Higher Returns With UOB Deposit

Almost every bank now is advertising higher interest rates to woo depositers. And now it’s UOB’s turn. They are now offering 3.55% for 5 months fixed deposit and 5.90% for 1 month New Zealand Dollar foreign currency deposit.

Again, you have to read the fine prints to get the full picture…

The 3.55% applies only to amount over and above RM30,000. You get only 3.25% for the first RM15,000 and 3.35% for the next RM15,000. So this is a tier structure…

As for the NZD foreign currency deposit, I personally do not advocate getting involved in this unless you have existing NZD and need to use it in the near future, e.g paying for education in New Zealand or your business is dealing with NZD transactions. Otherwise, don’t get involved in this. I have seen some people losing a fortune on AUD or NZD currency deposits when the currency plummeted drastically recently. The bottomline is this - the bank is only offering you this high deposit rates because they expect the NZD to depreciate further in the near term!

Singaporean investors lost money on Australia & New Zealand foreign currency fixed desposits.