Wednesday, June 17, 2015



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