BEA offers two main fixed deposit (FD) accounts to its customers - the Singapore Dollar Fixed Deposit and the Foreign Currency Fixed Deposit account. These have higher interest yields than traditional savings accounts and come with a range of tenures and interest rates.
Singapore Dollar Fixed Deposit Account
Features and Benefits
- The account is insured by the Singapore Deposit Insurance Corporation* for up to S$50,000.
- Generous interest rates that are more competitive than basic savings accounts’.
- Flexible tenures that range from 1 month to 2 years.
- Automatic renewal of the account at maturity (i.e. once the tenure has been completed).
What Are the Singapore Dollar Fixed Deposit Interest Rates and Tenors On Offer?
You can decide which tenor and deposit amount suits your needs from the table below:
|Tenor||Amount of Deposit (S$)||Interest Rate Earned|
|1 month||1,000 - 499,999.99||0.125% p.a. - 0.25% p.a.|
|2 months||1,000 - 499,999.99||0.125% p.a. - 0.25% p.a.|
|3 months||1,000 - 499,999.99||0.25% p.a. - 0.375% p.a.|
|4 months||1,000 - 499,999.99||0.25% p.a. - 0.375% p.a.|
|5 months||1,000 - 499,999.99||0.25% p.a. - 0.375% p.a.|
|6 months||1,000 - 499,999.99||0.375% p.a. - 0.5% p.a.|
|7 months||1,000 - 499,999.99||0.375% p.a. - 0.5% p.a.|
|8 months||1,000 - 499,999.99||0.375% p.a. - 0.5% p.a.|
|9 months||1,000 - 499,999.99||0.5% p.a. - 0.625% p.a.|
|10 months||1,000 - 499,999.99||0.5% p.a. - 0.625% p.a.|
|11 months||1,000 - 499,999.99||0.5% p.a. - 0.625% p.a.|
|12 months||1,000 - 499,999.99||0.625% p.a. - 0.75% p.a.|
|18 months||1,000 - 499,999.99||0.75% p.a. - 0.875% p.a.|
|24 months||1,000 - 499,999.99||0.75% p.a. - 0.875% p.a.|
*For any deposit amount exceeding S$500,000, kindly contact the bank for the prevailing interest rate.
This information can be illustrated with the following example:
|Interest Rate (p.a.)||Tenor||Amount Deposited||Interest Earned|
Note: The values in the above table are only for illustrative purposes and may vary depending on other parameters.
What is the Eligibility Criteria to Apply for This Account?
- A minimum deposit of S$10,000 is required to open an account.
- The minimum age requirement is 12 years old.
- The minimum tenor is 1 month and the maximum is 24 months.
Foreign Currency Fixed Deposit
Enjoy interest rates with flexible tenures up to 2.52% p.a. by placing designated foreign currencies into the BEA Foreign Currency Fixed Deposit account. Given foreign currency interest rates have been trending upwards steadily in recent times, you may earn higher rates of return on your investment. This is in light of the present low returns on Singapore dollar fixed deposits.
Features and Benefits
- Flexible tenures that range from 1 week to 12 months.
- Generally higher interest rates offered than Singapore dollar fixed deposit accounts.
- Potential for additional capital gains on top of prevailing fixed deposit account interest rates, due to favourable movements in the foreign exchange market.
What Are the Foreign Currency Deposit Interest Rates and Tenors On Offer?
BEA currently offers 2 types of interest rates, which are Board Rates and Tier Rates. Tier rates offer higher returns, however, you will have to deposit a greater amount.
You can decide which tenor and deposit amount suits your needs from the tables below:
|Minimum Deposit Amount (Equivalent to USD20,000)||Interest Rates (% p.a.)|
|AUD||1.5350 - 1.8250|
|CNY||0.2500 - 2.2|
|GBP||0.3385 - 0.5253|
|HKD||1.8982 - 2.8743|
|NZD||1.5150 - 1.915|
|USD||1.8209 - 2.2255|
|Minimum Deposit Amount||Currency||Interest Rates (% p.a.)|
|100,000||AUD||1.66 - 1.95|
|100,000||CAD||1.06 - 1.65|
|500,000||CNY||0.3 - 2.5|
|50,000||GBP||0.4635 - 0.6503|
|500,000||HKD||2.0143 - 2.9993|
|100,000||NZD||1.640 - 2.04|
|100,000||USD||1.9459 - 2.3505|
Note: For amounts equivalent to or greater than S$500,000, kindly contact the bank for more information on the prevailing interest rate. Also, rates for foreign currency deposits may fluctuate from time to time. Contact the bank for the latest rates.
What are the Requirements for This Account?
- A minimum deposit of USD$10,000 or its equivalent is required for tenors of 1 month and above.
- You are required to give instructions to the bank in advance for deposit withdrawals and renewals.
Deposit Insurance Scheme
The Singapore Deposit Insurance Corporation insures any Singapore dollar FD account up to S$50,000 per depositor. What this means is that your principal (or original amount invested into the account) will be returned to you in full under this scheme, even in the event your bank goes bankrupt or defaults on their financial obligations.
Foreign currency fixed deposits are not covered by the SDIC, however.