Money is Cash or Numbers?

When was the last time you touched a one hundred dollar note?

In today's digital payment world, often we only see numbers of money in our bank account balances from Internet banking or withdraw at most one hundred dollars of cash from ATM for daily expenditure. 

Today I withdrew wads of hundred dollar notes from UOB as my fixed deposit matured. To be exact, more than 1000 pieces as one thousand notes are no longer in circulation.

The renewal rate in UOB was only 0.7% p.a. which is too low and greatly erodes my money due to inflation. Initially I renewed the fixed deposit for a paltry interest sum of $679 for 10 months with $115k. 

However, after some research I decided to cancel the fixed deposit with UOB and withdraw full amount in cash.

I brought the cash over to OCBC as fresh funds to enjoy 1.28% p.a. interest rate for 24 months which is much more attractive.

Even though it is not financially wise to hoard too much cash away, the conservative self in me still prefers to keep cash in the banks first, to give myself some psychological support before I decide to invest more of my "new" monies in the stock markets.

There it is. My new fixed deposit with OCBC.

Thanks for reading. Stay safe and be strong as always. 

With love & peace, 

Qiongster