I’ve learned that Standard Chartered is having a rather unique fixed deposit promotion right now that lets you earn miles as your interest.
From now till 31 July, you can open a Standard Chartered fixed deposit account and get 10,000 miles for every S$25,000 you put with them for 6 months. This promotion maxes out at 60,000 miles for a $150,000 fixed deposit.
I’m no expert on the various fixed deposit promotions so don’t take my word as gospel on this. But from clicking through Moneysmart it appears that the next best alternative on the market for a 6 month time deposit seems to be with CIMB, which is offering 1.6% p.a. For a S$25,000 deposit, that means about $200 of interest.
And so we come to that magic figure again of 2 cents per mile (200/10000). That is your opportunity cost of parking the money for 6 months. Is this a deal so amazing you should liquidate all your other investments to jump on it? Of course not. But if you’ve got money sitting around doing nothing, this is a good way to “buy” miles without paying anything out of pocket (I know, I know, opportunity cost)
Remember that you can buy miles at a cheaper rate than 2 cents per mile through the SCB Visa Infinite card.
Don’t feel bad if you miss out on this one.