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Put $500,000 in fixed deposit with one bank
21 Apr 2018 (145 views)

Dear Mr.Tan,
Do you think is save to put all my savings abt $500,000 in fixed deposit with Hong Leong Bank. It is a foreign bank wf limited liability.What does limited liability means?

REPLY
It is better to spread your savings to a few banks, say $100,000 a bank. 
All companies have limited liability. It means that if the bank goes bankrupt, you cannot sue the shareholders.
 


Put $500,000 in fixed deposit with one bank
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Dear Mr.Tan,
Do you think is save to put all my savings abt $500,000 in fixed deposit with Hong Leong Bank. It is a foreign bank wf limited liability.What does limited liability means?

REPLY
It is better to spread your savings to a few banks, say $100,000 a bank. 
All companies have limited liability. It means that if the bank goes bankrupt, you cannot sue the shareholders.