AUD foreign currency fixed deposit - which bank?

[1fast1]

Need a bit of advice, please. Had a bit of AUD$ in a bank (which shall remain nameless for now) and am absolutely fed up with their (lack of) service. Would like to transfer that out into a new foreign currency fixed deposit with another bank while I wait for the AUD to (hopefully) pick up in strength vs the SGD.

 

I'm looking for a tenure of 6 months (min) to 12 months (max). Which bank(s) would you recommend based on:

 

1) best interest rate for AUD FCFD?

2) least hassle in starting up an acct?

3) least overheads (fees) in starting up an acct?

 

I intend to put the $$ in via a demand draft, but I can also do a wire transfer (some fees involved with the latter). The amount is not a lot but it should be more than enough to meet the "minimum" criteria for most FCFD (over $10k AUD). I'm just looking for a good place to park this small amount for a short time.

 

I've only explored DBS in detail right now - they're giving just over 4% for a 6 month tenure, with 0.125% fees (min $10, max $120) to start the A/C.

 

Maybank seems to be giving better rates on their website (4.75% for AUD with 12 month tenure), but I haven't called them up.

 

Could those with experience with other banks please advise? Thanks in advance.

[Tigershark1976]

Im also interested to know... my fund is currently in local FD, where the interest rate is extremely low.... thinking to put some in Aus currency FD but short term (6 mths)...l.

[Mussorgsky]

I am using MayBank iSavvy AUD FD. No problem with them.. high interest rate of 4.4 to 4.8% .. monthly credit interest back to my savings account. Have opened the FD acct for close to 6 months liao..

[Tigershark1976]

I am using MayBank iSavvy AUD FD. No problem with them.. high interest rate of 4.4 to 4.8% .. monthly credit interest back to my savings account. Have opened the FD acct for close to 6 months liao..

 

 

Is there any admin charges for acc opening, or FD itself? is the exchange rate give close to market rate or they earn a lot from the exchange?

[Good-Carbuyer]

Can check with RHB. Used to be highest interest for FCFD. The buy/sell spread a little more than some others. Can consider Dual Currency if you understand how it work. It is a higher interest/risk product unlike FD.

[Porker]

Bank with me.

 

I recently set up CS Investment Bank. We comply to Sarbanes-Oxley so rest assure your funds will not be converted to a 996 CS

[1fast1]

Thanks to everyone except Porker.

 

To Porker:

 

 

Porker, I know the only sort of bank you're interested in is a sperm bank. But it's easy for you to open one. Just spit, don't swallow.

Edited October 3, 2011 by Turboflat4

[Jchuacl]

Just curious , what is the estimated net earning in sgd do u get after 6 months ? The last time I explored on this , it appears that after currency conversion , u probably earn less than the interest given , assuming the case that the currency didn't move.

[Rustyz]

Try contact ANZ they have a branch in commonwealth.

[1fast1]

Just curious , what is the estimated net earning in sgd do u get after 6 months ? The last time I explored on this , it appears that after currency conversion , u probably earn less than the interest given , assuming the case that the currency didn't move.

 

Yes, possibly, but think what would happen if you gained nothing from the investment. It would be an unmitigated forex loss of higher magnitude.

 

And (medium-term), I think the AUD will recover vs SGD, at least to the 1.3 level.

[Jchuacl]

U more comfortable dealing with forex rather than etf , funds ? Or u r of the view that the demand for Aussie raw materials will continue to rise ?

 

 

Yes, possibly, but think what would happen if you gained nothing from the investment. It would be an unmitigated forex loss of higher magnitude.

 

And (medium-term), I think the AUD will recover vs SGD, at least to the 1.3 level.

 

[1fast1]

U more comfortable dealing with forex rather than etf , funds ? Or u r of the view that the demand for Aussie raw materials will continue to rise ?

 

Actually, my case may not be a great example to follow (if you don't have AUD$ at the moment), because I already have the AUD funds (proceeds from a previous bond investment), so I'm not actually buying AUD now. I'm actually quite unhappy that I couldn't cash out when AUD/SGD was around 1.34, so I prefer to wait it out and get some returns while the AUD recovers. And, yes, given a few months, I think it will recover at least somewhat, it will find support around 1.30-1.32.

Edited October 3, 2011 by Turboflat4

[1fast1]

It seems that Maybank has the best rates - 4.35% pa for 6 months and 4.4% pa for 12 months. The fees for banking a demand draft are marginally higher than some other banks, but are free for wire transfers.

 

The other bank rates CMI, IMO, even ANZ does not have good rates for AUD time deposits.

[Solar]

yes.. done my research a few years back.. maybank seem to be giving better rates.

 

as for the exchange rate... i think it is not low enough.. i changed mine when A$1=S$0.92 then..

was too greedy.. wanted it to go lower then buy much more but it went up up up all the way to S$1.3

[Porker]

It seems that Maybank has the best rates - 4.35% pa for 6 months and 4.4% pa for 12 months. The fees for banking a demand draft are marginally higher than some other banks, but are free for wire transfers.

 

The other bank rates CMI, IMO, even ANZ does not have good rates for AUD time deposits.

 

But you MAY not be able to BANK out your $$$ if you use them even though their rates are more attractive. Bank with me. I will spit out

[Donut]

Yup, Maybank is the one u shld go to... better rate and they are more approachable human touch, compared to some 'atas' banks

[Throttle2]

Bank with me.

 

I recently set up CS Investment Bank. We comply to Sarbanes-Oxley so rest assure your funds will not be converted to a 996 CS

 

 

CS?

 

Chow Sai?

[JimmyMcG1978]

Anyone seen the most recent AUD foreign currency deposit rate that DBS is offering? 2.605% on a 6 months tenor of <$25k. How are the rates offered by other banks like now?