Fixed Deposit Promotions in October 2018

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.

BankTenorInterest Rate (p.a.)Minimum
Standard Chartered8 months1.45%S$25,000Priority Banking customers get preferential rate of 1.55% p.a.
Standard Chartered12 months1.55%S$25,000Priority Banking customers get preferential rate of 1.65% p.a.
OCBC Bank12 months1.48%S$20,000
OCBC Bank24 months1.75%S$20,000
UOB10 months1.50%S$20,000
MayBank12 months1.60%S$50,001iSaVvy Time Deposit
CIMB Bank3 months1.30%S$10,000Online exclusive rate of 1.49% p.a.
CIMB Bank6 months1.45%S$10,000Online exclusive rate of 1.64% p.a.
CIMB Bank12 months1.55%S$10,000Online exclusive rate of 1.84% p.a.
Sing Investments and Finance6 months1.35%S$20,000
Sing Investments and Finance13 months1.50%S$20,000
Sing Investments and Finance24 months1.70%S$20,000
Sing Investments and Finance6 months1.60%S$50,000
Sing Investments and Finance13 months1.82%S$50,000
Sing Investments and Finance24 months1.85%S$50,000

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