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DArtagnan (unofficial Mayor of the Forum) Master Mongerer UID 12884 Digest Posts 0 Credits 5034 Posts 4392 Karma 4928 Acceptance 2111 Reading Access 80 Registered 10-7-2008 Location Pitcairn Status Offline

#1 Post at 19-10-2008 23:10  Profile P.M.  Font size: S M L Banks are bricking it!! For anyone who hasn't noticed yet:  now is a great time to go to your bank and beat up on them for a good deal. I just had two separate calls from HSBC, unsolicited, offering incentives to keep a healthy credit balance in their account. And we went to the branch saying Hang Seng has a good deal on fixed term deposits ... and they immediately offered us 2.8% on a 1 month fixed deposit of a mil ... WTF????  NO, I DON'T BELIEVE IT!!!  Since when does HSBC pay ANYTHING TO ANYONE for a deposit, let alone a mil for a month??? ... Man I kind of knew things were bad, but had no idea they are THAT bad!! But, with HK govt giving a 100% guarantee on deposits, worth making hay while the sun shines - your cash can make a little interest, even while it's buying power doubles as asset prices tank further ... So, if you haven't already, go talk to your bank!

moebee Carnal Conqueror UID 715 Digest Posts 0 Credits 310 Posts 311 Karma 309 Acceptance 26 Reading Access 30 Registered 24-3-2007 Status Offline

#2 Post at 20-10-2008 08:49  Profile P.M.  Font size: S M L umm... 2.8% sounds a bit low

bbbjp Kinky King UID 14044 Digest Posts 0 Credits 1306 Posts 1205 Karma 1305 Acceptance 13 Reading Access 50 Registered 27-8-2008 Status Offline

#3 Post at 20-10-2008 09:22  Profile P.M.  Font size: S M L Reply #2 moebee's post Yeah that's what I thought... but didn't want to stick my neck out first .

DArtagnan (unofficial Mayor of the Forum) Master Mongerer UID 12884 Digest Posts 0 Credits 5034 Posts 4392 Karma 4928 Acceptance 2111 Reading Access 80 Registered 10-7-2008 Location Pitcairn Status Offline

#4 Post at 20-10-2008 09:44  Profile P.M.  Font size: S M L QUOTE: Originally posted by bbbjp at 20-10-2008 09:22 Yeah that's what I thought... but didn't want to stick my neck out first . Sorry, forgot we have an international audience: you're absolutely right ... if you're not living in Hong Kong.   Local brethren will recognise it's a 10x increase in what the banks (especially HSBC) have been willing to take from their precious profits to share with their Depositors in the past.  That's a huge jump.   I'm not saying it's a big number, of course you can get more in GBP or Euro, but then you've got currency risk.  Nor am I saying it's a good investment, except for the part of your portfolio you're currently keeping in liquid HK$ cash as a tactical move.  I'm saying that the SHIFT in their policy is both sudden and dramatic - giving an insight into their state of mind.  THAT'S what's important in this sort of chaotic environment, figuring out who's scared and what they are likely to do next.

Jake (The Snake: King of 141) Master Mongerer UID 2553 Digest Posts 0 Credits 5607 Posts 3938 Karma 5594 Acceptance 259 Reading Access 80 Registered 20-7-2007 Status Offline

#5 Post at 20-10-2008 12:32  Profile P.M.  Font size: S M L Reply #4 DArtagnan's post Yeah, 2.8% is amazing.   Just checked my account on-line and if I put $1M fixed-term for a month, it's 0.4%. Put in a whopping $10M and it's - yeah, it's still 0.4%.    Even 0.4% is a big increase over my current fixed-term deposits. Thanks for the heads up bro; I'll definitely call HSBC before I do any more fixed-term deposits. Live Life With Passion

moebee Carnal Conqueror UID 715 Digest Posts 0 Credits 310 Posts 311 Karma 309 Acceptance 26 Reading Access 30 Registered 24-3-2007 Status Offline

#6 Post at 20-10-2008 16:13  Profile P.M.  Font size: S M L Reply #4 DArtagnan's post Shop around and you will find that most banks in HK offer at least this much for HK$ for the amount you suggested.

paka Erotic Emperor UID 5446 Digest Posts 0 Credits 2929 Posts 2101 Karma 2916 Acceptance 254 Reading Access 60 Registered 2-12-2007 Location Hong Kong! Status Offline

#7 Post at 20-10-2008 21:49  Profile P.M.  Font size: S M L Reply #1 DArtagnan's post 2.8 is low....trust me I know.... you need to try to get at least 3.2%... However, be aware interest rates are going to drop soon...for long term investments I believe its a great time to buy stocks and real estate...cheers!

Kennichi Kinky King UID 9144 Digest Posts 0 Credits 1607 Posts 1363 Karma 1569 Acceptance 759 Reading Access 50 Registered 6-3-2008 Status Offline

#8 Post at 21-10-2008 02:18  Profile P.M.  Font size: S M L No think of it this way the higher the interest rate the bigger the risk , Ice save were offering 7.5% because it was desparate for deposits , it collasped. Bradford and Bingley was desparate for deposits it offered 6.8%, it also collasped (the UK government bought it).... Problem is you have the problem of currency slide..... And if interest rates drop too much you get Japaned' ie 0% LIBOR equiv except that you can't borrow money at this rate , you can get interest rate on savings at this rate but not loans. Life is short very...

DArtagnan (unofficial Mayor of the Forum) Master Mongerer UID 12884 Digest Posts 0 Credits 5034 Posts 4392 Karma 4928 Acceptance 2111 Reading Access 80 Registered 10-7-2008 Location Pitcairn Status Offline

#9 Post at 21-10-2008 11:34  Profile P.M.  Font size: S M L QUOTE: Originally posted by paka at 20-10-2008 21:49 you need to try to get at least 3.2%... That's my point: it's a fast-moving environment, and you can profit by shopping around and haggling.  But Kennichi makes a good point: don't just take the best deal, unless it's offered by a solid institution with sound fundamentals and a conservative track-record.   Agree on stocks - definitely time to start buying good companies that sell stuff everyone needs.  But I believe property will dive for a while longer as speculators and over-stretched developers get squeezed and buyers hold off for a better deal.  For example: a number of banks are now offering only 50% financing on NT properties ... which basically doubles the cost of buying and shuts a lot of buyers out of the market ... so I'd wait for that to ripple through before committing to a purchase.

sexpert Erotic Emperor UID 6099 Digest Posts 0 Credits 2144 Posts 1895 Karma 2117 Acceptance 546 Reading Access 60 Registered 20-12-2007 Location NYC and Mong Kok Status Offline

#10 Post at 22-10-2008 20:45  Profile P.M.  Font size: S M L Banks are desperate, just this morning I was offered 4% on an annual CD by CitiBank here in NYC.  Can you guess what the minimum balance was?  $500 USD!  LOL...  Unbelievable, American Banks are barely staying afloat, even the big boys are getting desperate. Cash is King now.  Perhaps you guys could just put your money online, into the USD via internet, into Citibank.

kaka (YaYa PaPaYa) Godfather of Hole UID 4484 Digest Posts 0 Credits 8232 Posts 4486 Karma 8093 Acceptance 2776 Reading Access 90 Registered 15-11-2007 Location China Status Offline

#11 Post at 23-10-2008 12:27  Profile P.M.  Font size: S M L BEA is offering 4.2% for 3 months fixed deposit. or you can open an a/c in China, remit HKD over, then exchange for RMB, SCB can offer up to 5.6% for 6 months fixed deposit.

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