Fixed Deposit Rates

[Guest Fixed]

fixed deposit rates all very low.  got any recommendations for good bank fixed deposit.

 

[cutejack]

Entire world is in sick n trouble, u still talking abt money? I really pity the God.  His hardwork doesn't work.  

[HendryTan]

 

https://blog.moneysmart.sg/fixed-deposits/best-fixed-deposit-accounts-singapore/

 

DBS offering 1.3% Fixed Deposit (FD), so if you have idle money lying in your POSB and wants it "safe" you may want to move it to DBS fixed deposit.

Generally the Malaysian banks (eg Maybank,  CIMB) and the Chinese banks (ICBC, BOC) offer the best rates. 

 

Check the link above as it updates for the June FD rates likely next week.

 

 

[Guest Cimb]

I think you can take a look at this bank savings account which I think is a good one during these times. 

 

https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html

[mate69]

SBI is not bad

Can look at it

[lonelyglobe]

Interest rate for FD is pathetic, if u can take some risk, foreign currency may be a better option or save in gold deposit although the rates are very high now but market still optimistic about the long term prospects.

[Guest rate]

3 hours ago, mate69 said:

SBI is not bad

Can look at it

 

https://www.sbising.com/interest-rates

 

no more promotion. best 1.1% for 3 years term.

[mate69]

Ooooh ...Oh well

ICBC not too bad too

[koolkai]

How can we survive on fixed deposit income? 😢

[JamesAdmas]

17 hours ago, HendryTan said:

 

https://blog.moneysmart.sg/fixed-deposits/best-fixed-deposit-accounts-singapore/

 

DBS offering 1.3% Fixed Deposit (FD), so if you have idle money lying in your POSB and wants it "safe" you may want to move it to DBS fixed deposit.

Generally the Malaysian banks (eg Maybank,  CIMB) and the Chinese banks (ICBC, BOC) offer the best rates. 

 

Check the link above as it updates for the June FD rates likely next week.

 

 

but DBS not taking fresh deposits greater than 11 months, above tenure rates only for rollover. So best rate is 1.1%

https://www.dbs.com.sg/personal/rates-online/singapore-dollar-fixed-deposits.page

[Hint: go down on the page to check]

[Guest Guest]

6 hours ago, koolkai said:

How can we survive on fixed deposit income? 😢

still better than nothing.

 

you will be surprised some ppl just put all their money into normal savings account earning just 0.05% p.a. even if they have no use for it.

[Guest Guest123]

Surprised DBS has one of the best rates this period,

or maybe cos other banks cut their rates alot.

 

DBS FD rates have always been one of the worst in the market,

I'm guessing cos they are cash rich and deposit rich,

since more than half the population credit salary into their accounts,

no point for them to give promo to get more deposit.

[Guest more]

On 5/29/2020 at 11:00 PM, Since u r here said:

That is for 100k, dear!!!

 

alot of us cannot even cough out 1k for fixed into a 3yr deposit without wdrawls

Account Balance	Interest Rates*
First S$50,000	1.00% p.a.
Next S$25,000	1.50% p.a.
Next S$25,000	1.80% p.a.

 

 

 

it is only 1.325% even you got $100k and 3 years.  

don't know fixed deposit rates stay so low so long or not.

 

 

[Guest Best June 2020]

best fixed deposit rates promotion in June 2020.

• 1-Month: 0.50% p.a. (ICBC)
• 3-Month: 1.25% p.a. (ICBC)
• 6-Month: 1.25% p.a. (ICBC)
• 9-Month: 1.25% p.a. (ICBC)
• 10-Month: 0.90% p.a. (UOB)
• 12-Month: 1.25% p.a. (ICBC)
• 24-Month: 1.40% p.a. (Maybank iSAVvy)
  
  Source: https://singapore-bank.net/fixed-deposits-rates-singapore/

[Guest Papaya]

This is good news to me, my housing loan rate also drop

[mate69]

BOC

[JamesAdmas]

On 5/30/2020 at 4:25 PM, Since u r here said:

when was that? i just placed some for my mum a few days ago

 

DBS 18 mths

1.3000

 

 

but UOB is much better as stated in our thread , why DBS then?

 

The dropdown at placement period does not allow to select more than 11 months.

[yuquidam]

So far think most times Maybank (or sometimes Hong Leong Finance) got better FD rates 

Edited June 22, 2020 by yuquidam

[HendryTan]

2 hours ago, yuquidam said:

So far think most times Maybank (or sometimes Hong Leong Finance) got better FD rates 

 

On 5/29/2020 at 10:54 PM, HendryTan said:

 

https://blog.moneysmart.sg/fixed-deposits/best-fixed-deposit-accounts-singapore/

 

 

yuquidam, you may want to shop around a bit instead of relying on previous experience.

 

The FD rates varies from month to month and I noticed the above site offers reasonably updated comparative rates across most banks and finance company in Singapore. It includes Maybank and HongLeong Finance. However I noticed it does not carry "Bank of China" FD rates.

 

The site update their rates usually in the first week of the month.

 

For those who have concern about foreign banks, check that the FD you enter into is covered by SDIC. 
It insures you for upto $75,000 per account.

 

I have no affiliation to the above site.

 

 

[yuquidam]

6 minutes ago, HendryTan said:

yuquidam, you may want to shop around a bit instead of relying on previous experience.

..

Yes, thanks bro!

 

But now no need to shop for FD rates, now more urgent to shop for money first lor...

[Forumer]

DBS Multiplier

 

first $50,000 @ 2.2%

-> salary credit + 2 categories

next $50,000 @ 2.4%
-> salary credit + 3 categories

[keyboard]

While stocks last Nov 25-~. min 20k.

DBS - phone app only promo

3-mths 3.3% code srkm

5-mths 3.5% code srpm

6-mths 3.7% code srhm

 

Nov 13-15ish previous promo was.

min 20k. phone app only

3-mths 3.5% code sr4m

5-mths 3.8% code sr7m

6-mths 3.9% code sr9m

[HendryTan]

https://www.cimb.com.sg/en/personal/help-support/rates-charges/rates/sgd-fixed-deposit-rates.html

CIMB SGD Exclusive Online Fixed Deposit Promotion Rates

Tenure (Months)	PERSONAL BANKING Online Promo Rate (% p.a.) S$10,000 & Above	PREFERRED BANKING Online Promo Rate (% p.a.) S$10,000 & Above
6	3.95	4.00
9	4.05	4.10
12	4.15	4.20
18	4.15	4.20

[keyboard]

Saw UOB (EIR 5%) revised it's rates today 1 Dec 2022.

I'm still on DBS multiplier, don't know to switch or not, to OCBC/UOB. The tier levels so complicated.

https://www.uob.com.sg/personal/save/everyday-accounts/one-account.page

Account Monthly Average Balance (MAB)	Spend min. S$500 (calendar month) on eligible UOB Card Total interest	Spend min. S$500 (calendar month) on eligible UOB Card AND make 3 GIRO debit transactions	Spend min. S$500 on eligible UOB Card AND credit your salary via GIRO Total interest
First S$30,000	0.65%	2.50%	3.85%
Next S$30,000	0.65%	3.00%	3.90%
Next S$15,000	0.65%	4.00%	4.85%
Next S$25,000NEW!	0.05%	0.05%	7.80%
Above S$100,000	0.05%	0.05%	0.05%

*Maximum effective interest rate (EIR) on the One Account is 3.00% p.a. for deposits of S$75,000, provided customers meet both criteria of S$500 eligible card spend AND 3 GIRO debit transactions in each calendar month. 

*Maximum effective interest rate (EIR) on the One Account is 5.00% p.a. for deposits of S$100,000, provided customers meet both criteria of S$500 eligible card spend AND a min. S$1,600 salary credit via GIRO/PAYNOW (with the transaction reference “SALA” / “PAYNOW SALA”) in each calendar month.

[keyboard]

Yah bank account. How is 5% not better than FD?

The interest earned per month is $416, so can offset what you purchase on the CC.

[Guest NNP]

your posts are so hard to read

[keyboard]

59 minutes ago, Since u r here said:

my frens shortlisted some options for their mum and discussed w me, none of the options are bank accounts or even FDs
i helped them to further narrow down from either the Tbills, funds or ssb they have shortlisted 

I do think all these chasing higher interest rate is confusing.

So what I have is based off 1 Dec 2022 onwards. Thus Savings come into play (before that, I agree Tbill, SSB is the lead-runners).

No help from banks to make their charts more confusing.

First 30k - 3.85%

Next 30k (total 60k) - 3.9% (EIR (3.85 + 3.9)/2 = 3.875%)

Next 15k (total 75k) - 4.85% (EIR (3.875*4 + 4.85)/5 = 4.07%)

Next 25k (total 100k) - 7.8% (EIR (4.07*3 + 7.8)/4 = 5%)

Based off 100k, 5% per month interest is about $416

Hope that helps.

 

Edit: EIR calculation

Edited December 2, 2022 by keyboard

[keyboard]

2 hours ago, Since u r here said:

i locked them in using SSB (10yrs) 1 doesnt even need to lift a finger for the next 10yrs, no chasing are required 

Did you exchange your old SSB with the new ones, those more than 3%?

 

Reaching the peak of the interest curve soon, on track for Quarter 1 2023.

 

Separate note on OCBC 360.

https://www.ocbc.com/personal-banking/deposits/360-savings-account?pid=Mass:accounts:360Acc:AlwaysOn:Acquisition:Sep:2022:internal:::peb-banner:evergreen:::CFSPersonalise

From 1 November 2022

 

Only EIR calculation on First 100k,

Salary - 2.5%

Up Average Daily Balance by $500 - 1.5%

CC $500 spend - 0.6%

Maintain Average Daily Balance of $200k - 2.4% (the excess 100k only earns 0.05%)

 

Salary + Balance = 4% ($333/mth)

Salary + Balance + CC = 4.6% ($383/mth)

Salary + Balance + CC + 200k = 3.5% ($583/mth) - not recommended, the 100k can put other place

[Buffedbear]

UOB and OCBC always like to make achieving the high interest rates complicated, multiple criterias and so many tiers for normal non-fixed deposits. Quite a turn off, so I rather use Trust bank, very simple to meet the criteria for 2.5% interest. 21% max rebates on NTUC purchases is also easy to achieve especially if you assign your trust credit card to online shopping, condo/TC conservancy bills, gym fees, and telco bills. 

But all these rates won't last, governments can't implement them too strongly for too long or the recession will get worse, and banks just want to hook in more customers to their ecosystem and then many will be too lazy to switch. So I'd rather put the bulk of my money in fixed deposits or government bonds for as long as possible.

[Guest Guest]

CIMB worth considering, min 10k and there's 6 month tenor:

 

6 mth - 3.95%

9 mth - 4.05%

12 mth - 4.15%

 

easy to set up too.

 

https://www.cimb.com.sg/en/personal/banking-with-us/accounts/fixed-deposit/cimb-sgd-fixed-deposit-account.html

[Guest Question]

if you want to put for long why not endowment plan?

[Guest Fatty]

7 hours ago, Guest Question said:

if you want to put for long why not endowment plan?

Insurance agent spotted

[fab]

7 hours ago, Guest Question said:

if you want to put for long why not endowment plan?

 

Is there any that offers higher than 4.15%pa?

[keyboard]

1 hour ago, fab said:

Is there any that offers higher than 4.15%pa?

This link looks pretty updated. Else, HWZ is always talking about the latest new shiny FD.

https://singpromos.com/banks-credit-cards/best-singapore-deposit-rates-fixed-deposit-time-deposit-incremental-balance-more-188806/

 

One thing to note, most of these "higher" interest rate is for 18-months. In a still rising interest rate environment, till Feb/Mar 2023 (announced), then a stable hold till inflation figures go down to 2% before rates will start to go down. Likely a stock market crash (which you buy anything also can get higher than FD rates).

 

1. Foreign banks/Non-Major banks has it's own risks - say China gets sanctioned due to Taiwan war

2. My guess is that foreign banks is able to give higher rates because the monies go elsewhere - do look for the FDIC 75k insurance

3. Next FED to raise 0.5-0.75% on 14 Dec 2022, then 1 Feb 2023 (likely 0.5%), 22 Mar 2023 (projected reach 5%), then 2024 (4.5%)

[keyboard]

1 hour ago, Guest Fatty said:

Insurance agent spotted

Should ask which endowment plan is good and any referrals, then can confirm mah. So should be allegedly insurance agent spotted.

Endowment Plans basically lock up the monies, you can see many HWZers who put the "oh so high" endowment policies just 1-2 years back and need to wait till next year before the funds are available. So look at time horizons and decide for yourself which is the better vehicle (currently some vehicles don't even allow you to put more money since oversubscribed). 

[keyboard]

On 12/3/2022 at 11:04 PM, Buffedbear said:

very simple to meet the criteria for 2.5% interest. 21% max rebates on NTUC purchases is also easy to achieve especially if you assign your trust credit card to online shopping, condo/TC conservancy bills, gym fees, and telco bills. 

If you're able to meet those criteria, wouldn't you be able to meet UOB criteria too? That would mean an extra 2.5% ($2500/yr) for how many long this gimmick can run. Really these stuffs are for people who are free to chase them lah. Also makes a topic other than Kdrama etc at the water cooler.

[Guest Guest]

On 12/3/2022 at 11:04 PM, Buffedbear said:

UOB and OCBC always like to make achieving the high interest rates complicated, multiple criterias and so many tiers for normal non-fixed deposits. Quite a turn off, so I rather use Trust bank, very simple to meet the criteria for 2.5% interest. 21% max rebates on NTUC purchases is also easy to achieve especially if you assign your trust credit card to online shopping, condo/TC conservancy bills, gym fees, and telco bills. 

But all these rates won't last, governments can't implement them too strongly for too long or the recession will get worse, and banks just want to hook in more customers to their ecosystem and then many will be too lazy to switch. So I'd rather put the bulk of my money in fixed deposits or government bonds for as long as possible.

Trust bank bonus 1% is only for ntuc members but having said that, base 1.5% is already pretty good for a normal savings account with no criteria.

[Buffedbear]

If I recall, it's actually a bonus 0.5% if a non-NTUC-member make 5 purchases with the card monthly, vs a bonus 1% if a NTUC-member make 5 purchases with the card monthly

Just subscribe to the NTUC membership, $117 annual fee, but the resultingly higher monthly rebate and higher savings interest makes it very worth it.

Edited December 5, 2022 by Buffedbear

[keyboard]

6 hours ago, fab said:

Is there any that offers higher than 4.15%pa?

I keep seeing HWZ mention this RHB High Yield Savings Plus Account. Need to create two accounts and every month transfer back and forth to meet the promotion criteria. The promotion keeps getting better inline with the interest rates. Whilst interest rates high.

https://rhbgroup.com.sg/rhb/personal/CASA-Promotion?gclid=EAIaIQobChMI4bi8m-Lh-wIV0DMrCh3Dng2jEAAYASAAEgKs5fD_BwE

First 50k 5%

 

Premier Plus Account

Up to 1m Up to 7% - purely savings, "no" hoops to jump.

[keyboard]

Heard on the grapevine but can't find the information online.

OCBC 3M 3.68%pa and 6M 4%pa dated 15/11/2022.

[lonelyglobe]

BOC offer 3.9% and 4% (if u r account holder and apply online) for a 6 month placement of $5000. 

[Guest Guest]

On 12/5/2022 at 1:50 PM, keyboard said:

I keep seeing HWZ mention this RHB High Yield Savings Plus Account. Need to create two accounts and every month transfer back and forth to meet the promotion criteria. The promotion keeps getting better inline with the interest rates. Whilst interest rates high.

https://rhbgroup.com.sg/rhb/personal/CASA-Promotion?gclid=EAIaIQobChMI4bi8m-Lh-wIV0DMrCh3Dng2jEAAYASAAEgKs5fD_BwE

First 50k 5%

 

Premier Plus Account

Up to 1m Up to 7% - purely savings, "no" hoops to jump.

 

yes this RHB High Yield account seems good

[keyboard]

Heard on the grapevine but can't find the information online.

DBS min 20k (tested works only on app - 30/12/2022)

3mth 3.3% code srlm
5mth 3.6% code srrm
6mth 3.7% code srhm