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