Are you wondering what are the best fixed deposits in July 2024? After looking around for fixed deposits with higher returns, I decided to just renew my fixed deposit (principal and interest collected) with CIMB Bank. The fixed deposit interest rate offered by CIMB Bank for the 6 months placement is higher than the 3, 9 and 12 months placement. RHB Bank is also offering 3.35% p.a. for a 6 months fixed deposit placement. Both banks fixed deposit interest rates are better DBS, OCBC, UOB fixed deposit rates.
Every time I wrote about fixed deposits, there will always be readers that feedback to me that the interest rates from Singapore Treasury Bills (T-bills) are better. Yes, you are correct that T-bills interest rate is higher than fixed deposits. But one of the things they forgot is that purchase of Singapore T-bills is via auction through competitive and non-competitive bids. Depending on demand, this means you may not get full allocation of the amount you applied for. For example, my recent non-competitive bid for Singapore T-bill (BS24107N) was only partially successful and I got half my money returned.
This is where fixed deposits stand out against Singapore T-bills or Singapore Savings Bonds. For a slight lesser interest rate, the placement amount will never get rejected by the bank.
Before I share the fixed deposits interest rates from various Singapore banks, let me go through the fundamentals again for the benefit of those that does not know what fixed deposits are.
What are fixed deposits?
Fixed deposit is a type of bank account where you deposit a lump sum of money for a predetermined duration. In return, the bank pays you a fixed rate of interest on that amount. The interest earned is usually higher than regular savings accounts. Fixed deposits are low-risk investments because they are practically risk-free. In Singapore, your deposits are also insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000.
What is the difference between fixed deposits and time deposits?
You may have come across the term “Time Deposits” at certain bank websites. Fixed deposits and time deposits are basically the same thing. Both refer to interest-bearing accounts where you deposit a specific sum of money for a fixed period at a predetermined interest rate.
Best Fixed Deposits in July 2024
Which bank gives you the highest returns? Find out below.
CIMB Bank
Tenure: 3 Months
Interest Rate: 3.25% p.a. (Personal Banking) / 3.30% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 6 Months
Interest Rate: 3.35% p.a. (Personal Banking) / 3.40% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 9 Months
Interest Rate: 3.00% p.a. (Personal Banking) / 3.05% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 12 Months
Interest Rate: 2.95% p.a. (Personal Banking) / 3.00% p.a. (Preferred Banking)
Minimum Amount: S$10,000
UOB Bank
Here are UOB fixed deposit interest rates. Despite being lower than other banks, my father continued to renew his fixed deposit with UOB for the convenience as he had his life savings in UOB Bank.
Tenure: 6 Months
Interest Rate: 2.70% p.a.
Minimum Amount: S$10,000
Tenure: 10 Months
Interest Rate: 2.60% p.a.
Minimum Amount: S$10,000
OCBC Bank
Here are OCBC fixed deposit interest rates. They are pretty much similar to what UOB can offer.
Tenure: 6 or 12 Months
Interest Rate: 2.50% p.a. (OCBC Branch)
Minimum Amount: S$30,000
Tenure: 6 or 12 Months
Interest Rate: 2.90% p.a. (Internet Banking)
Minimum Amount: S$30,000
DBS Bank
Here are Singapore favourite bank DBS fixed deposit interest rates.
Tenure: 6 Months
Interest Rate: 2.90% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 7 Months
Interest Rate: 2.95% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 8 Months
Interest Rate: 3.00% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 9 Months
Interest Rate: 3.10% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 10 or 11 Months
Interest Rate: 3.15% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 12 Months
Interest Rate: 3.20% p.a.
Minimum Amount: S$1,000 to $$19,999
Hong Leong Finance
Tenure: 6 or 7 Months
Interest Rate: 2.85% p.a.
Minimum Amount: S$20,000 to S$49,999
Tenure: 8 or 9 Months
Interest Rate: 2.75% p.a.
Minimum Amount: S$20,000 to S$49,999
Tenure: 6 or 7 Months
Interest Rate: 2.90% p.a.
Minimum Amount: S$50,000 and above
Tenure: 8 or 9 Months
Interest Rate: 2.80% p.a.
Minimum Amount: S$50,000 and above
RHB Bank
You could earn up to 3.70% p.a. for 3, 6 or 12 months fixed deposit placement with RHB Bank if you sign up for their Wealth Product.
Tenure: 3 or 6 Months
Interest Rate: 3.35% p.a. (Personal Banking) / 3.40% p.a. (Premier Banking)
Minimum Amount: S$20,000
Tenure: 12 Months
Interest Rate: 3.25% p.a. (Personal Banking) / 3.30% p.a. (Premier Banking)
Minimum Amount: S$20,000
Which bank fixed deposit is the best?
In my opinion, CIMB and RHB offers the best competitive fixed deposit interest rate at 3.35% p.a. for a 6-month placement.
If you would like to do a 12-month fixed deposit placement, I will opt for RHB Bank as they offer the highest interest rate in town at 3.25% p.a.