Given that the interest rate of Singapore Savings Bonds had fallen, even the interest rates for fixed deposits were not spared. My favourite bank, CIMB has cut their fixed deposit interest rate to 1.55%. The interest rate for April 2020 Singapore Savings Bonds (GX20040X) for 1 year is 1.46% so the idea here is not to settle for any fixed deposits offering less than 1.46% p.a. for a 12 months placement. For a S$20,000 placement in April 2020 Singapore Savings Bonds, you get S$292 after a year (Oct 2020: S$146, Apr 2021: S$146).
Last month, I shared that my Dad has placed a fixed deposit with OCBC. There were many comments about other banks offering fixed deposit rates as high as 3.00% p.a. Unfortunately, I was not able to find any of them and none of them replied me where they found such good deals. If you had came across any good fixed deposit promotions, please share in the comments and I will definitely take a look.
Below are the fixed deposits promotions that I have found for the month of March 2020.
MayBank Singapore Dollar Time Deposit
Interest Rate: 1.60%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
Maybank has maintained their fixed deposit interest rate of 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.
CIMB Fast Fixed Deposit Promotion
Interest rate: 1.55%, Minimum Placement: S$10,000, Promotion Valid Until: 31st March 2020
The interest rate has dropped significantly from last month promotion of 1.75% p.a. to 1.55% p.a.
For a 3 months placement of S$10,000 at 1.55% p.a. , you will get S$38.75 at maturity.
For a 6 months placement of S$10,000 at 1.55% p.a. , you will get S$77.50 at maturity.
For a 12 months placement of S$10,000 at 1.55% p.a. , you will get S$155.00 at maturity.
Hong Leong Finance
Interest Rate: 1.58%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
The highest interest rate of 1.58% is only applicable if you do a placement of S$200,000 and above for 10 months. Based on the minimum placement of S$20,000 for 10 months at an interest rate of 1.52% p.a. , you will received S$253.33 at maturity.
Standard Chartered Bank (Singapore)
Interest Rate: 1.45%, Minimum Placement: S$25,000, Promotion Valid Until: 31st March 2020
If you are a priority banking customer, 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$271.88 based on an interest rate of 1.45% p.a. for a placement of S$25,000 for 9 months.
If you are a priority customer, the interest that you will get is S$290.63 based on an interest rate of 1.55% p.a. for a placement of S$25,000 for 9 months.
UOB Time Deposit
Interest Rate: 1.50%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
UOB is offering an interest rate of 1.50% p.a. for 10 months fixed deposit placement of minimally S$20,000. The interest that you will get at maturity is S$250.00.
OCBC Time Deposit
Interest Rate: 1.40%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
OCBC is offering an interest rate of 1.40% p.a. for 12 months fixed deposit placement of minimally S$20,000. The interest that you will get at maturity is S$280.00 which is slightly less than what you can get if you do a 1 year placement in April 2020 Singapore Savings Bonds.
Last month there was a current 6 month HSBC promo of 1.7%. not sure if over.