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.