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Singapore Savings Bond (SSB) yields rise 3.16% — Time to lock in attractive returns for investors like you

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SINGAPORE: Good news for investors! Higher returns await as Singapore Savings Bond yields rise to 3.16%, marking the fourth straight increase.

The latest SSB series opened on Sept 4, offering an appealing 3.05% interest rate in the first year. The real deal here is the 10-year mark, with a solid 3.48% interest rate, outperforming the previous series with a 10-year average return of 3.06%. This series also started strong with a first-year rate of 3.01% on Sept 1.

Want to get in on this?

SSB Average Return in 10 years
Photo: Screengrab from Singapore Savings Bond

You have until Sept 26 to join, and the bonds will be issued on Oct 2. It’s a big deal, with a whopping S$800 million in bonds up for grabs, a step up from the last series with S$600 million.

Here’s the twist!

SSB interest rates have been on the upswing since a low in May at 2.81%. The trend took off in November when it hit 3.47%, catching investors’ attention. These changes are in response to the Federal Reserve’s interest rate shifts.

Even though interest slowed down this year, experts like Gerald Wong, the founder and CEO of Beansprout, think there’s more to come.

Why? SSBs tend to follow Singapore government bonds, which have been climbing steadily.

Wong expects 10-year SSB yields to rise in sync with government bonds, but how long this will last is anyone’s guess.

Here’s how you can make the most of this opportunity.

How to Apply for Singapore Savings Bonds (SSBs)

Applying for SSBs is easy:

  1. Internet Banking & ATMs: Use DBS/POSB, OCBC, or UOB internet banking portals and ATMs.
  2. Mobile App (OCBC): OCBC customers can apply through the mobile app.
  3. Supplementary Retirement Scheme (SRS): SRS account holders can apply through their SRS accounts.
  4. SRS Operator’s Portal: Apply through the internet banking portal of your SRS Operator.

Operating Hours:

  • Monday to Saturday: 7 am to 9 pm (excluding Public Holidays).
  • On the opening day, from 6 pm to 9 pm.

Requirements:

  • You’ll need an individual CDP account for cash applications or an SRS account for SRS applications.
  • CPF funds are not eligible.

Singapore Savings Bonds are looking better than ever, offering competitive returns and opportunities for savvy investors willing to play the long game.

 

Man posted he received an OTP SMS from a local bank for €10.95

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Prompt how to block card in a fraud attempt
Photo: Facebook / Screengrab from Qiao Tong

SINGAPORE: A Singaporean man posted he received an OTP SMS from a local bank for €10.95. After calling the bank and talking to a customer service representative, he wondered whether the bank took action only after a fraudulent transaction had taken place.

Qiao Tong shared his experience on Complaint Singapore . He received a seemingly legitimate SMS from his local bank. The SMS provided him with a 6-digit OTP for an online transaction worth €10.95 to purchase games on buygames.ps.

He said, “I received SMS from a local bank provided me 6 digit OTP for a online transaction with €10.95.”

Facebook post about attempted bank fraud
Photo: Facebook / Complaint Singapore

Qiao Tong acted swiftly and called his bank to inquire about the authenticity of the transaction. The SMS did not specify any account or credit card information, leaving him worried about the possibility of unauthorized use of his bank account or credit card.

To his surprise, the customer service representative informed him that there were no signs of fraudulent transactions on his account. The bank also indicated that if he wished to prevent any potential misuse of his cards, they would charge him a replacement fee.

In an attempt to address the issue, the customer service representative advised Qiao Tong to use the bank’s mobile app to file a fraud report to halt any suspicious activity and avoid replacement charges. But after hearing the advice, Qiao Tong thought he was back to square one, for “then (I) need to call the same hotline again”, he wrote on Facebook.

Qiao Tong’s biggest concern is the bank’s security measures since scammers can still attempt to exploit credit cards without immediate intervention from the bank, as the bank appears to take action only after a fraudulent transaction has taken place.

Comments were quick to help.

Facebook comment on Qiao Tong's post
Photo: Facebook / Complaint Singapore

Yoong Fy advised him to disable overseas transactions. Nick Lee asked him to block his card before calling the hotline again, saying then he wouldn’t be charged.

One curious individual, Daryl Lee, asked the name of the bank where he had this experience.

Facebook Comments
Photo: Facebook / Complaint Singapore

 

Cheryl Khoo shared that she had the same experience and said, “so I just call and ask them block my card and send replacement”.

Facebook Comment
Photo: Facebook / Complaint Singapore

Eugene Choo also shared some tips. She said: “You can disable online transactions. Only when you need to use then enable then disable again once done”

She explained that this would keep the scammers away.

In today’s digital age, Qiao Tong’s experience highlights the need for constant vigilance. It’s a reminder that as technology advances, so do the tactics of scammers.

However, the community’s quick response shows that by sharing knowledge, we can better protect ourselves from these threats.

Stay informed, stay safe, and keep the conversation going to outsmart scammers together!

Food stall says “I think you never brush teeth LOL… Then don’t buy lor” to customers who give bad reviews on them

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Photo: Facebook / Muslim Food Stall

SINGAPORE: A food stall’s witty response to customer reviews will leave you laughing. As customers leave a not-so-great review, this stall’s reply was pure humour!

The food stall, named “Muslim Food Stall,” located at Marsiling Lane Food Centre has been open for at least six years, according to its Facebook page. The stall has a great review on Grabfood with 4.6 stars and yet received quite a few complaints. Some people said the food was not properly seasoned, some said too salty, some said the food was overcooked, and some said the food’s actually already bad.

GrabFood Webpage featuring Muslim Food Stall
Photo: Screengrab from GrabFood

A comment from TW L. said, “curry chicken meat is overcooked. fried chicken wing is tasty but meat hard and dry. Nasi lemak rice nice and fluffy.”

The restaurant responded with: “I think you need to visit dental as I think your teeth maybe like ahkong teeth. Aiya you don’t be lazy go out and buy or cook yourself lololol”

Another very funny conversation started from Suryati W’s review saying, “Mee goreng VERY BLEN NOT APPETISING AND TASTEFUL. no WOW factor taste! please try to cook tasteful food. thank you”.

The restaurant responded: “I have sell 20pc today and in stall 25pc but no complain. I think you never brush teeth LOL“.

Another customer review from Zarina said: “The urap was spoilt. had to discard a portion of the nasi ambeng as there was a rancid taste. so disappointed with the order this time.”

The restaurant responded shortly yet equally impactful saying, “you sure? so far no one complain. Then don’t buy lor”.

Shuhada R. said: “everything was very, very salty. had to add water to make it edible. the lontong tasted like it was going to go bad real soon, has that sour-spoiled taste. portion for laksa is huge but again, extremely salty.”

The restaurant answered: “Lontong from 5am cook till 4pm under fire stove. takpelah nak barang free cakap aje (Never mind, you want free things just say)”.

The stall, known for its Malaysian dishes like nasi lemak and mee goreng is also known for nasi jenganan and (dry lontong) lontong kering. Nasi jenganan is rice with some blanched vegetables in peanut sauce.

Ahmad Syah shared his experience in contrast to the reviews shared earlier, saying the food was of quality, but the twist was that the price ‘differ from time to time.’

Mothership's Facebook page comments
Photo: Facebook / Mothership

Most of the comments were summed up by one comment from Derrick Woon: “If the stall cannot accept the suggestion, then just close down the stall.”

Although the comments from the food stall were not received with humour by the majority, well, let’s just say, it still got the attention of many.

 

Customer shocked after being charged S$8 for 2 cups of Teh O Peng at Sentosa Hawker Centre, but netizens say, ‘What did you expect?’

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Photo: IG screengrab/sgfolliowsall

SINGAPORE: “What to do?” asked a customer after getting charged S$8 for two cups of teh o being, or sweetened iced tea, at Sentosa Hawker Centre.

A screengrab of a receipt for 2 Teh O Ice that cost S$8 was posted on the @sgfollowsall account on Instagram on Sunday. Underneath are the words ‘The price Soo expensive, what to do?” and “mummy u see this. 2 cups teh o beng is $8.”

The post has since gotten almost 4,000 likes and dozens of comments. Many said that this type of price point is to be expected at Sentosa.

One Instagram user wrote, “Go sentosa still want to complain kpkb for what 😂😂😂 If not happy go opposite to Seah Im, cheaper drinks there,” referring to Seah Im Food Centre nearby.

Another provided an “explanation” as to what “Sentosa” means. “SENTOSA= So Expensive Nothing TO See Also.”

A netizen wrote in Malay, “Ko kat Sentosa, bahalol!! Abeh ko expect Larkin punya harga eh? Celaka betol!!!” wondering if the diner expected the prices to be similar to those at Larkin, Johor.

“Of course la expensive… Its at Sentosa. Next time the OP can bring his/her own sachet and kettle and have as much coffee/tea,” one chimed in.

“It’s Expected When U Over There,” another simply wrote.

A commenter said, “Wah  alau Sentosa right. U go there expect to pay tourist price. Bring your own water bottle la them put in Teh Peng from Seah In hawker before going to sentosa. Aiyo.”

Another asked, “Hello sentosa lei what u expect.”   

Others offered advice to the post author:

/TISG

‘Hey sis, have you tried living in Yishun? It’s great’ Commenters tease expat who loves living in Sentosa

 

Yee Jenn Jong on Tharman’s overwhelming win: It’s almost like watching a new Marvel superhero character being introduced

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Photo: FB screengrab/Tharman Shanmugaratnam. Photo by Samuel He @saammm

SINGAPORE: Former Workers’ Party Non-constituency MP Yee Jenn Jong weighed in quite a bit on this year’s presidential elections and over the weekend, issued what he says may be his final Facebook post on PE2023.

Singaporeans trooped to the polls last Friday (Sept 1) and elected former Deputy Prime Minster Tharman Shanmugaratnam by an overwhelming majority, giving him over 70 per cent of the vote. Mr Yee wrote, “The win was expected but the margin is astounding. Getting 70% of the votes meant that he has gotten nearly all the middle ground votes, quite a difficult thing in today’s political climate.”

He noted that Mr Tharman could have faced “the burden of protest votes against the establishment from the middle ground in a contest with far lower stakes than a GE, but it hardly happened.”

Additionally, the election came on the heels of a string of controversies involving high-level officials from the People’s Action Party, but this barely affected the election’s outcome. And while Mr Yee acknowledged the “creditable efforts” of the two other candidates, he underlined that they were up against a powerful figure.

“Tharman is simply, Tharman. Unstoppable, untouchable, just simply popular. It is hard to replicate. It is almost like watching a new Marvel superhero character being introduced. His competitors basically split the opposition votes and drew few support from the middle ground. All the scandals and protests aimed at the establishment for its perceived manipulation of the institution just got deflected like dirt on Teflon. Nothing sticks. Race did not matter at all, despite us being told for decades that we needed reserved PEs and the GRC system to ensure that minorities can be popularly elected.”

Mr Yee then mentioned the oft-quoted maxim that great powers come great responsibility, but in Mr Tharman’s case and given the nature of the presidency in Singapore, “With great expectations come great responsibilities.”

He noted that the former DPM “promised to redefine the character to the presidency, which was the motivation for him to enter the race. He had also promised independence in thinking.”

Based on his own interactions with him during Mr Yee’s time as an NCMP, he wrote that Mr Tharman “had always acted graciously and generously.”

Mr Yee ended his post by writing that the institution of the elected president in Singapore “does need a breath of fresh air after 30 years of perceived tight controls by the establishment.

With this sort of vote, he certainly has the mandate to redefine the EP beyond just the ceremonial, and he can certainly do it his way, and within the boundaries of the rules of the system.

All said, I still look forward to the day that we can revisit this institution and revert to other mechanisms for the second key to the reserves.” /TISG

Tharman Outshines PAP in Popularity, Says Ex-NCMP Yee Jenn Jong

Read also: 

Serious Opposition members have everything to lose, and nothing to gain, by endorsing Tan Kin Lian | The Independent Singapore News 

Tan Cheng Bock Backs Former Rival Tan Kin Lian in Upcoming Presidential Election, Emphasizes Need for an Independent President in Singapore 

Alex Tan, Former PSP CEC Member, Joins Tan Kin Lian’s Presidential Campaign Team | The Independent Singapore News 

Singaporeans Criticize PSP Chairman Dr Tan Cheng Bock for Endorsing Controversial Presidential Candidate Tan Kin Lian

Singapore: A ghost town in America

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Screenshot from Campus Magazine

Deputy Prime Minister and Finance Minister Lawrence Wong knows how vulnerable Singapore is. He has also seen Singapore reduced to a ghost town in America.

“We know that it is very easy for small cities like us to fail. I had a very vivid reminder of this when I was a student at Michigan,” he said, speaking at the American Chamber of Commerce’s 50th anniversary celebrations in Singapore on September 1. “Some of you may know, there is a ghost town in Michigan, called Singapore.”

That’s right. Soon after Raffles landed in Singapore in 1819, another Singapore came up in America. By the 1830s, Singapore was commercially important enough for President Andrew Jackson to appoint Joseph Balestier as the first American consul in Singapore. Balestier Road in central Singapore is named after him.

Singapore, Michigan

While the Balestier family took up residence in Singapore, another Singapore was forming on the shores of Lake Michigan in America. New York land speculator Oshea Wilder moved to Michigan as a pioneer taming the wilderness and bought land on the shores of Lake Michigan, where he founded the village of Singapore in 1836. He hoped to build a port town to rival Chicago and Milwaukee.

The town could make a living felling the trees in the surrounding forests, cutting the logs into lumber at lumber mills and shipping the lumber across the lake to Chicago, Milwaukee and other towns and cities. At its peak, the town had several mills, two hotels, a number of stores, and a bank called the Bank of Singapore, which issued its own currency notes.

Screenshot from Explorer SG

Making a good living out of timber, the town also ventured into shipbuilding, building steamships and schooners.

Singapore was lucky. When the great fires swept through the Midwest, ravaging Chicago in Illinois, Port Huron and Holland in Michigan and Peshtigo in Wisconsin in 1871, Singapore was spared.

The town prospered, supplying timber and other construction materials to rebuild Chicago and other fire-ravaged towns and cities.

But by 1875, Singapore had run out of timber. With no more trees, there were no more jobs in Singapore. People moved away.

Singapore became a ghost town unprotected from the elements. There was soil erosion — and no vegetation to act as a barricade against the shifting sands. By the end of the 19th century, Lake Michigan’s shifting sands had buried Singapore.

As Deputy Prime Minister Lawrence Wong told the American Chamber of Commerce, “The shifting sand dunes around Lake Michigan swallowed up the ghost town. So the only marker of its existence today is just a signboard.”

Singapore Yacht Club

Screenshot from Singapore Yacht Club website

There’s also the Singapore Yacht Club, located in the nearby town of Saugatuck. Michigan’s Newsradio 950 WWJ reported on July 15, 2023:

“While ‘Singapore’ still lives on in name as the ‘Singapore Yacht Club’ which was only established in 1959, four buildings from the town were spared and moved to Saugatuck before the sand buried them. The buildings include the bank and three houses, which were transported down the frozen Kalamazoo River on logs in the winter.

“The Singapore Bank building has been converted into a book store and art gallery,” the report added.

“So, Singapore in Michigan did not last very long,” said Mr Lawrence Wong, speaking to the American Chamber of Commerce.

“Singapore in Southeast Asia has been around for some time; we have been independent for nearly 60 years and we are determined to keep going for a very long time,” he added.

“But we can do this only through strong partnerships and that is why we value the partnership that we have with the US.”

Today, Singapore is the US’ largest trading partner in Southeast Asia, said Mr Wong. “America continues to be our largest foreign investor here. And we host more than 5,700 American companies, with many of you playing a leading role in your respective industries.”

 

Singaporeans share their biggest financial mistakes and money wasters: ‘Unused gym memberships, Starbucks, bubble tea, taking Grab and more…’

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Photo: Freepik/lifeforstock (for illustration purposes only)

SINGAPORE: A lively discussion followed after a local Reddit user asked, “What are some of the biggest financial mistakes or money wasters?”

u/yandao2000 wrote on r/askSingapore on Sunday (Sept 3), “We know the usual sales guy spending too much on his car, racking up credit card debt, gambling etc… What are some other ways we may be unknowingly wasting money or something that will hurt us financially in the long run?”

Nearly 200 Reddit users have commented on the post so far. A number of them shared stories of family members or friends who’ve actually gone bankrupt.

“My dad was a hardcore saver, he was a business owner and earned near five figures a month. Turning on the lights, fans or appliances at home will earn us nags. We don’t spend time together on special occasions, holidays or family events so everyday is like a normal day to us. He also works 364 days a year and only 1 off day during CNY. He saved millions till one fine day he lost it all in business and became a bankrupt. Now he has nothing to show for all his life’s hard work, no fond memories, no enjoyment of the fruits of his labor,” wrote one.

The uncle of another commenter at one point was a millionaire but “became a bankrupt but soon started a company and became a professional karang guni.”

For one netizen, “signing up for a gym membership well knowing i won’t show up” was a big money waster.

Another agreed, writing, “Think I wasted S$2.5k in un-utilised gym memberships in recent years. Worst financial decision yet.”

For some, having a wife means spending more money.

“It’s my lifestyle in choosing food especially when I’m with my wife… When I am alone, my meal can be $5 a day but when I’m with her, $50-100 a day lol I know…,” chimed in a commenter.

One contributed a whole list of money-wasters.

“Buying trendy clothes and not enough of the classics. Same goes for fast fashion clothes that don’t last instead of better-made pieces,” wrote one.

“Going for the wrong course and in a career I don’t have interest in, then realizing I wasted 6 years in a career with stagnant pay + enduring a toxic work environment,” said another.

“drinks like bubble tea, starbucks, coffee bean – all at least $5-9 a cup. x 20 days a month is like $100 and more. i switched to bringing my own water bottle and refilling and if i want a drink, i usually just get from kopitiam,” one added.

For another, it was cars and luxury items.

/TISG

S’poreans share money-saving tips to stay alive in S’pore: From “don’t order drinks when eating out” to “switch aircon to dehumidifier mode” and many, many more…

BBC calls Tharman ‘a president who could’ve been much more’

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MAS Chairman, Senior Minister Tharman Shanmugaratnam (Photo: AFP)

SINGAPORE: While news outlets around the world have reported on former Deputy Prime Minister Tharman Shanmugaratnam’s overwhelming win in last Friday’s (Sept 1) polls, an op-ed on BBC pointed out that the president-elect “could’ve been much more” given the nature of the president’s role in the country.

The BBC piece pointed out that because the role of President in Singapore is largely ceremonial when he announced in June that he would run for the position, “many Singaporeans were baffled by what they viewed as a waste of his potential.”

“It is a figurehead role that many see suitable for a pleasant, uncontroversial person to inhabit, as has been the case with past presidents. But Mr Tharman is much more than that.

The 66-year-old has also cultivated a gentlemanly image, and has refrained from engaging in personal attacks unlike some other politicians. This has played well with an electorate that likes its leaders genteel and statesmanlike.

Many felt he had the chops and stature to become that almost mythical creature – the first non-Chinese prime minister of Singapore – and break a glass ceiling that the government has long insisted is concrete.”

In the first contested Presidential election in more than ten years, Singaporeans trooped to the polls on Friday and elected Mr Tharman by a wide margin, giving him 70.4 per cent of the vote.

The other candidates trailed by a wide margin, with former group chief investment officer of GIC Ng Kok Song, 75, getting 15.72 per cent, and former chief executive officer of NTUC Income Tan Kin Lian, 75, getting 13.88 per cent of the vote.

Mr Tharman, a longtime People’s Action Party MP who represented Jurong GRC from 2001 to 2003, is well-liked and respected by many. He was also a Senior Minister for the past four years until he stepped down to mount his presidential bid; was Chairman of the Monetary Authority of Singapore, the country’s central bank; and had been Finance and Education Minister.

He has also co-led the Global Commission on the Economics of Water and the G20 High-Level Independent Panel on Global Financing for Pandemic Preparedness and Response and is the chair of the G20 Eminent Persons Group on Global Financial Governance.

An eminent economist, he is also on the Board of Trustees of the World Economic Forum and is the first-ever Asian chair of the International Monetary and Financial Committee (IMFC), the policy advisory committee of the International Monetary Fund (IMF).

Impressive credentials aside, in 2016, Blackbox, a market research consultancy, conducted a survey that revealed that Mr Tharman was the top choice among Singaporeans to succeed Prime Minister Lee Hsien Loong, with 69 per cent of almost 900 respondents indicating they would support Mr Tharman to be the candidate for Prime Minister. /TISG

Tharman: ‘Singapore is ready any time for a non-Chinese PM’

Employer wants to deduct S$5K from maid’s salary after she dropped and broke ‘ahma’s’ hearing aid; helper asks for advice

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In this photograph taken on January 22, 2012, a house maid cleans an apartment window (Photo by ROMEO GACAD / AFP)

SINGAPORE: A maid’s friend took to social media on her behalf asking netizens for advice after her employer wanted to deduct S$5,000 from her salary.

The helper’s friend took to social media on her behalf, posting in a support group for domestic helpers and employers. The friend wrote: “Dear all..Good morning.. I have one question the one of my friend drop and broke Ahma’s earing aid…which is worth $ 5000”.

The maid had dropped and broken her elderly employer’s hearing aid that cost S$5,000. Her employer told her she would deduct the amount from the helper’s salary.

The maid took to social media, afraid and asking others how she could handle the matter. She asked others in the group if there were any regulations by the Manpower Ministry (MOM) on such matters.

Here’s what others in the group said:

Read related:

Earlier this year, a foreign domestic helper took to social media after she found that her employer had started deducting her salary for expenses they should bear.

In a post to a Facebook support group for helpers and employers alike, a maid wrote that she was unsure what the regulations were. The maid said that her employer would deduct the amount from her salary whenever she fell sick and visited the clinic or went for a medical check-up.

Maid asks if employer was right in deducting her salary for clinic visits