The Best Fixed Deposits of May 2020

Looking for the best fixed deposits in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in May 2020. As we are still in the “circuit breaker” period, the challenge came when customers are unable to physically be present at the bank to sign up for the fixed deposit promotion. As such, many banks have offered to their customers to do their fixed deposit place via mobile or internet banking.

The 1 year interest rate for June 2020 Singapore Savings Bonds has fallen as low as 0.57%, 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. They are endowment plans such as Tiq 3 Year Endowment Plan and China Taiping i-Save Plan. The benefit of these endowment plans is the guaranteed capital upon maturity which is similar to what fixed deposits offer.

I have also recently shared on the benefits of Singlife, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for May 2020.

DBS Fixed Deposit

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

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 1.40% p.a., the interest that you will receive upon maturity is S$140.

MayBank iSAVvy Time Deposit

Interest Rate: 1.20% (12 months) or 1.40% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated

I found some changes to the time deposit offered by MayBank. It seems that MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.

This promotion is valid from 17th April 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 1.20% p.a., the interest that you will receive upon maturity is S$300.

For a 24 months placement of S$25,000 at 1.40% p.a., the interest that you will receive upon maturity is S$704.90.

CIMB Fast Fixed Deposit Promotion

Interest rate: 1.10% per annum, Minimum Placement: S$10,000, Promotion Valid Until: 31st May 2020

CIMB is keeping their interest rate for Fast Fixed Deposit at 1.10% p.a. for a 3, 6 or 12 month placement.

For 3 months, 6 months and 12 months placement of S$10,000 at 1.10% p.a., the interest that you will receive upon maturity is S$27.50, S$55, S$110 respectively.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 1.10%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 1.05% p.a., the interest that you will receive upon maturity is S$210.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.90%, Minimum Placement: S$25,000, Promotion Valid Until: 9th May 2020

For 8 months placement of S$25,000 at 0.80% p.a., the interest that you will receive upon maturity is S$133.33.

For 8 months placement of S$25,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.

UOB Time Deposit

Interest Rate: 1.25%, Minimum Placement: S$20,000, Promotion Valid Until: 31st May 2020

For 10 months placement of S$20,000 at 1.00% p.a., the interest that you will receive upon maturity is S$166.67.

OCBC Time Deposit

Interest Rate: 0.95%, Minimum Placement: S$5,000, Promotion Valid Until: 31st May 2020

For 12 months placement of S$5,000 at 0.95% p.a., the interest that you will receive upon maturity is S$95.00.