Tag: Fixed Deposits

Looking for the best fixed deposits in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in May 2020. As we are still in the “circuit breaker” period, the challenge came when customers are unable to physically be present at the bank to sign up for the fixed deposit promotion. As such, many banks have offered to their customers to do their fixed deposit place via mobile or internet banking.

The 1 year interest rate for June 2020 Singapore Savings Bonds has fallen as low as 0.57%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

I have shared many other financial instruments that is similar to what fixed deposits can offer. They are endowment plans such as Tiq 3 Year Endowment Plan and China Taiping i-Save Plan. The benefit of these endowment plans is the guaranteed capital upon maturity which is similar to what fixed deposits offer.

I have also recently shared on the benefits of Singlife, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for May 2020.

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 1.40% p.a., the interest that you will receive upon maturity is S$140.

MayBank iSAVvy Time Deposit

Interest Rate: 1.20% (12 months) or 1.40% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated

I found some changes to the time deposit offered by MayBank. It seems that MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.

This promotion is valid from 17th April 2020 onwards for a minimum placement amount of S$25,000 in iSAVvy Time Deposit via Maybank Mobile/Online Banking (for individuals only).

For a 12 months placement of S$25,000 at 1.20% p.a., the interest that you will receive upon maturity is S$300.

For a 24 months placement of S$25,000 at 1.40% p.a., the interest that you will receive upon maturity is S$704.90.

CIMB Fast Fixed Deposit Promotion

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

CIMB is keeping their interest rate for Fast Fixed Deposit at 1.10% p.a. for a 3, 6 or 12 month placement.

For 3 months, 6 months and 12 months placement of S$10,000 at 1.10% p.a., the interest that you will receive upon maturity is S$27.50, S$55, S$110 respectively.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 1.10%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 1.05% p.a., the interest that you will receive upon maturity is S$210.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.90%, Minimum Placement: S$25,000, Promotion Valid Until: 9th May 2020

For 8 months placement of S$25,000 at 0.80% p.a., the interest that you will receive upon maturity is S$133.33.

For 8 months placement of S$25,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.

UOB Time Deposit

Interest Rate: 1.25%, Minimum Placement: S$20,000, Promotion Valid Until: 31st May 2020

For 10 months placement of S$20,000 at 1.00% p.a., the interest that you will receive upon maturity is S$166.67.

OCBC Time Deposit

Interest Rate: 0.95%, Minimum Placement: S$5,000, Promotion Valid Until: 31st May 2020

For 12 months placement of S$5,000 at 0.95% p.a., the interest that you will receive upon maturity is S$95.00.

In this month’s search of The Best Fixed Deposits of April 2020, some readers have highlighted to me that DBS Bank is offering fixed deposit interest rates as high as 1.40% per annum. This is slightly lower than what MayBank have to offer at 1.45% per annum but it is still attractive.

When you navigate to the DBS Bank Rates Online for Fixed Deposits, a banner that says “Revision of SGD Fixed Deposit interest rates from 2 April 2020. Click here for information on revised rates.” will appear at the top of the web page as shown in the below screenshot. Clicking on the link opens a PDF document that shows the revised interest rates. Alternatively, you can lookup the interest rate that you will get on the web page itself.

Based on a deposit of S$10,000 at the interest rate of 1.40% per annum for 12 months, you will receive S$140 at maturity. It is very strange but if you decided to do a longer placement of 18 months, 24 months or longer, the interest rate gets lower as shown in the table below.

Where to Find the Fixed Deposit Interest Rates

DBS Fixed Deposit Interest Rates (Effective 06/04/2020)