Fixed Deposits Dates
Remembering when your fixed deposits are up is important at certain places you bank the money at. I had forgotten all about my fixed deposit over at one of the finance banks in Singapore, until one month later.
When I went to the bank finally, the bank teller told me that I would not get any extra interest for the one month that I had left my money there. They require at least three months before they would pay the extra interest. While the amount I had put in was not that much, it was still good money that could have been earned.
I know that some banks allow automatic renewal, and interest would be paid even if the customer does not take the money out immediately.
Anyway, the current interest was really low, so I took my money out and set up a new account at another bank. Previously, when the banks were fighting for money and offering great interest rates, you could just tell them you were taking the money to another bank because they offered better rates, and they would do anything to keep you as their customer.
I guess people with more time on their hands and more money with them tend to put shorter term deposits so that they do not have to wait for a long time to take the money out.
Sarah Tan - SingaporeProfit.com
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