Dear readers, Hong Leong Finance is currently having a lunar new year fixed deposit promotion!
Here are the interest rates for a deposit amount of $20,000 and above, for the following tenures:
5-month: 3.15% per annum
6-month: 3.15% per annum
8-month: 3.10% per annum
Assuming the minimum deposit amount of $20,000, the fixed deposit interest will work out to $262.50. More details of the promotion here.
Hong Leong Finance’s fixed deposit interest rates for 5-month and 6-month tenure, are definitely lower than the still very decent 3.74% interest of the 6-month BS24100F T-bill, but are higher than those offered by other Singapore banks/financial institutions, as follows:
OCBC: 2.70% per annum (via physical walk-in) or 3.10% per annum (via OCBC digital app), details here.
UOB: 3.10% per annum, details here
I mentioned Singapore banks/financial institutions as there are definitely higher interest rates from non-Singapore banks and financial institutions.
For example, Maybank offers 3.35% per annum fixed deposit interest rate for 12-month tenure (details here).
Similarly, another Malaysian bank, CIMB offers as high as 3.55% per annum fixed deposit interest rate for 3-month tenure (details here).
For some fixed deposit promotions, one must satisfy some criteria like savings a certain threshold of monies before qualifying for the fixed deposit promotions. Hence lets always do the due diligence first, understand what is needed, before locking in our monies under the fixed deposits!
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