Term deposits are a great tool for beginners. These investments are associated with very little risk and have effortlessly brought considerable profits.
All you have to do is choose a bank, deposit your money and weight to collect interest. Interest rates on fixed deposits may not be high, butSomething is better than nothing.And they arefree.
For some they will chooseRobo-advisors like StashAwayor fixed deposit account.
The aim of this article is to help you by providing the latest bank fixed interest rates.
Which bank offers the best fixed interest rate?
You have to consider more than just interest. The number and employment minimum requirements will also affect your choice.
Here's a comparison of the best options:
| Financial institutions | minimum amount | mandate | interest |
|---|---|---|---|
| Hong Leong Finans | 20,000 dollars | 36 months | 0.75% per year |
| DBS bank | 1000 dollars | 8 months | 0.6% per year |
| may bank | 1000 dollars | 36 months | 0.6% per year |
| Standard Chartered Bank | 25,000 dollars | 3 months | 0.5% per year |
| United Overseas Bank | 20,000 dollars | 10 months | 0.45% per annum |
Hong Leong Finance Fixed Deposit Rates (March 2021)
| Hong Leong Finance Fixed Rate Deposit | |
|---|---|
| interest | 0.75% per year |
| minimum deposit | 20,000 dollars |
| mandate | 36 months |
Their current package is one of the most attractive in terms of terms.
As you can see, Hong Leon Finance has the most attractive fixed deposit rate: 0.75%. Hong Leon Finance is not a bank, but it is a reliable financial institution. In addition, Hong Leong's packageslet's goPartner with central banks in Singapore such as DBS and UOB. Due to frequent promotions, many people work on the island in the agency.
However, this means that you have to deposit money on themin three years.
However, the other two deposit options are also good:
If you choose a two-year deposit, you earn 0.65% per year. or 0.52% per annum if you choose a 13-month account.
Consider the following disadvantages before joining Hong Leong:
First, some experts believe that non-banks are riskier than banks.
Second, you need to deposit at least $20,000 with them.If you're like most Singaporeans, these amounts may not be available. But even if you do, it's not a good idea to tie up that much money in deposits.
For example, if something happens and you need cash quickly before the deadline, you need a loan. If you've spent hours looking for a personal loan, let our system help you find the best financial institutions! You canclick hereUse our free tools.
But there is another drawback:Singapore inflation forecast for 2021 at 2.2%.This is even worse news for people who put most of their money in fixed deposits becauseInflation affects purchasing power.So while you technically withdraw about $20,450 by the end of your term, that money may not be worth the same amount.
In addition, if you already have $20,000 in spare funds, Hone Leong Finance offers the fastest way to get rich.
DBS fixed deposit rates (March 2021)
| DBS fiksne stope na deposite | |
|---|---|
| interest | 0.6% per year |
| Amount of payment | $1,000 to $19,999 |
| mandate | eight months |
If you visit the DBS website, your heart will race and you will think we lied to you. DBS fixed rates for deposits you can getDo 1,3%!
But only if you already have a deposit account with those that are closing.
So DBS gave the best deal to its already loyal customers to prevent them from withdrawing their money. No wonder.
new customerSome benefits are also expected.
For example, 0.6% per annum is still quite reasonable and close to the rate offered by Hong Leong Finance. In this case, the obvious advantage is that you don't have to spend at least $20,000.
In fact, DBS targets customers who cannot meet the Hon Leong limit as their deposit limits range from US$1000 to US$19,999.
That's good news, because $1,000 is about as much as most people can come up with.
Now let's look at the 8 month employment period. You might think that eight months is not enough time to accumulate more money. But who's to say that DBS won't make a better offer by the end of the year? You can renew your term deposit at any time during this time.
Also, remember what we mentioned above about how inflation can affect your term deposit? With the impending high inflation in Singapore, short-term deposits are a sensible idea.
Here's another reason to choose DBS: it's for Singaporeans, permanent residents and foreigners aged 12 and over.
Maybank fixed deposit rates (March 2021)
| Maybank fixed interest rates on deposits | |
|---|---|
| interest | 0.6% per year |
| Minimum deposit amount | 1000 dollars |
| mandate | 36 months |
Maybank offers competitive fixed deposit interest rates of 0.6% per annum. Also, the minimum amount you can deposit is a manageable $1,000, just like DBS. But unlike DBS, you don't have to worry about restrictions.
to warn:This rate only applies to36 month account.
So if you like the benefits of DBS but want the bank to offer a longer commitment, choose a fixed deposit with Maybank. If you had deposited $1,000 in Maybank, you would have withdrawn almost $1,020 by the end of 36 months.
But if you're worried about things like inflation, Maybank has a shorter deposit:
- 0.5% for 2 years
- 0.4% for a period of 18 months
Also, this fixed deposit is open to Singaporeans, permanent residents and foreigners who are at least 16 years old. Even better news is that there are no fees to expect.
Interest on standard term deposit (March 2021)
| Standard Chartered Bank fixed deposit rates | |
|---|---|
| interest | 0.5% per year |
| Minimum deposit amount | 25,000 dollars |
| mandate | three months |
Standard Chartered addresses them withA lot of moneyAnd hopefully beat inflation. Therefore, their minimum deposit is $25,000 for a period of three months.
Their 0.5% per year is average, but they should not be ignored. You won't win a ton of money over a three-month period, but your interest will accumulate.
Therefore, we recommend this option forI just want to save money in the short term.This may be the case for you if:
- You are worried about inflation.
- You want to withdraw and spend your money as quickly as possible.
- Always look for attractive investment opportunities instead of saving your money somewhere for the long term.
Or choose a 1-60 month term with a minimum deposit of $5,000 and 0.1% interest.
UOB fixed deposit rates (March 2021)
| UOB fixed interest rates on deposits | |
|---|---|
| interest | 0.45% per annum |
| Minimum deposit amount | 20,000 dollars |
| mandate | ten months |
UOB competes with Standard Chartered for the short- to medium-term interest deposit scheme. So you need less money at Standard Chartered: $20,000. Instead, the term is longer, ten months, and the interest rate is just as attractive (or not, depending on how you look at it) at 0.45% per annum.
But if you have $20,000+ deposited, Hong Leong Financial's offer is the best of the three as it offers 0.52% APR. 13 months.
UOB term deposit is more reliable than Hong Leong, although the one year term is still very safe.
in summary
A fixed deposit account isreliably activeIf you want to passA very low risk investment.Other investment opportunities includeexchange-traded funds,options, cryptocurrencies,and more.
Choose carefully from the above options, taking into account all your needs, preferences and market conditions.
Remember to have enough liquidity with your investments in case of financial emergencies orConsolidate and clear your debts.Some financial institutions impose penalties if you withdraw money before the deadline.
Also, consider current inflation and the possible abundance of tempting offers before deciding on your tenure. Also consider opening a savings account, not least because their interest rate is comparable to interest on fixed deposits.
While managing your finances is important, remember to have enoughRest and relax as much as possible!And mental health is important!
Ticket: DBS fiksne stope na deposite Time deposit campaign The best fixed interest rates Best Fixed Deposit Rates in Singapore 2021 POSB Termindbetaling Standard contracted term deposit Singapore Term Deposit Account Best Savings Accounts in Singapore A bank with a fixed deposit account Bank fixed deposit rate UOB Termindbetaling Maybank term deposit OCBC term deposit time deposit Time Deposit in Singapore DBS term deposit
FAQs
Top 5 Fixed Deposit Rates in Singapore – DBS, Standard Chartered and more? ›
Standard Chartered Bank offers FD interest rates of 2.75-7.35% p.a. to the general public and 2.75-7.85% p.a. to senior citizens on tenures ranging from 7 days to 5 years. The bank also offers various fixed deposit products for NRIs, such as NRE, NRO, and FCNR fixed deposits.
What is the highest fixed deposit rate DBS? ›...
DBS Bank offers the below fixed deposit interest rates*:
| Tenor | Regular | Senior Citizen |
|---|---|---|
| 46 days & up to 60 days | 2.75% | 2.75% |
| 61 days | 3.25% | 3.25% |
| 62 days & up to 90 days | 3.00% | 3.00% |
| 91 to 180 days | 3.00% | 3.00% |
| Bank | Best interest rate (p.a.) | Tenure |
|---|---|---|
| Maybank | 3.90% | 12 months |
| OCBC | 3.50% | 6 months |
| RHB | 3.55% Premier Banking or Online Placement 3.50% Personal Banking | 6/12 months |
| Sing Investments & Finance LTD (SIF) | 3.55% | 6/12 months |
Standard Chartered Bank offers FD interest rates of 2.75-7.35% p.a. to the general public and 2.75-7.85% p.a. to senior citizens on tenures ranging from 7 days to 5 years. The bank also offers various fixed deposit products for NRIs, such as NRE, NRO, and FCNR fixed deposits.
What is the fixed deposit rate at DBS? ›Higher Returns with a 7.50%* p.a. interest From Asia's Safest Bank!
What is the DBS fixed deposit rate promotion 2023 Singapore? ›DBS Bank Fixed Deposit Rates 2023
The interest rate offered ranges from 2.50% p.a. to 7.50% p.a.
| Bank | Interest rate per annum | Tenure |
|---|---|---|
| 3.30% | 10 months | |
| UOB | 3.20% | 6/10 months |
| OCBC | 3.20% | 6 months |
| DBS/POSB | 3.20% | 12 months |
| Savings account | Interest rates | Best for |
|---|---|---|
| Maybank Save Up | 0.15% to 3.00% | Home, education, car loan users |
| Standard Chartered Bonus Saver | 0.05% to 7.88% | High spenders |
| Bank of China Smart Saver | 0.10% to 5.90% | High earners & spenders |
DCB Bank FD rates are in the range of 3.75-8.00% p.a. to the general public and 4.25-8.50% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on DCB Bank Tax Saving FDs is 7.75% p.a. for the general public and 8.25% p.a. for senior citizen depositors for tenures of 5 years.
What is the fixed deposit rate for Standard Chartered Bank 2023? ›4.18% p.a. for 6-month Fixed Deposit / Term Deposit-i Campaign 2023 (1 January 2023 – 28 February 2023) Terms and Conditions – Standard Chartered Malaysia.
Which company gives highest interest rate for fixed deposit? ›
| Company Name | Credit Rating | Interest Rates (% p.a.) |
|---|---|---|
| ICICI Home Finance | CRISIL-AAA/Stable ICRA-AAA/Stable CARE-AAA/Stable | 7.45 |
| HDFC Ltd.** (Regular Deposit up to Rs 2 cr) | CRISIL-AAA ICRA-AAA | 7.40 |
| Bajaj Finance Limited | CRISIL-AAA/Stable ICRA-AAA/Stable | 8.05 |
| LIC Housing Finance Ltd. | CRISIL-AAA/Stable | 7.75 |
Which Bank has the Highest Interest Rate for Fixed Deposits? In 2023, the Small Finance Banks are the highest interest rate banks for fixed deposits. Some of them are - Unity Small Finance Bank at 7.65-9.00%, Equitas Small Finance Bank at 7.00-8.20%, and Utkarsh Small Finance Bank at 7.50-8.25%.
Which bank gives 8% interest? ›| Bank | Interest rates | Tenor |
|---|---|---|
| DCB Bank | 8.50% | 15 months to 24 months |
| IDFC First Bank | 8.25% | 18 months - 1 day - 3years |
| IndusInd Bank | 8.25% | 1 Year 6 months to 2 years 9 months, |
| Axis Bank | 8.01% | 2 years to less than 30 months |
DBS Fixed Deposit Account gives you the opportunity to maximise your savings in Singapore dollars and foreign currencies with fixed interest within the same account, while keeping your funds secured. You must be at least 18 years old to open an account and can hold only 1 personal DBS Fixed Deposit Account.
Is DBS a good long term investment? ›Looking at total returns over the past 10 and five years, DBS has also come out on top. It delivered a total return of 278% and 132%, respectively, over those timeframes.
Will interest rates go up in 2023 Singapore? ›In line with the continuing rise in global interest rates, the three-month compounded Singapore Overnight Rate Average (SORA) increased to 3.6% in March 2023 from 2.5% in October 2022.
What is the interest rate for DBS savings in Singapore? ›Now up to 3.5% 4.1% p.a.
What will interest rates be in 2023 2024? ›| Loan Type | 10-Year Treasury Note High Yield | Fixed Interest Rate |
|---|---|---|
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | 3.448% | 5.50% |
| Direct Unsubsidized Loans for Graduate and Professional Students | 3.448% | 7.05% |
These organizations predict that mortgage rates will decline through the first quarter of 2024. Fannie Mae, Mortgage Bankers Association and National Association of Realtors expect mortgage rates to drop through the first quarter of 2024, by half a percentage point to about nine-tenths of a percentage point.
Where can I get 5% interest on my money? ›- Varo Savings Account.
- Western Alliance Bank Savings Account.
- Newtek Bank Personal High Yield Savings.
- UFB Premier Savings (previously known as UFB Preferred Savings)
- Laurel Road High Yield Savings®
- Panacea High-Yield Savings Account.
- Bask Interest Savings Account.
- Mango.
What is the interest rate on US dollar in Singapore? ›
| Amt(USD) | 1 day | 12 mths |
|---|---|---|
| < 50'000 | 0.0000 | 3.9700 |
| < 100'000 | 0.0000 | 3.9700 |
| < 250'000 | 0.0000 | 4.2700 |
| <= 500'000 | 0.0000 | 4.2700 |
Fixed Deposits Are Safe
Fixed deposits are also protected under the Singapore's Deposit Insurance Scheme that insures up to $75,000 per depositor for deposits with all full-service banks and financial institutions.
The private sector lender ICICI Bank has revised its interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to less than ₹5 Cr. On a deposit tenor of 1 year to 15 months, ICICI Bank is now promising a maximum interest rate of 7.25%.
Which bank is best for fixed deposit 2023? ›- ICBC (3.65% p.a.—$500 for 3 months)
- Bank of China (3.55% p.a.—$5,000 for 3 months)
- CIMB (3.45% p.a.—$10,000 for 9 months)
- UOB (3.45% p.a.—$10,000 for 10 months)
- OCBC (3.30% p.a.—$5,000 for 6 months)
North East Small Finance Bank fixed deposit rates
This small finance bank is on top of our list as it offers an interest rate of up to 7.50% to senior citizens. On deposits maturing in 366 days to 729 days and 730 days to less than 1095 the bank offers an interest rate of 7.25% to senior citizens.
Fed meeting housing rates
But mortgage rates have been volatile and are down from their 2023 peak of 6.73% in early March. As of last week, the average rate was 6.43%. The Fed can impact mortgage rates but doesn't directly set them, so even with a rate increase, home loan costs may not rise.
Enjoy 5.40% interest rate on your savings.
What will US bank interest rates be in 2023? ›...
U.S. Bank Savings Rates for Consumers.
| Daily balance | APY |
|---|---|
| $25,000 - $49,999.99 | 0.25% (Bonus APY 4.00%) |
| $50,000 - $99,999.99 | 0.25% (Bonus APY 4.00%) |
| $100,000 - $499,999.99 | 0.25% (Bonus APY 4.00%) |
| $500,000 and above | 0.75% |
Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank are now offering fixed deposit interest rates of 9 percent and higher. Banks have increased their fixed deposit rates after the central bank has hiked repo rates since May 2022. The FDs have emerged one of the safest investment options.
How can I get maximum interest on fixed deposit? ›- Focus on the yields. ...
- Bank fixed deposits Vs. ...
- Try out cumulative fixed deposit schemes. ...
- Go for short-term FDs to tackle inflation. ...
- Invest in multiple FD schemes. ...
- FAQs on Tips to Get Maximum Returns on Your Fixed Deposit.
Which type of fixed deposit is best? ›
Corporate Fixed Deposit schemes offer higher returns on your investment, but choosing the right company is imperative. If you choose a good Company FD scheme, you will generally earn more on your investment than bank FDs as these schemes offer the highest interest rate on FD.
How can I grow money in Singapore? ›- Have a good savings habit. ...
- Purchase a stock or three. ...
- Diversify by investing in unit trusts. ...
- Receive coupons from bond investments. ...
- Stand on the shoulders of professional wealth managers. ...
- Capitalise on low interest rates. ...
- High-yield savings accounts for your emergency funds. ...
- Set up a regular savings plan.
The current Money Lobang's National Average Fixed Deposit Rates for May 2023 is 2.93% p.a. Refer to Singapore Fixed Deposits Promotional Rates for the current most up-to-date fixed deposit rates for each individual bank or finance company.
Which bank gives 9.5 interest? ›Unity Small Finance Bank has revised the interest rates on fixed deposits with effect from May 2, 2023. Now, it offers senior citizens a maximum interest rate of 9.50% per year on fixed deposits held for 1001 days, while regular citizens earn 9.00% per year for the same time frame, according to the bank website.
What is the highest FD rate for senior citizens 2023? ›Senior Citizen FD in India 2023. Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered to individuals who are over the age of 60. The rate of interest on senior citizen FDs in India ranges from 3.00% to 8.10% for tenures ranging from less than one year to more than five years.
What is the interest rate for HDFC senior citizen FD? ›Earn 6.5%* Interest on FD
Rates are subject to change as per the bank's discretion. HDFC Bank offers FD interest rates of 3.00-7.10% p.a. to the general public and 3.50-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on HDFC Bank Tax Saving FDs is 7.00% p.a.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.
Amongst all bank categories, small finance banks are offering the highest FD interest rates. Within the scheduled small finance bank category, Suryoday Small Finance Bank is offering the highest FD interest rate of 9.10% p.a.; followed by Unity Small Finance Bank offering FD rates of 9.00% p.a.
What is the best fixed deposit rate in Singapore April 2023? ›BOC Apr 23 Fixed Deposit Promo Rate
As of 10 Apr 2023, you can earn up to 3.7% p.a. if you lock up $5,000 or more with them for at least 3 months.
While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.
Which Bank has the highest interest rate for fixed deposit 2023? ›
ICICI Bank FD rates
The highest interest rate of 7.10% is offered on tenure of 15 months to less than 18 months. The rates are effective from February 24, 2023.
Which Bank has the Highest Interest Rate for Fixed Deposits? In 2023, the Small Finance Banks are the highest interest rate banks for fixed deposits. Some of them are - Unity Small Finance Bank at 7.65-9.00%, Equitas Small Finance Bank at 7.00-8.20%, and Utkarsh Small Finance Bank at 7.50-8.25%.
Can foreigners open fixed deposit in Singapore? ›To avail of their fixed deposit accounts in Singapore, you have to be at least 15 years old and a citizen or permanent resident in Singapore. Foreigners can also open an account as long as they can show proof of a work permit or employment pass.
Can I deposit USD DBS? ›Weekly tenors are available for minimum deposits of 50,000 in foreign currencies for EUR/GBP/USD, 100,000 in foreign currencies for AUD/CAD/NZD, CHF300,0000, HKD500,000 and JPY10m.