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: CIMB Bank's 12-months FD rates of 1.70% p.a. for S$50,000 is currently the highest in Singapore.
This promotion is for fresh fund only and excludes any renewal of CIMB fixed deposit. The promotion is valid from 3- 31 July 2015.
There are only two branches of CIMB Bank in Singapore:
1. Orchard Road (270 Orchard Road #03-02, Knightsbridge),
2. Raffles Place (50 Raffles Place #01-02, Singapore Land Tower).
|Placement Amount (S$)||12-MTH SGD Time Deposits Interest Rate|
|S$25,000 to S$49,999||1.45% p.a.|
|S$50,000 to S$99,999||1.70% p.a.|
The fixed desposit rates in Singapore do appear to be creeping up. Please let me know if there is better offer in the market.