Fixed Deposit Promotion 2020
About MBSB Bank. MBSB Bank Berhadhas been granted a license by Bank Negara Malaysia to undertake Islamic Banking business. MBSB Bank is regulated and supervised by Bank Negara Malaysia under the Islamic Financial Services Act, 2013. Enjoy interest rate of 0.45% p.a. on your 10-month Singapore Dollar Fixed Deposit. This promotion is available from 17 February 2021 – 27 February 2021. Simply login to UOB Personal Internet Banking to make a fresh fund placement now. Click here to find out more.
- The maximum deposit amount per transaction via FPX transfer is RM200,000, subject to such prescribed maximum amount/limit of transfer in the Customers’ individual internet banking maintained with the relevant bank. Picture shown is for illustration purposes only. Protected by PIDM up to RM250,000 for each depositor.
- Highest Fixed Deposit Interest Rates Promotion in Singapore 2021. Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit account although the difference has become smaller as fixed deposit interest rates plummeted in recent months.
Fixed Deposit Accounts in Singapore
Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit account although the difference has become smaller as fixed deposit interest rates plummeted in recent months. Rates are expected to stay low or even become lower as the economy lay in doldrums due to Covid-19.
Contrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.
Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.
Tenure and Deposit Amount
As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.
For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $75,000 (Risk-free since insured by SDIC). Rates are based on the assumption of new fresh funds deposit and a depositor doesn't have any privilege or preferred relationship with the bank. We have also include the current Money Lobang Average Fixed Deposit Rates and latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison for depositors.
Fixed Deposit Comparison Table
| Financial Institution | Interest Rate |
0.65% | |
0.60% | |
0.60% | |
0.60% | |
0.60% | |
0.52% | |
0.50% | |
0.50% | |
0.50% | |
0.46% | |
0.45% | |
0.45% | |
0.40% | |
0.40% | |
0.40% | |
0.35% | |
0.32% | |
0.21% | |
0.10% |
* Interest Rate based on maximum deposit amount of $75,000 and tenures ranging from 3 to 18 months
Best Highest Fixed Deposit Interest Rates in
Singapore
The highest interest rate is by Sing Investments and Finance which offers an interest rate of 0.65% p.a. for 18 months tenure and funds of $10,000 and above. This is followed by another offer by Bank of China which offers an interest rate of 0.60% p.a. and tenure of 12 months for funds of $20,000 and above. The highest rate is 0.19% or about 41% higher than Money Lobang's National Average Fixed Deposit Rates for March 2021 is 0.46% p.a.
Hsbc Fixed Deposit Promotion
Smart Search for Fixed Deposit Account
Fixed Deposit Promotion 2020 June
Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Smart Search which will narrow your choices down to a list of deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.