SGD Fixed Deposit: June Promo
While visiting the websites of a few local banks, I noticed that most of them are having 12-month Fixed Deposit promotions. Apparently there is a widespread need for banks to raise some cash at this time? I'm not financially savvy enough to analyze this, but I do like to keep a tab on FD rates and know my options for the in-between of savings and investment, so I went around and checked out all offerings within my radar.
After considerations, I'm not taking any of them at the moment, but since I have collected the info, I'll just dump it here. This might be useful if you just need to park some money for a short time without risk (other than the bank defaulting, of course). Outside this sort of promotions, I haven't seen good FD rates for a while. I've included the rates of equivalent products from banks that are not having a promotion, so you can compare.
Most of the promotions require a big lump sum, more than what I'm willing to lock into an FD. Where options are available, I have recorded the one more acceptable in my opinion, and noted the alternatives for you to check out if interested. As with all things, do read the terms and conditions including all the fine prints before committing.
| Bank | Interest p.a. | Minimum Placement | Tenor | Promotion Period | Remarks |
|---|---|---|---|---|---|
| StanChart | 1.50% | S$ 25,000 | 12-month | 1--30 Jun 2015 | |
| HSBC | 1.50% | S$ 30,000 | 11-month | 2--30 Jun 2015 | Higher for Premier customers |
| ANZ | 1.50% | S$ 150,000 | 11-month | 1 May--30 Jun 2015 | |
| UOB | 1.45% | S$ 20,000 | 13-month | 2--30 Jun 2015 | |
| CIMB (Step Up) |
1.40% (average) | S$ 10,000 | 12-month | Not stated | Option: 18-month at 1.66% average |
| OCBC | 1.40% | S$ 20,000 | 12-month | Not stated | |
| Citibank | 1.30% | S$ 50,000 | 9-month | 1 Apr--30 Jun 2015 | |
| CIMB | 1.20% | S$ 1,000 | 12-month | 1 Jun--31 Dec 2015 | Options for higher rate with larger placement |
| Maybank (iLOVE) | 1.10% | S$ 25,000 | 12-month | ?--30 Jun 2015 | Options for higher rate with longer tenor |
| ICICI | 0.75% | S$ 5,000 | 12-month | No promotion | Options for higher rate with longer tenor |
| SBI | 0.70% | S$ 1,000 | 12-month | No promotion | Options for higher rate with longer tenor |
| DBS / POSB | 0.25% | S$ 1,000 | 12-month | No promotion | Options for higher rate with longer tenor |
