Fixed Deposit Promotions in October 2018

Following my post on CIMB Bank’s latest fixed deposit promotion, I realize many other banks are introducing their fixed deposit promotions as well.

Despite fixed deposits having a locked in period for a specified amount of time (usually 12 or 24 months), fixed deposits offer much lower risks as compared to investment products such as stocks and REITs. For example, REITs have recently suffered a setback when Federal Reserve decided to hike their interest rates in September. My stock portfolio was not spared.

Another comparable investment product which has low risk is the Singapore Savings Bonds. However, you will need to hold it for a longer period of time (10 years) to reap its full interest rate. For example, November 2018 Singapore Savings Bonds offers an effective interest rate of 2.48% if you held it for 10 years. If you have followed my monthly updates, you know that I am a supporter of Singapore Savings Bonds and I have been purchasing Singapore Savings Bonds every month.

If you decided Singapore Savings Bonds does not suit you, below are the fixed deposit promotions I have found so far.

Bank Tenor Interest Rate (p.a.) Minimum
Standard Chartered 8 months 1.45% S$25,000 Priority Banking customers get preferential rate of 1.55% p.a.
Standard Chartered 12 months 1.55% S$25,000 Priority Banking customers get preferential rate of 1.65% p.a.
OCBC Bank 12 months 1.48% S$20,000
OCBC Bank 24 months 1.75% S$20,000
UOB 10 months 1.50% S$20,000
MayBank 12 months 1.60% S$50,001 iSaVvy Time Deposit
CIMB Bank 3 months 1.30% S$10,000 Online exclusive rate of 1.49% p.a.
CIMB Bank 6 months 1.45% S$10,000 Online exclusive rate of 1.64% p.a.
CIMB Bank 12 months 1.55% S$10,000 Online exclusive rate of 1.84% p.a.
Sing Investments and Finance 6 months 1.35% S$20,000
Sing Investments and Finance 13 months 1.50% S$20,000
Sing Investments and Finance 24 months 1.70% S$20,000
Sing Investments and Finance 6 months 1.60% S$50,000
Sing Investments and Finance 13 months 1.82% S$50,000
Sing Investments and Finance 24 months 1.85% S$50,000

2 thoughts to “Fixed Deposit Promotions in October 2018”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.