The Best Fixed Deposits of April 2020

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.