Still Bummed About Singapore Savings Bond? Here Are The Best Fixed Deposit Promotions For Higher Returns!
 
162
shares

Still Bummed About Singapore Savings Bond? Here Are The Best Fixed Deposit Promotions For Higher Returns!

Jacqueline Yan
162
shares

Have you been stalking the MAS website for the latest issue for Singapore Savings Bond (SSB) in hopes that the average returns will miraculously go above 2.0% again?

Singapore Savings Bond (SSB_ January 2020

Even though the returns are looking a little more optimistic compared to last month’s, it’s still lagging behind the average inflation rate.

You’ll only be getting an average return of 1.76% per annum after keeping 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 December 2019

Best Fixed Deposit Promotions December 2019

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 CIMB or Maybank, 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 MonthICBC1.25%
3 MonthsCIMB1.70%
ICBC1.65%
6 MonthsCIMB1.70%
ICBC1.55%
9 MonthsICBC1.60%
12 MonthsCIMB1.80%
ICBC1.65%

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

TenorBankInterest Rates
(per annum)
1 MonthICBC1.35%
3 MonthsCIMB1.70%
ICBC1.75%
6 MonthsCIMB1.70%
ICBC1.65%
7 MonthsHSBC1.72%
9 MonthsICBC1.70%
Standard Chartered1.55%
10 MonthsUOB1.65%
12 MonthsCIMB1.80%
Maybank
ICBC1.75%

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

TenorBankInterest Rates
(per annum)
1 MonthICBC1.35%
3 MonthsCIMB1.70%
ICBC1.75%
4 MonthsHong Leong1.60%
5 MonthsHong Leong1.65%
6 MonthsCIMB1.70%
ICBC1.65%
7 MonthsHSBC1.72%
9 MonthsICBC1.70%
Standard Chartered1.55%
10 MonthsUOB1.65%
12 MonthsCIMB1.80%
Maybank
ICBC1.75%
24 MonthsMaybank1.90%

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 December 2019 to 31 December 2019
  • Promotional rates are only applicable for online placements 
  • Fresh funds criteria do not apply for online application

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 Months1.70%1.72%1.73%1.75%

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 Months1.55%
4 Months1.60%
5 Months1.65%

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
7 Months1.72%

Terms & Conditions:

  • Valid from 1 December 2019 to 31 December 2019
  • 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 Month1.25%1.35%
3 Months1.65%1.75%
6 Months1.55%1.65%
9 Months1.60%1.70%
12 Months
12 Months
(e-Banking)
1.65%1.75%

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 Months1.80%

Terms & Conditions:

  • Valid from 20 November 2019 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 Months1.60%
24 Months1.90%

Terms & Conditions:

  • Valid from 02 December 2019 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
9 Months1.55%1.65%

Terms & Conditions:

  • Valid from 1 December 2019 – 31 December 2019
  • 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 Months1.65%

Terms & Conditions:

  • Valid from 1 December 2019 – 31 December 2019
  • 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?

Follow our Seedly communities, be active, and win a 3D2N All-Expense-Paid Trip to Bali for 2!

About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
You can contribute your thoughts like Jacqueline Yan here.

Still have more questions after reading the article? Fret not, ask our community here!

Stay updated with the latest finance tips!
Receive bite-sized finance on Telegram here.

What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
Comments
162
shares

What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles

Still have more questions after reading the article? Fret not, ask our community here!