Money on the table again!

Some half year ago we talked about a 0% balance transfer from ANZ. Of course, by now we know ANZ retail banking is no more in Singapore (bought over by DNS). Recently, we received something similar in our mail boxes!

This is the same deal as before with ANZ, except it is now only open to those who received the mailer.

How it works:

  1. Apply for cashplus online by 20 November 2017 through internet banking and indicate the account you’ll like the money to be in. The limit is up to 95% credit limit or $30k max. (yes they claim 6x salary, but the T&Cs claim otherwise.)
  2. Direct the amount to any other bank account. (It seems like you can’t transfer it directly to a UOB account.)
  3. Pay the minimum sum monthly. (Not too sure what is this amount as of now.)
  4. DO NOT exceed the six month promotional interest free period. An exorbitant 19.8% interest rate applies if you do.

What can you do with the money

  1. Do a fixed deposit. A quick google search tells me CIMB is offering the best FD rates at 1.25% p.a. for a 12-month tenor.
  2. Move the money into a UOB one account, especially if you’re already using the UOB One card. The  interest received can be as high as 3.33% p.a. (See here.)
  3. Invest the money elsewhere. This comes with its risk and we are in no position to advise.

I’m logging into my internet banking platform now!

2 thoughts on “Money on the table again!

  1. Hi,
    I received the same promotion as well.
    I went to apply for it at a branch and had indicated for the amount to the transferred to DBS account.
    I got the sms approval within 2 working days but after 4 working days I don’t see any increase in my DBS account. I checked back to the UOB account and noticed this cashplus account with a credit limit below 2x my salary….

    Was this the same case for you? Does it mean the amount I can borrow is my cashplus limit and my application for the amount to be transferred to DBS is rejected?

    1. I doubt it has been rejected. As for the amount you can borrow, it will be the cashplus limit, therefore if the amount you’ve indicated at the branch exceeds that, then they will give you a different amount.
      That said, my application is still in process, so I can’t tell much yet.

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