As the interest rate for Singapore Savings Bonds continue to fall, it is probably time to consider the traditional fixed deposit promotions.
It is very difficult to decide which is the best fixed deposit promotion for the month of October as the minimum placement amount is different for each bank. The locked in period is also different. Below are the fixed deposit promotions that I have found in the month of October.
If you have S$20,000 to spare to lock in for 12 months, I will choose CIMB as it offers the best interest rate of 1.85% p.a.
If you can’t afford to wait 12 months and wanted something shorter in terms of locked in period, I will choose MayBank since if offers interest rate of 2.10% p.a. for 9 months.
Hong Leong Finance and Standard Chartered Bank are losing out in terms of interest rate but their rates are still considered attractive as compared to local banks such as UOB or OCBC. That is also why I seldom wrote about them since they never offered any attractive fixed deposit interest rates. Read More