Singapore Profit

This is very exciting! The fixed deposit rates from the New Zealand Dollar have risen since last month. Among the different currencies offered by the two banks, the NZ dollar offers the most attractive rates. The next currency that does not even come close is the Australian dollar. In addition, the NZ currency offers one of the lowest entry sums. You need a minimum of 5000 in each currency, so based on prevailing interest rates, you need less than 6000 SGD to get started in fixed deposits. Other currencies like the US dollar, Euro and pounds are more expensive, and their returns are not as good. This is a good opportunity, since the current Singapore fixed deposit rates are rather low. Of course, when having foreign currency fixed deposits, the risk is the exchange rate of the currency you are holding may fall drastically and you may end up with less than you start off with. However, with more than 7% in interest, it is a very good deal. You can protect your money by having shorter term, so that you can access the market situation. Hence, this is one of lower risks investments around.

Do check out the rates for the two banks in Singapore. Other banks such as OCBC require a larger initial amount of money to get started, so for small time investors, this is a very good platform to consider.

Take a look at the interest rates by two local banks.

Foreign Currency FD - New Zealand Dollar

Minimum Amount 5 ‘000SGD EQUIVALENT Value Date 05/06/2007 Effective Date 04/06/2007 9:47am Amt(NZD) 1 day 1 week 1 mth 2 mths 3 mths 6 mths 12 mths < 25′000 0.0000 0.0000 7.0250 7.0850 7.2050 7.2450 0.0000 < 50′000 0.0000 0.0000 7.0250 7.0850 7.2050 7.2450 0.0000 < 100′000 0.0000 0.0000 7.0850 7.1450 7.3250 7.3750 0.0000 < 250′000 0.0000 6.5700 7.1550 7.2150 7.3850 7.3850 0.0000 <= 500′000 0.0000 6.6800 7.3350 7.3950 7.5150 7.5250 0.0000

Taken from DBS.com

Rates as at 04 June 2007 05:26:25 PM

New Zealand Dollar	1 day	1 week	1 month	2 months	3 months	6 months	12 months
Below 50,000	N.A.	6.2600	7.0900	7.1500	7.2800	7.4000	7.6000
50,000 - 99,999	6.6350	6.6350	7.1500	7.2100	7.3500	7.4500	7.6500
100,000 - 249,999	6.8850	6.8850	7.2800	7.3400	7.4100	7.5300	7.7300
250,000 - 499,999	7.0100	7.0100	7.4000	7.4600	7.5400	7.6500	7.8500

Taken from UOB.com

http://www.dbs.com/webapp/calculator?type=fcfd

Use this calculator to find out how much interest you can make if you put the money in foreign currency, and how much you can make if you put in local fixed deposits.

Sarah Tan - SingaporeProfit.com

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