Fixed deposits are one of the safest investment options, offering assured returns without adding much risk to your portfolio. Based on your financial objectives, you can place your funds in these deposits for a predetermined tenure to earn guaranteed returns. Longer the tenure, higher the interest you earn.
There are conventional fixed deposits that are denominated in Singapore dollars. And then there are foreign currency deposits that let you make deposits in a currency of your choice to earn better returns. Some banks even allow you to use your term deposit as collateral for a credit facility.
Having difficulty choosing the right fixed deposit account? Keep reading to know the rates and promotions offered on various fixed deposits and find out the one that offers you the highest returns.
Best Singapore Fixed Deposit Rates Promotions 2018
Take a look at the table below to find out about promotional offers being offered by various banks in Singapore:
|Bank name||Fixed deposit type||Promotional interest rate||Minimum placement amount||Promotion expiry|
|Maybank||SGD Time Deposit||Up to 1.55% p.a.||S$50,000||At bank’s discretion|
|Maybank||Foreign Currency Time Deposit||Up to 2.10% p.a. interest (choose from AUD and NZD)||10,000 units of the foreign currency||At bank’s discretion|
|UOB||Singapore Dollar Fixed Deposit||1.20% p.a. on 10-month deposit||S$5,000 (varies with the tenure you choose)||31 January|
|SCB||Singapore Dollar Time Deposit||Up to 1.35% p.a.||S$25,000||31 January|
|Citi||Foreign Currency (FCY) Time Deposit||Up to 1.70% p.a. (choose from AUD, NZD, and USD)||S$10,000 equivalent||31 January 2018|
|CIMB||SGD Fixed Deposit||Up to 1.40% p.a.||S$20,000||31 January|
|ICBC||SGD Time Deposit||Up to 1.35% p.a.||S$20,000||28 February|
|HSBC||SGD Time Deposit||Up to 1.20% p.a.||S$30,000||28 February|
|SIF||SGD Fixed Deposit||Up to 1.35% p.a.||S$50,000||At SIF’s discretion|
|HLF||SGD Fixed Deposit||Up to 1.28% p.a.||S$30,000||At HLF’s discretion|
SGD Fixed Deposit Rates Promotions Singapore
Maybank SGD Time Deposit
Earn up to 1.55% p.a. with Maybank SGD Time Deposit. Under the promotion, the bank is offering 1.40% p.a. on 12-month deposit and 1.55% p.a. on 24-month deposit. You, as an individual or a non-individual entity, can apply for this promotion if you have an existing current/savings account at Maybank. To place funds into the fixed deposit, you will have to deposit funds in your current/savings account first. For every S$1,000 you deposit in your current/savings account, you will be allowed to place S$10,000 in time deposit.
The minimum deposit amount required to participate in this promotion is S$50,000. This means that you will also have to deposit S$5,000 in your current/savings account.
UOB Singapore Dollar Fixed Deposit
Earn 1.20% p.a. on UOB’s 10-month Singapore Dollar Fixed Deposit. To participate in this promotion, you will have to deposit at least S$20,000 in new funds. Funds transferred from an existing UOB current/savings account for placement in fixed deposit will not qualify you for the promotion. Remember, you will have to hold the deposit till maturity to be able to earn promotional rates. The offer ends on 31 January 2018.
Standard Chartered Singapore Dollar Time Deposit
Enjoy interest at the rate of up to 1.35% on your Standard Chartered Singapore Dollar Time Deposit. To qualify for the promotion, you must deposit at least S$25,000 in fresh funds. The promotion applies only to 7-month, 10-month deposits and 12-month deposits. If you are a Priority Banking customer, you will earn interest at the rate of 1.38% p.a. (12 months), 1.35% p.a. (10 months) or 1.25% p.a. (7 months). If you are not a Priority Banking customer, you will earn 1.35% p.a. (12 months), 1.30% p.a. (10 months) and 1.20% p.a. (7 months). The promotion expires on 31 January 2018.
CIMB SGD Fixed Deposit
You can earn up to 1.40% p.a. interest on your CIMB SGD Fixed Deposit. The promotion applies to 6-month and 12-month deposits, and requires minimum placement of S$20,000. If you are a CIMB Preferred customer making a placement of S$100,000 or more, you will earn 1.40% p.a. on 12-month deposit or 1.20% p.a. on 6-month deposit. If you are not a CIMB Preferred customer and are depositing at least S$20,000, you will enjoy 1.25% p.a. interest on your 12-month deposit or 1.15% p.a. on your 6-month deposit. You become a CIMB Preferred member when the total value of your individual deposits and investment products hits S$250,000. The promotion lasts till 31 January 2018.
ICBC SGD Fixed Deposit
Enjoy interest of up to 1.35% p.a. with ICBC SGD Time Deposit. You must place at least S$20,000 in fresh funds to be eligible for this promotion. The promotion is available on 6, 9, and 12 months deposits. If you withdraw this deposit before maturity, there will no penalty but you will get the interest on the basis of current account interest prevailing at the time. The offer ends on 28 February 2018.
HSBC SGD Time Deposit
Earn up to 1.20% p.a. interest on SGD Time Deposit. The promotional rates are applicable only to 6-month and 12-month deposits. If you are an HSBC Premier customer, you will enjoy 1.10% p.a. interest on 6-month deposit and 1.20% p.a. on 12-month deposit. If you are an HSBC Advance customer, you will earn 1.05% p.a. for 6 months deposit and 1.15% p.a. for 12 months deposit. You must place at least S$30,000 to enjoy promotional rates. The promotion expires on 28 February 2018.
SIF Singapore Dollar Fixed Deposit
Under this promotion, you can earn up to 1.35% p.a. on your Singapore Dollar Fixed Deposit. The offer is applicable only to 3, 12, and 24 months deposits. You must place at least S$50,000 to enjoy the promotional rates.
Hong Leong Finance SGD Fixed Deposit
Under Hong Leong Finance’s promotional offer, you can earn up to 1.33% p.a. on your SGD Fixed Deposit. The promotional rates are applicable to 6, 12, and 15 months deposits, and require minimum deposit of S$30,000. Additionally, you will also get an exclusive gift when you place funds in 12-month or 15-month deposits.
Foreign Currency Fixed Deposit Rates Promotions Singapore
Earn up to 2.10% p.a. on your Foreign Currency Time Deposit. You can choose from two currencies for fixed deposit placement: Australian Dollar and New Zealand Dollar. You must place a minimum of 10,000 units of the foreign currency in fresh funds. The promotional rates apply only to 6-month deposits.
Earn up to 1.70% p.a. on the Foreign Currency (FCY) Time Deposit. To be eligible for the promotion, you must place foreign currency equivalent of at least S$10,000 for 1-month or 3-month accounts. You can choose from Australian Dollar, New Zealand Dollar, and US Dollar for the placement of your funds. The offer ends on 31 January 2018.
Types of Fixed Deposit Promotions
Higher interest rates: Most often, fixed deposit promotions are in the form of higher interest rates. Under such offers, if you place funds within the promotion period, you will be able to enjoy higher interest rate on your deposit account than what is usually offered by the bank for a specific tenure. However, in most cases, you will have to meet the minimum deposit criteria to participate in the promotion. Also, most of the banks also require you to make your placement in fresh funds, which means that you can’t transfer funds from your existing savings/current account with that bank.
Complimentary dinners: Under such promotions, you will enjoy complimentary dinner when you place a minimum certain amount for a specific tenure. Banks normally have partnership with certain restaurants where you can enjoy your complimentary dinner.
Shopping vouchers: Under such promotions, you will get shopping vouchers from the bank for placing a certain minimum amount for a fixed tenure. You can redeem those vouchers at the select brands/stores.
Complimentary hotel stays or vacations: Under these promotional offers, you will earn complimentary stay at select hotels or a vacation package when you place a certain minimum amount of funds for a specific tenure.
Festival entry passes: With these offers, you will get free entry passes to some upcoming festival or event. You will have to meet the minimum deposit amount and other criteria to qualify.
Gifts: Under such promotions, you will get an exclusive gift from the bank when you make a placement with fresh funds for a certain tenure.
Raffle draws: Under these promotional offers, if you place certain minimum amount under a fixed deposit account for a certain tenure, you will be eligible to participate in raffle draws to win exciting prizes.