Best Fixed Deposit
Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.
For more information on the banks and credit unions offering the best 10-year rates, see our list of the best 10-year CD rates. A CD is a “time deposit” that pays a fixed interest rate for a specific length of time. CIMB SGD Fixed Deposit is, by far, one of the best options on the market for small and medium tenure deposits of any size. Currently, you can earn an interest rate of 0.20% for 1 month tenure and 0.25% p.a. For 2 months tenure with a minimum placement of S$5,000. A fixed rate bond (or fixed term savings account) is a simple investment product that pays out a guaranteed amount of interest after a set period. If you’ve got a lump sum you’re happy to put away and not touch for a while, a fixed-rate bond can be a great idea. They’re ideal for savers. New Fixed Deposit Rates from ICICI Bank. The fixed deposit interest rates of ICICI Bank have been revised. The private sector lender offers fixed deposits with maturity periods ranging from 7 days to 10 years. Senior citizens will continue to get 50 bps higher interest rates than others. The last revision was done by the bank on 20 September 2019. Standard Chartered offers 100% secure, risk free & high interest rate Fixed Deposit Account. Start saving by booking a deposit with just GHS 1000.
Fixed Deposit or Singapore Savings Bonds?
Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
The Alternatives – Short Term Endowments
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.
At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.
| GIGANTIC | Dash EasyEarn | Singlife Account | |
| Lock In Period | No | No | No |
| Minimum investment amount | S$50 | S$2,000 | S$500 |
| Return rate per annum | 2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year | 2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis) | 2.0% for first S$10,000 1.0% for next S$90,000 Note: * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month. |
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.
Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.
DBS is the best fixed deposits in October 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.
| Deposit Amount | 12 months (Renewal or Fresh Funds via PayNow) | 12 months (Fresh Funds At Branch) |
| S$20,000 and above | 0.85% | 0.80% |
MayBank iSAVvy Time Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated
MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.
For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.
For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020
The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |
In this article, I will enlighten you on best-fixed deposit rates in Kenya. A fixed deposit is the most popular way of saving money. It is a sure investment as well as offers good returns.
While opening a fixed deposit account, you will need to put a fixed tenure at an agreed rate of interest. At the end of this tenure, you will receive the amount you have invested plus compound interest.
With a fixed deposit account, you are guaranteed of positive returns. These returns do not fluctuate over time as opposed to market-led investments.
Even though the fixed deposit rate falls, you will continue to receive the interest decided when you opened the account.
The return on investment on fixed deposit accounts depends on the fixed deposit interest rate and the type of deposit you are investing.
You can opt for a monthly or quarterly pay-out of interest or the reinvestment option, which will give you the benefit of compounding.
While fixed deposit accounts are fixed for an agreed tenure/period, you can take out a loan against it in the form of an overdraft.
The benefit of this kind of loan is that your investment continues to earn interest and you do not have to withdraw your money prematurely.
Best Fixed Deposit Rates in Kenya
Here are the best Fixed Deposit Rates in Kenya in 2020
1. KCB Bank
KCB offers a competitive fixed deposit rate for local and foreign currencies.
The bank, however, has a condition, money must remain in the fixed deposit rate account for the agreed period.
They offer an interest rate of up to 6% p.a. on your savings
2. I&M Bank
Fixed deposit accounts in I&M Bank are opened for fixed contracted periods, which range from one month to one year.
The bank boasts of having attractive rates, thus providing customers with long term savings growth opportunities.
Fixed deposit accounts can be opened in the following currencies,
- Kenya Shillings
- US Dollars
- Euro
- GB Pounds
- South African Rand
In I&M Bank, the minimum you are allowed to deposit for your fixed deposit account is Ksh. 50,000
3. CBA Bank
CBA bank fixed deposit account offers flexible investment periods with interest that is paid upon maturity or at predetermined times of the year.
In CBA, you have the luxury of investing in both local or foreign currency.
You require the minimum of Ksh 100,000 / USD 10,000 as the deposit amount in CBA.
4. Stanbic Bank
Interest rates at Stanbic bank are fixed during the investment period and funds available on maturity.
There is no monthly fee charged to this account, and interest is also calculated upon maturity.
5. Standard Chartered Bank
The fixed deposit account is available to clients of this bank in Kenya Shillings, US Dollar, Pound Sterling, Euro, Japanese Yen, Australian Dollar and South Africa Rand.
What is attractive about this bank is that you can negotiate for a fixed deposit rate that suits you.
You can access personal loans and overdrafts equivalent to 80% of the balance in the Fixed Deposit Account.
You require a minimum of deposit of Ksh 100,000
5. Equity Bank
Equity Bank fixed deposit account provides you with a medium for investment opportunities for individual savers, businesses and organisations.
The minimum amount you can invest in this bank is Ksh 20,000 with a minimum investment period of one month.
The bank allows you to negotiate the fixed deposit interest rate that best suits you.
One of the benefits of the fixed deposit rate accounts in this bank is that you can withdraw prematurely.
It also allows direct borrowing of up to 80%.
6. Cooperative Bank
The investment period offered by Coop Bank is one to twelve months.
The clients are then paid a competitive rate for the period the money is held in the account.
7. DTB Bank
The minimum deposit allowed at this bank is Ksh 100,000, and it offers a competitive fixed deposit rate.
You can also deposit using foreign currency–> USD 10,000 or GBP 10,000
8. Consolidated Bank
Banks Rate Of Interest In India
This facility is available to both individuals and business clients.
Singapore Best Fixed Deposit
You require a minimum account opening balance of Ksh 50,000.
You can invest at this bank for a period one month, 2, 3, 6, 9 or 12 months or on call.
The account holder can get a loan and overdraft using the deposit account.
More about the fixed deposit rates in Kenya
Best Fixed Deposit Plan
- The interest rate is fixed and guaranteed for the term of the investment, so you don`t have to worry about declining interest rates.
- Depending on what bank you settle on, interest payment options are flexible, allowing interest to be paid monthly, quarterly, half-yearly, annually or upon maturity.
- Some banks will enable you to the fixed deposit accounts as security against a loan or overdraft.
- You have the choice of changing your investment period, inform the bank before the date of maturity.
- Some banks offer a free advice slip in the mail upon maturity or on request, also enquire about this from your respective bank.