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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