Dear readers, with interest rates going up, now is the time for savers to go shopping for high interest rates to grow their savings safely without the need to put their monies through investments in stocks or properties.
Of course, stocks, properties and other investment instruments may offer investors higher returns, but these come at higher risks as well.
For individuals looking at Singapore fixed deposits with high interest, one of these fixed deposits they can look at is the OCBC Bank Time Deposit.
With a minimum placement of SGD $20,000, savers can achieve 0.55% interest rate per year for a year of deposit or 1.28% interest rate per year for a holding of two years.
The interest rate of OCBC Bank Time Deposit is decent, however it is still lower than the upcoming May 2022 Singapore Savings Bond which offers 0.86% per annum and 1.49% per annum for a holding period of 1 year and 2 years respectively.
The May 2022 Singapore Savings Bonds gives an annualised return of 2.09% per annum for a holding period of 10 years. What is noteworthy about Singapore Savings Bonds is the ability to withdraw your capital anytime without penalty. But Singapore Savings Bonds is based on application and subject to allocation.
It’s a good time for Savers and Save as you may, do remember to park some liquidity as investment war chest to take advantage of the stock markets at good entry points!
Have a Nice Day ahead!