What is the Best Highest Deposit Interest Rate in Singapore

 

What is the Best Highest Interest Rate in Singapore

Low Interest Returns on Deposits

Singapore deposits earn very low interest from banks and it has been consistently lower than 2.00% per annum since 2002. However, it is still better to get the paltry 1.00% to 2.00% interest per annum from fixed deposit promotions as compared to the 0.05% to 0.15% interest per annum you get from the basic savings deposit account.

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Foreign Banks and Finance Companies vs Local Banks

Foreign banks and finance companies generally offer better interest rates for deposits as compared to our three local banks (DBS, UOB and OCBC). Even though that is so, local banks offer greater accessibility with their large number of branches island-wide. It is interesting to note that several foreign banks such as Standard Chartered, Bank of China, Maybank and Citibank have managed to narrow this gap and are already operating many branches in the heartlands. There is not much difference where your money is placed in terms of security as the Singapore Deposit Insurance Corporation insure all your deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000. Click here for more information about the Deposit Insurance Scheme.

Fixed Term Deposits vs Current or Savings Deposits

Fixed term deposits usually offer a much higher interest (about 1.00% to 1.50% difference per annum) as compared to the interest rate you get from your average current or savings deposit accounts. The catch is that you are penalised if you were to withdraw your money before the deposit reaches your fixed term maturity date. The penalty differs between banks but it is usually a portion of interest that you could have got if you had let the fixed deposit reach maturity.

Some current or savings accounts offer attractive interest rates that could be higher than a fixed term deposit interest rate. However, it is important to note these accounts usually require the depositor to fulfill certain conditions to attain the higher interest rate for a specific period. The conditions could be in the form of spending on credit cards or saving a certain amount of money. The conditions and interest rates can be changed anytime by the Bank. Comparatively, fixed term deposit interest rates are set in stone from the moment you deposit your money in it.

The Highest Fixed Term Deposit Rate

Bangkok Bank Fixed Deposit leads the pack with the highest fixed deposit interest rate of 2.18% interest per annum for a tenure of 12 months for funds of $200,000 and above.

Maybank Fixed Depositoffers the next highest fixed term deposit rate for banks with a fixed deposit interest rate of 2.10% interest per annum for a tenure of 9 months for funds of $20,000 and above. The promotion rate is only valid if accompanied with a deposit of $1,000 into a Maybank savings account for every $10,000 deposited into the fixed deposit account.

Depositors can also consider the Bank of East Asia Fixed Deposit which offers a fixed deposit interest rate of 2.00% per annum for tenure of 12 months for placements of $100,000 and above. Another alternative is ICBC Fixed Deposit which offers an interest rate of 1.90% p.a. with a tenure of 12 months for online placements but for funds of $20,000 and above for placement via e-banking.

OCBC Fixed Deposit offers the highest local bank fixed term deposit rate with a 1.75% interest per annum for tenure of 12 months and funds of $50,000 and above for Premier customers only. Comparatively, UOB Fixed Deposit offers 1.60% interest per annum on fresh funds above $20,000 for a tenure of 10 months.

Depositors who do not mind depositing at finance companies will be able to get 1.88% interest per annum with a tenure of 12 months for deposits above $50,000 with Sing Investments and Finance Fixed Deposit. Similarly, Singapura Finance Fixed Deposit will pay 1.83% interest per annum with a tenure of 12 months for deposits above $100,000. Deposits in any individual bank or finance company operating in Singapore will be insured by the Singapore Deposit Insurance Corporation for a sum of up to $50,000.

Check out our other Fixed Time Deposit for other bank offers or Highest Fixed Deposit Interest Rates Promotion in Singapore for a more detailed comparison and review on the highest fixed deposit accounts in Singapore.

The Highest Current or Savings Deposits

Standard Chartered Bonus$aver Current Account offers up to 3.88% interest per annum up to $100,000 deposit when depositors credit their salary, insure or invest with Standard Chartered Bank, pay any 3 bills and spend at least $2,000 or $500 on their linked Bonus$aver World MasterCard Credit Card or Debit Card.

Bank of China Account holders can enroll in Bank of China SmartSaver Plan to receive up to 3.55% interest per annum up to $60,000 deposit when they their salary, pay any 3 bills or 1 mortgage and spend at least $500 on Bank of China Credit Cards.

DBS Multiplier Account offers interest rate of up to 3.65% interest per annum with no minimum monthly salary credit or credit card spend. Account holders earn interest based on monthly transaction amount for the account. Transactions from salary crediting, credit card spending, home loan installments, insurance premiums and investments can be used up to calculate the monthly transaction amount.

OCBC 360 Account offers up to 3.45% interest per annum up to $70,000 deposit when depositors credit their salary, insure or invest with OCBC, increase balance by at least $500 from previous month and spend at least $500 on their OCBC Credit Cards every month.

Maybank SaveUp Account awards depositors with up to 3.00% interest per annum on up to $50,000 deposit when they take up up to 3 financial products from Maybank. This account offers greater flexibility as compared to the other accounts as depositors can choose from a wide range of financial products and are not restricted to only a few.

UOB One Account rewards depositors with up to 2.44% interest per annum on up to $75,000 deposit. Depositors are required to spend a minimum of $500 monthly on the UOB One Card and Credit Salary / make 3 GIRO debit transactions to obtan the stated interest rate on their deposits.

Mortgagees looking to hedge their property loan can consider Citibank MaxiGain Savings Account which has a base interest rate that is pegged to 70% of 1 month SIBOR and allows current depositors to earn up to 2.44% interest rate per annum.

Depositors looking to save a portion of their salary every month and yet get rewarded for higher interest can consider the POSB SAYE Savings Account which award depositors with 2.05% interest per annum on monthly savings over a period of 2 years.

Check out our other Current or Savings Deposit for other bank offers or Best Savings Account Interest Rates Promotion in Singapore for a more detailed comparison and review on the different deposit accounts in Singapore.

 

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Topic: Best Highest Deposit Interest Rate in Singapore
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Beatrice
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Oct 2017
Beatrice says...

Maybank seems to offer a good deal for their fixed deposits as compared to local banks and finance companies.

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Sheena Lee
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Jan 2015
Sheena Lee says...

Cimb

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Sheena Lee
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Jan 2015
Sheena Lee says...

Why is Convert not on the list?

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Money Lobang
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Sep 2014
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Money Lobang says...

We have highlighted some of the deposits with higher deposit rates on this page while most of the deposits for major banks can be found on http://www.moneylobang.com/best-deposit-rates.php. Please feel free to suggest any other deposit that offers a higher rate for depositors in Singapore.

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