The Best Fixed Deposits of May 2021

Looking for the best fixed deposits in May 2021 in Singapore? The interest rates of the latest issue of Singapore Savings Bonds (SBJUN21 GX21060Z) bounced back with an effective return of 1.61% p.a. over 10 years and 0.38% p.a. for 1 year.

Has the interest rates of fixed deposits bounced back as well? Can the interest rates of fixed deposits beat the Singapore Savings Bonds?

Let us check out the best fixed deposits in May 2021.

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. There is no changes in interest rates as compared to the previous month.

For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

If you can afford a longer period such as 18 months, the interest rate is 1.30% p.a. which will give you $195.84 upon maturity.

I have boxed up the period and the corresponding interest rates which I find attractive.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.70%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

The interest rates that are offered by Hong Leong Finance have gone up slightly.

Minimum Placement	Tenor	Promotional Rate
S$20,000	12 months	0.50% p.a.
S$20,000	18 months	0.63% p.a.
S$20,000	24 months	0.65% p.a.
S$20,000	36 months	0.70% p.a.

For 12 months placement of S$20,000 at 0.50% p.a., the interest that you will receive upon maturity is S$100.00.

For 18 months placement of S$20,000 at 0.63% p.a., the interest that you will receive upon maturity is S$189.00.

For 24 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$260.00.

For 36 months placement of S$20,000 at 0.70% p.a., the interest that you will receive upon maturity is S$419.99.

MayBank Time Deposit

Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: Not stated

For 12 months placement of S$10,000 at 0.35% p.a., the interest that you will receive upon maturity is S$35.00.

UOB Time Deposit

Interest Rate: 0.45%, Minimum Placement: S$20,000, Promotion Valid Until: 31st May 2021

The interest rates offered by UOB remains unchanged as compared to April.

For 10 months placement of S$20,000 at 0.45% p.a., the interest that you will receive upon maturity is S$75.00.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$20,000	10 months	0.45% p.a.

OCBC Time Deposit

Interest Rate: 0.40%, Minimum Placement: S$5,000, Promotion Valid Until: 31st May 2021

OCBC has offered a slightly higher interest rate as compared to April.

For 12 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$20.00.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$5,000	12 months	0.40% p.a.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: 31st May 2021

For 12 months placement of S$10,000 at 0.50% p.a., the interest that you will receive upon maturity is S$50.00.

Tenure	Interest Rate	Interest Rate (Preferred Banking)
12 months	0.50%	0.55%
18 months ^	0.55%	0.65%
24 months	0.70%	0.75%

The 18 months placement is strictly for existing CIMB bank customers. For 18 months placement of S$10,000 at 0.55% p.a., the interest that you will receive upon maturity is S$82.65.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.35% to 0.45%, Minimum Placement: S$25,000, Promotion Valid Until: 31st May 2021

For 8 months placement of S$25,000 at 0.35% p.a., the interest that you will receive upon maturity is S$58.33.

If you happen to be a priority banking customer, for 8 months placement of S$25,000 at 0.45% p.a., the interest that you will receive upon maturity is S$75.00.

Minimum Placement	Tenure	Promotional Rate	Priority Banking Preferential Rate
S$25,000	8 months	0.35% p.a.	0.45% p.a.

The Winner?

Interest rates have risen across the board for most of the banks. Even though DBS Bank has not increase their fixed deposit rates, they are still the clear winner of fixed deposits. Whether you opt for 12 months or 18 months tenure, DBS Banks have the highest interest rates of 1.15% and 1.30% for 12 and 18 months placement respectively.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn, Dash PET, Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account, Dash EasyEarn and Dash PET.