Looking for the best fixed deposits in November 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.
Fixed Deposit or Singapore Savings Bonds?
Forget about the Singapore Savings Bonds. The 1 year interest rate for December 2020 Singapore Savings Bonds has fallen as low as 0.24%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
The Alternatives – Short Term Endowments
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.
At the point of writing, the 10th Tranche of China Taiping i-Save (1.96% for 3 years) is fully subscribed.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Alternatively, you can check out GIGANTIC, Dash EasyEarn or 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 and Dash EasyEarn.
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for November 2020. The current low interest rates offered by most banks remained unattractive to me.
Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 or 18 months placement as compared to the rest of the banks.
DBS is the best fixed deposit in November 2020!
DBS Fixed Deposit (Recommended)
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 0.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.73% p.a., the interest that you will receive upon maturity is S$146.00.
From now till 1st Mar 2021, you also stand a chance to win in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit or pay loans with Hong Leong Finance.
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 0.45% p.a., the interest that you will receive upon maturity is S$45.00.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 30th November 2020
UOB’s time deposit interest rate remains the same at 0.55% p.a. in November.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
OCBC’s time deposit interest rate remains the same at 0.50% p.a. in November.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
CIMB is offering a promotional rate of 0.35% p.a. for a 3 months placement. This is 0.05% more than the norm. The minimum placement for this promotion is S$10,000. You will receive S$8.75 after 3 months upon maturity of your S$10,000 placement.
If you have S$50,000 sitting in your Fast Saver account, you can opt to put them into this fixed deposit promotion which gives you 0.35% p.a. for a 3 months lock in period since the first 50K in Fast Saver earns you 0.30% p.a.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th November 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |
