Interest rates are on an uptrend for November 2022
After hitting a high of above 3% for October, Interest rates look to push
further up for November after the FOMC meeting. Note that most banks' rates are for fresh funds only.
|
BANKS
|
INTEREST
(PA)
|
TENURE
|
MIN DEPO
|
|
BANK OF CHINA
|
3.7%
- OTC
3.7%
- Online
|
24
mths
|
$5,000
|
|
CIMB
|
4.15%
-Online
4.2%
-PB Online
|
18
mths
|
$10,000
|
|
CITIBANK
|
3.9%-Citigold
|
3 mths
|
$50,000
|
|
DBS/POSB
|
1.7%
|
18
mths
|
$1,000
|
|
HL BANK
|
4%
4.1%
|
12
mths
|
$100,000
$500,000
|
|
HONG LEONG FINANCE
|
3.8%
3.88%
|
11 mths
|
$20,000
$1,000,000
|
|
HSBC
|
3.6%
|
7 mths
|
$30,000
|
|
ICBC
|
3.7%
-OTC
3.75%-Online
|
12
mths
|
$20,000
$500
|
|
MAYBANK
|
3.2%
|
15
mths
|
$25,000
|
|
OCBC
|
3.4%-Personal
3.7%-
Premier
3.9%-
Premier Private
|
12
mths
|
$20,000
|
|
RHB
|
4.1%
|
24 mths
|
$20,000
|
|
SINGAPURA FINANCE
|
3.88%
|
24
mths
|
$50,000
|
|
SCB
|
3.05%-OTC
3.1%
- Online PB gets 0.1% higher
|
12
mths
|
$25,000
|
|
UOB
|
3.55% 3.85%
3.95%
|
6,10,12 mths
|
$10,000-$49,999 $50,000-$99,999 >$1,000,000
|
*Click on the individual banks for the latest rates
Rates are as of 18 Nov 2022. Please refer to individual banks for the latest rates
Bank of China
BOC best rate is 3.7% for online transactions. The good thing about BOC is that you only need $5000 to enjoy the rates.
CIMB
CIMB allows multiple tenures from 6 months to 18 months. The best rate is 4.15 % for Personal Banking and 4.2% for Preferred Banking. This is the highest as of Nov 24.
citibank
Citibank only provides exclusive time deposit rates for Citigold and Citigold Private Clients. The rate is at 3.9% for 6 months.
DBS / POSB
 |
| Source: DBS |
Despite being the largest bank in Singapore, it has the lowest FD rates. Currently, the best rate is only 1.7% for 18 months.
HL Bank
HL Bank provides attractive rates. However, the minimum deposit starts from $100,000. To get the highest tier at 4.1%, you would need to place a minimum of $500,000
Hong Leong Finance
Hong Leong Finance offers an 11.11 promo rate of 3.8% for 50K-200K and 3.88% for $200k and above. Rates are for 11 months.
HSBC
HSBC offered periods of 4,7 and 12 months FD rates. The best rates will be for 7 months at 3.6%
ICBC
ICBC offers 3.75% via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.7% over 1 year.
Maybank
The best interest rates for Maybank would be at 3.2% for 24 months. The minimum placement is $20,000.
OCBC
OCBC offers 3 different interest rates for their different market segment. The lowest is at 3.4% for 1 year under Personal Banking. The highest will be at 3.9% over 1 year for Premier Private Clients.
RHB
RHB gives 4.1% for 24 months FD. You would need to make the placement via the RHB mobile SG App. It is currently offering the highest rate for FD.
SINGAPURA FINANCE
 |
| Source: Singapura Finance |
Singapura Finance offers 3.88% placement for 24 months. Minimum placement is for $50,000
Standard Chartered Bank
 |
| Source: SCB |
SCB offers 3.1% for retail and 3.2% for Priority clients for placement online. The tenure will be for 12 months.
UOB
UOB best rate will be at 3.9 for 12 months if you have 1 million. They also offer 10 and 12-month FD rates starting from 3.2% and 3.4%, respectively. The minimum amount starts from $10,000
Want to earn more than 4% of your money?
You have to check out Singapore's short-term T bills. The last t-bill auctions paid out 4% pa for 6 months t-bills
Disclaimer
The information provided by TWD serves is for educational purposes. It is not meant to be personalised investment advice. Readers must do their due diligence and refer to financial advisors for their investment needs. The information is correct as of 18 Nov 2022
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