[Part 4] Fixed Deposit Rates – Which is the Best Deal Around?

Interest rates for fixed deposits offered by a few banks had their rates adjusted downwards in the past few weeks.

Was at DBS last week to change my passbook when the counter service staff recommend me this ‘forced’ monthly savings plan that pays a higher interest compared to normal savings account. And if the monthly amount is quite, the interest earned would be higher too. Eg, for a min sum of $800 per mth, the interest earn is 1.2% (which is higher than some of the fixed deposits interest rates).

This ‘forced’ monthly savings plan is called MySavings Account

Monthly Savings Amount	Interest Rate (p.a.)
S$50-S$290	0.45%
S$300 – S$790	1.00%
S$800 – S$1,490	1.20%
S$1,500 – S$3,000	1.50%

Pls Note: I am not an employee of DBS bank nor am I in any way related to them. The analysis is done purely for my own reference. For details, you might wish to check with the bank directly.

Fixed Deposit Rates – Which is the Best Deal Around?

Been hunting around for some good fixed dep rates to park my money. I am kinda risk averse so I dun really like to touch Unit Trust and stuff. But for someone like me who only work for a couple of years and do not have huge savings, I must say that finding a finance house/ bank that offer really good rates for deposits <$20K is tough.
Citibank fixed dep rates are not published. Rates are obtained over phone. As I am only interested in 1 yr fixed dep, I did not bother to ask about the rates for 18 and 24 mths. Decided to park my money with Citibank as they offer the highest interest rates for the minimum sum of $10,000 (actually I think they accept deposit sums even lesser $10K for the same interest of 2.08% for 12 mths).
I went to the Church Street branch during lunch time and it took me approx 15-20 mins to complete my fixed dep transaction. One thing I like about placing a fixed dep at Citibank is that upon maturity, the cheque would be mailed to my mailing address. This saves me the hassle of making another trip down to the bank just to close my fix dep and draw out my $$.

However you need to indicate this to the officer that you are not renewing your fixed dep upon maturity. Else they would indicate in the system that you want to auto renew your fixed dep.

Deposit = $10,000 to $19,999

	12 mths	18 mths	24 mths
DBS/ POSB	0.825%	0.925%	0.925%
UOB	0.825%	0.925%	0.925%
OCBC	0.800%	0.925%	0.925%
Hong Leong Finance	0.950%	1.250%	1.350%
Sing Investments	1.750%	1.750%	1.750%
Citibank*	2.08%	-	-

 

 

 

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Rates Valid will end Aug 2007

Related Articles [Part 2] Fixed Deposit Rates: Which is the Best Deal Around?

[Part 3] Fixed Deposit Rates (Sing Dollar): Which is the Best Deal Around?

[Part 4] Fixed Deposit Rates – Which is the Best Deal Around?