Best Fixed Deposit
- Best Fixed Deposit Rate In Singapore June 2020
- Best Fixed Deposit 2020
- Best Fixed Deposit Plan
- Best Fixed Deposit Rate
- Best Fixed Deposit Rates
Fixed Deposit (FD) Complete Guide, Top 10 Fixed Deposit Rate in India & Rules and Tips. A Fixed Deposit scheme is an excellent facility that is provided to the depositor to preserve a part of their savings. With the current economic slowdown, ICBC and DBS are leading the pack when it comes to accessible fixed deposits. ICBC offers 0.6% p.a. For 12-month tenures with an initial deposit of just $500 in fresh funds, while DBS offers 0.6% p.a. For 8-month or shorter tenures for new placements of $1,000 and above. Best Fixed Deposits in Malaysia 2021 You worked hard for your money, so make your money work hard for you. Compare FD accounts for the best interest rates or FD promos with great gifts and best return on your savings. Grow your wealth at low risks and guaranteed high profit. What Is A Fixed Deposit Account? A Fixed Deposit account (FD) is a financial instrument offered by banks, which allows you to save your money for a fixed period of time to generate higher interest compared to a conventional savings account. In many western countries, FD is also known as term deposit or time deposit.
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.
Fixed Deposit or Singapore Savings Bonds?
The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.
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: * 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.
Best Fixed Deposit Rate In Singapore June 2020
CIMB Fixed Deposit
Best Fixed Deposit 2020
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
Best Fixed Deposit Plan
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.
Best Fixed Deposit Rate
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.
Best Fixed Deposit Rates
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |