Dear readers, there are some good news in relation to UOB Oct 23 Fixed Deposits! But first, let us recall what I have previously shared with all of you before.
On 3 Oct 23, I shared a blog post “UOB OCTOBER 23 FIXED DEPOSIT INTEREST RATES: I DON’T KNOW WHAT TO SAY” (you can revisit the post here if you are interested).
To recap, specifically in the above post, I noted that back then (i.e. on 3 Oct 23), I saw that UOB, one of Singapore’s largest three banks, WAS STILL offering 2.70% per annum since July 23. I added that I noted how other Singapore’s banks, which are smaller than UOB are offering higher fixed deposit interest rate promotions. I concluded the post with a question “Hence I do not know what to say for the promotional fixed deposit interest rates from UOB which to me seems to be frozen, at 2.70% per annum.”
Ever since the post, I did not look back, as it seems to be the status quo of things as there is also one large local bank (you may already know which bank) that is also offering 2.70% per annum for its fixed deposit promotion.
It was only very recently that I noticed that 2.70% per annum is already history (at least for now) for UOB’s fixed deposit rates. And what is noteworthy and applaudable is that UOB has increased its fixed deposit promotion away from 2.70% per annum.
From 9 Oct to 31 Oct 23, for a fresh fund of S$10,000 and above and given a choice of a 6-month, 9-month or 12-month tenure, UOB is offering a very respectable 3.10% per annum (more details here) promotional fixed deposit interest rates!
UOB’s 3.10% per annum interest rate for fixed deposit, though smaller than the average 10-year interest rate of 3.32% of Nov 23 Singapore Savings Bonds, as well as 3.87% cut-off yield of the latest T-bill, is finally higher than the fixed deposit of other bank that used to provide higher fixed deposit interest rates than UOB, example Hong Leong Finance which now offers only at most a 2.95% per annum. And what is more, this good 3.10% per annum yield from UOB is from one of Singapore’s largest banks.
For savers who want to diversify their savings away from Singapore Savings Bonds, or T-bills, or want to put capital more than beyond usual allotment size of Savings Bonds and T-bills, UOB’s attractive 3.10% per annum fixed deposit is one to look at!
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