26.5 C
Singapore
Thursday, October 6, 2022
Ads

MAN THINKS HE CAN BEAT INFLATION WITH BANK FIXED DEPOSIT

If you have extra $10,000-$20,000, what can you do with it to make it grow?

Advertisements

I am not very good with finance, but does A sound better? You get a bit more if choose A, and no need to get locked down the whole 12 months, can decide again after every 3 months.

Bank A Fixed Deposit:
Interest rate is 0.3%, 3 months tenure, minimum $1000 required.
You place $10,000, so every 3 months you get $30, and you do this for 12 months. So after one year, you get $120 interests.

Bank B Fixed Deposit:
Interest rate is 1%, 12 months tenure, minimum $1000 required.
You place $10,000, so after one year, you get $100 interests.

Sometimes the interest rate for 3-6 months is not very impressive, especially now with COVID-19 the rate is bad. But if I repeat the 3-months tenure for 1 year (after 3 months ends, place the $$$ in again for another 3-months) and compare with those 12-months tenure, it seems better as you get just a little more? Anyone does this? lol

Advertisements

Any other financial advices are greatly welcomed and appreciated 🙂 (with $10,000-$20,000) Thanks.

Here are what netizens think:

  • Put money in fixed deposit is losing money cause your losing money to inflation.
  • Try invest in something that brings in 8% annually.
  • Buy US stocks: Google, Amazon, Microsoft, Apple, Facebook, earnings can be easily 10% per year. If you want to diversify can buy our local bank stocks and reits. Enough for 20k.
- Advertisement -
- Advertisement -
Latest News

MAN’S FAMILY HAPPY HE HAS CANCER, THOUGHT THEY GONNA BE RICH FROM HIS WILL

My family seemed disappointed I beat my illness. My little nephew confirmed my suspicionsI (m47) was diagnosed with cancer...
- Advertisement -