Dear readers, there are more and more fixed deposit offers, promotions and plans rolled out by banks and financial institutions, offering high interest rates.
Those high interest rates do not just stop at fixed deposit plans. Now, we have those accounts where a high interest rate is credited to a user provided, he spends, save, credit certain amounts of monies into his or her account every month.
For fixed deposit, I am always puzzled why Singapore’s largest bank, DBS does not have too many offerings on this front. My answer was answered by a Business Times article yesterday.
The article stated that DBS stopped taking fixed deposits with tenors beyond eight months because of the uncertainty of longer-end tenors.
Currently, DBS offers only board rates at 0.15% per annum for 3 months, 0.75% per annum for 6 months and 0.85% for 8 months.