Best Fixed Deposit Rates Feb 2023 - TheWackyDuo.com - Singapore Wacky Digital Underground Outpost

Best Fixed Deposit Rates Feb 2023




 Interest rates fell for February 2023

Most banks are offering lesser interest compared to Jan 2023. As a result, CIMB has dropped from a high of 4.2% for 1 year to 3.7% for 6 months.

BANKS

INTEREST (PA)

TENURE

MIN DEPO

 

BANK OF CHINA

 

 

4.05% (Online) 

4.1% (Online)                  


 

12 mths

12 mths        

 

$50K-$300k

$300K and above

 

CIMB

 

 

 

3.65% -Online

3.7% -PB Online

 

 

 

6 mths

 

$10,000

 

CITIBANK

 

 

 

3.88%-Citigold

 

 

 

 

3 mths

 

$250,000

 

DBS/POSB

 

 

 

3.2%

 

 

 

 

12 mths

 

$1,000

 

HL BANK

 

 

 

4%

4.1%

 

 

 

12 mths

 

$100,000

$500,000

 

HONG LEONG FINANCE

 

 

3.6

3.95%

 

 

 

10 mths

 

$20,000

$1,000,000

 

HSBC

 

 

4%

 

 

 

 

7 mths

 

$30,000

 

ICBC

 

 

3.7% -OTC

3.75%-Online

 

 

 

12 mths

 

$20,000

$500

 

MAYBANK

 

 

 

3.9%

 

15 mths

 

$20,000

 

OCBC

 


4.18%                    

Premier banking

 


8 mths

 

$20,000


 

 

RHB

 

 

4.1%

 

 

 

12 mths

 

$20,000

 

SINGAPURA FINANCE

 

 

NA            

 

 

 

NA    

 

 

 

NA

 

SCB

 

 

3.45 %

3.55% (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 Feb 1 2023. Please refer to respective banks for the latest rates


Bank of China


BOC's best rate is 4.1% for online transactions 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





DBS/POSB has only recently revised the FD rates. The 12 Months interest rate has risen from 1.7% to 3.2%. It is still trialling other banks by as much as 1%. 
Do note that DBS/POSB will accept new placements for tenors 12 months and below, according to their website.

HL Bank



HL Bank provides attractive rates. However, the minimum deposit starts from $100,000. To get the highest tier at 4.1% for 6m and 12 m, you would need to place a minimum of $500,000

Hong Leong Finance





Hong Leong Finance offers the highest rate at 3.95% for $1m for 16 and 10 months.

HSBC





HSBC offered periods of 3,7, and 12 months FD rates. The best rates will be for 7 months at 4%. A minimum deposit will be from SGD30K.

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 rate for Maybank is 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 4.18% for 8 months for Premier and Premier Private Clients. 


OCBC  also offers 12 M CPF FD at 3.4%. This can only be applied at the branch.



RHB


RHB gives 4.1% for 24 months FD.  You need to make the placement via the RHB mobile SG App. It is currently offering the highest rate for FD.

SINGAPURA FINANCE

NA

Standard Chartered Bank


SCB offers 3.45% for retail and 3.55% for Priority clients for placement online. The tenure will be for 12 months.


UOB




UOB's best rate will be at 3.95 for 6, 10 and 12 months if you have 1 million.
For deposits less than 50K, the interest rates will be at 3.85%



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 Jan 31 2023. Do refer to the individual banks for the latest updates.
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