to make your money work harder for you? Let Singapore-Savings-Account-Rates.blogspot.com help you answer this business savings account related question.

If you are looking for a business account that pays regular interest (like a personal savings account) for a bank account for your business, firm or company, you would be disappointed.

We, at Singapore-Savings-Account-Rates.blogspot.com, can't find any business savings account that performs like a regular personal savings account.

As a sole proprietor, you may use your own personal savings account for all your business expenditure and business revenue. If you set up a business current account in the name of your business, there is no interest earned on such business current account.

There are many types of business accounts offered by banks in Singapore for a firm, partnership, business or company. These business accounts come with various features depending on the business' requirements and financial transaction needs.

You should check with the local banks like DBS, OCBC or UOB, or any of the foreign-owned banks operating in Singapore for in-depth discussions on your business account requirements.

We will keep a look-out for business savings account. Once we obtain news on such business savings account, we will update Singapore Savings Account Rates.

Jun 29, 2009

POSB Invest SingGrowth Account

POSB Invest SingGrowth Account

New investment product from POSB bank is highlighted for your information by Singapore Savings Account Rates.

Investors need S$5,000.00 to start the POSB Invest SingGrowth Account.

Payout of POSB Invest SingGrowth Account:

Year | Fixed Payout | Bonus Payout
Year 1 = 2.78% -
Year 2 = 1.08% 0.50%
Year 3 = 1.18% 1.00%
Year 4 = 1.28% 1.50%
Year 5 = 1.38% 2.00%

Bonus payments will happen only when the 4 underlying equities (upon which this structured product is tied to) rises 15%.

The 4 equities are Singapore blue chip companies:
1) Singapore Telecommunications Limited,
2) United Overseas Bank Limited,
3) Singapore Press Holdings Limited and
4) SembCorp Industries Limited.

POSB Invest SingGrowth Account is an approximately 5-year SGD equity-linked structured deposit. It is a structured product from POSB (part of DBS), not a savings account. It means that the interest quoted and even your capital are not guaranteed. If POSB closes shop within the five years of this product life, you lose everything in POSB Invest SingGrowth Account

What then is attractive about POSB Invest SingGrowth Account?

You get interest payments from POSB Invest SingGrowth Account of about 7.70% (because the tenure is not exactly five years) over the five years if no redemption occurs. That is about 1.54% per year of interest earned. Bonus payments only occur when underlying stocks rise 15% during a specified redemption date some time in the future. At that future fixed date, you potentially may receive up to 2% bonus payout (which is 0.4% per year).

One final consideration about POSB Invest SingGrowth Account. Structured deposits (e.g. POSB Invest SingGrowth Account) are excluded from insurance coverage under the Singapore Deposit Insurance Act (Chapter 77A) and the guarantee by the Singapore Government, and carry risks not normally associated with ordinary bank deposits. You should therefore not treat the product as a substitute for ordinary savings or fixed deposits.

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