Dear readers, just a week ago, I shared about a relatively decent high fixed deposit promotion from Hong Leong Finance bank.
The interest rate for the fixed deposit was at 3.80% per annum for 12-month of holding and 3.60% for a 5-month holding.
Fast forward to today, Hong Leong Finance is offering 3.50% per annum interest rate for deposit of $50,000 to <$500,000 for a holding period of 5 months. For deposit of $20,000 to <$50,000 for 5 months, the interest rate is slightly lower at 3.30%. Note interest rate is just slightly higher at 3.55% for deposit of $500,000 and above for 5 months, which may be out of reach for many
For a 10-month holding period, the interest rates of the fixed deposit are below:
S$20,000 to < S$50,000: 3.40%
S$50,000 to < S$500,000: 3.60%
S$500,000 and above: 3.65%
You can find out more details of Hong Leong Fixed Deposit promotions here.
As we note above, interest rate offered from Hong Leong Finance has gone down a little. But I must highlight that the decrease is not unique to Hong Leong Finance. A quick check for fixed deposits offered by banks this month shows a general decrease of fixed deposit interest rates offered by the banks and I am likely to share these with you in coming posts.
This is why when good opportunities come, it is also wise to grab them as quick as possible. And I believe Singaporeans came to understand this fact given the fact that the April 2023 Singapore Savings Bonds were oversubscribed as compared to the Feb 2023 and Mar 2023 tranches where the bonds were undersubscribed. Singaporeans came to realise that it seems now that high interest rates are soon reaching a plateau and hence this serves as impetus for them to catch any high fixed deposit rates once the party is still ongoing (you can refer to my earlier post on this if interested).
Likewise for me, I managed to catch a good fixed deposit promotion from a local bank at more than 4% per year (those pure fixed deposits which do not require individuals to credit their monies, spend or buy insurance products). I regretted a little for not catching those Singapore Savings Bonds with the highest annual 10-year yields by redeeming and exchange my earlier tranches with lower interest rates with these highest ones (so far) but still have started redeeming and exchange with some higher recent ones.
The lesson is when opportunities come, we must grab them. On the other side of the coin, I advise readers not to lock too much of your capital in these fixed deposits or equivalents unless they are liquid. This is because we do not want to miss buying stocks at very discounted prices when the opportunities are here.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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