Bank of East Asia, which is more popular with the name BEA, is originally a bank with the headquarter located in Hong Kong. Spreading its wings to Singapore, BEA also comes with various products, and one of them is fixed deposit.
If you plan to deposit your money in BEA, then it’s best to understand how Bank of East Asia fixed deposit works. This article will cover some essential information to start your deposit in this bank.
Understanding Fixed Deposit
Some of you may have already known what it means to deal with a fixed deposit. Also called as time deposit, this type of saving offers you higher interest rates compared to a regular saving account. So, you can get double benefits: saving your money in such a safe place, and getting better interest. Best combo!
However, in order to get the promised interest rate for the deposit, you got to follow a certain rule. One of them is not to withdraw some or all amount of money before the tenure ends. Tenure is a term defined to express the period length in which depositors cannot withdraw their money.
Typically, banks offer 1-48 month tenure. Some of them may even offer weekly tenure although it is kind of rare. Plus, 1-2-month tenure is usually only for commercial and corporate customers not for individual deposit account holders.
Since you cannot retrieve back your money within the tenure (well, you can retrieve, but there comes its consequences), it’s best if you deposit a spare money instead of putting your allowance money in hope for some additional interest.
Bank of East Asia fixed deposit board rates.
|Deposit Range (% p.a)||S$1,000 to S$49,999||S$50,000 to S$99,999||S$100,000 to S$249,999||S$250,000 to S$499,999|
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Bank of East Asia Fixed Deposit
If you decide to deposit your money in Bank of East Asia, then the rule is basically similar: you pick tenure, you deposit some money complying to the minimum amount, and you’re all set. However, first you need to know whether you are eligible or not.
In order to be able for applying for deposit account, you need to fulfill these aspects below:
- Minimum age for applying is 12 years old, which is proven by NRIC or any document relevant.
- For foreign applicant, passport is the main identification one should provide. There are other documents an applicant should provide, such as bank statement and utility bills (if they are living in Singapore).
- Minimum first deposit placement is S$1,000.
If you plan to use Bank of East Asia fixed deposit to deposit S$500,000 or more, it’s best to directly ask the customer service for the interest rate.
Bank of East Asia also offers foreign currency fixed deposit. This fixed deposit will be applicable with minimum deposit of USD10.000 or equivalent for various currencies, including US Dollar, Japanese Yen, British Pound, Euro, Australian Dollar, Swiss Franc, Hong Kong Dollar, New Zealand Dollar, and Canadian Dollar
For all kinds of deposit (SGD or foreign fixed deposit saving), after the tenure has ended, then the tenure will be automatically renewed. If you don’t want your Bank of East Asia fixed deposit to be renewed, then it’s best to notify the bank about it before the tenure ended.