Dear readers, there are many Singapore Fixed Deposit promotions currently happening all around us.
How to select the Best Singapore Fixed Deposit for yourself among so many different Fixed Deposit products?
Each of the many Singapore Fixed Deposits seems to be different in many combinations so much so that I believe savers may feel overwhelmed.
If you are feeling overwhelmed at the many different fixed deposits, don’t be so as I will be sharing tips on how best to select the best fixed deposit for yourself right away in this post.
Despite the many different fixed deposit promotions and offers around us, there are just three parameters when it comes to selecting the best fixed deposit for yourself and they are:
Holding period (Tenure) of the Fixed Deposit
Capital for the Fixed Deposit
Interest rate per annum of the Fixed Deposit
In these current days, when different banks are competing against one another in terms of fixed deposit interest rates to attract customers, the focus on whether a fixed deposit is good or not seems to be how much the quantum of the fixed deposit return. It seems the higher the interest, the better, just look at the headlines of certain banks offering an interest rate of more than 7% per annum for a certain band of capital.
And Capital for the Fixed Deposit also seems as important, for the higher amount one puts into the Fixed Deposit at a given interest rate, the higher is the interest, this is mathematically correct of course.
However, what I would believe is the top consideration for savers in relation to putting their hard-earned monies to work via fixed deposits should the holding period: how much can one hold the monies invested into the fixed deposit without requiring these monies at short notice.
It is definitely not wise to invest your monies into high-yielding fixed deposit, only to liquidate before maturity and suffer a penalty. It is definitely wise to know the holding period that you can take on so that you can determine the right amount of capital into the fixed deposit. For example, if you have $100,000 in spare cash, but you may need $40,000 anytime in the next three months, then $60,000 rather than $100,000 should be the capital into the fixed deposit.
Given the aforementioned, let me summarize and organize Apr 23 Singapore Fixed Deposits in terms of tenure. I also added in the latest Singapore Savings Bond and Treasury Bills fo
3-month
Standard Chartered: 3% to 3.20% per annum
HL Bank: 3.80% to 3.85% per annum
5-month
Hong Leong Finance: 3.30% to 3.55% per annum
6-month
CIMB: 3.45% to 3.50% per annum
OCBC: 3.50% per annum
UOB: 3.55% per annum
BS23106N 6-Month T-bill: 3.85% per annum (already closed)
HL Bank: 3.90% to 3.95% per annum
9-month
CIMB: 3.45% to 3.50% per annum
10-month
Hong Leong Finance: 3.40% to 3.65% per annum
UOB: 3.55% per annum
12-month
CIMB: 3.45% to 3.50% per annum
Maybank: 3.90% per annum
HL Bank: 3.90% to 3.95% per annum
BY23100X 12-month T-Bill: 3.87% per annum (already closed)
15-month
Maybank: 3.75% per annum
18-month
CIMB: 3.45% to 3.50% per annum
Maybank: 3.60% per annum
24-month
HSBC: 3% per annum
Maybank: 3.30% per annum
For more details, do visit the webpages of the different banks as follows:
May 23 Singapore Savings Bonds
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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