Fixed Deposits Archives - My Sweet Retirement

Looking for the best fixed deposits in April 2021 in Singapore? The interest rates of the latest issue of Singapore Savings Bonds (SBMAY21 GX21050V) bounced back with an effective return of 1.56% p.a. over 10 years and 0.37% p.a. for 1 year.

Has the interest rates of fixed deposits bounced back as well? Can the interest rates of fixed deposits beat the Singapore Savings Bonds?

Let us check out the best fixed deposits in April 2021.

DBS Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS.

For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

If you can afford a longer period such as 18 months, the interest rate is 1.30% p.a. which will give you $195.84 upon maturity.

I have boxed up the period and the corresponding interest rates which I find attractive.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Minimum Placement	Tenor	Promotional Rate
S$20,000	13 months	0.45% p.a.
S$20,000	24 months	0.60% p.a.
S$20,000	36 months	0.65% p.a.

For 13 months placement of S$20,000 at 0.45% p.a., the interest that you will receive upon maturity is S$97.50.

For 24 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$240.00.

For 36 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$390.00.

MayBank Time Deposit

Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: Not stated

For 12 months placement of S$10,000 at 0.35% p.a., the interest that you will receive upon maturity is S$35.00.

UOB Time Deposit

Interest Rate: 0.45%, Minimum Placement: S$20,000, Promotion Valid Until: 30th April 2021

For 10 months placement of S$20,000 at 0.45% p.a., the interest that you will receive upon maturity is S$75.00.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$20,000	10 months	0.45% p.a.

OCBC Time Deposit

Interest Rate: 0.35%, Minimum Placement: S$5,000, Promotion Valid Until: 30th April 2021

For 12 months placement of S$5,000 at 0.35% p.a., the interest that you will receive upon maturity is S$17.50.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$5,000	12 months	0.35% p.a.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: 30th April 2021

For 12 months placement of S$10,000 at 0.50% p.a., the interest that you will receive upon maturity is S$50.00.

Tenure	Placement Amount	Interest Rate
12 months	S$10,000 to < S$100,000	0.50%
12 months	S$100,000 and above	0.55%
24 months	S$10,000 to < S$100,000	0.70%
24 months	S$100,000 and above	0.75%

For existing-to-bank customers

For 18 months placement of S$10,000 at 0.60% p.a., the interest that you will receive upon maturity is S$90.18.

For 18 months placement of S$100,000 at 0.65% p.a., the interest that you will receive upon maturity is S$977.11.

Tenure	Placement Amount	Interest Rate
18 months	S$10,000 to < S$100,000	0.60%
18 months	S$100,000 and above	0.65%

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.30% to 0.40%, Minimum Placement: S$25,000, Promotion Valid Until: 30th April 2021

For 8 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$50.00.

If you happen to be a priority banking customer, for 8 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$66.67.

Minimum Placement	Tenure	Promotional Rate	Priority Banking Preferential Rate
S$25,000	8 months	0.30% p.a.	0.40% p.a.

The Winner?

DBS Bank is still the winner of fixed deposits. Whether you opt for 12 months or 18 months tenure, DBS Banks have the highest interest rates of 1.15% and 1.30% for 12 and 18 months placement respectively.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn, Dash PET, Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account, Dash EasyEarn and Dash PET.

What can you invest with 500 dollars? For working adults like us, it is not a feat to folk out a minimum of 5K for a fixed deposit placement. If you have a higher risk appetite, you can invest 5K into stocks or bonds.

What about those that just started out working? Their starting monthly salary is usually lower than 5K. In my opinion, setting aside the minimum amount of S$500 is a good way to get started to grow your savings. If you will like to grow your S$500, below are some of the options that I found.

ICBC Fixed Deposit

Needless to explain, fixed deposits are simple to understand. You lock in your cash with the bank for a fixed time period such as 1, 3, 6, 12 months. Upon maturity, you get back your money with the interests earned.

ICBC is one bank or perhaps the only bank that I found that let you do a fixed deposit placement with only a minimum of S$500.

Based on the above rates, if you decided to do a 12 months fixed deposit placement of S$500 via E-Banking, the interests you will receive upon maturity is S$3.75.

Singapore Savings Bonds

The next option to consider is the Singapore Savings Bonds. The minimum amount is S$500 but you have to pay an administrative fee of S$2 every time you make a purchase of the Singapore Savings Bonds.

The latest issue of the Singapore Savings Bonds (GX20120T) offers you an effective return of 0.24% p.a. if you held it for 1 year. That is a return of S$1.20.

Not too bad already, S$1.20 can buy you a cup of Kopi at the coffee shops.

GIGANTIC or Singlife Account

GIGANTIQ is a single premium, yearly renewable, non-participating universal life plan by Etiqa that gives you a guaranteed return of 2.0% per annum on your first S$10,000 for the first year. Any amount above S$10,000 earns you 1.0% per annum for the first year. The minimum amount to get started is S$50. For S$500 deposited with GIGANTIC for 1 year, the return you will receive is S$10.

Similarly, Singlife is a capital guaranteed insurance savings plan that gives up to 2% p.a. returns. The minimum amount to get started is S$500. For S$500 deposited with Singlife for 1 year, the return you will receive is S$10.

Syfe

If you have a higher risk appetite, you can choose to explore Syfe.

Syfe is a digital wealth manager licensed by the Monetary Authority of Singapore (“MAS”) under a Capital Markets Services (“CMS”) License.

There is no minimum amount to start investing in any of their portfolios.

I hope the above provide enough options for those that can only set aside S$500 but do not know where to get started.

“If you don’t find a way to make money while you sleep, you will work until you die. – Warren Buffet”

Tag: Fixed Deposits

The Best Fixed Deposits of April 2021