As this month’s issue of Singapore Saving Bonds disappoints us with an effective interest rate of 1.64% p.a. if you held it for a year, let us take a look at some fixed deposit promotions that offers a higher interest rate if you have spare cash to lock down for a year. I am not going to list every fixed deposit promotions from every bank but a few which I think the bank is reliable and there is ease of doing a fixed deposit placement with them.
The winner this month is Standard Chartered Bank which I felt is a clear winner if you happen to be a priority banking customer of theirs as they are offering a interest rate of 1.90% per annum for priority banking customers. If you are not, you get still get to enjoy an interest rate of 1.80%.
I will settle with CIMB fixed deposit if I am not a Standard Chartered Bank priority banking customer as CIMB offers a slightly higher interest rate of 1.85% per annum for a placement of 12 months done online.
Below are the 12 months fixed deposit offered by three banks which beats October 2019 issue of the Singapore Savings Bonds:
Standard Chartered Bank (Singapore)
Interest Rate: 1.90%, Minimum Placement: S$25,000, Promotion Valid Until: 30th September 2019
CIMB Fast Fixed Deposit Promotion
Interest rate: 1.85%, Minimum Placement: S$10,000, Promotion Valid Until: 30th September 2019
For a limited period only, CIMB is offering an interest rate of 1.70% p.a. if you do a minimum placement of S$10,000 for 3 months.
Hong Leong Finance
Interest Rate: 1.80%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
Hi
The last I know Maybank iSavvy Time Deposit and Bank of East Asia are still offering 2% per annum for Fixed Deposit.
Duration for Maybank is that you could opt for 2 years tenure. In the face of falling interest would it be better to lock in the principal for a longer period?
I am surprised that you did not mention MayBank FD interest rate for 12-month deposit which pays out 2.22% interest p.a.. I think this is the highest in the market right now that I’ve seen among all the local and foreign banks.
Hi Welch, the interest for Maybank has dropped slightly to 2.10% on a 9 month period. For every S$1,000 deposited into Maybank Current or Savings accounts (minimum S$2,000), you can deposit S$10,000 into Maybank Singapore Dollar Time Deposit accounts (minimum S$20,000). This means you need at least S$22,000 (S$2,000 into Current or Savings account and S$20,000 into the time deposit account).