2015 December 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 3 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).

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. 

3. Standard Chartered Bank

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. 


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