Fixed deposit rates inch up above 4% as Singapore banks continue to woo savers
SINGAPORE: Interest rates for fixed deposits in Singapore are inching up above 4 per cent, as banks continue to dish out sweet deals amid a competition for cash.
At OCBC, customers of the bank’s flagship 360 savings account can get a per-annum rate of 4.08 per cent for a minimum placement of S$20,000 over eight months as part of a Chinese New Year promotion rolled out this week. Non-360 customers get a rate of 3.88 per cent.
The bank is also offering its Premier Banking and Premier Private clients a promotional rate of 4.18 per cent for an eight-month fixed deposit.
“This is the highest Singapore-dollar time deposit interest rate we have offered to customers in recent history,” said OCBC Bank's head of deposits Na Kok Peng.
An eight-month tenor was offered for the promotion as the number symbolises prosperity in Chinese, Mr Na said, adding that a shorter tenor also offers customers greater flexibility.
OCBC is the only local bank to have rates for fixed deposits above 4 per cent so far.
UOB, which was among the more aggressive banks with monthly deals last year, has maintained its promotional rates this month at a range of 3.55 to 3.95 per cent across varying tenors.
DBS, Singapore’s largest bank, has largely refrained from jumping on the bandwagon of promotions, instead opting to raise its board rates or general fixed deposit rates thrice last year.
At least two foreign lenders also increased their Singapore-dollar fixed deposit rates to more than 4 per cent as early as last month.
A promotion on Malaysian bank CIMB’s Singapore website offers customers a rate of 4.05 per cent per annum for a nine-month fixed deposit. Longer tenors of 12 and 18 months are at 4.15 per cent.
The bank has a minimum placement requirement of S$10,000.
At another Malaysian bank RHB, the promotional rate for a 24-month deposit is now at 4.1 per cent for Singapore customers who make a minimum placement of S$20,000 via its mobile app.
These fixed deposit promotions come as global central banks go on a rate-hike race to combat soaring inflation. While lenders make swift adjustments to their borrowing rates, they also have to remain competitive in courting deposits.
OCBC raises interest rates on 360 account; up to 4.05% a year on first S$100k
OCBC Bank will be raising interest rates on its flagship 360 savings account from Thursday (Sep 1), as it joins other local banks in account revisions amid the rising rate environment.
With this change, customers can earn interest of up to 4.05 per cent a year on balances of up to S$100,000, the bank said in a statement on Tuesday (Aug 30).
Prior to this, account holders could earn a maximum of 2.38 per cent a year of interest on balances of up to S$75,000.
At the same time, OCBC will reinstate the bonus interest category for credit card spending. Account holders who spend at least S$500 each month on the OCBC 365 credit card can earn up to 0.35 per cent a year of bonus interest.
It had halted the credit card spend bonus interest on the 360 account in July 2020 amid the weakened interest rate environment and challenging macro climate then.
From Sept 1, OCBC is also including a new account balance tier, with the maximum balance on which customers can earn bonus interest rates rising from S$75,000 to S$100,000.
This brings it in line with the changes introduced by other local banks to offer higher interest rates on balances of up to S$100,000.
With this change, customers can earn interest ofup to 4.05 per cent a year on balances of up to S$100,000, the bank said in a statement on Tuesday (Aug 30).
Key words: "UP TO". When an offer is too good to be true, it usually is. ;)
WTF exactly is a '360' account? Is it a savings account, a current account or something more? Anyways, what's with the fucking hipster naming convention? OCBC attempting to copy Norton?
If I am not mistaken, Standard Chartered is currently dangling a 2.6% pa carrot (min 200K placement of fresh funds), which is even higher than the current CPF OA interest rate of 2.5% :P
Sianz, most of my monies are already locked up in the illiquid Con People Fund which I probably will never be able to withdraw till I have one foot in the grave, else I would definitely switch to chionging FDs right this moment
Perhaps you can take "comfort" in the fact your CPF funds are 100% insured, whereas those deposited in banks are only covered up to 75K SGD per account.
https://theindependent.sg/the-90s-when-you-could-throw-money-into-a-savings-account-and-get-3-5-interest-singaporeans-nostalgic-after-netizen-shares-old-publication-clipping
Sinkies song boh????
Fixed deposit rates inch up above 4% as Singapore banks continue to woo savers
SINGAPORE: Interest rates for fixed deposits in Singapore are inching up above 4 per cent, as banks continue to dish out sweet deals amid a competition for cash.
At OCBC, customers of the bank’s flagship 360 savings account can get a per-annum rate of 4.08 per cent for a minimum placement of S$20,000 over eight months as part of a Chinese New Year promotion rolled out this week. Non-360 customers get a rate of 3.88 per cent.
The bank is also offering its Premier Banking and Premier Private clients a promotional rate of 4.18 per cent for an eight-month fixed deposit.
“This is the highest Singapore-dollar time deposit interest rate we have offered to customers in recent history,” said OCBC Bank's head of deposits Na Kok Peng.
An eight-month tenor was offered for the promotion as the number symbolises prosperity in Chinese, Mr Na said, adding that a shorter tenor also offers customers greater flexibility.
OCBC is the only local bank to have rates for fixed deposits above 4 per cent so far.
UOB, which was among the more aggressive banks with monthly deals last year, has maintained its promotional rates this month at a range of 3.55 to 3.95 per cent across varying tenors.
DBS, Singapore’s largest bank, has largely refrained from jumping on the bandwagon of promotions, instead opting to raise its board rates or general fixed deposit rates thrice last year.
At least two foreign lenders also increased their Singapore-dollar fixed deposit rates to more than 4 per cent as early as last month.
A promotion on Malaysian bank CIMB’s Singapore website offers customers a rate of 4.05 per cent per annum for a nine-month fixed deposit. Longer tenors of 12 and 18 months are at 4.15 per cent.
The bank has a minimum placement requirement of S$10,000.
At another Malaysian bank RHB, the promotional rate for a 24-month deposit is now at 4.1 per cent for Singapore customers who make a minimum placement of S$20,000 via its mobile app.
These fixed deposit promotions come as global central banks go on a rate-hike race to combat soaring inflation. While lenders make swift adjustments to their borrowing rates, they also have to remain competitive in courting deposits.
A lot more at https://www.channelnewsasia.com/singapore/fixed-deposit-rates-rise-above-4-singapore-banks-promotions-3184626
UOB's latest Fixed D interest rate: 3.9%
Heads up!
Latest: 2.7% return on 15-month UOB fixed deposit (min 20K placement)
OCBC raises interest rates on 360 account; up to 4.05% a year on first S$100k
OCBC Bank will be raising interest rates on its flagship 360 savings account from Thursday (Sep 1), as it joins other local banks in account revisions amid the rising rate environment.
With this change, customers can earn interest of up to 4.05 per cent a year on balances of up to S$100,000, the bank said in a statement on Tuesday (Aug 30).
Prior to this, account holders could earn a maximum of 2.38 per cent a year of interest on balances of up to S$75,000.
At the same time, OCBC will reinstate the bonus interest category for credit card spending. Account holders who spend at least S$500 each month on the OCBC 365 credit card can earn up to 0.35 per cent a year of bonus interest.
It had halted the credit card spend bonus interest on the 360 account in July 2020 amid the weakened interest rate environment and challenging macro climate then.
From Sept 1, OCBC is also including a new account balance tier, with the maximum balance on which customers can earn bonus interest rates rising from S$75,000 to S$100,000.
This brings it in line with the changes introduced by other local banks to offer higher interest rates on balances of up to S$100,000.
More at https://www.businesstimes.com.sg/banking-finance/ocbc-raises-interest-rates-on-360-account-up-to-405-a-year-on-first-s100k
ICBC is now offering 3.15% on its FD!!!!!!!
Heads up: UOB customers seeking to place fixed deposits need to wait for an average of 3.5 hours.
If I am not mistaken, Standard Chartered is currently dangling a 2.6% pa carrot (min 200K placement of fresh funds), which is even higher than the current CPF OA interest rate of 2.5% :P
Sianz, most of my monies are already locked up in the illiquid Con People Fund which I probably will never be able to withdraw till I have one foot in the grave, else I would definitely switch to chionging FDs right this moment
Signing up with BOC NOW!!!!!!!
Frankly 2.5% pa is a pretty paltry return incapable of keeping pace with inflation given current world developments.