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.
Showing posts with label Fixed Deposit. Show all posts
Showing posts with label Fixed Deposit. Show all posts
Friday, 4 December 2015
Saturday, 7 November 2015
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.
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.
Friday, 10 July 2015
Fixed Deposit Rates Update - 1.70% P.A.at CIMB Bank
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: 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).
Promotion Details:
The fixed desposit rates in Singapore do appear to be creeping up. Please let me know if there is better offer in the market.
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$50,000 is currently the highest in Singapore.
This promotion is for fresh fund only and excludes any renewal of CIMB fixed deposit. The promotion is valid from 3- 31 July 2015.
There are only two branches of CIMB Bank in Singapore:
1. Orchard Road (270 Orchard Road #03-02, Knightsbridge),
2. Raffles Place (50 Raffles Place #01-02, Singapore Land Tower).
Promotion Details:
| Placement Amount (S$) | 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.
Saturday, 22 November 2014
Fixed Deposit Rates Update - 1.368% P.A.at Singapura Finance
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:
With all the talks about higher interest rates, the FD interest rates in Singapore do move slowly higher since my last update in February (highest was 1.18% back then). The highest interest rate in the market now is 1.368% p.a., offered by Singapura Finance:
Singapura Finance
The promotional interest rate is 1.368% p.a. for 12 months tenure, for a placement sum >$50,000 and <$100,000. So you could enjoy 1.368% if you place deposit for $50,001.
This promotion (ending 31st Dec) is not found on their website, but there is a leaflet displayed on their branch door.
There are few branches of Singapura Finance in Singapore:
1. City HQ (150 Cecil Street #01-00),
2. Ang Mo Kio branch (Blk 711, Ang Mo Kio Avenue 8),
3. Bedok branch (Blk 202, Bedok North St. 1),
4. Woodlands branch (Blk 302, Woodlands Street 31),
5. East Coast branch (212 East Coast Road),
6. Serangoon branch (Blk 101, Towner Road),
7. Jurong West branch (Blk 501, Jurong West Street 51).
Please let me know if there is better offer in the market.
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:
With all the talks about higher interest rates, the FD interest rates in Singapore do move slowly higher since my last update in February (highest was 1.18% back then). The highest interest rate in the market now is 1.368% p.a., offered by Singapura Finance:
Singapura Finance
The promotional interest rate is 1.368% p.a. for 12 months tenure, for a placement sum >$50,000 and <$100,000. So you could enjoy 1.368% if you place deposit for $50,001.
This promotion (ending 31st Dec) is not found on their website, but there is a leaflet displayed on their branch door.
There are few branches of Singapura Finance in Singapore:
1. City HQ (150 Cecil Street #01-00),
2. Ang Mo Kio branch (Blk 711, Ang Mo Kio Avenue 8),
3. Bedok branch (Blk 202, Bedok North St. 1),
4. Woodlands branch (Blk 302, Woodlands Street 31),
5. East Coast branch (212 East Coast Road),
6. Serangoon branch (Blk 101, Towner Road),
7. Jurong West branch (Blk 501, Jurong West Street 51).
Please let me know if there is better offer in the market.
Friday, 7 February 2014
Feb Fixed Deposit Rates Update - 1.18% P.A.at Bank of China
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: Bank of China's 12-months FD rates of 1.18% p.a. is currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion starts from 3rd Feb and is for a limited period only.
Promotion Details:
*Rates are indicative only.
Please let me know if there is better offer in the market.
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: Bank of China's 12-months FD rates of 1.18% p.a. is currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion starts from 3rd Feb and is for a limited period only.
Promotion Details:
| Min. Deposit Amount (S$) | 12-MTH SGD Time Deposits Promotional Interest Rate* |
| S$50,000 to S$199,999 | 1.18% p.a. |
| More than $200,000 | 1.20% p.a. |
Please let me know if there is better offer in the market.
Saturday, 4 January 2014
Jan Fixed Deposit Rates Update - 1.10% 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:
RHB's promotion has ended. The highest interest rate in the market now is still 1.10% p.a., offered by 3 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
2. OCBC
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $20,000.
3. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
Please let me know if there is better offer in the market.
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:
RHB's promotion has ended. The highest interest rate in the market now is still 1.10% p.a., offered by 3 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
2. OCBC
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $20,000.
3. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
Please let me know if there is better offer in the market.
Thursday, 5 December 2013
Dec Fixed Deposit Rates Update - 1.10% 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 still 1.10% p.a., offered by 3 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
3. RHB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $50,000.
Please let me know if there is better offer in the market.
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 still 1.10% p.a., offered by 3 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
3. RHB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $50,000.
Please let me know if there is better offer in the market.
Tuesday, 19 November 2013
"Robbed" by bank
Recently I placed a sum of extra cash in OCBC bank fixed deposit at interest rate 1.08% p.a.
Today by chance I saw my parent's FD renewal notice from the same bank. I was astonished to see that the renewed interest rate for another 12 months tenure is just 0.25%.
I called the bank and was told that the 1.08% p.a. interest rate is for fresh fund only. All existing FDs who are on the auto-renewal option are renewed at 0.25% p.a.
It is reasonable that the bank offers higher promotional interest rates to attract new funds. However, it is totally unacceptable that existing FDs are renewed at the pathetic interest rate of 0.25% p.a.
Giving customers the convenient option of auto-renewal, but then renewing their FDs at 0.25% p.a. is practically daylight "robbery". A lot of senior customers, who may not know English or can't read the small 0.25% interest rate, are not aware of how their FDs are faring. I wonder how much the bank saves by paying less/fair interest rates to their loyal customers. My parent's FD has been with the same bank for 25 years and I wonder how much they have been "robbed".
The bank officer said this is bank policy but offered one solution. My parent could close the existing FD, hold the money for at least one day, then open another FD the next day. Now the money becomes fresh fund and they can enjoy the interest rate of 1.08%.
I think this small inconvenience is worth it to convert 0.25% p.a. to 1.08% p.a.
My emergency fund in my FDs are usually transfer out to banks with the current highest interest rates in the market after matured and seldom stay in the same bank for more than two years.
Readers who know how other banks' policy on FD auto-renewal, please share.
Today by chance I saw my parent's FD renewal notice from the same bank. I was astonished to see that the renewed interest rate for another 12 months tenure is just 0.25%.
I called the bank and was told that the 1.08% p.a. interest rate is for fresh fund only. All existing FDs who are on the auto-renewal option are renewed at 0.25% p.a.
It is reasonable that the bank offers higher promotional interest rates to attract new funds. However, it is totally unacceptable that existing FDs are renewed at the pathetic interest rate of 0.25% p.a.
Giving customers the convenient option of auto-renewal, but then renewing their FDs at 0.25% p.a. is practically daylight "robbery". A lot of senior customers, who may not know English or can't read the small 0.25% interest rate, are not aware of how their FDs are faring. I wonder how much the bank saves by paying less/fair interest rates to their loyal customers. My parent's FD has been with the same bank for 25 years and I wonder how much they have been "robbed".
The bank officer said this is bank policy but offered one solution. My parent could close the existing FD, hold the money for at least one day, then open another FD the next day. Now the money becomes fresh fund and they can enjoy the interest rate of 1.08%.
I think this small inconvenience is worth it to convert 0.25% p.a. to 1.08% p.a.
My emergency fund in my FDs are usually transfer out to banks with the current highest interest rates in the market after matured and seldom stay in the same bank for more than two years.
Readers who know how other banks' policy on FD auto-renewal, please share.
Monday, 4 November 2013
Nov Fixed Deposit Rates Update - 1.10% 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: Bank of China's 12-months FD rates of 1.12% p.a. has ended.
The highest interest rate in the market now is 1.10% p.a., offered by 2 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
Please let me know if there is better offer in the market.
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: Bank of China's 12-months FD rates of 1.12% p.a. has ended.
The highest interest rate in the market now is 1.10% p.a., offered by 2 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
Please let me know if there is better offer in the market.
Sunday, 6 October 2013
Oct Fixed Deposit Rates Update - 1.12% P.A.at Bank of China
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: Bank of China's 12-months FD rates of 1.12% p.a. is still currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
Please let me know if there is better offer in the market.
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: Bank of China's 12-months FD rates of 1.12% p.a. is still currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
| SGD Time Deposits Promotional Interest Rates % p.a. | ||||
| 3-Month | 6-Month | 9-Month | 12-Month | |
| S$50,000 and above | 0.55% | 0.85% | 0.95% | 1.12% |
Please let me know if there is better offer in the market.
Monday, 2 September 2013
Sep Fixed Deposit Rates Update - 1.12% P.A.at Bank of China
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: According to its website, Bank of China's Fixed Deposit promotion is still on. However, the 12-month FD rates has came down from 1.18% p.a. to 1.12% p.a. It is the highest in Singapore currently. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
Please let me know if there is better offer in the market.
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: According to its website, Bank of China's Fixed Deposit promotion is still on. However, the 12-month FD rates has came down from 1.18% p.a. to 1.12% p.a. It is the highest in Singapore currently. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
| SGD Time Deposits Promotional Interest Rates % p.a. | ||||
| 3-Month | 6-Month | 9-Month | 12-Month | |
| S$50,000 and above | 0.55% | 0.85% | 0.95% | 1.12% |
Please let me know if there is better offer in the market.
Saturday, 3 August 2013
August Fixed Deposit Rates Update - 1.18% P.A.at Bank of China
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: According to its website, Bank of China's Fixed Deposit promotion is still on. The 12-month FD rates of 1.18% p.a. is still highest in Singapore currently. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
Please let me know if there is better offer in the market.
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: According to its website, Bank of China's Fixed Deposit promotion is still on. The 12-month FD rates of 1.18% p.a. is still highest in Singapore currently. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
| SGD Time Deposits Promotional Interest Rates % p.a. | ||||
| 3-Month | 6-Month | 9-Month | 12-Month | |
| S$50,000 and above | 0.55% | 0.85% | 0.95% | 1.18% |
Please let me know if there is better offer in the market.
Thursday, 4 July 2013
July's Fixed Deposit Rates Update - 1.18% p.a.at Bank of China
Bank of China will increase the Fixed Deposit promotion rates from 5th July. The 12-month FD rates of 1.18% p.a. is highest in Singapore now. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
Please let me know if there is better offer in the market.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
| SGD Time Deposits Promotional Interest Rates % p.a. | ||||
| 3-Month | 6-Month | 9-Month | 12-Month | |
| S$50,000 and above | 0.55% | 0.85% | 0.95% | 1.18% |
Please let me know if there is better offer in the market.
Wednesday, 19 June 2013
Bank of China Fixed Deposit - 1.15% 12 months for $50,000
Bank of China has launched a Fixed Deposit promotion from 19th June. This new FD is now slightly better than ICICI/CIMB/Maybank's FD which offer 1.10%. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion is for a limited period only.
Promotion Details:
| SGD Time Deposits Promotional Interest Rates % p.a. | ||||
| 3-Month | 6-Month | 9-Month | 12-Month | |
| S$50,000 and above | 0.55% | 0.85% | 0.95% | 1.15% |
Saturday, 1 June 2013
June's Fixed Deposit Rates Update - 1.10% p.a.
RHB Bank's "Ground Shattering Interest Rate" Fixed Deposit promotion was over.
I have found out that ICICI Bank has a HiSAVE Fixed Deposit offering 1.10% p.a. for a 12 months tenure and have added ICICI Bank to my list of high interest FD.
The highest interest rate in the market now is 1.10% p.a., offered by 3 banks.
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
3. Maybank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $60,000.
Related post:
May's Fixed Deposit Rates Update
Maybank Fixed Deposit
Please let me know if there is better offer in the market.
I have found out that ICICI Bank has a HiSAVE Fixed Deposit offering 1.10% p.a. for a 12 months tenure and have added ICICI Bank to my list of high interest FD.
The highest interest rate in the market now is 1.10% p.a., offered by 3 banks.
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
3. Maybank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $60,000.
| No. | BANK | MIN. PLACEMENT SUM $ | TENURE months | INTEREST % P.A. |
|---|---|---|---|---|
Related post:
May's Fixed Deposit Rates Update
Maybank Fixed Deposit
Please let me know if there is better offer in the market.
Thursday, 2 May 2013
May Fixed Deposit Rates Update - 1.10% p.a. now
Last month I had a post on the highest Fixed Deposit interest rates on offer in the market. ICICI Bank offered the highest 1.2% p.a for 12 months tenure for placement sum $50,001. That promotion was over and ICICI's interest rate has dropped to 0.95% p.a. for the same tenure months and placement sum.
The highest interest rate in the market now is 1.10% p.a., offered by 3 banks.
1. CIMB Bank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
2. RHB Bank
The bank has a FD promotion, which it called "Ground Shattering Interest Rate" - 1.10% p.a. for 12 months tenure. Minimum placement sum $50,000.
(I do not feel any ground shattering effect here......)
3. Maybank
Maybank's FD promotion is still on. However, the minimum placement sum has increased from $25,000 to $60,000.
Related post:
Maybank Fixed Deposit
Please let me know if there is better offer in the market.
The highest interest rate in the market now is 1.10% p.a., offered by 3 banks.
1. CIMB Bank
The promotional interest rate now is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
2. RHB Bank
The bank has a FD promotion, which it called "Ground Shattering Interest Rate" - 1.10% p.a. for 12 months tenure. Minimum placement sum $50,000.
(I do not feel any ground shattering effect here......)
3. Maybank
Maybank's FD promotion is still on. However, the minimum placement sum has increased from $25,000 to $60,000.
| No. | BANK | PLACEMENT SUM $ | TENURE months | INTEREST % P.A. |
|---|---|---|---|---|
Maybank Fixed Deposit
Please let me know if there is better offer in the market.
Saturday, 13 April 2013
ICICI Bank Fixed Deposit - 1.2% 12 months for $50,001
Just learnt that ICICI Bank has launched a Fixed Deposit promotion this Saturday, Apr 13. This new FD is now slightly better than Maybank's FD. The minimum deposit amount for ICICI Bank FD is only S$1,000, and significantly lower than Maybank's S$25,000.
ICICI Bank is India's second largest bank with global presence that currently spans across 19 countries including Singapore. There are only 2 branches in Singapore, at Raffles Quay and Little India.
The opening hours for ICICI Bank are slightly different from other banks. It is more or less normal for Raffles Quay (John Hancock Tower) branch. It is open Monday to Friday, 0930 hrs- 1530 hrs; closed on Saturday and Sunday.
Little India (184, Serangoon Road) branch operation hours are: Monday, Wednesday to Friday : 1430 hrs - 2000 hrs; Saturday to Sunday : 1200 hrs - 2000 hrs. Tuesday : Closed.
There are multiple fixed terms to chose from and also multiple interest payout options such as monthly, quarterly, half yearly, yearly or on maturity.
Besides Singapore currency fixed deposit, ICICI Bank also offers FD in US dollar and Australian dollar.
ICICI Bank is India's second largest bank with global presence that currently spans across 19 countries including Singapore. There are only 2 branches in Singapore, at Raffles Quay and Little India.
The opening hours for ICICI Bank are slightly different from other banks. It is more or less normal for Raffles Quay (John Hancock Tower) branch. It is open Monday to Friday, 0930 hrs- 1530 hrs; closed on Saturday and Sunday.
Little India (184, Serangoon Road) branch operation hours are: Monday, Wednesday to Friday : 1430 hrs - 2000 hrs; Saturday to Sunday : 1200 hrs - 2000 hrs. Tuesday : Closed.
There are multiple fixed terms to chose from and also multiple interest payout options such as monthly, quarterly, half yearly, yearly or on maturity.
Besides Singapore currency fixed deposit, ICICI Bank also offers FD in US dollar and Australian dollar.
Interest rates w.e.f. April 13, 2013
SGD| Tenure | < 50,000 | < 100,000 | >= 100,000 |
| 1 month | 0.00% | 0.00% | 0.00% |
| 3 months | 0.40% | 0.45% | 0.50% |
| 6 months | 0.50% | 0.55% | 0.60% |
| 9 months | 0.65% | 0.70% | 0.75% |
| 12 months | 1.15% | 1.20% | 1.25% |
| 18 months | 1.25% | 1.30% | 1.35% |
| 24 months | 1.40% | 1.45% | 1.50% |
| 36 months | 1.65% | 1.70% | 1.75% |
Friday, 5 April 2013
Maybank Fixed Deposit - 1.1% for 12 months (possibly more???)
My emergency fund is in a fixed deposit. The fund is for emergency purposes and I also intend to deploy 40-50% of it, if the stock market crushes again.
My fixed deposit matured recently. Every year just before my FD matures, the bank relationship manager also comes out from hibernation. May not be the same person, but someone calls you on your mobile, introduces himself/herself as your (new) bank relationship manager. Then he/she will introduce other options (most of the times some structured products) that will give better returns than FD.
This year somebody introduced one high yield bond fund that he claimed is stable, high dividend yield, and has never gone down since inception. However, after I asked him when was the inception date, it was end 2010. How can this be a good track record for this bond fund as everything goes up since 2010?
After some looking around, I found out that Maybank offers the highest interest rates for FD in the market. Minimum placement amount is S$25,000.
One attractive feature for Maybank FD is that the FD interest payment will be paid full on the next day after depositing your FD. The interest is paid into a Maybank passbook account and you need to open a passbook account if you do not already have one.
Early redemption or withdrawal of your FD within 3 months, interest will be zero and the bank will return your principle minus interest up-front.
If you withdraw your FD after 3 months and before tenure ends, interest rate will be calculated at 0.1875% p.a. for the whole deposit period. You will get principle minus interest up-front plus whatever interest at 0.1875% p.a.
This is a good place to park the emergency fund and I open a FD and passbook account with Maybank.
The next day I received my interest in full in the Maybank passbook account. This account pays interest at 0.1875% p.a.
How did I spend this interest? I took it and invested into Starhill Global Reit, which has dividend yield about 5%.
Let's see what is the outcome after 1 year......
My fixed deposit matured recently. Every year just before my FD matures, the bank relationship manager also comes out from hibernation. May not be the same person, but someone calls you on your mobile, introduces himself/herself as your (new) bank relationship manager. Then he/she will introduce other options (most of the times some structured products) that will give better returns than FD.
This year somebody introduced one high yield bond fund that he claimed is stable, high dividend yield, and has never gone down since inception. However, after I asked him when was the inception date, it was end 2010. How can this be a good track record for this bond fund as everything goes up since 2010?
After some looking around, I found out that Maybank offers the highest interest rates for FD in the market. Minimum placement amount is S$25,000.
| Tenure | 12 months | 18 months | 24 months | 36 months |
| Interest Rates (% p.a.) | 1.10 | 1.30 | 1.45 | 1.60 |
One attractive feature for Maybank FD is that the FD interest payment will be paid full on the next day after depositing your FD. The interest is paid into a Maybank passbook account and you need to open a passbook account if you do not already have one.
Early redemption or withdrawal of your FD within 3 months, interest will be zero and the bank will return your principle minus interest up-front.
If you withdraw your FD after 3 months and before tenure ends, interest rate will be calculated at 0.1875% p.a. for the whole deposit period. You will get principle minus interest up-front plus whatever interest at 0.1875% p.a.
This is a good place to park the emergency fund and I open a FD and passbook account with Maybank.
The next day I received my interest in full in the Maybank passbook account. This account pays interest at 0.1875% p.a.
How did I spend this interest? I took it and invested into Starhill Global Reit, which has dividend yield about 5%.
Let's see what is the outcome after 1 year......
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