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DBS, OCBC, UOB FIXED DEPOSIT JUNE 2023 INTEREST RATES: WHICH IS THE BEST?

Dear readers, a Happy Vesak Day to All Buddhists and a Happy Public Holiday to All!

It’s the start of a new month an many banks have updated their fixed deposits for the month. In today’s post, let us take a look at just which of Singapore’s three biggest banks (DBS, OCBC, UOB) has the best interest rate for Jun 2023.

As a quick recap in yesterday’s post. UOB Fixed Deposit for June 2023 is 3.10% per annum, for a tenure of 6 months or 10 months, with a minimum fixed deposit amount of $10,0000. The aforementioned interest rate has dipped from 3.45% per annum for May 2023 (at the start of the month) to 3.20% per annum for May 2023 (in the middle of May 2023).

OCBC’s Fixed Deposit interest rate also has a similar trend:

Apr 2022: 3.5% per annum, updated to 3.4% per annum (mid Apr 22)

May 2022: 3.3% per annum

Currently for June 2023, OCBC is offering 3% per annum for a tenure of 6 months and for a minimum fixed deposit amount of $30,000.

Not only has the fixed deposit interest rate of OCBC gone down from 3.3% per annum to 3% per annum, the minimum fixed deposit amount has gone up from $20,000 to $30,000.

Comparing the three biggest Singapore banks (DBS, OCBC, UOB), for Jun 2023, DBS offers the highest fixed deposit interest rate of 3.2% per annum: however please note that this interest rate is only for up to the first $19,999 of fixed deposit and for a minimum tenure of 12 months, to 60 months (beyond the first $19,999, DBS’s board interest rate of 0.05% per annum applies). If you have up to $19,999 to put in fixed deposits and will like to lock up this monies for a long period, then DBS Fixed Deposit is the fixed deposit to turn to.

Between OCBC’s and UOB’s fixed deposit, UOB’s fixed deposit for June 2023 is higher at 3.10% per annum (versus 3% per annum for OCBC’s). Moreover, UOB offers the aforementioned interest rate for another longer option of 10 months too.

Sharing my thinking once again, the most important thing when it comes to choosing a fixed deposit is on the tenure: just how long you can park the monies in the fixed deposit without needing to withdraw the fixed deposit earlier than maturity and be penalised in the form of early termination charges.

Enjoy your long weekends, Everyone!

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