Best Fixed Deposit Rates Dec 2022 Singapore

 Interest rates are on an uptrend for December 2022

Banks are expected to maintain the high-interest rates as the US is anticipated to raise interest rates later this month.Currently, some banks are already offering rates as high as 4.15%

 Note that most banks' rates are for fresh funds only.

BANKS	INTEREST (PA)	TENURE	MIN DEPO
BANK OF CHINA	4.05 % (Online)  4.1%	12 mths 12 mths	$50K-$300k $300K and above
CIMB	4.15% -Online 4.2% -PB Online	12 mths	$10,000
CITIBANK	3.9%-Citigold	6 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	3.8%	7 mths	$30,000
ICBC	3.7% -OTC 3.75%-Online	12 mths	$20,000 $500
MAYBANK	3.9%	15 mths	$20,000
OCBC	3.8%                     3.9%- Premier Private	24 mths     12 mths	$20,000 $20,000
RHB	4.1%	24 mths	$20,000
SINGAPURA FINANCE	3.88%	24 mths	$50,000
SCB	3.4 % 3.7% (Priority)	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 28 Nov 2022. Please refer to individual banks for the latest rates

Bank of China

BOC best rate is 4.1% for online transactions for above $300K.  

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 for 12 and 18 months. 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. They do have online promotions such as 5month SGD FD at 3.6%. However, these rates are not officially publicised. 

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 3.8%

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 3.9% for 15 months. The minimum placement is $20,000.

OCBC

OCBC offers 3 different interest rates for their different market segment. The highest will be at 3.9% over 1 year for Premier Private Clients. For all, it will be 3.8% for 24 months.

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

SCB offers 3.4% for retail and 3.7% 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

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 1 Dec 2022.

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