Dear readers, currently there are just so many offerings of fixed deposits with high interest rates that consumers are simply spoilt for choice!
I realised that while there are fixed deposits with high interest rates, there are others with even higher interest rates. But I am not enamoured of those with higher interest rates, say above 5% per annum as to earn such high interest rates, one must perform quite a number of transactions with the financial institution offering the products, e.g. save, invest and spend a certain sum per year. I find it not convenient and simply not hassle free.
And that is why OCBC’s fixed deposit of 4.08% per annum (for a 8-month tenure) is attractive. Simply apply for your fixed deposit online if you are not a OCBC 360 customer to enjoy this good yield. 3.88% per annum is the fixed deposit rate for non OCBC 360 customer.
Will interest rates go higher again from here as US Federal Reserve signalled recently of such possible move? Well, I am not too sure. But I believe current fixed deposit rates are good enough to place some monies and earn some risk-free passive income while we busy ourselves with work, family and other commitments.