Best fixed deposit rates in Singapore for Dec 2023

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SINGAPORE: Rates of interest ebb and movement like a monetary tide, nonetheless, for people in search of dependable and “steady” returns on their financial savings, fastened deposits have been a dependable alternative. A set deposit, often known as a time deposit, is a sort of checking account providing a set rate of interest in alternate for depositing a particular sum for a predetermined interval. Whereas fastened deposit charges in Singapore skilled a peak of 4% in Jan 2023, they’ve since seen a decline, prompting people to discover different choices. Nonetheless, based on MoneySmart, listed below are the most effective fixed-deposit charges in Singapore for Dec 2023 which might be price taking a shot at in case you have cash to spare.

Finest Fastened Deposit Charges in Singapore for Dec 2023

Highest fastened deposit charges

For these searching for the best fastened deposit charges no matter deposit quantity or dedication interval:

1. Syfe Money+ Assured: 4.00% p.a, 3 months with no minimal quantity
2. StashAway Easy Assured: 3.80% p.a., 3 months with no minimal quantity
3. RHB: as much as 3.60% p.a., min. S$20,000 for six or 12 months
4. HL Financial institution: 3.65% p.a., S$500,000 for 12 months
5. State Financial institution of India: 3.65% p.a., min. S$50,000 for six months
6. HSBC: 3.65% p.a., S$200,000 for 3 months
7. CIMB: 3.50% p.a., min. S$10,000 for six months
8. Financial institution of China: as much as 3.60% p.a., min. S$5,000 for 3 months
9. ICBC: as much as 3.30% p.a., min. S$500 for 3 months

By Dedication Interval

3-Month dedication interval:

Listed below are the highest picks for a 3-month dedication interval:

1. Syfe Money+ Assured:
   • Curiosity Price: 4.00% p.a.
   • Minimal Deposit: No minimal quantity
2. StashAway Easy Assured:
   • Curiosity Price: 3.80% p.a.
   • Minimal Deposit: No minimal quantity
3. HSBC:
   • Curiosity Price: 3.65% p.a.
   • Minimal Deposit: S$200,000 for 3 months
4. HL Financial institution:
   • Curiosity Price: 3.40% p.a.
   • Minimal Deposit: S$100,000 for 3 months
5. ICBC:
   • Curiosity Price: 3.35% p.a.
   • Minimal Deposit: S$500 for 3 months
6. Financial institution of China:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$5,000 for 3 months
7. Citibank:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$50,000 for 3 months

6-Month dedication interval:

Listed below are the highest picks for a 6-month dedication interval:

1. Syfe:
   • Curiosity Price: 3.90% p.a.
   • Minimal Deposit: No minimal quantity
2. StashAway:
   • Curiosity Price: 3.70% p.a.
   • Minimal Deposit: No minimal quantity
3. Financial institution of China:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$5,000
4. CIMB:
   • Curiosity Price: 3.50-3.55% p.a.
   • Minimal Deposit: S$10,000
5. RHB:
   • Curiosity Price: 3.60-3.68% p.a.
   • Minimal Deposit: S$20,000
6. OCBC:
   • Curiosity Price: 3.10% p.a.
   • Minimal Deposit: S$30,000
7. HL Financial institution:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$100,000
8. Maybank:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$500,000

12-Month dedication interval:

Listed below are the highest picks for a 12-month dedication interval:

1. Syfe:
   • Curiosity Price: 3.70% p.a.
   • Minimal Deposit: No minimal quantity
2. StashAway:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: No minimal quantity
3. Financial institution of China:
   • Curiosity Price: 3.30% p.a.
   • Minimal Deposit: S$5,000
4. CIMB:
   • Curiosity Price: 3.15-3.20% p.a.
   • Minimal Deposit: S$10,000
5. RHB:
   • Curiosity Price: 3.60-3.68% p.a.
   • Minimal Deposit: S$20,000
6. HL Financial institution:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$100,000
7. Maybank:
   • Curiosity Price: 2.65% p.a.
   • Minimal Deposit: S$20,000

By Minimal Deposit:

Deposits S$10,000 and below:

1. CIMB:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$10,000 for a 6-month dedication interval
2. Financial institution of China:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$5,000 for a 3-month dedication interval
3. ICBC:
   • Curiosity Price: 3.35% p.a.
   • Minimal Deposit: S$500 for a 3-month dedication interval
4. DBS:
   • Curiosity Price: 3.20% p.a.
   • Minimal Deposit: S$1,000 for a 12-month dedication interval
5. UOB:
   • Curiosity Price: 3.10% p.a.
   • Minimal Deposit: S$10,000 for six, 10, or 12 months

Deposit S$20,000 – S$50,000:

1. RHB:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$20,000 for dedication intervals of 6 or 12 months
2. CIMB:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$10,000 for a 6-month dedication interval
3. Financial institution of China:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$5,000 for a 3-month dedication interval
4. ICBC:
   • Curiosity Price: 3.35% p.a.
   • Minimal Deposit: S$500 for a 3-month dedication interval
5. Commonplace Chartered:
   • Curiosity Price: 3.10% p.a.
   • Minimal Deposit: S$25,000 for an 8-month dedication interval

Deposits S$50,000 and above:

1. RHB:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$20,000 for dedication intervals of 6 or 12 months
2. HL Financial institution:
   • Curiosity Price: 3.65% p.a.
   • Minimal Deposit: S$500,000 for a 12-month interval
3. CIMB:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$10,000 for a 9-month dedication interval
4. State Financial institution of India:
   • Curiosity Price: 3.65% p.a.
   • Minimal Deposit: S$50,000 for a 6-month dedication interval
5. HSBC:
   • Curiosity Price: 3.65% p.a.
   • Minimal Deposit: S$200,000 for a 3-month dedication interval
6. Financial institution of China:
   • Curiosity Price: 3.60% p.a.
   • Minimal Deposit: S$5,000 for a 3-month dedication interval
7. ICBC:
   • Curiosity Price: 3.35% p.a.
   • Minimal Deposit: S$500 for a 3-month dedication interval
8. DBS:
   • Curiosity Price: 3.20% p.a.
   • Minimal Deposit: S$1,000 for a 12-month dedication interval
9. Citibank:
   • Curiosity Price: 3.50% p.a.
   • Minimal Deposit: S$50,000 for a 3-month dedication interval
10. Hong Leong Finance:
    • Curiosity Price: 2.95% p.a.
    • Minimal Deposit: S$50,000 for five or 12 months

MoneySmart additionally famous about two banks with unconventional fastened deposit choices:

Syfe Money+ Assured:

• Curiosity Charges: 4.00% p.a. for 3 months, 3.90% p.a. for six months, 3.70% p.a. for 12 months.
• Distinctive Function: Invests funds into fastened deposits with MAS-regulated banks, providing larger charges with no minimal or most deposit quantity.

StashAway Easy Assured:

• Curiosity Charges:70% p.a. for 1 month, 3.80% p.a. for 3 months, 3.70% p.a. for six months, 3.50% p.a. for 12 months.
• Distinctive Function: A money administration resolution inserting funds in fastened deposits with MAS-regulated banks, offering barely larger curiosity than conventional fastened deposits.

There’s no one-size-fits-all resolution, so it’s as much as traders to weigh what minimal deposit quantity or dedication interval they need. Total, particular person preferences are one of the simplest ways to determine the choice aligned with every individual’s monetary objectives./TISG

The put up Finest fastened deposit charges in Singapore for Dec 2023 appeared first on The Unbiased Singapore Information – Newest Breaking Information

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