Tag: Fixed Deposits

It is extremely challenging to find good fixed deposit promotions this month as I can see banks either reducing the duration of the fixed deposit or keep on adjusting their interest rate. The 1 year interest rate for May 2020 Singapore Savings Bonds has fallen as low as 0.96%, thus any of the fixed deposits promotion below beats the Singapore Savings Bonds. Should the market crashes again, I believe banks will revise their interest rates again which happened last month.

I was extremely surprised that MayBank kept their interest rate for their fixed deposit at 1.45% per annum while I saw other banks slashing their interest rates to around 1.00% per annum.

If you have extra cash to lock in for 3 years, I will seriously request you to consider the NTUC Capital Plus single premium endowment plan which offers a guaranteed return of 2.13% p.a for 3 years. I have purchased NTUC Capital Plus using my Supplementary Retirement Scheme funds.

If you are looking for something extremely low risk right now to park your money, below are the list of Fixed Deposit promotions that I have collated for the month of April 2020:

MayBank Singapore Dollar Time Deposit

Interest Rate: 1.45%, 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$290.00. However, there are some catch should you choose to place your fixed deposit with MayBank

• Every S$1,000 deposited into Maybank Current or Savings accounts (minimum S$2,000)
• You can deposit S$10,000 into Maybank Singapore Dollar Time Deposit accounts (minimum S$20,000)
• Receive 1.45% p.a. on 12-month Singapore Dollar Time Deposit

Hong Leong Finance Deposit Promotion

Interest Rate: 1.30%, 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 with Hong Leong Finance at an interest rate of 1.30% per annum is S$260.00.

CIMB Fast Fixed Deposit Promotion

Interest rate: 1.10%, Minimum Placement: S$10,000, Promotion Valid Until: 30th April 2020

The total interest that you will receive if you place S$10,000 for 12 months with CIMB at an interest rate of 1.10% per annum is S$110.00.

Standard Chartered Bank (Singapore)

Interest Rate: 0.90%, Minimum Placement: S$25,000, Promotion Valid Until: 7th April 2020

The interest that you will get is S$150.00 based on an interest rate of 0.90% p.a. for a placement of S$25,000 for 8 months.

If you are a priority customer, the interest that you will get is S$166.67 based on an interest rate of 1.00% p.a. for a placement of S$25,000 for 8 months.

UOB Time Deposit

Interest Rate: 1.00%, Minimum Placement: S$20,000, Promotion Valid Until: 30th April 2020

The total interest that you will receive if you place S$20,000 for 10 months with UOB at an interest rate of 1.00% per annum is S$166.67.

With the current economy getting worst due to the impact of the COVID-19 outbreak and oil price war between Saudi Arabia and Russia, local banks have started to slash their fixed deposit interest rates. This is the first time I saw banks revise their fixed deposit rates. If you have read my earlier post on The Best Fixed Deposits of March 2020, the fixed deposit rates have been significantly lowered.

The world wide stock market has plunged terribly over this week and Singapore stock market was not spared as well with the Straits Times Index down 4.7% yesterday to 2,311.

If you are looking for safe haven in the current situation, MayBank offers the best fixed deposit rate of 1.45% per annum for 12 months.

Below are the list of Fixed Deposit promotions that I have collated for the month of March 2020:

MayBank Singapore Dollar Time Deposit

Interest Rate: 1.45%, 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$290.00. However, there are some catch should you choose to place your fixed deposit with MayBank

• Every S$1,000 deposited into Maybank Current or Savings accounts (minimum S$2,000)
• You can deposit S$10,000 into Maybank Singapore Dollar Time Deposit accounts (minimum S$20,000)
• Receive 1.45% p.a. on 12-month Singapore Dollar Time Deposit

CIMB Fast Fixed Deposit Promotion

Interest rate: 1.10%, Minimum Placement: S$10,000, Promotion Valid Until: 31st March 2020

The total interest that you will receive if you place S$10,000 for 12 months with CIMB at an interest rate of 1.10% per annum is S$110.00.

Hong Leong Finance Special Fixed Deposit Promotion

Interest Rate: 1.40%, Minimum Placement: S$10,000, Promotion Valid Until: Not stated

The total interest that you will receive if you place S$10,000 for 10 months with Hong Leong Finance at an interest rate of 1.40% per annum is S$116.66.

Standard Chartered Bank (Singapore)

Interest Rate: 0.90%, Minimum Placement: S$25,000, Promotion Valid Until: 23rd March 2020

The interest that you will get is S$168.75 based on an interest rate of 0.90% p.a. for a placement of S$25,000 for 9 months.

If you are a priority customer, the interest that you will get is S$187.50 based on an interest rate of 1.00% p.a. for a placement of S$25,000 for 9 months.

UOB Time Deposit

Interest Rate: 1.20%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

The total interest that you will receive if you place S$20,000 for 10 months with UOB at an interest rate of 1.20% per annum is S$200.

OCBC Time Deposit

Interest Rate: 1.05%, 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 with OCBC at an interest rate of 1.05% per annum is S$210.

Given that the interest rate of Singapore Savings Bonds had fallen, even the interest rates for fixed deposits were not spared. My favourite bank, CIMB has cut their fixed deposit interest rate to 1.55%. The interest rate for April 2020 Singapore Savings Bonds (GX20040X) for 1 year is 1.46% so the idea here is not to settle for any fixed deposits offering less than 1.46% p.a. for a 12 months placement. For a S$20,000 placement in April 2020 Singapore Savings Bonds, you get S$292 after a year (Oct 2020: S$146, Apr 2021: S$146).

Last month, I shared that my Dad has placed a fixed deposit with OCBC. There were many comments about other banks offering fixed deposit rates as high as 3.00% p.a. Unfortunately, I was not able to find any of them and none of them replied me where they found such good deals. If you had came across any good fixed deposit promotions, please share in the comments and I will definitely take a look.

Below are the fixed deposits promotions that I have found for the month of March 2020.

MayBank Singapore Dollar Time Deposit

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

Maybank has maintained their fixed deposit interest rate of 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.

CIMB Fast Fixed Deposit Promotion

Interest rate: 1.55%, Minimum Placement: S$10,000, Promotion Valid Until: 31st March 2020

The interest rate has dropped significantly from last month promotion of 1.75% p.a. to 1.55% p.a.

For a 3 months placement of S$10,000 at 1.55% p.a. , you will get S$38.75 at maturity.

For a 6 months placement of S$10,000 at 1.55% p.a. , you will get S$77.50 at maturity.

For a 12 months placement of S$10,000 at 1.55% p.a. , you will get S$155.00 at maturity.

Hong Leong Finance

Interest Rate: 1.58%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

The highest interest rate of 1.58% is only applicable if you do a placement of S$200,000 and above for 10 months. Based on the minimum placement of S$20,000 for 10 months at an interest rate of 1.52% p.a. , you will received S$253.33 at maturity.

Standard Chartered Bank (Singapore)

Interest Rate: 1.45%, Minimum Placement: S$25,000, Promotion Valid Until: 31st March 2020

If you are a priority banking customer, 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$271.88 based on an interest rate of 1.45% p.a. for a placement of S$25,000 for 9 months.

If you are a priority customer, the interest that you will get is S$290.63 based on an interest rate of 1.55% p.a. for a placement of S$25,000 for 9 months.

UOB Time Deposit

Interest Rate: 1.50%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

UOB is offering an interest rate of 1.50% p.a. for 10 months fixed deposit placement of minimally S$20,000. The interest that you will get at maturity is S$250.00.

OCBC Time Deposit

Interest Rate: 1.40%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

OCBC is offering an interest rate of 1.40% p.a. for 12 months fixed deposit placement of minimally S$20,000. The interest that you will get at maturity is S$280.00 which is slightly less than what you can get if you do a 1 year placement in April 2020 Singapore Savings Bonds.