Best 5 Year Fixed Rate Savings – Time deposit accounts (sometimes called term deposits) are low-risk investments that pay you interest for a set commitment period. You don’t have to do anything to earn this interest, just park your money in a bank. Think of it like mold on a piece of bread. Just leave it open and the mold will grow — FOR FREE! — in your bread for you.
Seriously though, fixed deposits are great if you have a large sum of money and don’t want to risk investing it. Fixed deposits are very low-risk ways to grow your money.
Best 5 Year Fixed Rate Savings
You’ll be happy to know that fixed deposit rates are on the rise again! Fixed deposit rates took a hit during Covid-19, but now rates are back to pre-Covid days! If you’ve been waiting for interest rates to rebound, now might be a good time to park your extra cash in a bank.
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State Bank of India Singapore’s interest rate is among the highest among banks here, with the ongoing promotion of 2.57% per annum. for 18 months ($25,000 minimum). If you are looking for a lower minimum deposit of $5,000, you can choose a shorter fixed deposit term. State Bank of India Singapore offers an interest rate of 1.6% for one year. If you can keep it longer than 36 months, you can earn up to 2.3% per year.
Either way, the rates across the board are pretty attractive and worth checking out regardless of the hassle of banking with a foreign bank.
The Bank of China Fixed Deposit Promotion Rate offers a relatively competitive 2.85% per annum. interesting and it gets better. The best part about Bank of China Fixed Deposit Rate is that you only need a minimum deposit of $5,000 to get the 2.85% interest rate. Typically, most banks require a minimum deposit of at least $10,000.
If you want to make the most of a smaller amount of your savings, you can still use Bank of China’s 2.85% p.a. which is better than 0.05% of your POSB Squirrel savings account annually. interesting. Plus, you only have to hold your money for a year to earn 2.85% interest.
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Apart from major banks like DBS, UOB and OCBC, fixed deposit lovers should also look at other banks like Hong Leong Bank as they also offer attractive offers.
Due to the current fixed deposit rate of 2.75% p.a. for a 12-month lock-in period (offer ends 31 December 2022), highest rate-wise overall. It also has a relatively short lock-in period of just over a year.
However, it has a high minimum deposit amount of $50,000. If you’re sure you won’t need extra cash on hand for the next 12 months, Hong Leong Bank is definitely a good place to put your money and let it work for you.
As well as putting your money in banks, it’s worth looking at other financial institutions that also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. However, do not confuse this with Hong Leong Bank. While both have the same name, they offer completely different fixed deposit rates.
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Hong Leong Finance currently offers a fixed deposit rate of 2.75% per annum. with a lock-in period of 15 months. This rate may not be the best overall, but if you want to start your savings with a lower amount of $20,000 and above, Hong Leong Finance is definitely one to consider.
Malaysian bank CIMB offers a fairly standard fixed deposit rate for the month at 2.85% p.a. promotion if you are a regular bank customer (not a CIMB Preferred customer). If you are a CIMB Preferred customer, you can enjoy a higher rate of 2.9%.
This offer applies to deposits of at least $10,000. To enjoy this price, you need to lock in your money for 18 months. This offer is extended to new and existing CIMB Personal Banking and CIMB Preferred customers. To be eligible, you must apply and deposit your money online.
If you want to deposit smaller amounts of your savings into a fixed deposit account, CIMB offers only 0.2% to 0.3% per annum. This time, you’re better off putting your money in DBS at 1.7% (from $1,000) or Bank of China where you can earn 2.85% p.a. (from $5,000).
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DBS’ current maximum fixed deposit rate is 1.7% p.a. for those with $1,000 to $19,999 in 18 months. However, DBS has stopped accepting fixed deposits of 12 months or less. So if you are on the current DBS Fixed Deposit scheme, heng ah!
If you open a new fixed deposit account, the next level you can apply for is 18 months and above. The only consolation is that the lock-in period is relatively short and the $1,000 minimum is a relatively manageable amount. Parking your money in a regular savings account still doesn’t work!
Back then you needed at least $20,000 stashed away to take advantage of the higher advertised rates. However, lower-commitment options have become more competitive in recent times.
There are some fixed deposits with relatively low barriers to entry on this list, but Chinese bank ICBC takes the cake by only requiring a minimum deposit of $500.
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ICBC’s rates are also slightly above average compared to the whole. You will get 2.8% p.a. (if you apply for this fixed deposit online through ICBC e-banking) with a lock-in period of 12 months.
When you do it old school, you get a lower 2.75% p.a. within 12 months and you must meet the minimum deposit requirement of $5,000.
If you want to start somewhere, ICBC has a low barrier to entry, a good fixed deposit rate on offer and a low commitment period of just one year.
You can earn 3.05% annually. with a Maybank Singapore dollar term deposit. Maybank’s fixed deposit rate this month is weak compared to the whole. In addition, you have to leave your money for 15 months.
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If you can commit for more 2 years, you can get a higher interest rate of 3.2% p.a. with the same minimum deposit amount of $20,000 at RHB.
However, if you want to commit for a shorter period of time, Maybank also offers 3% p.a. for 12 months or for 2.9% for 9 months.
Currently local bank UOB offers 3.0% p.a. in their 15-month fixed deposit. Although the lock-in period is relatively short at one year, it still requires a minimum deposit of $20,000.
Please note that if you have a UOB Fixed Deposit that expires this month, UOB will automatically top up your account at the current “promotional” rate. You may want to review and update the operating instructions.
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Malaysian bank RHB offers 3.2% p.a. fixed deposit rate. If you’re an RHB Premier customer, you’ll get a higher 3.4% p.a. instead. This is the highest overall this month. However, with RHB, you have to hold your money for 2 full years and it also has a slightly higher minimum deposit requirement of $20,000.
Standard Chartered’s fixed deposit rates are nothing to scream and shout about. At 2.7% p.a. rate for a one-year lock-in period, Standard Chartered’s ongoing fixed deposit rate promotion is among the lowest. If you have $25,000 to save in a year, you can get a better fixed deposit rate at most other banks.
HSBC offers a pretty decent 2.8% p.a. for a term of 12 months. However, the downside is that it requires a higher initial deposit of $30,000.
If you don’t have $30,000 in new funds, you can get a higher interest rate of 2.85% p.a. for a lower initial deposit of $5,000 in Bank of China.
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OCBC offers a relatively low fixed deposit rate of 2.6% per annum. for a term of 12 months. With other banks increasing their fixed rate deposit offers, OCBC’s current rates pale in comparison. With the same one-year term, you can get a higher interest rate with UOB or Bank of China.
Now that we’ve looked at the interest rates offered by banks, here’s a quick and easy summary of what you need to know about fixed deposits.
An attractive alternative at 0.05% p.a. Savings account interest, fixed deposits are fading from collective memory. Today, every bank in Singapore is competing for your dollar with high-interest savings accounts, which may actually offer better returns.
In an earlier article, we compared Singapore savings bonds with fixed deposits. There are a few key differences between these nearly risk-free investment vehicles.
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First, interest rates. Believe it or not, fixed deposit rates are actually higher than SSBs in 2021. The March 2021 issue of SSBs offers a measly 0.35% p.a. average interest yield after the first 2 years. However, things have completely changed in the last year.
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