Fixed Deposit Promotion 2020

1. Hsbc Fixed Deposit Promotion
2. Fixed Deposit Promotion 2020 April
3. Fixed Deposit Promotion 2020 Dbs
4. Bank Deposit Promotions 2020
5. Fixed Deposit Promotion In Singapore

Fixed Deposit Accounts in Singapore

Hsbc Fixed Deposit Promotion

Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit account although the difference has become smaller as fixed deposit interest rates plummeted in recent months. Rates are expected to stay low or even become lower as the economy lay in doldrums due to Covid-19.

Contrary to belief that certain foreign banks might be more risky, the first $75,000 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 $75,000.

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 $75,000 (Risk-free since insured by SDIC). Rates are based on the assumption of new fresh funds deposit and a depositor doesn't have any privilege or preferred relationship with the bank. We have also include the current Money Lobang Average Fixed Deposit Rates and latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison for depositors.

Fixed Deposit Comparison Table

The maximum deposit amount per transaction via FPX transfer is RM200,000, subject to such prescribed maximum amount/limit of transfer in the Customers’ individual internet banking maintained with the relevant bank. Picture shown is for illustration purposes only. Protected by PIDM up to RM250,000 for each depositor. About MBSB Bank. MBSB Bank Berhadhas been granted a license by Bank Negara Malaysia to undertake Islamic Banking business. MBSB Bank is regulated and supervised by Bank Negara Malaysia under the Islamic Financial Services Act, 2013. Highest Fixed Deposit Interest Rates Promotion in Singapore 2021. Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit account although the difference has become smaller as fixed deposit interest rates plummeted in recent months.

* Interest Rate based on maximum deposit amount of $75,000 and tenures ranging from 3 to 18 months

Best Highest Fixed Deposit Interest Rates in
Singapore

The highest interest rate is by Sing Investments and Finance which offers an interest rate of 0.65% p.a. for 18 months tenure and funds of $10,000 and above. This is followed by another offer by Bank of China which offers an interest rate of 0.60% p.a. and tenure of 12 months for funds of $20,000 and above. The highest rate is 0.19% or about 41% higher than Money Lobang's National Average Fixed Deposit Rates for March 2021 is 0.46% p.a.

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 Smart Search which will narrow your choices down to a list of deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.

Looking for the best fixed deposits in November 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.

Fixed Deposit or Singapore Savings Bonds?

Forget about the Singapore Savings Bonds. The 1 year interest rate for December 2020 Singapore Savings Bonds has fallen as low as 0.24%, 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 10th Tranche of China Taiping i-Save (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.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for November 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 or 18 months placement as compared to the rest of the banks.

DBS is the best fixed deposit in November 2020!

DBS Fixed Deposit (Recommended)

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

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.

If you can afford a longer period such as 18 months, the interest rate is 1.30% p.a. which will give you $195.84 upon maturity.

I have boxed up the period and the corresponding interest rates which I find attractive.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.73% p.a., the interest that you will receive upon maturity is S$146.00.

From now till 1st Mar 2021, you also stand a chance to win in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit or pay loans with Hong Leong Finance.

MayBank Time Deposit

Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: Not stated

For 12 months placement of S$10,000 at 0.45% p.a., the interest that you will receive upon maturity is S$45.00.

UOB Time Deposit

Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 30th November 2020

UOB’s time deposit interest rate remains the same at 0.55% p.a. in November.

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.

OCBC Time Deposit

Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020

OCBC’s time deposit interest rate remains the same at 0.50% p.a. in November.

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: 30th November 2020

CIMB is offering a promotional rate of 0.35% p.a. for a 3 months placement. This is 0.05% more than the norm. The minimum placement for this promotion is S$10,000. You will receive S$8.75 after 3 months upon maturity of your S$10,000 placement.

If you have S$50,000 sitting in your Fast Saver account, you can opt to put them into this fixed deposit promotion which gives you 0.35% p.a. for a 3 months lock in period since the first 50K in Fast Saver earns you 0.30% p.a.

Standard Chartered Bank Singapore Dollar Time Deposit

Fixed Deposit Promotion 2020 April

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th November 2020

Fixed Deposit Promotion 2020 Dbs

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.

Bank Deposit Promotions 2020

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.

Fixed Deposit Promotion In Singapore