With news of soaring interest rates, I am sure many of you are looking for the Best Fixed Deposits in October 2022. In order to control inflation, the Fed has been increasing interest rates to cool an overheated economy.
The effective interest rate of the latest issue of Singapore Savings Bond (SBNOV22 GX22110A) is at record high at 3.21% p.a. Which bank offers the best fixed deposit promotion that will beat the Singapore Savings Bond?
Let us take a look at the list of fixed deposit promotions I found.
UOB Bank
UOB Bank is offering a promotional interest rate of up to 3.0% p.a. on your Singapore Dollar Time/Fixed Deposit for a tenor of 15 months. The minimum deposit amount is S$20,000 and it must be fresh funds.
If you placed S$20,000 with UOB Bank based on the tenor of 15 months, you will receive an interest of S$754.50 upon maturity.
| Tenor | Interest Rate (p.a.) | Minimum Deposit (Fresh Funds) |
| 10 months | 2.80% | S$20,000 |
| 12 months | 2.90% | S$20,000 |
| 15 months | 3.00% | S$20,000 |
OCBC Bank
OCBC Bank decides to do things differently. They are offering interest rates as high as 3.10% p.a. but only for Premier Private Clients.
If you are a normal salary earner like me, most likely you fall into the Personal Banking category and enjoy an interest rate of 2.90% p.a.
The minimum placement with OCBC Fixed Deposit is S$5,000.
Based on a placement of S$20,000 with OCBC for 12 months at 2.90% p.a., you will receive an interest payout of S$580 upon maturity.
| Tenor | Interest Rate (p.a.) | Banking Type |
| 12 months | 2.90% | Personal Banking |
| 12 months | 3.00% | Premier Banking |
| 12 months | 3.10% | Premier Private Client |
Maybank
Maybank is offering 3.05% p.a. for a 15 months fixed deposit placement. The minimum amount is S$20,000.
If you placed S$20,000 with Maybank based on the tenor of 15 months, you will receive an interest of S$767.15 upon maturity.
| Tenor | Interest Rate (p.a.) |
| 6 months | 2.80% |
| 9 months | 2.90% |
| 12 months | 3.00% |
| 15 months | 3.05% |
CIMB Bank
Previously, I have made several fixed deposits with CIMB because they offer the highest interest rates.
Based on a placement of S$20,000 with CIMB for 18 months at 3.05% p.a., you will receive an interest payout of S$924.30 upon maturity.
| Tenor | PERSONAL BANKING ONLINE PROMO INTEREST RATE (% P.A.) S$10,000 and Above | PREFERRED BANKING ONLINE PROMO INTEREST RATE (%P.A.) S$10,000 and Above |
| 6 months | 1.95 | 2.00 |
| 9 months | 2.05 | 2.10 |
| 12 months | 2.95 | 3.00 |
| 18 months | 3.05 | 3.10 |
Fixed Deposits Versus Singapore Savings Bonds (SBNOV22 GX22110A)
If you hold SBNOV22 for 3 years, the average return per year is 3.11% p.a. The interest rate beats all of the above fixed deposit promotions.
| Year from issue date | Interest % | Average return per year %* |
| 1 | 3.08 | 3.08 |
| 2 | 3.15 | 3.11 |
| 3 | 3.18 | 3.14 |
I see no reason why you should lock your monies in this month’s fixed deposits since Singapore Savings Bonds is offering higher interest rates. You can redeem anytime as well without any penalty.
I hope you like this article and not follow the current craze that is going on fixed deposits.
Always do your maths!