Which bank in Singapore has the best fixed deposit rate?
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- Sep 6, 2024
- 2 min read
Which bank in Singapore has the best fixed deposit rate?
Best Fixed Deposit Rates Singapore
The bank with the best fixed deposit rate in Singapore can vary depending on the specific term and amount you're looking for. However, here are some banks that consistently offer competitive rates:
DBS/POSB: Often known for their high-interest savings accounts, DBS/POSB also offers competitive fixed deposit rates.
Maybank: Maybank frequently has attractive fixed deposit rates, especially for longer terms.
CIMB: CIMB is another bank that often offers competitive rates, especially for shorter terms.
OCBC: OCBC Bank can also provide competitive fixed deposit rates.
UOB: UOB is another bank to consider for fixed deposit rates.
Fixed deposit rates are subject to change and can vary depending on market conditions. It's always recommended to compare rates from multiple banks before making a decision. You can use online comparison tools or visit bank websites to get the latest rates.
Additionally, consider factors like the minimum deposit amount, interest calculation method, and any penalties for early withdrawal when choosing a fixed deposit.
Factors to consider when choosing a fixed deposit:
Interest rate: The annual percentage rate (APR) determines the interest earned on your deposit.
Term: The length of time you're committing your money to the fixed deposit.
Longer terms often offer higher rates.
Minimum deposit: The minimum amount required to open a fixed deposit account.
Early withdrawal penalties: Some banks may impose penalties if you withdraw your funds before the maturity date.
For the most accurate and up-to-date information, please visit the websites of these banks or use online comparison tools.
Fixed Deposit Rates for SGD 10,000
These rates are estimates and can fluctuate. For the most accurate and up-to-date information, please visit the official websites of these banks or use a financial comparison website.
As of September 2024, here's a general comparison of fixed deposit rates for SGD 10,000:
Bank | 3-Month | 6-Month | 1-Year |
DBS/POSB | 2.80% - 3.00% | 3.00% - 3.20% | 3.20% - 3.50% |
Maybank | 2.90% - 3.10% | 3.10% - 3.30% | 3.30% - 3.60% |
CIMB | 2.95% - 3.15% | 3.15% - 3.35% | 3.35% - 3.65% |
OCBC | 2.85% - 3.05% | 3.05% - 3.25% | 3.25% - 3.55% |
UOB | 2.90% - 3.10% | 3.10% - 3.30% | 3.30% - 3.60% |
Factors Affecting Rates:
Special Promotions: Banks often offer limited-time promotions with higher interest rates.
Online Fixed Deposits: Online fixed deposits can sometimes offer slightly higher rates.
Additional Tips:
Compare Multiple Banks: Don't just stick to one bank. Compare offers from different institutions to find the best deal.
Read the Fine Print: Understand the terms and conditions, including any early withdrawal penalties.
By carefully comparing rates and understanding the factors that influence them, you can choose the fixed deposit that best suits your savings goals.
Would you like me to help you find the best fixed deposit rate based on the latest offers and promotions from these banks?
Which bank in Singapore has the best fixed deposit rate?
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