Dear readers, if you are looking at some place to park your monies and earn some decent high interest rates, then a 3.10% per annum fixed deposit interest may be of interest to you!
Definitely, the 3.10% per annum is lower than what the latest T-bill that has closed, BS24101Z T-bill offers to savers: 3.70% per annum.
And there are definitely some financial institutions that offers same or higher fixed deposits.
But consider this, would it be good to spread your monies around few financial institutions?
Hong Leong Finance is currently having a fixed deposit promotion, that offers 3.10% per annum for a holding of 5-month, 6-month and 8-month, for a deposit amount of $20,000 and above.
Specifically, the 8-month holding period is longer than the maximum 6-month holding period that OCBC bank can offer for the same interest rates yield.
However, for savers who are looking at longer periods of fixed deposit and are satisfied with a 3.10% per annum interest rate, UOB is offering 3.10% for 10-month and 12-month holding period (the bank also has a 6-month tenure)
There are also higher fixed deposit interest rates, albeit mainly from non-Singapore based banks.
Nevertheless, it is important not to put all eggs in one’s basket, preserve some liquidity away from fixed deposits to be prepared for any market volatilities if any, this year!
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