Tag: Fixed Deposits

The Best Fixed Deposits of January 2020

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Last month in December, I have placed a 6 months fixed deposit with CIMB Bank that gives me an interest rate of 1.80% p.a. The good news is that CIMB Bank has maintained its interest rate of 1.80% p.a. for its Chinese New Year Fixed Deposit Promotion. They are probably the only bank that maintain the high interest rate of 1.80% p.a.

While searching for Chinese New Year fixed deposit promotions, I found a promotion from OCBC that gives you vouchers instead of cash for a 6 month locked in period. The interest rate is 1.70% p.a. if you compare the value of the vouchers against cash. You can read more about it below.

The next good deal is from Hong Leong Finance where they maintain their interest rate of 1.73% p.a.

CIMB Fast Fixed Deposit Chinese New Year Promotion

Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

The total interest that you will receive if you place S$20,000 for 12 months is S$360.

OCBC Bank Chinese New Year Deposit Promotion

Interest Rate: Not Applicable, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

As part of OCBC Chinese New Year promotion, receive S$85 NTUC FairPrice vouchers with every S$10,000 in fresh funds deposited into OCBC Passbook, Statement Savings, Premier Statement Savings and Premier Easisave accounts. The funds must be maintained for 6 months.

If you work backwards, the S$85 NTUC FairPrice vouchers is equivalent to an interest rate of 1.70% p.a based on a deposit of S$10,000 locked in for 6 months.

Hong Leong Finance

Interest Rate: 1.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

The total interest that you will receive if you place S$20,000 for 12 months is S$348.76.

Standard Chartered Bank (Singapore)

Interest Rate: 1.55%, Minimum Placement: S$25,000, Promotion Valid Until: 31st January 2020

Unless you are a priority banking customer, otherwise you get an interest rate of 1.55% p.a. for a minimum place of S$25,000 with Standard Chartered Bank.

The interest that you will get is S$322.92 based on an interest rate of 1.55% p.a. for a placement of S$25,000 for 10 months.

If you are a priority customer, the interest that you will get is S$343.75 based on an interest rate of 1.65% p.a. for a placement of S$25,000 for 10 months.

MayBank Singapore Dollar Time Deposit

Interest Rate: 1.60%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Maybank has further reduced their fixed deposit interest rate from 1.80% to 1.60%. The total interest that you will receive if you place S$20,000 for 12 months is S$320.00. However, there are some catch should you choose to place your fixed deposit with MayBank

  • You need to have a MayBank Current or Savings account.
  • For every S$1,000 deposited into the CASA Account, S$10,000 can be placed into the Singapore Dollar Time Deposit, subject to a minimum of S$20,000 in Time Deposit and the corresponding minimum deposit of S$2,000 in the CASA Account.

My Sweet Retirement Makes a SGD Fixed Deposit Placement

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I previously wrote about The Best Fixed Deposits of December 2019. The CIMB Fixed Deposit promotion came at the right time and I just made a SGD Fixed Deposit placement with CIMB today for 6 months. For a 6 months placement, you get an interest rate of 1.70% per annum. If you are interested in the above promotion of 1.80% per annum, you have to make a placement of 12 months. I am setting aside 15K in CIMB SGD Fixed Deposit for 6 months which earns me an interest of $127.50.

Why did I choose to make a fixed deposit placement? Basically, my son is going for an overseas school trip next year in June 2020. I am setting the money aside to fund for his travel expenses. The maturity of the deposit is just right at 6 months.

Here are a few reasons why I chose CIMB to make my Fixed Deposit:-

  1. Opening an account is hassle free without making a trip to their bank. Everything is done online which takes less than 10 minutes. First, you need to open a CIMB Fast Saver account online. After you logged into CIMB Clicks which is their internet banking portal, click on eApplication and select SGD Fixed Deposit Placement.
  2.  CIMB offers short term placement of 3 months, 6 months and 12 months with interest rates I deem attractive.

The Best Fixed Deposits of December 2019

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This is the month of Christmas and also the last month of the year 2019. On top of the fixed deposits promotion that I have found last month in November, there is a new one such as the CIMB Why Wait Fixed Deposit-I promotion.

For those who has a lump sum of cash and can afford to lock down the money for 12 months or more, I certainly do recommend placing the money into fixed deposits as compared to the Singapore Savings Bonds. The reason is that for a short term period of 12 months, the interest rate for January 2020 Singapore Savings Bonds has fell tremendously to 1.52% (Read more: January 2020 Singapore Savings Bonds is 1.76%)

Below are fixed deposits from CIMB, Hong Leong Finance and MayBank. I have removed the fixed deposit promotion from Standard Chartered Bank because it fell to a non-attractive rate of 1.55% p.a. For those who are interested, OCBC is also offering a interest rate of 1.55% p.a. for a fixed deposit of 12 months on SGD as well.

CIMB Fast Fixed Deposit Christmas Promotion

Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st December 2019

The total interest that you will receive if you place S$20,000 for 12 months is S$360.

CIMB Why Wait Fixed Deposit-i Christmas Promotion

Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st December 2019

This is another fixed deposit promotion offered by CIMB. For this Why Wait Fixed Deposit-it, you get the profit upfront rather than upon maturity.

The total interest that you will receive if you place S$20,000 for 12 months is S$360.

Hong Leong Finance Fixed Deposit

Interest Rate: 1.70%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Hong Leong Finance seems to have reduced the interest rate for their fixed deposit. For a placement of S$20,000, last month was 1.73% but now they have reduced it to 1.70%. Nevertheless, it is still attractive.

The total interest that you will receive if you place S$20,000 for 12 months is S$340.

MayBank Singapore Dollar Time Deposit

Interest Rate: 1.80%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Maybank has also reduced their fixed deposit interest rate from 1.88% to 1.80%. The total interest that you will receive if you place S$20,000 for 12 months is S$360.00. However, there are some catch should you choose to place your fixed deposit with MayBank

  • You need to have a MayBank Current or Savings account.
  • For every S$1,000 deposited into the CASA Account, S$10,000 can be placed into the Singapore Dollar Time Deposit, subject to a minimum of S$20,000 in Time Deposit and the corresponding minimum deposit of S$2,000 in the CASA Account.