Best Fixed Deposit Rates - May 2023 - TheWackyDuo.com - Singapore Lifestyle Portal

Best Fixed Deposit Rates - May 2023

  


 Interest rates are lower for May 2023

Banks are now offering Fix Deposit rates below 4%. Expect it to be lower in the coming months as MAS pause a strong SGD policy. These are the best interest rates for May 2023 in Singapore.


BANKS

INTEREST (PA)

TENURE

MIN DEPO


BANK OF CHINA


3.6% (Online)               


3 mths    


$5,000

 

CIMB


 

3.5% (Online)

 

9 mths

 

$10,000

 

CITIBANK

 

4% (Citigold)


 

3 mths

 

$250,000

 

DBS/POSB


 

3.2%

 

 

12 mths

 

$1,000

 

HL BANK


 

3.5%


 

3 mths

 

$100,000


 

HONG LEONG FINANCE


 

3.8%

 

 

12 mths

 

>$500,000

 

HSBC

 

 

3.75%

 

 

3 mths

 

$30,000

 

ICBC

 

 

3.6% 


 

3 mths

 

$500


 

MAYBANK


 

3.9%

 

12 mths

 

$20,000

 

OCBC

 


3.4%                    


6 mths

 

$20,000


 

RHB

 

 

3.55% (Premier)

 

 

6 mths

 

$20,000

 

SINGAPURA FINANCE

 

NA            


 

NA    

 

 

NA

 

SCB

 

 

3.2 %


 

12 mths

 

$25,000

 

UOB

 

 

3.45%                   

 

6,10 mths

 

$10,000



*Click on the individual banks for the latest rates
Rates are as of 30th Apr 2023. Please refer to respective banks for the latest rates



Bank of China






BOC's best rate is at 3.6% for 6 months.


CIMB





CIMB used to have one of the highest FD rates in town. Now it has one of the lowest at 3.5% for 9 months.

See the latest rates here



Citibank








Citibank only provides exclusive time deposit rates for Citigold and Citigold Private Clients. The rate is at 4% for 3 months.


DBS / POSB







DBS/POSB best rate is 3.2% for 12 months. The minimum amount is $1000.

According to their website, DBS/POSB will accept new placements for tenors 12 months and below.


HL Bank







HL Bank has reduced the FD rates to 3.5% for 3 and 6 months. Minimum placement is at SGD 100,000



Hong Leong Finance





Hong Leong Finance offers the highest rate at 3.65% for $500K for 12 months.


HSBC





HSBC offered periods of 3,6, and 12 months FD rates. The best rates will be for 3 months at 3.75%. The minimum amount for this promo rate is at $30,000


ICBC





ICBC offers 3.65% for 3 months via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.6% for 3 months.


Maybank









The best interest rate for Maybank is 3.9% for 12 months. The minimum placement is $20,000.


OCBC






OCBC FD has only 1 tenure on promo. The rate is 3.4% for 6 months.




RHB







RHB has reduced rates from 4.1% to 3.55% for 6 months for Premier Banking online for 6 months.


SINGAPURA FINANCE



NA

Standard Chartered Bank







SCB offers 3 months FD rate at 3.2% for Priority Private Banking rate. The minimum amount is $25,000



UOB






The promo rate for FD is now 3.45% for 6 or 10 months tenure for $10,000 and above.




Disclaimer
The information provided by TWD serves is for  information 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 2nd May  2023. Do refer to the individual banks for the latest updates.
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