I suppose the latest issue for Singapore Savings Bond (SSB) wasn’t the worst piece of news you’ve read since the year started?
How many of you will be affected by the upcoming changes to your DBS Multiplier account in February?
I know what you’re thinking, you can’t even beat the average inflation rate since the highest average yearly returns stand at 1.75%. And that’s only if you’ve kept your money inside for 10 years…
Yea, I know, it’s better than putting it in a regular savings account with interest of 0.05%, but c’mon, you can do better than that…
So, where else can you grow your money with low risk?
Yea, you thought right! You can consider putting your money into a fixed deposit account as an alternative to SSB!
In fact, banks will usually have promotional rates for their fixed deposits and they can be a pretty good deal!
TL;DR – Banks With The Best Fixed Deposit Promotion Based On Placement Amount In January 2020
Yea, you’re right, why keep your money with SSB for 10 long years, when you might get higher interest rates in a year or less?
Maybe you just have to be a bit more hardworking, and look out for another fixed deposit promotion when your tenor is up.
But hey, it’s your money, I’m sure you want the best investments for yourself.
If you’re planning to jump from promotion to promotion, do take note that most of the banks require fresh funds to qualify for the promotional interest rates.
What on earth are fresh funds?
Well, fresh funds are funds that were not transferred from another account with the same bank.
Basically, they want more money from you!
Of course, you’re not just restricted to ICBC, CIMB, HSBC or Hong Leong Finance, there are other banks offering attractive promotional rates for their fixed deposit accounts (a.k.a. timed deposit accounts) that are better than the current SSB.
These banks also offer foreign currency fixed deposits but for the purpose of this article, we will only be looking at Singapore Dollar (SGD) Fixed Deposits.
Banks with the Best Promotional interest Rates for SGD Fixed Deposits below $20,000:
| Tenor | Bank | Interest Rates (per annum) |
|---|---|---|
| 1 Month | ICBC | 1.05% |
| 3 Months | CIMB | 1.70% |
| ICBC | 1.40% | |
| 6 Months | CIMB | 1.70% |
| ICBC | 1.55% | |
| 9 Months | ICBC | 1.55% |
| 12 Months | CIMB | 1.80% |
| ICBC | 1.60% |
Banks with the Best Promotional interest Rates for SGD Fixed Deposits below $50,000:
| Tenor | Bank | Interest Rates (per annum) |
|---|---|---|
| 1 Month | ICBC | 1.15% |
| 3 Months | CIMB | 1.70% |
| OCBC | 1.55% | |
| 6 Months | CIMB | 1.70% |
| HSBC | 1.75% | |
| 9 Months | ICBC | 1.65% |
| 10 Months | UOB | 1.60% |
| Standard Chartered | 1.55% | |
| 12 Months | CIMB | 1.80% |
| ICBC | 1.70% |
Banks with the Best Promotional interest Rates for SGD Fixed Deposits above $50,000:
| Tenor | Bank | Interest Rates (per annum) |
|---|---|---|
| 1 Month | ICBC | 1.15% |
| 3 Months | CIMB | 1.70% |
| Hong Leong | 1.52% | |
| 4 Months | Hong Leong | 1.58% |
| 5 Months | Hong Leong | 1.60% |
| 6 Months | CIMB | 1.70% |
| HSBC | 1.75% | |
| 9 Months | ICBC | 1.65% |
| 10 Months | UOB | 1.60% |
| Standard Chartered | 1.55% | |
| 12 Months | CIMB | 1.80% |
| Hong Leong | 1.70% | |
| ICBC | ||
| 24 Months | Maybank | 1.75% |
Individual Banks And Their Singapore Dollar Fixed Deposit Promotional Interest Rates In Singapore
CIMB Singapore Dollar Fixed Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $10k and above | |
| 3 Months | 1.70% |
| 6 Months | 1.70% |
| 12 Months | 1.80% |
Terms & Conditions:
- Valid from 1 January 2020 to 31 January 2020
- Promotional rates are only applicable for online placements
- Fresh funds criteria do not apply for online application
Hong Leong Singapore Dollar Fixed Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|||
|---|---|---|---|---|
| $20k – $50k | $50k – $100k | $100k – $200k | $200k and above | |
| 3 Months | 1.40% | 1.45% | 1.50% | 1.50% |
| 6 Months | 1.45% | 1.50% | 1.53% | 1.55% |
| 12 Months | 1.68% | 1.70% | 1.70% | 1.73% |
Terms & Conditions:
- Valid until further notice
Hong Leong Singapore Dollar Fixed Deposit Promotional Interest Rates – Festive
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $50k and above | |
| 3 Months | 1.52% |
| 4 Months | 1.58% |
| 5 Months | 1.60% |
Terms & Conditions:
- Valid until further notice
- The fixed deposit will be automatically renewed with the same tenor and interest rate
HSBC Singapore Dollar Fixed Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
||
|---|---|---|---|
| HSBC Advance Customers | HSBC Premier Customers | HSBC Personal Banking Customers | |
| $30k – $1.2 million | |||
| 6 Months | 1.75% | ||
Terms & Conditions:
- Valid from 01 January 2020 to 29 February 2020
- Deposits of fresh funds required
- HSBC Personal Banking Customers: Maintain Total Relationship Balance of at least $3,000 in deposits, investments and/or insurance
- HSBC Advance Customers: Maintain Total Relationship Balance of at least $30,000 in deposits, investments and/or insurance
- HSBC Premier Customers: Maintain Total Relationship Balance of at least $200,000 in deposits, investments and/or insurance
ICBC Singapore Dollar Fixed Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|
|---|---|---|
| $500 – $20k | $20k and above | |
| 1 Month | 1.05% | 1.15% |
| 3 Months | 1.40% | 1.50% |
| 6 Months | 1.55% | 1.65% |
| 9 Months | ||
| 12 Months | ||
| 12 Months (e-Banking) |
1.60% | 1.70% |
Terms & Conditions:
- Valid until further notice
- Deposits of fresh funds required
Maybank Singapore Dollar Time Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $20k and above | |
| 12 Months | 1.60% |
Terms & Conditions:
- Valid from 1 January 2020 until further notice
- A minimum deposit amount of $2,000 in Maybank Current or Savings accounts required
- Deposits of fresh funds required
Maybank iSAVvy Time Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $50k – $1 million | |
| 12 Months | 1.45% |
| 24 Months | 1.75% |
Terms & Conditions:
- Valid from 1 January 2020 until further notice
- The placement must be deposited from existing Maybank accounts
OCBC Singapore Dollar Time Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $20k – $1 million | |
| 12 Months | 1.55% |
Terms & Conditions:
- Valid until further notice
- Deposits of fresh funds required
- Not available for placements via Supplementary Retirement Scheme (SRS) funds
Standard Chartered Singapore Dollar Time Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|
|---|---|---|
| All Customers | Priority Banking Customers | |
| $25k and above | ||
| 10 Months | 1.55% | 1.65% |
Terms & Conditions:
- Valid from 1 January 2020 to 31 January 2020
- Deposits of fresh funds required
- Priority Banking membership: Maintain at least $200,000 in deposits and/or investments
UOB Singapore Dollar Fixed Deposit Promotional Interest Rates
| Tenor (Lock-in Period) |
Placement Amount (S$) |
|---|---|
| $20k and above | |
| 10 Months | 1.60% |
Terms & Conditions:
- Valid from 2 January 2020 to 31 January 2020
- Deposits of fresh funds required
Would you be redirecting some funds to fixed deposits while waiting for the returns for Singapore Savings Bond to buck up again?
