The Best Fixed Deposits of January 2020

The Best Fixed Deposits of January 2020

Last month in December, I have placed a 6 months fixed deposit with CIMB Bank that gives me an interest rate of 1.80% p.a. The good news is that CIMB Bank has maintained its interest rate of 1.80% p.a. for its Chinese New Year Fixed Deposit Promotion. They are probably the only bank that maintain the high interest rate of 1.80% p.a.

While searching for Chinese New Year fixed deposit promotions, I found a promotion from OCBC that gives you vouchers instead of cash for a 6 month locked in period. The interest rate is 1.70% p.a. if you compare the value of the vouchers against cash. You can read more about it below.

The next good deal is from Hong Leong Finance where they maintain their interest rate of 1.73% p.a.

CIMB Fast Fixed Deposit Chinese New Year Promotion

The Best Fixed Deposits of January 2020

Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

The total interest that you will receive if you place S$20,000 for 12 months is S$360.

OCBC Bank Chinese New Year Deposit Promotion

Interest Rate: Not Applicable, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

The Best Fixed Deposits of January 2020

As part of OCBC Chinese New Year promotion, receive S$85 NTUC FairPrice vouchers with every S$10,000 in fresh funds deposited into OCBC Passbook, Statement Savings, Premier Statement Savings and Premier Easisave accounts. The funds must be maintained for 6 months.

If you work backwards, the S$85 NTUC FairPrice vouchers is equivalent to an interest rate of 1.70% p.a based on a deposit of S$10,000 locked in for 6 months.

Hong Leong Finance

Interest Rate: 1.73%, 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$348.76.

The Best Fixed Deposits of January 2020

Standard Chartered Bank (Singapore)

Interest Rate: 1.55%, Minimum Placement: S$25,000, Promotion Valid Until: 31st January 2020

The Best Fixed Deposits of January 2020

Unless you are a priority banking customer, otherwise you get an interest rate of 1.55% p.a. for a minimum place of S$25,000 with Standard Chartered Bank.

The interest that you will get is S$322.92 based on an interest rate of 1.55% p.a. for a placement of S$25,000 for 10 months.

If you are a priority customer, the interest that you will get is S$343.75 based on an interest rate of 1.65% p.a. for a placement of S$25,000 for 10 months.

MayBank Singapore Dollar Time Deposit

The Best Fixed Deposits of January 2020

Interest Rate: 1.60%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Maybank has further reduced their fixed deposit interest rate from 1.80% to 1.60%. The total interest that you will receive if you place S$20,000 for 12 months is S$320.00. 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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