The next holiday most of us are looking forward to is probably the Christmas Season. In the month of November, banks have launched their Fixed Deposit Christmas Promotion where we can look forward to some attractive interest rates.
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 Singapore Savings Bonds has fell tremendously to 1.56% (Read more: December 2019 Singapore Savings Bonds is 1.71%)
Maybank is a clear winner here with interest rate of 1.88% for a 12 months placement. CIMB Bank is in the second place with their Fast Fixed Deposit Christmas Promotion interest rate of 1.80% p.a.
CIMB Fast Fixed Deposit Christmas Promotion
Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 30th November 2019
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: 1.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
Hong Leong Finance seems to have increased their interest rate for S$50,000 to less than S$100,000 deposit for a 12 month period from 1.75% to 1.80%.
The total interest that you will receive if you place S$20,000 for 12 months is S$346.
Standard Chartered Bank (Singapore) Time Deposit
Interest Rate: 1.60%, Minimum Placement: S$25,000, Promotion Valid Until: 30th Npvember 2019
The total interest that you will receive if you place S$25,000 for 9 months is S$300.
MayBank Singapore Dollar Time Deposit
Interest Rate: 1.88%, 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$376.00. 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.