As the interest rate for Singapore Savings Bonds continue to fall, it is probably time to consider the traditional fixed deposit promotions.
It is very difficult to decide which is the best fixed deposit promotion for the month of October as the minimum placement amount is different for each bank. The locked in period is also different. Below are the fixed deposit promotions that I have found in the month of October.
If you have S$20,000 to spare to lock in for 12 months, I will choose CIMB as it offers the best interest rate of 1.85% p.a.
If you can’t afford to wait 12 months and wanted something shorter in terms of locked in period, I will choose MayBank since if offers interest rate of 2.10% p.a. for 9 months.
Hong Leong Finance and Standard Chartered Bank are losing out in terms of interest rate but their rates are still considered attractive as compared to local banks such as UOB or OCBC. That is also why I seldom wrote about them since they never offered any attractive fixed deposit interest rates.
CIMB Fast Fixed Deposit Promotion
Interest rate: 1.85%, Minimum Placement: S$10,000, Promotion Valid Until: 31st October 2019
The total interest that you will receive if you place S$20,000 for 12 months is S$373.15.
MayBank
Interest Rate: 2.10%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
The total interest that you will receive if you place S$20,000 for 9 months is S$317.21. 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.
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.
Standard Chartered Bank (Singapore)
Interest Rate: 1.70%, Minimum Placement: S$25,000, Promotion Valid Until: 31st October 2019
The total interest that you will receive if you place S$25,000 for 12 months is S$348.33.
