Looking for the best fixed deposits in April 2021 in Singapore? The interest rates of the latest issue of Singapore Savings Bonds (SBMAY21 GX21050V) bounced back with an effective return of 1.56% p.a. over 10 years and 0.37% p.a. for 1 year.
Has the interest rates of fixed deposits bounced back as well? Can the interest rates of fixed deposits beat the Singapore Savings Bonds?
Let us check out the best fixed deposits in April 2021.
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 1.15% 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 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
| Minimum Placement | Tenor | Promotional Rate |
| S$20,000 | 13 months | 0.45% p.a. |
| S$20,000 | 24 months | 0.60% p.a. |
| S$20,000 | 36 months | 0.65% p.a. |
For 13 months placement of S$20,000 at 0.45% p.a., the interest that you will receive upon maturity is S$97.50.
For 24 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$240.00.
For 36 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$390.00.
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 0.35% p.a., the interest that you will receive upon maturity is S$35.00.
UOB Time Deposit
Interest Rate: 0.45%, Minimum Placement: S$20,000, Promotion Valid Until: 30th April 2021
For 10 months placement of S$20,000 at 0.45% p.a., the interest that you will receive upon maturity is S$75.00.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.45% p.a. |
OCBC Time Deposit
Interest Rate: 0.35%, Minimum Placement: S$5,000, Promotion Valid Until: 30th April 2021
For 12 months placement of S$5,000 at 0.35% p.a., the interest that you will receive upon maturity is S$17.50.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.35% p.a. |
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: 30th April 2021
For 12 months placement of S$10,000 at 0.50% p.a., the interest that you will receive upon maturity is S$50.00.
| Tenure | Placement Amount | Interest Rate |
| 12 months | S$10,000 to < S$100,000 | 0.50% |
| 12 months | S$100,000 and above | 0.55% |
| 24 months | S$10,000 to < S$100,000 | 0.70% |
| 24 months | S$100,000 and above | 0.75% |
For existing-to-bank customers
For 18 months placement of S$10,000 at 0.60% p.a., the interest that you will receive upon maturity is S$90.18.
For 18 months placement of S$100,000 at 0.65% p.a., the interest that you will receive upon maturity is S$977.11.
| Tenure | Placement Amount | Interest Rate |
| 18 months | S$10,000 to < S$100,000 | 0.60% |
| 18 months | S$100,000 and above | 0.65% |
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.30% to 0.40%, Minimum Placement: S$25,000, Promotion Valid Until: 30th April 2021
For 8 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$50.00.
If you happen to be a priority banking customer, for 8 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$66.67.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 8 months | 0.30% p.a. | 0.40% p.a. |
The Winner?
DBS Bank is still the winner of fixed deposits. Whether you opt for 12 months or 18 months tenure, DBS Banks have the highest interest rates of 1.15% and 1.30% for 12 and 18 months placement respectively.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Alternatively, you can check out GIGANTIC, Dash EasyEarn, Dash PET, 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, Dash EasyEarn and Dash PET.