UOB Fixed Deposit Promotion for June 2023 is offering you 3.10% per annum for a tenor period of either 6 months or 10 months. This is lower than 3.45% offered by UOB for their Fixed Deposit Promotion in May 2023.
From 1st June to 30th June 2023, UOB is offering an interest rate of 3.10% per annum on your Singapore Dollar Time/Fixed Deposit. The tenor period is either 6 or 10 months and the minimum placement is S$10,000. Only fresh funds will enjoy this promotion.
If you are wondering what “Fresh Funds” mean, “Fresh Funds” means that the deposit are not funds transferred from existing UOB savings/current/fixed deposit account(s) or UOB cheques, cashier’s orders and demand drafts.
|Tenor||Deposit Amount (Fresh Funds)||Promotional Interest Rate (p.a.)|
|6 or 10 months||S$10,000 and above||3.10%|
What is Fixed Deposit?
A fixed deposit is a financial instrument provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. – Wikipedia
UOB Fixed Deposit Promotion June 2023 versus SBJUL23 GX23070H
Since the tenor period for UOB Fixed Deposit Promotion is 6 or 10 months, this is not really an apple to apple comparison with the interest rate offered by Singapore Savings Bond.
If you decided to sell SBJUL23 GX23070H after 1 year, the interest you will earn is 2.76%. UOB is offering 3.10% per annum. Thus, UOB Fixed Deposit is the clear winner here.
|Year from issue date||Interest %||Average return per year %*|
How much will I get for a S$10,000 placement of 10 months?
For a 10 months Time/Fixed Deposit placement of S$10,000 in fresh funds with UOB at 3.10% per annum, the interest you will get upon maturity is S$258.33.
Including the principle, the total amount you will get back upon maturity is S$10,258.33.
Conclusion on UOB Fixed Deposit Promotion June 2023
With interest rates falling, the interest rate of 3.10% per annum sounds pretty attractive to me.
One of the thing I like about UOB Fixed Deposit Promotion for June 2023 is the short tenor of 6 months or 10 months.
If you have some spare cash sitting in your average savings account, then do consider UOB Fixed Deposit Promotion to earn higher interests.