The Best Fixed Deposits of December 2019

The Best Fixed Deposits of December 2019

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

The Best Fixed Deposits of December 2019

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

The Best Fixed Deposits of December 2019

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

The Best Fixed Deposits of December 2019

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

The Best Fixed Deposits of December 2019

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.

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