Best Fix Deposit Rates July 2020

Less than 1%

If you are looking to renew your fix deposit this month, you would probably be looking at dismay rates all across the banks in Singapore. Given that we have FD due this month, we decide to investigate which banks would provide the best rates.

Most banks would not give you anything more than 1% for Fix Deposits place in a year. 

From the comparison, we came to this conclusion

• Best rates for less than $49,999 fo less than 1 year

DBS: 1.1% for 11 months

• Best rates for any amount for less than 1 year

UOB : 0.9% for 10 months

• Best rates for any tenure

Maybank 2.05% for 36 months (Amount 5,000-20,000)

• Existing customers with FD gets better rates

This applies to DBS/POSB and SCB

• Deposit rates are falling across banks

FD rates, as well as high yield savings account, have seen the rates fallen across the board. As of now, most of the bank's rates would not be able to keep pace with inflation. If that is the case, you might need to consider an alternative to preserve your wealth.

Here are the rates provided online by the major banks in Singapore

Local Banks

DBS / POSB

Source: DBS

Best Rate (New Customers) :  1.1% for 11 months (Amount under $49,999)

Best Rate (Existing Customers): 1.3% for 18 months (Amount under $49,999)

You can refer to the latest FD rates here

OCBC

Source: OCBC

Best Rate: 1.95% for 48 months ( Amount $5000-$20000)

You can refer to the latest FD rates here

UOB

Source: UOB

Best Rate: 1.15 % for 14 months regardless of the amount

Source: UOB

If you are looking for less than 1 year, the best rates on promotion would be at 0.9% for 10 month FD (till 30 July)

You can refer to the latest FD rates here

Foreign Banks (Selected)

HSBC

Source: HSBC

Best Rate: 1.4% for 24 months for all amounts*

* If you are a high net worth client (HSBC Jade), it would be at 1.55% for 24 months

You can refer to the latest FD rates here

Standard Chartered 

Best Rate (New Customer): 0.15% for 6 months 

Best Rate (Existing Customer): 1.25% for 60 months for existing SGD FD with auto rollover at the same tenure.

There is a current promotion of 0.3% for 6 months FD till 14 July

You can refer to the latest FD rates here

Maybank

Source: MayBank

Best Rate: 2.05% for 36 months

You can refer to the latest FD rates here

Bank of China

Source: BOC

Best Rate: 0.75% for 36 months for $500,000 and above

You can refer to the latest FD rates here

All Published Interest rates are correct as of Jul 10 2020

Disclaimer

This is a research post. We have no affiliations with any of the banks above.