• Best Fixed Deposit Schemes Offered by Top Banks in Singapore

    Singaporeans are very conscious about their financial condition and so they like to save money and make sure that they have easy access to funds to meet their financial needs at all times. This is why fixed deposit schemes are very popular in Singapore and are offered by almost all the banks and financial institutions in the country. Singaporeans can not only save money with the help of fixed deposit schemes but they can also earn interest in the deposit amount. The banks in the Lion City offer very attractive rates with their fixed deposit or term deposit schemes and so they are able to attract more and more customers in the long run.

    9 Best Fixed Deposit Accounts to Invest in Today

    Singapore has several fixed deposit schemes offered by all popular banks on the island. These schemes not only help Singaporeans save a lot of money, but they also let them earn high rates of interest. We shall enlist some of the most popular schemes you could invest in today, and you’re good to choose any of them.

    The rates of interest will depend on the amount and tenure of the sum deposited. Besides, the rates could be changed, if the bank decides so. This is applicable for all banks in Singapore.

    1. Bank of China Fixed Deposits

      Bank of China offers a long range of currency choices and accounts for time deposits. These include Singapore dollar (SGD), US dollar, Australian dollar (AUD), Chinese Yuan (RMB), Euro (EUR), New Zealand dollar (NZD), Great Britain Pound (GBP), Canadian dollar (CAD), Hong Kong dollar (HKD), and Japanese Yen (JPY). Customers need to place an initial deposit with respect to the currency selected.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.175% 0.95%
      USD 1.0625% 1.75%
      AUD 0.9375% 1.625%
      CAD 0.4375% 1.0625%
      RMB 1.85% 2.3%
      EUR 0.0001% 0.01%
      GBP 0.0625% 0.375%
      HKD 0.0625% 0.25%
      JPY 0.0001% 0.0001%
      NZD 1.4375% 1.875%
    2. CIMB Bank Fixed Deposits

      CIMB offers high interest rates on term deposit amounts. Besides, the customers don’t need to deposit a huge sum of money to open an account. The initial deposit amount can be as low as S$1,000. Besides, it accommodates other currencies such as USD, GBP/Sterling Pound, AUD, NZD, EUR, and CAD.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.2% 1.1%
      USD 0.8775% 2.015%
      GBP 0.0075% 0.995%
      AUD 1.3475% 2.335%
      NZD 1.6775% 2.655%
      EUR 0% 0%
      CAD 0.645% 1.73%
    3. DBS Bank Fixed Deposits

      DBS has term deposit schemes which help you maximise earnings. They are easy to invest, include extensive and flexible tenor options, several choices of currencies, and most importantly you have the option of several currencies besides SGD. These include USD, GBP, AUD, CAD, NZD, Swiss Franc (CHF), offshore RMB (CNH), HKD, and EUR.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.05% 1.20%
      USD 0% 1.60%
      GBP 0% 0.365%
      AUD 0% 1.485%
      CAD 0% 1.09%
      NZD 0% 1.625%
      CHF 0% 0%
      JPY 0% 0%
      CNH 0% 1.42%
      HKD 0% 0.38%
      EUR 0% 0%
    4. POSB Bank FD

      POSB’s time deposit schemes gives you several reasons to invest in it, starting right from maximising your savings. Besides, you can choose to invest in a variety of currency options.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.05% 1.2%
      USD 0% 1.6%
      GBP 0% 0.365%
      AUD 0% 1.485%
      CAD 0% 1.09%
      NZD 0% 1.725%
      CHF 0% 0%
      JPY 0% 0%
      CNH 0% 1.42%
      HKD 0% 0.38%
      EUR 0% 0%
    5. HSBC Bank Fixed Deposits

      HSBC time deposits allow Singaporeans to earn substantially when compared to other term deposits. Besides, you can invest in various foreign deposit currencies.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.05% 0.28%
      USD 0% 1.39%
      GBP 0% 0.29%
      JPY 0% 0%
      CAD 0% 1.36%
      CHF 0% 0%
      NZD 0% 1.56%
      AUD 0% 1.32%
      HKD 0% 1.01%
      EUR 0% 0%
      CNY 0% 1.95%

      The interest rates will also vary between HSBC Retail, HSBC Advance, and HSBC Premier customers. Advance and Premier customers are eligible to get higher rates.

    6. Maybank Fixed Deposits

      Maybank time deposits usually provide you with higher rates of interest, besides giving you access to overdraft features against your time deposit. Moreover, there are several currency options guaranteed on the time deposits.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.02% 1.25%
      USD 0.95% 1.35%
      Sterling Pound 0% 0.05%
      AUD 1.05% 1.50%
      NZD 1.35% 1.80%
      Canadian Dollar 0.35% 0.90%
      Swiss Franc 0% 0%
      EUR 0% 0%
      Japanese Yen 0% 0%

      The rates of Maybank also depend on the 3 tiers of foreign currency deposits. Depositing in the special iSAVvy Foreign Currency Time Deposit would give you higher interest rates.

    7. OCBC Bank Fixed Deposits

      OCBC Bank also provides term deposit schemes which comes with an array of promotional offers. Some of the currencies in which you can create time deposits include USD, AUD, CAD, CNH, EUR, HKD, JPY, NZD, GBP, and CHF.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.05% 0.65%
      USD 0.84% 1.46%
      AUD 0.33% 1.39%
      CAD 0.49% 0.88%
      CNH 0.28% 1.17%
      EUR 0% 0%
      HKD 0.01% 0.23%
      JPY 0% 0%
      NZD 0.61% 1.54%
      GBP 0.01% 0.27%
      CHF 0% 0%
    8. Standard Chartered Bank Fixed Deposits

      Standard Chartered also provides unique benefits and other features on its fixed deposit schemes.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.05% 0.75%
      USD 0.175% 1.242%
      GBP 0.05% 0.3%
      AUD 0% 1.532%
      NZD 0% 1.767%
      EUR 0% 0%
      CAD 0.286% 1.017%
      HKD 0% 1.18%
      CNH 0% 3.65%
    9. Hong Leong Bank Fixed Deposits

      Hong Leong Bank offers several time deposit schemes with competitive interest rates, assured sums, outstanding promotional benefits. Besides, they provide flexibility of placements in various currency units, such as AUD, CNH, GBP, and HKD besides SGD.

      The minimum and maximum rates of interest for different currencies are listed below:

      Currency Minimum interest (p.a.) Maximum interest (p.a.)
      SGD 0.1% 0.5%
      AUD 1.56% 2.019%
      CNH 3% 3.939%
      GBP 0.2% 0.629%
      HKD 0.87% 1.259%

    With such a large number of options and risk-free investment style, time deposits are definitely one of the easiest means to save your money. You can select a bank to put your deposit with, as per your choice and convenience.

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