Dear readers, in this post, let us uncover the Best USD fixed deposit options for your savings goals.
Based on the scan of the USD Fixed Deposit offerings in the market, one of the best USD fixed deposit interest rate is 4.8% per annum and there are a few banks which offers these fixed deposits rate as below.
CIMB offers 4.80% per annum fixed deposit interest for a minimum deposit of USD $10,000 for a 12-month tenure. Placement must be made online. Visit CIMB’s website for details.
RHB offers 4.80% per annum fixed deposit interest for a minimum deposit of USD $5,000 for a 6-month or 12-month tenure. Visit RHB’s website for details.
DBS offers 4.86% per annum for deposits of up to USD $99,999 and 4.96% per annum for deposits from USD $100,000 to USD $500,000 for a 2-month tenure. Visit DBS’ website for more details. Note the 4.96% is higher than the previous 4.91% that was mentioned in an earlier post.
In terms of deposit amounts, tenure and USD fixed deposit interest rate, UOB’s USD fixed deposit interest seems to be one of the best deals in town!
For a 6-month tenure, UOB offers:
- 4.78% per annum for USD below USD $50,000
- 4.88% per annum for USD 50,000 to USD 249,999
- 4.98% per annum for USD 250,000 to USD 499,999
More details of UOB’s USD fixed deposit interests can be found on UOB’s website.
Please note that above details are correct at the time of writing (21 May 2023).
Based on the above information, how can investors uncover the Best USD fixed deposit options for their saving goals?
Well, as I have stressed several times, when it comes to fixed deposits, the length of time one can hold the fixed deposit is the most important. No point investing in one fixed deposit when the fixed deposit has to be withdrawn prematurely to meet liquidity needs.
Hence, if an investor has just a 2-month holding period, then DBS USD Fixed Deposit interest is the most reasonable option as the fixed deposit rate from 4.86% to 4.96% per annum is attractive even for a relatively short tenure.
If an investor has a slightly longer tenure, of at least 6-month holding and more than USD 50,000 for deposit, then go for UOB’s fixed deposit as UOB’s fixed deposit interest is the highest among the fixed deposit interest rates covered here. Please note that I have not covered OCBC’s USD Fixed Deposit rates as the rates are available on weekdays only (not available at time of writing).
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