Singapore Banks Have Access To S$30M Funds To Boost Cybersecurity

If you are updated with the current events, you would know that the country has suffered a serious data breaching this year. The unfortunate event compromised the personal data of 1.5 million healthcare patients including the data of Prime Minister Lee Hsien Loong. These patients are under SingHealth – the country’s largest group of healthcare institutions spanning various clinical specialties, public hospitals, specialty centers, polyclinics, and community hospitals.

Similar stories of data breaching in other sectors have been reported in other parts of the world. Imagine how vulnerable a financial institution can be once its clients’ data has been breached!

With the increasing use of technology in global banking, Singapore needs to combat money laundering and online unlawful acts. I, for one, am vigilant when it comes to checking my balance after a transaction or an online purchase. Fortunately for us, the Singapore government and the financial institutions thought of ways to tackle the situation.

Firstly, the government acknowledged the importance of cybersecurity to financial institutions. Hence, it has signaled its willingness to ease some restrictions on importing talents for the financial-technology industry. The authorities are aware of the talent shortages. That said, financial institutions can either train or upgrade the skills of its existing employees or hire foreign talents who are experts in the field.

Image Credits:

Secondly, the Monetary Authority of Singapore offered financial institutions access to a S$30 million grant. This funds can be used to boost their cybersecurity skill-sets and related operations. It is under the country’s Financial Sector Technology and Innovation Scheme, the grant facilitating the development of advanced cybersecurity functions such as computer forensics, malware research, and cyber threat surveillance. The funds could be tapped to cover up to 50% of a financial institution’s qualified cybersecurity expenses, with a cap of S$3 million.

Lastly, local banks can exhaust its current resources to provide cybersecurity services. For instance, three major banks in Singapore have started using artificial intelligence and data analytics to help enhance the detection of illicit cash flows. These banks are DBS, OCBC, and UOB.

We cannot deny that cyber threats continue to evolve throughout the years. Thus, it is highly encouraged for the financial sector to strengthen their cybersecurity capabilities to keep us safe.

Sources: 1,2, & 3



Leading Fixed Deposit Rates In Singapore

First, you must know the nature of fixed deposits (FD), its advantages, and disadvantages. A fixed deposit is a financial tool offered by the bank, which, provides clients (like YOU) with a higher rate of interest than a savings account.

In Singapore, a minimum deposit of S$1, 000 is required to open an account. The fixed deposit rate will only be given within a maturity term. The term ranging from 1 to 36 months depends upon your bank here. Once the money matures, you will get back your initial deposit with the interest.



Fixed deposit is a more stable and safe route than other investments. Since not everyone is willing to risk it all with bonds and property investments, fixed deposits offer guaranteed money back.


Because the rates vary based on the time on hold, the amount you put in, and the bank you chose…there is a good chance to get the highest interest rate possible. All you have to do is to research and compare the workability or flexibility of the FDs available.


Your money that resides in a fixed deposit account is a surefire liquid asset (i.e., can be converted to cash). So, after the money matures, you can withdraw cash for any purpose such as weddings or medical emergencies.



If you invest all of your wealth to FDs then, you will not indulge on the benefits of diversification. Diversification is having investments in real estate, gold, and stock markets.


The returns of the FDs are lower if the inflation is very high. To put it in perspective, the interest rate may not change but you will still lose money if the Singapore dollar significantly drops.

To the most exciting part, we shall go…


Here are the banks that provides the best interest rates if your savings is S$10, 000 within an annum:

1. RHB Singapore Dollar Time Deposit

Interest Rate: 0.63%

Returns: S$63

2. CIMB Why Wait Fixed Deposit-i Account

Interest Rate: 0.50%

Returns: S$50

3. UOB Grand Senior Citizens Fixed Deposit

Interest Rate: 0.38%

Returns: S$38

4. Standard Chartered Singapore Dollar Time Deposits

Interest Rate: 0.35%

Returns: S$35

Here are the banks that provides the best interest rates if your savings is S$100, 000 within an annum:

1. CIMB SGD Fixed Deposit

Interest Rate: 1.30%

Returns: S$1,300

2. Maybank iSaVvy Time Deposit

Interest Rate: 0.85%

Returns: S$850

3. Maybank Singapore Dollar Time Deposit

Interest Rate: 0.70%

Returns: S$700

4. Bank of China SGD Time Deposit Account

Interest Rate: 0.60%

Returns: S$600

Image Credits: Will Clayton via Flickr

Image Credits: Will Clayton via Flickr

The data above goes to show that the strength of the fixed deposit rate truly varies upon the amount you saved and the bank you chose. Hence, it is important to educate yourself first before diving in. ☺

Sources: 1, 2, & 3


Newbie’s Guide To Singapore Banking

Image Credits: Tax Credits via Flickr

Image Credits: Tax Credits via Flickr


1. Protection

A potent reason why people prefer to keep their wealth in the bank is its security. Keeping your money at home may increase the risk of it getting stolen or damaged by unforeseen events such as fire. The banks are equipped with facilities to guard your money the best they can possibly can.

2. Accessibility

With the modern times, banking had become easier. More and more banks allow online banking and even Smartphone Apps to help its users to transfer money with the stroke of their fingertips. No need to endure a long queue! Furthermore, you can access your money anywhere as there are ATMs nationwide.

3. Saving and Investing

The money you park in the bank will have returns depending on the yearly interest provided by your bank. Also, you can take the opportunity to grow your savings even more by investing it in the stock market through the bank’s investment services.


Singapore is one of the strongest developed countries all over the world. This is why aside from local banks; renowned International banks have branches located here. With a myriad of choices which, shall you trust your money with?

To answer this question, Focus Singapore, a website that provides useful information on travel, business, and education, had ranked the “Top Banks In Singapore”. This ranking is solely based on the available data and research. On that note, here are 7 of Singapore’s premier banks:

1. Developmental Bank of Singapore (DBS)

2. Post Office Savings Bank (POSB)

3. United Overseas Bank (UOB)

4. OCBC Bank

5. Standard Chartered Bank

6. Citibank


These commercial banks include the functions of universal banking such as allowing deposits, provision of cheques, and other businesses authorized by the Monetary Authority of Singapore. With these transactions, you may encounter abbreviations such as GST (Goods and Services Tax) that you may not be familiar with.

That said here are 10 COMMONLY-USED BANKING ABBREVIATIONS that you may see on your bank account statement:

1. ATM: Automated Teller Machine

2. BGC: Bank Giro Credit

3. INT: Interest

4. DIV: Dividend

5. CD: Cash Deposit

6. CW: Cash Withdrawal

7. S/O or SO: Standing Order Payment

8. IFT: Internet Banking Fund Transfer

9. IBP: Internet Banking Bills Payment

10. SC: Service Charge

Image Credits: 401(K) 2012

Image Credits: 401(K) 2012 via Flickr

May these nuggets of knowledge help you in the future!

Sources: 1, 2, 3 and 4


Should You Borrow Money From The Bank Or Licensed Money Lenders?

Believe it or not, the bank often lends its money to people who are stable enough that they would not need to borrow the money anymore. This is why some Singaporeans turn to alternative ways of acquiring money including Licensed Money Lenders. Now, before you borrow money from any of these options, you must know their differences first.


Loaning money from the bank guarantees that there would be future repayment of the principal amount and its interest. A loan can either be specific or open-ended credit up to a certain ceiling amount.


1. Larger Loans – Banks are ideal for larger loans such as renovating your home, starting a business, or buying a car.

2. Credit Assessment – A good credit score with a low debt to credit ratio is a must to qualify for a loan. And, if you want to pay a low interest rate, you need to be vigilant about your credit score.


Licensed Money Lenders are businesses that are regulated by the Singapore’s Law. Unlike the loan sharks that lend with high interest rates, licensed money lenders’ fees are controlled by the parameters of the Law, which means you can expect to have a fair deal. Some of the known money lenders in Singapore are Max Credit, CashMax Credit and Quickloan Pte Ltd.


1. Smaller Loans – Licensed money lenders are the ideal option for smaller loans such as paying utility bills, getting your laptop fixed, or repairing your car (even amounting to S$1,500).

2. Credit Assessment – Unlike the banks, licensed money lenders give more leeway in the credit score. This is because they lend a significantly smaller amount. So, if you have a bad credit and you cannot get a personal loan, licensed money lenders are there for you.

3. Transaction Speed – Licensed money lenders approve the borrower’s application within the day itself!

4. Higher Interest Rate – Since they carry more risk for granting loan to people with poor credit rating, they usually charge a higher interest rate and late fees

Image Credits: Taber Andrew Bain via Flickr

Image Credits: Taber Andrew Bain via Flickr

Although the license money lenders give more freedom in the credit score, they will reject your application if you have a large sum credit card debt or if you have an outstanding loan from another money lender.

Sources: Investopedia and Sumo Credit Pte Ltd


Which Bank To Deposit Your Ang Bao Money?

Banks Deposit

After days of Chinese New Year, many of us feel “richer” after collecting red packets from your parents and relatives. (For those that gave out red packets, i hope your rubbed shoulder with God of Fortune and got your windfall) Now as you hold and sniff your stacks of new notes, you may be thinking of the best place to put away this sum of money other than your tin can or under your pillow. Should you just deposit these money to your standard POSB/DBS account?

We take a look at the banks you should be putting away your money with, which includes fixed deposits and your daily saving accounts.

1. POSBPOSB 1.88

If you are not aware, POSB launched a cash gift promotion of 1.88% for 12 months on 23 January 2015. What this means is that any single sum deposit between SGD 1,000 to SGD 1,000,000 to your saving account will earn you an interest of 1.88% for 12 months. The catch is you cannot withdraw these top-up amount during this 12-month period.

Note: You must sign up before 28 February 2015 to be eligible for the promotion.

For more info and terms:

2. DBS

DBS 3.96

DBS launched the same promotion earlier this month for customers who deposit SGD 1,000 to SGD 3,000,000 can earn an additional 1.88% p.a for 3 months on top of the 2.08% of their DBS Multiplier Account. Likewise, you need to register with them by 28 February 2015 and make a one-time top-up to be eligible for the promotion. You will need to hold on to the fund for 3 months.

For more info and terms:


OCBC Saving

For those who makes a larger deposit of fresh funds of SGD 10,000 and more can consider OCBC Bonus+ Savings Account with up to 2.35% p.a. All funds will earn a base interest rate of 0.05% p.a if no withdrawals are made. If no withdrawals are made in a month, you get an additional 0.55% p.a. Get an additional 0.55% p.a if you do not withdraw in that calendar quarter and a whopping 1.20% p.a top-up bonus if you deposit $10,000 of fresh funds. (0.05% + 0.55% + 0.55% + 1.20% = 2.35%)

For Premier customers, you get an additional 0.05% p.a on each tiers which means you could earn up to 2.50% p.a.

OCBC Bonus

For a 12 month Time Deposit, earn up to 1.40% when you deposit a minimum of $20,000 in fresh funds.

For more info and terms:

4. UOBUOB Bonus Rates

Enjoy bonus rates of 0.8% p.a when you deposit fresh funds of at least $15,000. If you deposit fresh funds of $50,000, you will get 1.0% p.a bonus rates and 1.2% p.a if you deposit $100,000 and more. Get an additional 0.1% if your account balance is above S$350,000.

Receive a limited edition 24K Gold-Plated RISIS Magnificent Goat Figurine (valued at S$238) with S$108,000 fresh funds deposit*.

Goat Figurine

This UOB Lunar New Year Savings Promotion ends on 28 February 2015. 
For more info and terms:
* For those who want a higher rate can opt for their SGD Fixed Deposit, where you can get up to 1.30% p.a with a 13 month tenor and a minimum of SGD 20,000. Promotion ends 28 Feb 2015.
More info here:

5. Maybank

Maybank Time Deposit

Maybank offers more choices for their Time Deposit plans and the interest rate varies depending on the amount and tenure of your deposit. From S$25,000, you can get 1.10% p.a if you can lock away for 12 months and can go up to 1.28% p.a if you can stretch longer to 24 months. If you have double the amount (S$50,000 and above), you fall into the higher tier and can receive up to 1.55% p.a for a 24-month Time Deposit.


If you deposit S$150,000 for 24 months, you stand to receive a Corningware 6-piece Meal Maker Set “Dancing Floral” worth S$145.

More info and details:


CIMB Time Deposit

Deposit a minimum of $25,000 to get an interest rate of 1.25% p.a for their 12-Month SGD Fixed Deposit Account. For larger amount deposit of $250,000 and more, you will receive 1.30% p.a. That’s not all, depending on the amount of fresh funds you deposit, you stand to receive a New Moon Abalone Set.

CIMB Abalone Set

Register no later than 5 March 2015 to be eligible for the promotion.

For more info and terms:

7. SCB

SCB Time Deposit

Deposit a minimum of S$25,000 and get up to 1.40% p.a for 6-months and 1.35% p.a for 12 months. For larger amount of S$128,000 and more, you stand to receive a choice of two 24K Gold-Plated Goat Medallion coins OR a Coin Set. Promotion ends 28 February 2015.

More info and details:

* For those who want to deposit a smaller amount (with no min deposit) and no tenure can opt for their e$aver Account where you stand to earn an interest rate of 1.35% p.a until 31 March 2015. More info:

8. Citibank

Citibank Fixed Deposit

Want time deposit with a shorter tenor? Then go for Citibank’s 9-month Time Deposit and receive an interest rate of 1.18% p.a. You will need to deposit a minimum of S$50,000 and up to a maximum of S$5,000,000 of fresh funds. Promotion ends on 28 February 2015.

More info and details: