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Chinese New Year 2016 Fixed Deposit Promotions

Fixed Deposit CNY 2016

Chinese New Year 2016 is approaching soon. Every year this time, banks will offer promotional fixed deposit rates.

Last year, I placed my money with POSB for 12 months at a promotional interest rate of 1.88 percent. I also got the S$88 lucky Ang Bao (“red packet”) that was offered for the first 10,000 customers.

Personally, I felt that the promotional interest rates this year was not fantastic and in fact, most banks are offering lower interest rates as compared to last year. If you compare it with the Singapore Savings Bonds, the interest rate look even worst.

February Singapore Savings Bonds offer an interest rate of 2.5% over 10 years with no lock in period. However, we know there are many factors to consider besides the interest rate. For example, you need to compare against the holding period between a bond and fixed deposit. Below is the summary of the promotions I found.

2016 Fixed Deposit Promotions

Bank Interest Rate Minimum Sum Holding Period Special Condition
OCBC 1.70% S$20,000 12 months Fresh Funds
1.80 % S$100,000 12 months Fresh Funds, Premier Bank Customer
UOB 1.0% + 0.1% S$15,000 12 months Fresh Funds
1.20% + 0.1% Above S$50,000 to S$100,000 12 months Fresh Funds
1.40% + 0.1% Above S$100,000 to S$1,000,000 12 months Fresh Funds
Standard Chartered 1.65% S$25,000 7 months Fresh Funds
1.68% S$25,000 7 months Fresh Funds, Priority Banking Customer
1.85% S$25,000 12 months Fresh Funds
1.88% S$25,000 12 months Fresh Funds, Priority Banking Customer
2.05% S$25,000 24 months Fresh Funds
2.08% S$25,000 24 months Fresh Funds, Priority Banking Customer
CIMB 1.60% S$20,000 6 months Fresh Funds
1.75% S$20,000 9 months Fresh Funds
1.80% S$20,000 12 months Fresh Funds
1.95% S$20,000 24 months Fresh Funds
1.65% S$100,000 6 months Fresh Funds
1.80% S$100,000 9 months Fresh Funds
1.85% S$100,000 12 months Fresh Funds
2.00% S$100,000 24 months Fresh Funds

Please refer to the individual bank websites for more details.

OCBC

Fixed Deposit CNY 2016 OCBC

UOB

Fixed Deposit CNY 2016 UOB

Standard Chartered

Fixed Deposit CNY 2016 Standard Chartered

CIMB

Fixed Deposit CNY 2016 CIMB

3 thoughts on “Chinese New Year 2016 Fixed Deposit Promotions

  1. Thank u for summarizing. I am a little pissed with Ocbc for changing their Premier dividend + account structure. The new accounts have lower interest rates. Weird, cos fed just raised rates, so I expected higher depositor rates, but I am not seeing them. The world is a strange place now 🙂

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