This is the month of Christmas and also the last month of the year 2019. On top of the fixed deposits promotion that I have found last month in November, there is a new one such as the CIMB Why Wait Fixed Deposit-I promotion.
For those who has a lump sum of cash and can afford to lock down the money for 12 months or more, I certainly do recommend placing the money into fixed deposits as compared to the Singapore Savings Bonds. The reason is that for a short term period of 12 months, the interest rate for January 2020 Singapore Savings Bonds has fell tremendously to 1.52% (Read more: January 2020 Singapore Savings Bonds is 1.76%)
Below are fixed deposits from CIMB, Hong Leong Finance and MayBank. I have removed the fixed deposit promotion from Standard Chartered Bank because it fell to a non-attractive rate of 1.55% p.a. For those who are interested, OCBC is also offering a interest rate of 1.55% p.a. for a fixed deposit of 12 months on SGD as well.
CIMB Fast Fixed Deposit Christmas Promotion
Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st December 2019
The total interest that you will receive if you place S$20,000 for 12 months is S$360.
CIMB Why Wait Fixed Deposit-i Christmas Promotion
Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st December 2019
This is another fixed deposit promotion offered by CIMB. For this Why Wait Fixed Deposit-it, you get the profit upfront rather than upon maturity.
The total interest that you will receive if you place S$20,000 for 12 months is S$360.
Hong Leong Finance Fixed Deposit
Interest Rate: 1.70%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
Hong Leong Finance seems to have reduced the interest rate for their fixed deposit. For a placement of S$20,000, last month was 1.73% but now they have reduced it to 1.70%. Nevertheless, it is still attractive.
The total interest that you will receive if you place S$20,000 for 12 months is S$340.
MayBank Singapore Dollar Time Deposit
Interest Rate: 1.80%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
Maybank has also reduced their fixed deposit interest rate from 1.88% to 1.80%. The total interest that you will receive if you place S$20,000 for 12 months is S$360.00. However, there are some catch should you choose to place your fixed deposit with MayBank
- You need to have a MayBank Current or Savings account.
- For every S$1,000 deposited into the CASA Account, S$10,000 can be placed into the Singapore Dollar Time Deposit, subject to a minimum of S$20,000 in Time Deposit and the corresponding minimum deposit of S$2,000 in the CASA Account.