I learn a lesson that borrow money from the future is a bad habbit.

有钱就要面，没钱就没面

You will always got your “Face” back when you have thick wallet! Pretending and ignorance will not.(有钱就要面，没钱就没面）

BANK PLAY THE TRICK!!!!

Why do some banks offer higher interest rate while some are lower (esp. foreign banks)? Higher interest rate means the bank need your money. Foreign banks are usually financially stronger and has strong backup from their mother company. So they are not worry about the money too much.

How do banks make money? Lim Goh Thong put $1,000,000 in the bank and the bank give him 4% interest. The bank then loan the money to Ananda Krishnan and charge him 7% interest. The bank make the difference 3%.

Let’s say now Ananda has a choice to get the loan from either AmBank or UOB. AmBank offer him 7% while UOB 6%, which loan do you think he will take? Foreign banks are smart, they want to get more customers. And customers are those who loan money and not those who deposit money! In order to lower the loan interest rate, the deposit rates must also be lower. Else they can’t make good money. This explains why foreign bank don’t offer good deposit rates but VERY GOOD loan rates.

So the moral of the story, you will put your fixed deposit in local bank and get a loan from oversea bank.