[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.