Highest Fixed Deposit Interest Rates
Promotion in Singapore 2018

 

Highest Fixed Deposit Interest Rates Promotion in Singapore

Fixed Deposit Accounts in Singapore

Fixed deposit accounts in Singapore offer a much higher interest rate (at least a 1.00% p.a. difference) as compared to your basic savings deposit account. Contrary to belief that certain foreign banks might be more risky, the first $50,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $50,000.

Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.

Tenure and Deposit Amount

As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.

For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $50,000 (Risk-free since insured by SDIC). We have also included the latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison of Singapore Savings Bonds vs Singapore Fixed Deposits.

Fixed Deposit Comparison Table

Financial Institution Interest Rate

Singapore Savings Bonds

1.65%

Maybank

1.65%

Bank of China

1.50%

RHB

1.48%

ICBC

1.47%

State Bank of India

1.45%

Hong Leong Finance

1.42%

Standard Chartered

1.40%

Sing Investments and Finance

1.40%

CIMB

1.40%

HSBC

1.30%

UOB

1.25%

OCBC

1.25%

ICICI

0.95%

Bank of East Asia

0.875%

Singapura Finance

0.875%

DBS

0.80%

HL Bank

0.50%

Citibank

0.10%

* Interest Rate based on deposit amount of $50,000 and tenures ranging from 6 to 18 months

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Best Highest Fixed Deposit Interest Rates in Singapore

Maybank Fixed Deposit currently offers the highest interest rate of 1.65% p.a. with a tenure of 12 months for funds of $50,000 and above. This offer is only valid with a time deposit and deposit account bundle promotion where every $1,000 deposited into Maybank savings accounts will allow a deposit of $10,000

This is followed by Bank of China Fixed Deposit which offers a fixed deposit rate of 1.50% p.a. with a tenure of 6 + 6 months for funds of $50,000 and above.

 

Smart Search for Fixed Deposit Account

Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Lobangs Smart Search which will narrow your choices down to 3 deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.

 

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Reviews or Comments (2)

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Topic: Highest Fixed Deposit Interest Rates Promotion in Singapore
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Mar 2018
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Well presented

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Huixin Lee
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Sep 2014
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Huixin Lee says...

Rates are very low as compared to few years ago when it was hitting 2% p.a. Interesting that Singapore Savings Bonds rank highly as compared to fixed deposits.

 

 

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