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Best Fixed Deposit Rates in December 2023

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Are you looking for the Best Fixed Deposit Rates in December 2023? Fixed Deposits are a great way to fill up your Bucket 1. Wait, what is Bucket 1? Bucket 1 refers to my cash and equivalents bucket in my Retirement Bucket Strategy.

The Bucket Strategy is not something new and many financial advisors have written about it. But, personally I felt Mrs Wow at Wow Pursuits had written an excellent article about The Retirement Bucket Strategy and how to practically apply it.

My Fixed Deposits with CIMB is maturing this month. As such, I am also deciding whether to renew my fixed deposit with CIMB or park my money with other banks.

Let us find out more below which banks offer the most attractive fixed deposit rates.

OCBC Fixed Deposit Rates

Let us first take a look at OCBC bank’s fixed deposit rates. The minimum placement for OCBC bank’s fixed deposit remained the same at S$30,000. In my opinion, S$30,000 is a pretty high minimum amount and it gave me the impression that OCBC does not want your deposits.

Nevertheless, if you are able to fork out $30,000 and do a placement of S$30,000 for 6 months via Internet Banking, the interest you will receive upon maturity is S$465.

As you can see from the table below, the interest rate of 3.10% p.a. only applies to placement performed via Internet Banking. I do not see why you want to visit the Branch to do a placement and get lower interest rate of 2.70% p.a.

Tenor Interest Rate (p.a.) Minimum Deposit (Fresh Funds) Banking Type
6 months 2.70% S$30,000 Branch
6 months 3.10% S$30,000 Online

UOB Fixed Deposit Rates

UOB is offering an interest rate of 3.10% p.a. for a 6, 10 or 12 months fixed deposit placement.

If you make a fixed deposit placement of S$10,000 with UOB for 6 months, the interest you will receive upon maturity is S$155.

In the event you wish to lock down your money longer with UOB for a period of 10 months or 12 months, the interest rate you will receive upon maturity is S$258.33 and S$310 respectively.

Tenor Interest Rate (p.a.) Minimum Deposit (Fresh Funds) Banking Type
6, 10, 12 months 3.10% S$10,000 All

DBS Fixed Deposit Rates

Singaporean’s favourite bank DBS is offering attractive interest rates for a fixed deposit placement ranging from 9 months to 12 months. I have box up the ranges which I think is the sweet spot.

DBS Fixed Deposit Rates December 2023

As you can see from DBS interest rate table above, the interest rate p.a. for a 9 months fixed deposit placement is 3.10%.

If you can afford a 10 month fixed deposit placement, DBS is offering you 3.15% p.a.

The highest interest rate DBS can offer you is the 12 month fixed deposit placement at an interest rate of 3.20% per annum. Upon maturity of a S$10,000 placement, the interest you will receive is S$320.

CIMB Fixed Deposit Rates

CIMB is my favourite bank for Fixed Deposits because they have always been consistent in offering high interest rates and doing a placement is so convenient with their revamped CIMB Clicks mobile application.

This month, CIMB bank is offering an interest rate of 3.50% p.a. for a 6 months fixed deposit placement. Their 3, 9 and 12 months interest rates are higher than other banks at 3.45%, 3.35% and 3.15% respectively.

A 6 month fixed deposit placement of S$10,000 with CIMB will give you an interest of S$350 upon maturity.

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
3 months 3.45% 3.50%
6 months 3.50% 3.55%
9 months 3.35% 3.40%
12 months 3.15% 3.20%

Hong Leong Finance Fixed Deposit Rates

Hong Leong Finance is offering an interest rate of 3.30% per annum for a 6 months and 9 months fixed deposit placement of S$20,000 and above respectively.

A longer tenor period of 12 months gives you a lower interest rate of 3.25% p.a. Thus, I recommend you opt for 6 months or 9 months instead should you prefer to park your money with Hong Leong Finance. A 6 months or 9 months fixed deposit with Hong Leong Finance will yield you S$330 and S$495 upon maturity respectively.

Deposit Amount 6 months Tenor 9 months Tenor 12 months Tenor
S$20,000 and above 3.30% 3.30% 3.25%

RHB Bank Fixed Deposit Rates

Again, RHB is offering the highest interest rates in town. If you compare the interest rate for the 6 months and 12 months fixed deposit placement, none of the above banks can beat them!

Tenor Personal Banking
(p.a.)
Premier Banking
(p.a.)
Minimum Placement
(S$)
3 months 3.00% 3.10% S$20,000
6 months 3.60% 3.68% S$20,000
12 months 3.60% 3.68% S$20,000

Deposit Insurance Scheme

Insurance

Before you throw your life savings into fixed deposit with any of the above banks, it is also important to find out how much is protected by the SDIC (Singapore Deposit Insurance Corporation).

Luckily, most of the above banks I shared insured your deposits up to S$75k but you should double check and read the terms and conditions carefully prior to doing any placement.

The Winner of Best Fixed Deposit Rates in December 2023?

In my opinion, the winner of the best bank fixed deposit rates in December 2023 continue to be RHB Bank.

The interest rate of this month’s issue of Singapore Savings Bond (SBJAN24 GX24010F) is a shame at 3.07% for 10 years.

Having said that, the cut off yield at 3.74% p.a. of the recent issue of 6 months T-Bill (BS23124S) beats any of the above fixed deposit.

My bucket 1 comprises of Singapore Saving Bonds, Fixed Deposits and T-Bills. Yes! You heard it! I finally own T-Bills in my portfolio. I bought the last 2 issue of T-Bills because you readers kept reminding me :) every time I blog about Fixed Deposits.

Best Fixed Deposits

Like you, I am finding the best place to park my money. The links in this post have no affiliates with the banks and solely are based on my own research and opinion.

If you know of any fixed deposits that offer even higher interest rates, please post them in the comments below.

Thank you!

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