Where Should My Dad Put His 100K? OCBC Fixed Deposit vs UOB Stash

My dad, a retiree who is 69 years old was lamenting about the petite interest rate that he is currently receiving from 100K that is sitting in his savings account. I tried to recommend CIMB fixed deposit to him as CIMB currently offers the highest interest rate of 1.75% p.a.

I have also told him that I have done a fixed deposit placement recently via internet banking. Being not so technology savvy, he is very resistant to open an account via the internet. He is the kind who still prefers to make a trip down to the bank and queue. He became even more reluctant when he heard CIMB only has two branches, one at Raffles Place and the other at Orchard. He prefers banks where there are branches near your neighbourhood like POSB, OCBC and UOB. These are bank names known to old folks like him.

He asked me if it is better to put his 100K in OCBC fixed deposit which now offers 1.55% p.a. for a 12 months placement or open a UOB Stash Account as he heard UOB Stash offers an interest rate of 1% p.a. and there is no lock in period.

UOB Stash Account

Below is how UOB Stash Account interest is computed. You can check out their website.

Account BalanceBase Interest
Bonus Interest
Total Interest
First S$10,0000.05%0.00%0.05%
Next S$40,0000.05%0.75%0.80%
Next S$50,0000.05%0.95%1.00%
Above S$100,0000.05%0.00%0.05%

Using the calculator available on UOB Stash Account website, I entered 100K every month.

The total interest that my dad will earn if he put 100K into the UOB Stash Account from February 2020 to January 2021 is S$825.12.

OCBC Fixed Deposit at 1.55% (12 Months)

The interest that you will earn if you place 100K in OCBC fixed deposit at 1.55% p.a. for 12 months is S$1,550.00.

The conclusion is that my dad should park his S$100K with OCBC fixed deposit for 12 months at an interest rate of 1.55% p.a. as he will receive S$1,550 when his fixed deposit matures instead of UOB Stash Account.


  1. What’s there to compare? It is obvious that OCBC will earn a higher interest amount. UOB’s interest is tiered n the max interest rate is only 1% while OCBC’s interest is a flat1.5% for the whole period.

    1. Hi Scratch Head, I like to do my homework first to compare both products although from a glance OCBC interest rate is higher. As you can see, UOB Stash interest computation is not that straight forward.

  2. UOB is giving 1.6% for new fix deposit. As in 1.55% for renewal or to from uob bank account who is considered existing customers.

    ICBC is giving 1.7% though and it’s only minimum 3 months.

    Maybe article promoting for OCBC

  3. Bro, I am confused, if you feel so strongly about stock and share towards towards financial independence, why are you asking your father to commit financial suicide and place his money is a less than 2% return vehicle. Are you getting money from the banks for marketing Their products? Why not take his money and put into your trading fund and help him make money?

    1. Hi Chan, I am not receiving any commission from banks for promoting their products. First, we need to understand investment in stocks are of higher risks than other investment instruments such as Singapore Saving Bonds, Fixed Deposits, Endowment etc. Stocks (Higher Risk) offers higher returns as compared to lower risk instruments such as Singapore Savings Bonds, Fixed Deposits, Endowment etc. My rationale is that the older you get, the more you swing towards the safer (lower risk) investments since protection of retirement money is the priority. Just imagine at age 69, you lose all your money when stock market crashes, how many more years do we have to make that money back?

    2. I have less than 100k savings,placed in cimb fd,only catch is the account is opened under e account.I was like your dad,I hated online banking and prior to this I had no e account whatsoever.would like to share this because interest rate of less than 1.8 is pittance .I just renewed one of the fd recently and rate has reduced from 3.85 to 3.55,but still way better than 1.75. I had earned nearly 1k for the 6 months placement of less than 500. Fd certificate is still issued, so chances of fraud is none,I think because you still have to appear in person to renew the certificates,
      For someone like me,the money enabled me to treat family members and myself to something special.
      Hope this is helpful.

      1. Hi Kimia,
        ” just renewed one of the fd recently and rate has reduced from 3.85 to 3.55,but still way better than 1.75. I had earned nearly 1k for the 6 months placement of less than 500″
        Where on earth is there such a high rate in Singapore? I’m confused. Can you elaborate?

    1. Hi Hmm, thanks for sharing, 100K at 1.75% for 5 months will give you S$729.17. I could not find this fixed deposit promotion at DBS website. Can share where did you manage to get 1.75% interest rate for fixed deposit placement?

  4. I’m in the exact situation. My dad also ask me to help
    him deposit his 6-figure sum in FD. Although I thought of helping him investing in bonds, but with the current uncertainties, I would not want to risk his savings. Hence I put in CIMB bank for the short term 3 months with 1.7% interest. That I would say is one of the best FD rests for short term period.

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