Dear readers, the fixed interest rate for SGD deposits has in general trended down.
For example, currently, a 6-month SGD fixed deposit interest rate offered by OCBC gives a 2.7% per annum interest rate. Similarly, 2.7% per annum is the same fixed deposit interest rate for Singapore dollars (SGD) offered by UOB bank.
Notwithstanding the above, there are still some smaller banks which offer fixed deposit interest rate on Singapore dollars at above 3% per annum. But it is not hard to note that the overall fixed deposit interest rate for SGD offered by Singapore banks has gone down.
On the converse, fixed deposit interest rates on US dollar seem to remain strong. OCBC is offering between 4.45% per annum to 4.70% per annum on USD dollars for a 12-month tenure. For the same holding period, UOB is offering 4.98% to 5.23% per annum on USD dollars.
With the fixed interest rate for USD far surpassing SGD, it may be tempting for savers to consider USD fixed deposit. But what shall be noteworthy is the USD/SGD currency exchange rate or FOREX risks when it comes to foreign currency investments.
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