In an earlier article, we compared the Singapore Savings Bonds to fixed deposits. Fixed deposit vs Singapore Savings Bonds (SSB) - which is better? Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)ġ4. Yes, no impact on interest, but don’t fall below the minimum balance There are a few multi-currency accounts, but no difference in interest rateĬontrary to popular belief, yes, but you lose the interest SGD by default, but some banks offer higher interest rates for foreign currency Smaller initial deposit and minimum monthly balance ($500 to $3,000) The longer the tenure, the better the interest rate Maybank fixed deposit rates (September 2022)Īs low as 3 months, but go for at least 12 months for better rates If you’re looking to start somewhere, ICBC has a low barrier of entry, a good fixed deposit rate to offer and a low commitment period of only a year. and you’ll have to hit a minimum deposit requirement of $5,000. When you do it the old school way, you’ll get a lower 2.30 per cent p.a. (if you apply for this fixed deposit online via ICBC e-banking) with a commitment period of 12 months. ICBC’s interest rates are also slightly above average when compared across the board. You get a 2.35 per cent p.a. There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake by requiring just a $500 minimum deposit.

However, the lower-commitment options have become a lot more competitive of late. It used to be that you needed at least $20,000 lying around in order to benefit from the higher promotional interest rates. We’ve picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. Best fixed deposit rates in Singapore (September 2022)

You’ll be happy to learn that the fixed deposit rates are looking up again! Fixed deposit interest rates took a hit during Covid-19 but now the rates are back to pre-Covid days! If you’ve been holding out for the interest rates to pick back up, now might be a good time to park your spare money with a bank. Fixed deposits are extremely low risk ways to grow your money. Seriously, though, fixed deposits are great if you have a substantial amount of money lying around and you don’t want to risk investing it. Just leave it out in the open and mould will grow - FREE! - on your bread for you. Think of it like mould on a piece of bread. You don’t need to do anything to earn this interest, just park your money with a bank. Fixed deposit (sometimes called time deposit) accounts are low-risk investments that earn you interest over a fixed commitment period.

Ocbc fixed deposit rate malaysia 2022