5 Things To Consider When Switching Banks

Before you finalize your switch from one bank to another, ensure that you understand what you are signing up for. Here are five questions you need to answer before you decide.

DO YOU WANT A HIGHER SAVINGS ACCOUNT INTEREST RATE?

You get what you think you deserve. If you are earning nearly nothing in your savings account then, it is worth evaluating the alternatives. Moving your funds elsewhere makes sense only when you can earn significantly more in another account.

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For instance, switching might not be worth the trouble in this scenario. Say you only have around S$1,000 in your savings account and the extra 0.5% interest gets you about S$5 additional on your monthly total. If you are generally satisfied with your current bank, why bother?

DO YOU WANT TO SIMPLIFY YOUR FINANCES?

Some Singaporeans have accumulated multiple accounts over the years. So? Switching banks can be an opportunity to organize your finances. Organizing your finances allows you to minimize your online bank account and to move your money as quickly as possible. Have everything in one place by choosing a premium bank.

This bank must cater to all your deposit needs, offer low fees, and provide competitive interest-bearing accounts.

DO YOU PREFER TO HAVE AN UPGRADE IN ONLINE AND MOBILE BANKING?

Whether you want to acquire DBS Paylah! or UOB Mighty, most banks offer online and mobile banking tools to smoothen your transactions. You may consider all these tools as a means to weigh whether you watch to switch banks or not. Contemplate on the features you need and the ones that are available thru your chosen banks.

If you often transfer funds between a local and an overseas account. Then? You have to find an online banking app that enables you to do this. Take note of the charges that come with every deposit.

DO YOU WANT A BETTER CUSTOMER SERVICE?

How is the bank personnel treating you after you sign-up? Dissatisfied customers may receive better service in another bank. Look for online reviews and friend recommendations when reviewing a bank’s customer service prowess.

It is best to talk to someone credible to assess their issues in the bank staff and service.

DO YOU PREFER A BANK WITH BRANCHES NEARBY?

Accessibility is important when considering which bank to choose. You must survey the nearby banks and notice which ones are more accessible. You may also walk up to the teller to ask about their safe deposit box or their online banking tools.

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Who knows? Your chosen bank may allow you to transfer or deposit funds with a few swipes of the finger!

Sources: 1 & 2

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5 Obvious Ways Buffets Earn Money

The primary job of an all-you-can-eat buffet manager is to fill the customer’s belly as inexpensive and as quickly as possible. Apart from this, they must employ other strategies to keep the customers back! For starters, Singaporeans must be sold with the idea of the buffet’s capability of providing an ample variety while maintaining high quality. At the same time, food wastage must be minimized.

On that note, here are 5 Obvious Ways Buffets Earn Money.

#1: BEVERAGES ARE HUGE

As you enter an all-you-can-eat buffet, notice how huge the beverage glasses are. There is a method to the madness! Firstly, providing tall drinking glasses fill customer bellies fast. They would be able to eat less for the same buffet price. Secondly, they can up-sell the soft drinks to earn huge mark-ups without spending a lot for it.

#2: MENU ITEMS ARE CHOSEN CAREFULLY

To strike a balance between cost and quality, the menu items have been chosen carefully. You may notice how a restaurant will constantly change their array of meats. A buffet may have a long line of satisfied customers if you offer unlimited lobsters or steaks every night. However, you cannot expect a huge profit by doing this. Managers need to find cheaper cuts of poultry, fish, and other meat products. They get more savings by buying in bulk.

#3: CUTTING IN SMALLER PORTIONS

Have you noticed how buffets cut pricier meats into smaller pieces compared to cheaper breads? Rationally, a person would take two pieces of a buffet item instead of one. Can you imagine if all the guests take two huge pieces of lobster? That would be costly! Instead, they have to follow society’s unspoken rule and offer smaller pieces to keep the line moving.

#4: CHOICES ARE PRESENTED STRATEGICALLY

Buffets apply another strategy that is hidden in plain sight. Pay attention to the layout of the buffet line. Cheaper and more filling carbs and sides are laid out in the beginning of the line. By the time you get your entree, your plate will be so full.

Another trick is placing an expensive item along with a variety of cheaper items. For instance, an expensive protein among several cheaper side dishes. Pricier desserts are surrounded by a platter of fruits.

#5: MENUS ARE FLEXIBLE

Successful restaurants usually keep its food and beverage costs below 30% of its revenues. All-you-can-eat buffets achieve this by offering a flexible menu design. Its menu can change every day based on what ingredients are cheap and what food items are seasonally available.

You can apply the same ideal on your next trip to the grocery.

Sources: 1 & 2

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Get your CNY new notes from POSB Pop-up ATMs located at these 20 Community Clubs from 9 Jan 20

Chinese New Year is around the corner

Get your crisp new dollar notes for Chinese New Year at these POSB Pop-up ATMs from 9 January, 9am to 24 January 2020.

Denominations available are $2, $10 and $50:

  • $100 ($2 x 50 notes)
  • $300 ($10 x 30 notes)
  • $500 ($50 x 10 notes) and
  • $600 ($10 x 20 notes + $50 x 8 notes)

The Pop-up ATMs are located at the 20 Community Clubs listed below:

Alternatively, you can also reserve the notes online with your ATM / Debit Cards / Credit Cards and PIN. Simply login with your ATM / Debit Cards / Credit Cards and PIN to place your reservations.

Reservation starts from 09 January 2020, 7.00am and ends on 21 January 2020.

Collection starts on 13 January 2020 and ends on 23 January 2020.

For more information, click here.

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7 Buffet Tricks To Maximize Every Cent

From a wide selection of hotel buffets to hawker centers, Singaporeans just love to eat! If you are a devout food enthusiast such as I am, you will be able to relate to the sheer excitement that I get from seeing a well-stocked buffet table. Just think about all the vibrant and glorious food that you can eat in one seating!

What’s more? You can enjoy eating as much as you want without judgment from others. Such freedom comes with a price. Only a fool would walk out the door without ensuring that he or she actually got a good deal. On that note, here are some tricks you can apply to your next all-you-can eat buffet trip.

#1: DO YOUR RESEARCH

Singapore offers a decent amount of buffet options with varying food quality, price, and value. Do your research to find where you can get the best deal. Stay true to your preferences when it comes to the food selection. Go to a buffet whereby you can eat most of their offerings.

Researching will also help you learn about the fine print. Know what is included and what is not. You do not want any nasty surprises at the end of day!

#2: GET AN OVERVIEW

Plan your eating strategy by getting an overview of all the food options upon arriving. Yes! Salads or fresh vegetables may be ideal starters. However, do not get a mountain of lettuce and toppings if you are planning to survive the entire haul. Look around and focus on the premium stuff, which you can indulge on.

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#3: TAKE SMALL PORTIONS

Buffets typically have unlimited refills. You can always go back for more! Do not get stuck with a large serving of pasta that does not taste as pleasant as it looks. Instead, get small portions of everything you want to taste.

#4: TAKE DISHES YOU CANNOT COOK AT HOME

You are celebrating something special as you are blessed with rows and rows of savory food. Choose dishes that you do not or cannot cook at home.

It is rare for me to eat seafood at home. Recently, I devoured several salmon breads topped with caviar as well as all the seafood I can eat in the buffet to maximize my experience.

#5: DO NOT FAST

Most people starve themselves as way to eat as much as they can in a buffet. These people forget that their stomach needs to prepare prior to the battle. The stomach needs stretching before it prepares for any rigorous activities such as eating in bulk.

Drink water throughout the day to stretch it. Furthermore, it is recommended to eat a light meal before you enjoy an all-you-can-eat buffet.

#6: STICK TO YOUR PREFERENCES

The Indian buffet place nearby may offer an amazing promotion on their signature dishes. However, it is not amazing if you do not like curry or spiced food.

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You are only trapping yourself if you focus on the price-to-food volume ratio! If you are not keen in eating a bulk of food from a specific cuisine, skip it.

#7: DO DAMAGE CONTROL

Once you are finished eating your glorious feast, the only thing left is damage control. Drinking probiotics is beneficial for your digestion. Another alternative is peppermint tea. Peppermint tea soothes the stomach, reduces bloating, and cures any nausea you may be experiencing.

You can purchase peppermint tea bags for as low as S$3.25 at FairPrice.

Sources: 1 & 2

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What On Earth Is A Fiduciary?

DEFINE

Recently, my significant other opened the idea of discussing about whether it is worth getting a fiduciary and a financial adviser. I focused on the former. A fiduciary’s duties and responsibilities goes beyond directing the individual (i.e., beneficiary) to his or her financial goals. The fiduciary acts for or on behalf of the beneficiary in certain circumstances. This is a bond established by utmost confidence and trust.

A fiduciary is either a person or an organization who has the highest legal duty of being ethically bound to act in the beneficiary’s best interest. Fiduciary relationships include:

* Trustees (of a beneficiary);
* Directors (of a company);
* Agents (of a principal);
* Lawyers (to the client); and
* Partners (to each other).

Aside from this, the Courts may find a fiduciary relationship exists when the beneficiary is dependent on the fiduciary, when the fiduciary has the discretion to act unilaterally for the beneficiary, and when such power affects the beneficiary’s legal or practical interests.

Do you qualify for any of these? Are you a fiduciary? If so, here are your duties.

DUTIES

#1: First and foremost, the fiduciary needs to avoid conflict of interest and duty. For example, a company director must not put himself or herself in a position where personal interest will conflict with that of the company’s. Do everything in good faith.

#2: Secondly, you must avoid unauthorized profits. For example, your position as a company director may be in breach of your duty if you acquire a business opportunity (i.e., belonging to the company) for yourself.

#3: Lastly, the fiduciary must manage the assets of an individual for the benefits of the beneficiary himself or herself. You cannot benefit personally from the management of the beneficiary’s assets.

LAW

According to research, Singapore is part of the common law legal tradition. Thus, the decisions of precedent cases in the superior courts are binding on the lower courts. Moreover, the decisions in other Commonwealth jurisdictions (e.g., in UK, Australia, or Malaysia) can be persuasive in the Singapore courts.

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“When a fiduciary relationship is established in one of these cases, future cases are bound to follow what has been established before. Statutes that are passed by Parliament may also impose certain statutory duties akin to fiduciary duties between parties.”

Consult legal agents to know more.

Sources: 1 & 2

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