Here are 3 Fixed Deposit Promotion in July 2023 that I wanted to share with you. Fixed deposits are a great way to park away your spare cash and collect interest at the end of the maturity period. It is basically almost risk free.
Some of you always ask me to invest all my money in stocks but I like to diversify my cash and not to park all of them into stock investments. I have cash in insurance (endowments), Singapore Savings Bonds, stocks and fixed deposits.
What is Fixed Deposit?
A fixed deposit is a financial instrument provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. – Wikipedia
UOB Fixed Deposit Promotion July 2023
UOB Fixed Deposit Promotion for July 2023 is offering you 2.70% per annum for a tenor period of either 6 months or 10 months. This promotion is available from 1 July 2023 to 31 July 2023.
Similar to the past, only fresh funds will enjoy this promotion. If you are wondering what “Fresh Funds” mean, “Fresh Funds” means that the deposit are not funds transferred from existing UOB savings/current/fixed deposit account(s) or UOB cheques, cashier’s orders and demand drafts.
| Tenor | Deposit Amount (Fresh Funds) | Promotional Interest Rate (p.a.) |
| 6 or 10 months | S$10,000 and above | 2.70% |
OCBC Fixed Deposit Promotion July 2023
OCBC Fixed Deposit Promotion for July 2023 is offering similar rates as UOB at 2.70% per annum for a tenor period of 6 months.
The placement amount must be in fresh funds only (i.e. the funds placed must not be transferred from existing OCBC Bank deposit accounts or in the form of OCBC cheques, cashiers’ order or demand drafts).
One thing to note is the high minimum amount of at least S$30,000.
| Tenor | Deposit Amount (Fresh Funds) | Promotional Interest Rate (p.a.) |
| 6 | S$30,000 and above | 2.70% |
CIMB Bank Fixed Deposit Promotion July 2023
For personal banking customers, CIMB Bank is offering 3.15% p.a., 3.35% p.a. and 3.15% p.a. for a fixed deposit tenor period of 6, 9 and 12 months respectively in July.
Just a few days ago, I have done a 9 month fixed deposit placement with CIMB Bank at 3.35% p.a.
| Tenor | PERSONAL BANKING ONLINE PROMO INTEREST RATE(%P.A.) $10,000 AND ABOVE |
PREFERRED BANKING
ONLINE PROMO INTEREST RATE(%P.A.) $10,000 AND ABOVE |
| 6 months | 3.15% | 3.20% |
| 9 months | 3.35% | 3.40% |
| 12 months | 3.15% | 3.20% |
Fixed Deposit versus Singapore Savings Bond SBAUG23 GX23080N
If you were to hold the current issue of Singapore Savings Bond for 1 year, the return is 2.97%. The return is definitely higher than the above fixed deposit promotion offered by UOB and OCBC.
If you compare SBAUG23 with CIMB Fixed Deposit promotion, then CIMB is the clear winner here offering 3.35% p.a. for 9 months and 3.15% p.a. for 12 months.
| Year from issue date | Interest % | Average return per year %* |
| 1 | 2.97 | 2.97 |
References
https://www.uob.com.sg/personal/save/fixed-deposits/singapore-dollar-fixed-deposit.page
https://www.ocbc.com/personal-banking/deposits/fixed-deposit-account