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Best Fixed Deposits Promotions Rate in Singapore 2020

You may have a chunk of savings that you destined as emergency cash, or fairly liquid cash that you would NOT want to invest in the stock market, ETF funds, property or business. Instead of leaving the cash in savings or current bank accounts, you may like to leave them in the bank’s fixed deposits for higher returns.

Here is TIP #1- Fixed deposit rates are almost always higher in foreign banks in Singapore than our 3 local banks UOB, DBS/POSB, OCBC.

Fixed Deposit Rates better than Singapore Saving Bonds SSB.

In this post, we look at the best returns for 2020 of fixed deposits in Singapore, by banks and financial institutions (For example, Hong Leong is not a bank but can be considered a financial institution). Currently, the best fixed deposit rates are even better than the long term Singapore saving bonds returns. The average returns depicted in the MAS website is only 1.52% pa for 1 year holding and up to 1.76% for 10 years holding of the Singapore saving bonds.

In the current environment, you will be getting a higher return with fixed deposits with banks in Singapore.

You may also explore putting in a fairly liquid instrument backed by PARF (the car value by LTA) which is better returns than Singapore Saving Bonds .

What are fixed deposits FD, or Time Deposits in Singapore, how long is the tenure and what interest rate?

Fixed deposits accounts are offered by banks (and financial institutes such as Hong Leong that are not considered banks) to give you a higher interest rate if you commit to leaving it for them for a fixed period of time – hence the common name FIXED DEPOSITS or FD or Time Deposits.

Fixed deposits or FD are considered very low risk investments. You don’t need to do anything to earn this interest, just leave your money there.

They are not your usual saving accounts / current account where you can withdraw money easily via an ATM card. The money in fixed deposit is committed to the bank for a long period in exchange for a better interest rate return for you.

Fixed deposits can have a tenure of 1 month, 3 months, 6 months, 12 months and so on. Some of these time deposits accounts can hold for 2 years or even 5 years and will provide even higher interest rates.

Interest not earned if you stop your fixed deposits early. Fixed Deposits protect your capital.

You will forfeit all or most of the interests earn if you terminated the fixed deposits before the tenure is up. The good news is capital is almost certainly not affected.

Also, if the tenure is up, most banks will help you roll to the next period and continue giving you interest rate. Do note you should periodically check for the best promotion rates for your fixed deposits and shift your money accordingly. Banks have no incentive to inform you that there is a better deal and prefer to just quietly roll your fixed deposit to the next period at the lowest interest that they can give you.

Which bank is best for fixed deposit FD rates in Singapore?

Banks do often change their promotions so I will revisit this article monthly and update this as often as I can for the whole of year 2020 Fixed deposits rates.

Bank/ FDMin. deposit $SGDLength of timePromotional interest rate
Maybank$50,00124 months1.90% p.a. (online iSAVvy)
CIMB$10,00012 months1.80% p.a. (online promotion)
Maybank$20,00012 months1.80% p.a. (with at least $2,000 deposit in Maybank saving account)
ICBC$20,0003 months1.75% p.a.
ICBC$20,00012 months1.75% p.a. (online promotion)
Hong Leong Finance$50,00012 months1.72% p.a.
CIMB$10,0003 or 6 months1.70% p.a. (online promotion)
ICBC$20,0009 or 12  months1.70% p.a.
Hong Leong Finance$20,00012 months1.70% p.a.
ICBC$50012 months1.65% p.a. (online promotion)
ICBC$5003 months1.65% p.a.
ICBC$20,0006 months1.65% p.a.
UOB$20,00010 months1.65% p.a. (expires 31 Dec) 
Hong Leong Finance$50,00010 months1.65% p.a.
ICBC$5009 or 12  months1.60% p.a. 
Hong Leong Finance$50,0008 months1.60% p.a.
Maybank$50,00112 months1.60% p.a. (online promotion)
Standard Chartered$25,0009 months1.55% p.a. (expires 31 Dec)
OCBC$20,00012 months1.55% p.a.

Best Fixed Deposit Rates in 2020 for SGD $50,000 and above

If you have more than $50,000 you have more bargaining powers with banks and should seek out better deals. As you can see, foreign banks in Singapore almost always offer better rates for our money than local banks. This is because local banks are well known and do not need to fight hard for our money.

BanksMin. deposit SGD$Length of fixed depositsPromotional interest rate
Maybank$50,00124 months1.90% p.a. (online promotion)
CIMB$10,00012 months1.80% p.a. (online promotion)
Maybank$20,00012 months1.80% p.a. (with at least $2,000 deposit in Maybank saving account)
ICBC$20,0003 months1.75% p.a.
ICBC$20,00012 months1.75% p.a. (online promotion)

The highest fixed deposit for 2020 I can find is for 1.90% p.a. and your fixed deposit amount should be at least $50,001 and above.

Scrap Car Metal Loan in Singapore traders
Scrap Car Metal Loan in Singapore traders

If you prefer a better return, and has more than $10,000 SGD to offer, there is a current tranche that will close once they hit $1,000,000 SGD target. It is not a bond but is using the valuation of our Singapore car PARF (car owners will know what this is) that is protected by LTA. This means the capital is protected with a safe collatoral.

Do check up this article on higher returns than Singapore saving bonds and fixed deposits in Singapore and you can contact them if you wish to know more details.

You can WhatsApp the company or email them for more details. The founders have been in the car industry for more than a decade.

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