High Interest Savings Account Best – Fixed deposit accounts (sometimes called term deposits) are low-risk investments that earn you interest over a fixed commitment period. You don’t have to do anything to get this interest, just deposit your money in the bank. Think of it as mold on a piece of bread. Just leave it out in the open and mold will grow – for FREE! — for bread for you.
Seriously, fixed deposits are great if you have a significant amount of cash lying around and don’t want to risk investing in it. Fixed deposits are very low-risk ways to grow your money.
High Interest Savings Account Best
You’ll be happy to know that fixed deposit rates are on the rise again! Fixed deposit rates were a hit during the COVID-19 pandemic, but now rates are back to pre-Covid days! If you’ve been waiting for interest rates to rise again, now might be a good time to put some extra money in the bank.
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State Bank of India’s rates in Singapore are among the highest among banks here with a continuing promotion of 2.57% p.a. for 18 months (minimum $25,000). If you are looking for a lower minimum deposit of $5,000, you can opt for a shorter fixed deposit period. State Bank of India Singapore offers 1.6% interest for one year. If you can afford to hold it for a longer period of 36 months, you can earn up to 2.3% p.a..
Either way, the overall interest rates are quite attractive and worth checking out regardless of the inconvenience of banking at a foreign bank.
The Bank of China fixed promotional rate offers a relatively competitive 2.85% p.a. interest and it will be better. The best thing about Bank of China’s fixed deposit rate is that you only need a minimum deposit of $5,000 to get the 2.85% interest rate. Most banks usually 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 take advantage of the 2.85% p.a. which is much better than 0.05% p.a. interest. Plus, you only need to keep your money for one year to earn 2.85% interest.
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Apart from the big banks like DBS, UOB and OCBC, fixed deposit enthusiasts should check out other banks like Hong Leong Bank as they also offer attractive promotions.
Based on the current fixed deposit rate of 2.75% p.a. for a 12-month fixed period (promotion ends 31 December 2022), is the highest compared to overall rates. It also has a relatively short shelf life of just over a year.
However, it has a high minimum deposit of $50,000. If you are sure that you will not need your extra money in the next 12 months, Hong Leong Bank is definitely a good place to put your money. and let it work for you.
In addition to depositing money in banks, it is worth looking at other financial institutions that also offer competitive fixed deposit rates. One such institution is Hong Leong Finance. But don’t confuse it with Hong Leong Bank. Although the two have the same name, they offer completely different fixed deposit rates.
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Hong Leong Finance now offers a fixed deposit rate of 2.75% p.a. with a 15-month lock-in period. These rates may not be the best in general, but if you want to start saving with a lower amount of $20,000 and above, Hong Leong Finance is definitely one to consider.
Malaysia’s CIMB Bank offers a fairly standard monthly fixed interest rate of 2.85% p.a. promotion if you are only a regular customer of the bank (not a preferred customer of CIMB). If you are a CIMB Preferred customer, you will have an even higher rate of 2.9%.
This promotion is valid for deposits of at least $10,000. To take advantage of this rate, you must lock in your money for 18 months. This promotion applies to both new and existing CIMB Personal Banking and CIMB Preferred customers. To qualify, you must apply and deposit money online.
If you want to put smaller amounts of your savings in a fixed deposit account, CIMB offers only 0.2% to 0.3% p.a.. In this case, it would be better to put your money in DBS at 1.7% (from USD 1000 ) or to Bank of China where you can get 2.85% p.a. (from $5,000).
Money Market Vs. Savings Account
The highest DBS fixed deposit rate is currently 1.7% p.a. for those with $1,000 to $19,999 for 18 months. However, DBS stopped accepting fixed deposits of 12 months and less. So, if you are already on the current DBS Fixed Deposit Plan, wait!
If you are opening 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 quite a manageable amount. It’s still better to have cash stored in a regular savings account!
It used to be that you had to have at least $20,000 to take advantage of the higher introductory rates. However, lower commitment options have become much more competitive recently.
There are a few fixed deposits that have fairly low barriers to entry on this list, but China’s ICBC takes the cake by only requiring a minimum deposit of $500.
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ICBC’s interest rates are also generally slightly above average. You get 2.8% p.a. (if you apply for this fixed deposit online through ICBC e-banking) with a 12-month commitment.
Doing it the old school way will get you a lower 2.75% p.a. for 12 months and you must reach a minimum deposit requirement of $5,000.
If you want to start somewhere, ICBC has a low barrier to entry, offers good fixed deposit rates and a low commitment period of just one year.
You can get 3.05% p.a. with a Maybank term deposit in Singapore dollars. Maybank’s fixed deposit rate generally pales in comparison this month. In addition, you have to keep the money for 15 months.
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If you can commit to a longer 2-year commitment, you can get a higher interest rate of 3.2% p.a. with the same minimum deposit amount of $20,000 in RHB.
However, if you want to commit for a shorter period of time, Maybank also offers 3% p.a. for 12 months or at 2.9% for 9 months.
Currently, the local bank UOB offers 3.0% p.a. on their 15-month fixed deposits. Although the lock-in period is relatively short per year, it still requires a minimum deposit of $20,000.
Please note that if you have a UOB Fixed Deposit that is due this month, UOB will automatically renew your account at the current “promotional” rate. You may want to review and update your standing instructions.
The Problem With High Interest Savings Accounts
Malaysia’s RHB Bank offers 3.2% p.a. fixed deposit rates. If you are a RHB Premier customer, you will get a higher 3.4% p.a. interest instead. That’s the most this month overall. However, with RHB you have to hold your funds for the full 2 years and it also has a slightly higher minimum deposit requirement of $20,000.
Standard Chartered’s fixed deposit rates are nothing to shout about. At 2.7% p.a. interest rate for a lock-in period of one year, the continuing increase in Standard Chartered fixed deposits is among the lowest. If you have $25,000 saved up for the year, you’ll get better fixed deposit rates at most other banks.
HSBC offers a very reasonable 2.8% p.a. for 12 months. However, the downside is that it requires a higher initial deposit of $30,000.
If you don’t have that $30,000 of new money to stash away, you can get a higher interest rate of 2.85% p.a. for a lower initial deposit of $5,000 at Bank of China.
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OCBC offers a relatively low fixed interest rate of 2.6% p.a. for 12 months. As other banks increase their fixed deposit offerings, OCBC’s current rates pale in comparison. For the same period in a year, you can get a higher interest rate at UOB or Bank of China.
Now that we’ve looked at what interest rates banks offer, here’s a quick and easy summary of what you need to know about term deposits.
Once an attractive option for 0.05% p.a. interest on savings accounts, fixed deposits disappear from collective memory. Today, all banks in Singapore are competing for your dollar with high interest savings accounts that can actually provide better returns.
In a previous article, we compared savings bonds in Singapore with fixed deposits. There are several key differences between these virtually risk-free investment vehicles.
Interest Rates Are Going Up. Where Can I Find A Better Rate On A Savings Account?
First, interest. Believe it or not, fixed deposit rates were actually higher than SSB in 2021. March 2021 issue of SSB offered a measly 0.35% p.a. average interest yield after the first 2 years. However, things have changed completely in the last year.
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