Bank of East Asia offers a wide range of banking and financial products in Singapore, which include personal loans, credit cards, fixed deposits etc. The bank offers people with the opportunity to not only save money but also earn interest at a higher rates with its fixed deposit accounts. When you opt for such an account, you can make deposits in Singapore Dollars for a certain period of time and will also be able to make deposits in foreign currencies such as Australian Dollars (AUD). By opening a Bank of East Asia AUD Fixed Deposit account, you can earn higher returns.
Bank of East Asia is well known in Singapore for its prominent financial products and services. One such financial product is the foreign currency fixed deposit account. You can choose to deposit your money in several different foreign currencies. The currency options include
- Australian Dollar (AUD)
- United States Dollar (USD)
- Canadian Dollar (CAD)
- British Pound (GBP)
- Euro (EUR)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- Swiss Franc (CHF)
- New Zealand Dollar (NZD)
The biggest benefit opting for a foreign currency deposit account is that in time, the value of your deposit will increase as the demand and exchange rate for that currency increases with time. The value of the deposit amount will further increase due to the interest that you will earn on the amount. Thus, you will be able to exponentially increase your financial assets by investing on such deposits.
Interest Rates for Bank of East Asia Australian Dollar Fixed Deposit
The tenure ranges between 1 week and 6 months. The deposit term can go up to 12 months. For tenors of 1 month and more, a minimum amount of US$20,000 (or its equivalent) needs to be deposited. The rate of interest for Bank of East Asia Australian dollar fixed deposit ranges from 1.1150% p.a. to 1. 4750% p.a. The tier rates range from 1.24% p.a. to 1.60% p.a.
In case you want to renew or withdraw your deposit amount, you need to inform the bank at least two working days in advance.