Below are the Fixed Deposit Promotions in June 2022. As inflation rate rises, the Fed has been increasing interest rates to cool an overheated economy and reduce inflation.
Even though businesses suffer due to higher borrowing costs, certain assets such as Fixed Deposits and Bonds benefit from such moves as the interest rates are higher.
For example, the effective interest rate for July 2022 Singapore Savings Bonds (SBJUL22 GX22070T) is at 12 months high at 2.71% if you held it for 10 years.
Let us take a look which bank should you park your spare cash for the best returns.
CIMB SGD Fixed Deposit Account
If you didn’t know, CIMB has been present in Singapore since 1947 through Ban Hin Lee Bank, and their presence grew in 2005 following the acquisition of G. K. Goh Stockbrokers Pte Ltd. The group launched their retail banking operations in Singapore in September 2009.
On 1st June 2022, Change Alley Mall at Raffles Place was renamed to CIMB Plaza after CIMB opened its offices above the premises.
As a celebration, CIMB is offering an attractive SGD fixed deposit promotion from 1st June to 30th June 2022. As you can see from the table below, the highest interest rate you can earn is for the fixed deposit placement of 12 months at 1.68% per annum.
S$10,000 placed for a tenure of 12 months will earn you an interest of S$168 upon maturity.
| Tenure | 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 |
| 9 Months | 0.65 | 0.70 |
| 12 Months | 1.60 | 1.68 |
| 18 Months | 1.35 | 1.40 |
MayBank Time Deposit Promotions
Maybank is among Asia’s leading banking groups and is South East Asia’s fourth largest bank by assets. MayBank opened their first branch at South Bridge Road in 1960.
Below are the promotional rates for SGD Time Deposit account, Term Deposit-i account and iSAVvy savings account.
The minimum placement is S$20,000 except for iSAVvy account whereby the minimum placement is higher at S$25,000.
| Tenure | Promotional Rate (p.a.) |
| 12 Months | 1.30% |
| 24 Months | 1.60% |
| 36 Months | 1.80% |
S$20,000 placed in Maybank’s SGD Time Deposit account for a tenure of 12 months will earn you an interest of S$260 upon maturity.
Hong Leong Bank Singapore Dollar Fixed Deposit
Hong Leong Bank is having a Save, Spend and Earn Fixed Deposit promotion until 31st August 2022.
To be eligible for this promotion, you need to open an iSavings account with a minimum deposit of S$5,000 in fresh funds and apply for a Hong Leong Bank debit card. You will need to make 3 transactions on your Hong Leong Bank debit card. There is no minimum spend required.
The last step which I felt was a hassle is that once all the above requirements have been fulfilled, you need to call +65 6349 8330 to speak to their Customer Service Officer for fixed deposit placement to enjoy the below fixed deposit rates.
The minimum placement is S$50,000. Thus, S$50,000 placed with Hong Leong Bank for a tenure of 12 months will earn you an interest of S$715 upon maturity.
| Tenure | Promotional Rate (p.a.) |
| 12 Months | 1.43% |
| 24 Months | 1.73% |
If you didn’t like the Save, Spend and Earn promotion, you can opt for the normal fixed deposit promotion that Hong Leong Bank offers.
S$50,000 placed with Hong Leong Bank for a tenure of 12 months at 1.38% p.a. will earn you an interest of S$690 upon maturity. That is only a $25 difference.
| Tenure | Promotional Rate (p.a.) |
| 6 Months | 0.88% |
| 12 Months | 1.38% |
| 18 Months | 1.48% |
| 24 Months | 1.68% |
Standard Chartered Bank Singapore Dollar Time Deposit
The minimum place for Standard Chartered Bank Singapore Dollar Time Deposit is S$25,000.
S$25,000 placed for 12 months will earn you an interest of $250 upon maturity.
| Tenure | Promotional Rate (p.a.) | Priority Banking Preferential Rate (p.a.) |
| 9 Months | 0.70% | 0.80% |
| 12 Months | 0.90% | 1.00% |
DBS Bank Singapore Dollar Fixed Deposit
DBS Bank has always been a winner in the past in terms of offering the highest fixed deposit rates.
Based on their June’s fixed deposit rates, I will go for either 12 months tenure at 1.15% p.a. or 18 months tenure at 1.30% p.a.
S$10,000 placed with DBS Bank for 12 months will yield you a return of S$115 upon maturity.
The Winner?
CIMB’s fixed deposit interest rate of 1.68% p.a. is the highest so far as compared to other banks that I have found for a 12 months tenure period.
If you have spare cash lying around, why not park it in fixed deposit to earn that additional higher interest?