Interest rates are rising in Singapore.
Not only are housing loan rates increasing, but fixed deposit rates are also
increasing as well. In the past year, getting anything more than 1% is a
bonus, today you can definitely do better than that.
Here are the 10 best FD Rates that you can get in Singapore now.
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2.3% |
24 Months |
$5,000 |
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2.25%/ 2.3%* *Preferred Bk |
18 Months |
$10,000 |
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1.3% |
18 months |
$1,000 |
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2.08% |
24 months |
$50,000 |
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2.43% |
30 months |
$50,000 |
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2% |
12 months |
$30,000 |
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1.75% |
12 months |
$500 |
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2.05% |
24 months |
$20,000 |
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2.2% |
25 months |
$20,000 |
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2.3%/2.4%* *Parkway Only |
24 months |
$20,000 |
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2.2% / 2.3%* *Priority B |
12 months |
$25,000 |
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2% |
15 months |
$20,000 |
Which bank has the best rates?
For the month of August, Hong Leong provides the highest rates at 2.43%.
However, it is for a period of 30 months and you need a minimum of $50,000.
POSB / DBS has the lowest FD rates for this month
For over a year, SCB will have the highest at 2.2% for normal clients and 2.3%
for priority clients.
Most banks now offer FD at 2% or more.
Alternative to Fixed Deposit
If you are looking for a conservative alternative, the Singapore Saver’s Bond is safe and flexible alternative. Although it has a tenure of 10 years, you can choose to withdraw at any time. This is more flexible than a fixed deposit. Do note that there is a $2 transaction fee for application and withdrawal.
The first-year interest is at 2.63% and it is higher than all the fixed deposits rates the banks are offering.
Disclaimer
Do note that some of the banks will only provide these rates for FRESH
FUNDS only. Some banks are also offering these rates for ONLINE
transactions only. Lastly, some banks are offering higher rates for their
preferred clients only.
Do refer to the individual banks for update. This post is NOT an offer
for you to invest. Please do your own due diligence before investing.
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