Dear readers, it has been some time since I last took a look at the fixed deposit interest rates of Singapore banks.
UOB is currently offering the following fixed deposit interest rates: 2.40% per annum (6-month) and 2.2% per annum (10-month).
For OCBC, the fixed deposit interest rates are 2.25% per annum (branch placement) and 2.45% per annum (online) for 6-month holding. And for 10-month holding, the fixed deposit interest rates are 2.10% per annum (branch placement) and 2.30% per annum (online)
Clearly, OCBC offers a better fixed deposit interest rate than UOB but based on online placement.
I am not comparing about DBS fixed deposit interest rates since DBS’s above the board interest rates (2.45% per annum) apply to placements for up to $19,999 only.
Another Singapore-based bank, Hong Leong Finance has a practice of providing better fixed deposit interest rates than either OCBC or UOB. I checked Hong Leong Finance website and indeed the bank’s fixed deposit offerings are better than OCBC’s and UOB’s. Hong Leong Finance’s best fixed deposit interest rates is 2.65% per annum for a 6-month holding period of $20,000 and above.