Planning to Stash Your Bonus Somewhere? Here Are the Best Fixed Deposit Promotions for Higher Returns!
 
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Planning to Stash Your Bonus Somewhere? Here Are the Best Fixed Deposit Promotions for Higher Returns!

Jacqueline Yan
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I suppose the latest issue for Singapore Savings Bond (SSB) wasn’t the worst piece of news you’ve read since the year started?

How many of you will be affected by the upcoming changes to your DBS Multiplier account in February?

SSB Interest rate for February 2020

I know what you’re thinking, you can’t even beat the average inflation rate since the highest average yearly returns stand at 1.75%. And that’s only if you’ve kept your money inside for 10 years…

Yea, I know, it’s better than putting it in a regular savings account with interest of 0.05%, but c’mon, you can do better than that…

So, where else can you grow your money with low risk?

Yea, you thought right! You can consider putting your money into a fixed deposit account as an alternative to SSB!

In fact, banks will usually have promotional rates for their fixed deposits and they can be a pretty good deal!

TL;DR – Banks With The Best Fixed Deposit Promotion Based On Placement Amount In January 2020

best fixed deposit promotions january 2020

Yea, you’re right, why keep your money with SSB for 10 long years, when you might get higher interest rates in a year or less?

Maybe you just have to be a bit more hardworking, and look out for another fixed deposit promotion when your tenor is up.

But hey, it’s your money, I’m sure you want the best investments for yourself.

If you’re planning to jump from promotion to promotion, do take note that most of the banks require fresh funds to qualify for the promotional interest rates.

What on earth are fresh funds?

Well, fresh funds are funds that were not transferred from another account with the same bank.

Basically, they want more money from you!

Of course, you’re not just restricted to ICBC, CIMB, HSBC or Hong Leong Finance, there are other banks offering attractive promotional rates for their fixed deposit accounts (a.k.a. timed deposit accounts) that are better than the current SSB.

These banks also offer foreign currency fixed deposits but for the purpose of this article, we will only be looking at Singapore Dollar (SGD) Fixed Deposits.

Banks with the Best Promotional interest Rates for SGD Fixed Deposits below $20,000:

TenorBankInterest Rates
(per annum)
1 MonthICBC1.05%
3 MonthsCIMB1.70%
ICBC1.40%
6 MonthsCIMB1.70%
ICBC1.55%
9 MonthsICBC1.55%
12 MonthsCIMB1.80%
ICBC1.60%

Banks with the Best Promotional interest Rates for SGD Fixed Deposits below $50,000:

TenorBankInterest Rates
(per annum)
1 MonthICBC1.15%
3 MonthsCIMB1.70%
OCBC1.55%
6 MonthsCIMB1.70%
HSBC1.75%
9 MonthsICBC1.65%
10 MonthsUOB1.60%
Standard Chartered1.55%
12 MonthsCIMB1.80%
ICBC1.70%

Banks with the Best Promotional interest Rates for SGD Fixed Deposits above $50,000:

TenorBankInterest Rates
(per annum)
1 MonthICBC1.15%
3 MonthsCIMB1.70%
Hong Leong1.52%
4 MonthsHong Leong1.58%
5 MonthsHong Leong1.60%
6 MonthsCIMB1.70%
HSBC1.75%
9 MonthsICBC1.65%
10 MonthsUOB1.60%
Standard Chartered1.55%
12 MonthsCIMB1.80%
Hong Leong1.70%
ICBC
24 MonthsMaybank1.75%

Individual Banks And Their Singapore Dollar Fixed Deposit Promotional Interest Rates In Singapore

cimb bank logo

CIMB Singapore Dollar Fixed Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$10k and above
3 Months1.70%
6 Months1.70%
12 Months1.80%

Terms & Conditions:

  • Valid from 1 January 2020 to 31 January 2020
  • Promotional rates are only applicable for online placements 
  • Fresh funds criteria do not apply for online application

Citibank logo

 

Citibank Singapore Dollar Investment Time Deposit Bundle Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
Time Deposit Rate
MinimumMaximum
3 Months$50kLower of:
- Investment placement amount
or
- $1 million
2.80%

Terms & Conditions:

  • Minimum investment purchase of $50,000 made between 2 January 2020 to 31 January 2020 required to enjoy bundle promotional interest rates
  • “Investment” refers to a Citi distributed investment product with a minimum net sales charge of 1 %. The underlying investments in any Swiss Life life insurance plan will not be considered an Investment Product.
  • Deposits of fresh funds required for the time deposit, to be effected by 29 February 2020

Citibank Singapore Dollar Insurance Time Deposit Bundle Promotional Interest Rates

Annualised Premium Minimum Placement Amount
(S$)
Maximum Placement Amount
(S$)
Time Deposit Interest Rates
Regular Premium (Savings)
S$8,000 to < S$12,000$10,000Lower of:
- 2 times of the Annualised Premium amount
or
- $250,000
6.88%
S$12,000 to < S$18,000 12.88%
S$18,000 to < S$36,000 14.88%
S$36,000 to < S$50,000 16.88%
S$50,000 & Above18.88%
Regular Premium (Protection)
S$4,000 to < S$6,000 $5,000Lower of:
- 2 times of the Annualised Premium amount
or
- $250,000
6.88%
S$6,000 to < S$12,000$10,00012.88%
S$12,000 to < S$36,000 14.88%
S$36,000 & Above18.88%
Single Premium (Savings & Protection)
S$150,000 to < S$250,000 $10,000Lower of:
- 10% of single premium amount
or
- $250,000
6.88%
S$250,000 to < S$500,0008.88%
S$500,000 to < S$1,000,00010.88%
S$1,000,000 & Above 12.88%

Terms & Conditions:

  • Purchase of eligible plans underwritten by AIA from 1 January 2020 to 31 March 2020 required to enjoy bundle promotional interest rates
  • “Eligible Plans” refer to the following:
    Regular Premium (Savings)Regular Premium (Protection)Single Premium (Savings & Protection)
    AIA Retirement Saver (III)AIA Platinum Heritage (II)AIA Platinum Legacy (IX)
    AIA Smart Growth (II)AIA Guaranteed Protect Plus (II)AIA Platinum Heritage Premier
    AIA Smart Lifetime RewardsAIA Premier Disability CoverAIA Platinum Heritage Wealth
    AIA Platinum GenerationsAIA Prime Critical CoverAIA Platinum Gift for Life
    AIA Smart Wealth BuilderAIA Prime SecureAIA Retirement Saver (III) (SP)
    AIA Smart Flexi RewardsAIA Mortgage Reducing Term
    Assurance (MRTA)
    AIA Smart Wealth Builder (SP)
    AIA Smart Pro SaverAIA Beyond Critical Care
  • Deposits of fresh funds required for the time deposit, to be effected by 30 April 2020

Hong Leong Finance logo

Hong Leong Singapore Dollar Fixed Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$20k - $50k$50k - $100k$100k - $200k$200k and above
3 Months1.40%1.45%1.50%1.50%
6 Months1.45%1.50%1.53%1.55%
12 Months1.68%1.70%1.70%1.73%

Terms & Conditions:

  • Valid until further notice

Hong Leong Singapore Dollar Fixed Deposit Promotional Interest Rates – Festive

Tenor
(Lock-in Period)
Placement Amount
(S$)
$50k and above
3 Months1.52%
4 Months1.58%
5 Months1.60%

Terms & Conditions:

  • Valid until further notice
  • The fixed deposit will be automatically renewed with the same tenor and interest rate

HSBC logo

HSBC Singapore Dollar Fixed Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
HSBC Advance CustomersHSBC Premier CustomersHSBC Personal Banking Customers
$30k - $1.2 million
6 Months1.75%

Terms & Conditions:

  • Valid from 01 January 2020 to 29 February 2020
  • Deposits of fresh funds required
  • HSBC Personal Banking Customers: Maintain Total Relationship Balance of at least $3,000 in deposits, investments and/or insurance
  • HSBC Advance Customers: Maintain Total Relationship Balance of at least $30,000 in deposits, investments and/or insurance
  • HSBC Premier Customers: Maintain Total Relationship Balance of at least $200,000 in deposits, investments and/or insurance

ICBC logo

ICBC Singapore Dollar Fixed Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$500 - $20k$20k and above
1 Month1.05%1.15%
3 Months1.40%1.50%
6 Months1.55%1.65%
9 Months
12 Months
12 Months
(e-Banking)
1.60%1.70%

Terms & Conditions:

  • Valid until further notice
  • Deposits of fresh funds required

Maybank logo

Maybank Singapore Dollar Time Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$20k and above
12 Months1.60%

Terms & Conditions:

  • Valid from 1 January 2020 until further notice
  • A minimum deposit amount of $2,000 in Maybank Current or Savings accounts required
  • Deposits of fresh funds required

Maybank iSAVvy Time Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$50k - $1 million
12 Months1.45%
24 Months1.75%

Terms & Conditions:

  • Valid from 1 January 2020 until further notice
  • The placement must be deposited from existing Maybank accounts

OCBC Bank logo

OCBC Singapore Dollar Time Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$20k - $1 million
12 Months1.55%

Terms & Conditions:

  • Valid until further notice
  • Deposits of fresh funds required
  • Not available for placements via Supplementary Retirement Scheme (SRS) funds

Standard Chartered logo

Standard Chartered Singapore Dollar Time Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
All CustomersPriority Banking Customers
$25k and above
10 Months1.55%1.65%

Terms & Conditions:

  • Valid from 1 January 2020 to 31 January 2020
  • Deposits of fresh funds required
  • Priority Banking membership: Maintain at least $200,000 in deposits and/or investments

UOB logo

UOB Singapore Dollar Fixed Deposit Promotional Interest Rates

Tenor
(Lock-in Period)
Placement Amount
(S$)
$20k and above
10 Months1.60%

Terms & Conditions:

  • Valid from 2 January 2020 to 31 January 2020
  • Deposits of fresh funds required

Would you be redirecting some funds to fixed deposits while waiting for the returns for Singapore Savings Bond to buck up again?

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About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
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