Best Fixed Deposit Rates

Posted : admin | On 18-03-2021

Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Best-Fixed Deposit Rates for Senior Citizen in India 2019-20. It is to be noted that interest rates are subject to change and can be revised by the bank without any prior notice. In the below grid are the best fixed deposit rates for senior citizens offered by banks in India.
DBS is the best fixed deposits in October 2020! DBS Fixed Deposit (Recommended) Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated. The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged.

Fixed Deposit or Singapore Savings Bonds?

A fixed rate bond (or fixed term savings account) is a simple investment product that pays out a guaranteed amount of interest after a set period. If you’ve got a lump sum you’re happy to put away and not touch for a while, a fixed-rate bond can be a great idea. They’re ideal for savers.

Lengthen your Fixed Deposit period: Typically, the longer your FD period is, the higher the interest rate is. However, bear in mind that you may risk losing all or part of your interest if the fund is withdrawn prematurely. Interest Rates Today: The Highest Interest Rates in the World. Checking, savings, money market account and CD interest rates in the United States are low. Consider that the national average interest rate for savings accounts is a mere 0.10%, according to the Federal Deposit Insurance Corp. You might be wondering if rates are better in other.

Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

The Alternatives – Short Term Endowments

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.

At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.

GIGANTIC	Dash EasyEarn	Singlife Account
Lock In Period	No	No	No
Minimum investment amount	S$50	S$2,000	S$500
Return rate per annum	2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year	2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis)	2.0% for first S$10,000 1.0% for next S$90,000 Note: * Singlife will be adjusting their crediting rates on the Singlife Account from 2.5% to 2% per annum (p.a.) for the first S$10,000 with effect from 1 November 2020. * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS is the best fixed deposits in October 2020!

DBS Fixed Deposit (Recommended)

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.

Deposit Amount	12 months (Renewal or Fresh Funds via PayNow)	12 months (Fresh Funds At Branch)
S$20,000 and above	0.85%	0.80%

MayBank iSAVvy Time Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.

For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.

For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.

UOB Time Deposit

Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020

The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.

For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$20,000	10 months	0.55% p.a.

OCBC Time Deposit

Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$5,000	12 months	0.50% p.a.

For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020

For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.

Minimum Placement	Tenure	Promotional Rate	Priority Banking Preferential Rate
S$25,000	6 months	0.20% p.a.	0.30% p.a.