Following my post on CIMB Bank’s latest fixed deposit promotion, I realize many other banks are introducing their fixed deposit promotions as well.
Despite fixed deposits having a locked in period for a specified amount of time (usually 12 or 24 months), fixed deposits offer much lower risks as compared to investment products such as stocks and REITs. For example, REITs have recently suffered a setback when Federal Reserve decided to hike their interest rates in September. My stock portfolio was not spared.
Another comparable investment product which has low risk is the Singapore Savings Bonds. However, you will need to hold it for a longer period of time (10 years) to reap its full interest rate. For example, November 2018 Singapore Savings Bonds offers an effective interest rate of 2.48% if you held it for 10 years. If you have followed my monthly updates, you know that I am a supporter of Singapore Savings Bonds and I have been purchasing Singapore Savings Bonds every month.
If you decided Singapore Savings Bonds does not suit you, below are the fixed deposit promotions I have found so far.
|Bank||Tenor||Interest Rate (p.a.)||Minimum|
|Standard Chartered||8 months||1.45%||S$25,000||Priority Banking customers get preferential rate of 1.55% p.a.|
|Standard Chartered||12 months||1.55%||S$25,000||Priority Banking customers get preferential rate of 1.65% p.a.|
|OCBC Bank||12 months||1.48%||S$20,000|
|OCBC Bank||24 months||1.75%||S$20,000|
|MayBank||12 months||1.60%||S$50,001||iSaVvy Time Deposit|
|CIMB Bank||3 months||1.30%||S$10,000||Online exclusive rate of 1.49% p.a.|
|CIMB Bank||6 months||1.45%||S$10,000||Online exclusive rate of 1.64% p.a.|
|CIMB Bank||12 months||1.55%||S$10,000||Online exclusive rate of 1.84% p.a.|
|Sing Investments and Finance||6 months||1.35%||S$20,000|
|Sing Investments and Finance||13 months||1.50%||S$20,000|
|Sing Investments and Finance||24 months||1.70%||S$20,000|
|Sing Investments and Finance||6 months||1.60%||S$50,000|
|Sing Investments and Finance||13 months||1.82%||S$50,000|
|Sing Investments and Finance||24 months||1.85%||S$50,000|