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Best Fixed Deposit Rates in October 2023

Best Fixed Deposit Rates in October 2023

Looking for the Best Fixed Deposit Rates in October 2023? With the likelihood of another Fed interest rate hike, Singapore banks are wooing savers with higher fixed deposit interest rates.

REITs continue to suffer under the high interest rate environment because of higher financial costs from the interest rate hikes. As a result, the Distribution Per Unit (DPU) declined. As such, it may be good to look for alternative investments such as short term fixed deposits.

Will October’s fixed deposit rate also beat this month issue of Singapore Savings Bonds (SBNOV23 GX23110V) 1 year interest rate of 3.21% p.a.?

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 has gone up from S$20,000 to S$30,000.

If you do a placement of S$30,000 for 6 months, the interest you will receive upon maturity is S$405.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6 months2.70%S$30,000All

UOB Fixed Deposit Rates

UOB is offering the same fixed deposit rate at 2.70% p.a. for a 6 months or 10 months 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$135.

In the event you wish to lock down your money longer with UOB for a period of 10 months, the interest rate you will receive upon maturity is S$225.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6 months or 10 months2.70%S$10,000All

DBS Fixed Deposit Rates

Singaporean’s favourite bank DBS is offering attractive interest rates for a fixed deposit placement ranging from 6 months to 12 months. I have box up the ranges which I think is the sweet spot.

As you can see from DBS interest rate table below, the interest rate p.a. for a 6 month fixed deposit placement is 2.90%.

If you can afford a 12 month fixed deposit placement, DBS is offering you 3.20% p.a. A 12 month fixed deposit placement with DBS at an interest rate of 3.20% p.a. will return you an interest of S$638.97 upon maturity.

DBS Fixed Deposit Rate in October 2023

CIMB Fixed Deposit Rates

CIMB bank is offering an interest rate of 3.35% p.a. for personal banking and 3.40% p.a. for preferred banking customers for a 9 months placement.

Interestingly, CIMB is offering a higher interest rate of 3.40% p.a. for personal banking and 3.45% p.a. for preferred banking customers for a shorter 6 months placement!

A 6 month fixed deposit placement of S$10,000 with CIMB will give you an interest of S$170 upon maturity. On the other hand, a 9 month fixed deposit placement of S$10,000 with CIMB will give you an interest of S$251.25 upon maturity.

This really makes it hard for me to decide because I wanted to do a placement of 9 months but the interest rate is lower as compared to a fixed deposit placement of 6 months!

TenorPERSONAL BANKING
ONLINE PROMO INTEREST RATE (%P.A.)
$10,000 AND ABOVE
PREFERRED BANKING
ONLINE PROMO INTEREST RATE (%P.A.)
$10,000 AND ABOVE
6 months3.40%3.45%
9 months3.35%3.40%
12 months3.15%3.20%

Hong Leong Finance Fixed Deposit Rates

Hong Leong Finance is offering an interest rate of 2.95% and 3.00% for a 5 months and 8 months fixed deposit placement of S$50,000 and above respectively.

Deposit Amount5 months Tenor8 months Tenor
S$20,000 to < S$50,0002.90%2.95%
S$50,000 and above2.95%3.00%

RHB Bank Fixed Deposit Rates

For sure, RHB is offering one of 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!

TenorPersonal Banking
(p.a.)
Premier Banking
(p.a.)
Minimum Placement
(S$)
3 months3.00%3.10%S$20,000
6 months3.60%3.68%S$20,000
12 months3.60%3.68%S$20,000

Deposit Insurance Scheme

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 October 2023?

In my opinion, the winner of the best bank fixed deposit rates in October 2023 is RHB Bank.

RHB Bank’s interest rate beats Singapore Savings Bonds (SBNOV23 GX23110V) 1 year interest rate of 3.21% p.a.

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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