2015 November Fixed Deposit Rates Update - 1.80% P.A.

First some clarifications: Fixed Deposit is not for real investment.  My review on Singapore's FD is limited to S$50,ooo and below; and tenure term not exceeding 12 months.  Fixed Deposit is for parking the emergency fund and allowing immediate access to the fund when needed.  These are also based on the following considerations:

1. Singapore's Deposit Insurance Scheme maximum coverage up to S$50,ooo only.

2. Long tenure term will potentially affect your cash-out value for your emergency fund, as you may suffer a penalty fee for early withdrawal.

Back to the update:    

The highest interest rate in the market now is 1.80% p.a., offered by 2 banks:

1. CIMB Bank

CIMB Bank's 12-months FD rates of 1.80% p.a. is currently the highest in Singapore, with the lowest Minimum Placement Sum of $10,000.

This promotion is for fresh fund only and excludes any renewal of CIMB fixed deposit.  

There are only two branches of CIMB Bank in Singapore:
1. Orchard Road (270 Orchard Road #03-02, Knightsbridge),
2. Raffles Place (50 Raffles Place #01-02, Singapore Land Tower).

[I am considering converting part of my CIMB starsaver money into this FD.  Of course, I need to transfer the money to another bank account to "freshen up" the money first.]

2. Maybank

The promotional interest rate is 1.80% p.a. for 12 months tenure.  Minimum placement sum is $25,000.

This promotion is for fresh fund and for a limited period. What’s more, the interest will be given to you on the next day. However, you will need to open a Maybank saving account for that interest to be credited in. 


The fixed deposit rates in Singapore do appear to be creeping up.  Please let me know if there is better offer in the market.