The Best Fixed Deposits of August 2020

Looking for the best fixed deposits in August 2020 in Singapore? There is no National Day fixed deposit promotion this year. This is unlike previous years whereby banks offered a one time higher interest rate if you do a placement before National Day.

The 1 year interest rate for September 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.

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. You can read more about Best Endowment Plans In August 2020 here.

In July, I have signed up for a Dash EasyEarn, which is an insurance savings plan that offers you 2.0% p.a. for the first year up to S$20,000. The estimated interest rate p.a. is 1.5% thereafter.

The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for August 2020.

Among the banks below, I prefer the fixed deposit from DBS and MayBank given that they offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks.

DBS Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 18th June 2020. At this point of writing, I have not seen any revision to the interest rates.

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.

MayBank iSAVvy Time Deposit

Interest Rate: 0.90% (12 months) or 1.15% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated

As shared previously, MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.

This promotion is valid from 1st July 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 0.90% p.a., the interest that you will receive upon maturity is S$225.

For a 24 months placement of S$25,000 at 1.15% p.a., the interest that you will receive upon maturity is S$578.31.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 8 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$80.00.

Deposit Amount	3 month	8 month
S$20,000 to < S$100,000	0.35%	0.60%
S$100,000 and above	0.40%	0.65%

UOB Time Deposit

Interest Rate: 0.80%, Minimum Placement: S$20,000, Promotion Valid Until: 31st August 2020

The interest rate has fallen from 0.90% p.a. in July to 0.80% p.a. in August.

For 10 months placement of S$20,000 at 0.80% p.a., the interest that you will receive upon maturity is S$133.33.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$20,000	10 months	0.90% p.a.

OCBC Time Deposit

Interest Rate: 0.70%, Minimum Placement: S$5,000, Promotion Valid Until: 31st August 2020

OCBC has reduced their fixed deposit rate from 0.80% p.a. in July to 0.70% p.a. in August.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$5,000	12 months	0.70% p.a.

For 12 months placement of S$5,000 at 0.70% p.a., the interest that you will receive upon maturity is S$35.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st August 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Seriously?

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 15th August 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.