Find Solutions to Life in Singapore

Latest Fixed Deposit Rate in Singapore?

Share:Facebook7Twitter0Google+0

There is no doubt that the financial difficulties in the US has more or less affected the risk appetite of common people in Singapore. For those who have become more risk averse, Singapore dollar fixed deposit seems like the way to go. So what’s the latest fixed deposit rate and how safe is this?

How Safe is S$ Fixed Deposit?

Under the deposit insurance scheme, your Singapore dollar deposits in savings, current and fixed deposit accounts with a full bank or finance company in Singapore have a total coverage of up to S$20,000 per institution.

Basically, if it fails, you should be compensated for the first S$20,000.

(Latest: The Singapore Government will guarantee all bank deposits till 31 Dec 2010)

Fixed Deposit Rate of Full Banks

Since Singapore fixed deposit account with full banks in Singapore are protected under the deposit insurance scheme, we have compiled the latest Singapore dollar fixed deposit rate of 8 full banks for you in the link found below.

Visit SGD Fixed Deposit Interest Rate Comparison for latest rates.

Share:Facebook7Twitter0Google+0
 
  1. Mr chia

    Thank’s for the information,I find it very usefull.I do have some query’s in regard’s to the fixed deposit interest rate? Does the bank impose any kind of specific surcharge imposed..For example: If you are getting 0.98%..the bank will deduct around 0.03% as a surcharge or etc.Do you have this information,for each respective banks? Last,but not least let’s assume,I wanna invest a large sume of money,for example.around 15 million dollars sg (of course,I don’t have such kind of money).Does bank offer same rate’s as indicated in the flow-chart? Maybe,you can give us some details…it’ll be good,if u can give some kind of estimation of the rates.Thanks in advance

  2. Patrick

    Hi Mr Chia,

    I believe the banks generally do not impose any kinds of specific surcharge on Singapore dollar fixed deposit. But I strongly recommend you to verify this with them before depositing your money.

    For large sum of money, the banks offer much better rates than indicated in the comparison table. To give you an example, UOB recently offers up to 1.708% p.a. on a 13-month Singapore Dollar Fixed Deposit with a minimum deposit of S$1 million.

  3. Mr chia

    Thank’s for your advise

  4. Andy

    Hello,

    Thanks for the info, very handy.

    You mentioned bank or finance company in Singapore have a total coverage of up to S$20,000 per institution. Basically, if it fails, you should be compensated for the first S$20,000.

    So, may I know if it is advisable to split my combine account with my wife? Then we can have S$40K if bank failed???

  5. Patrick

    Hi Andy,

    Glad you find the info handy. Please note that I’m no expert in this area. Based on my personal opinion and what I’ve gathered from SDIC’s website, I believe it is NOT necessary to split the joint account.

    According to SDIC’s FAQ quoted below, each individual account holder is covered.

    “For joint accounts, SDIC will split funds in the joint account evenly unless there are records showing differently. Each account holder’s share is then combined with his or her own accounts and the total amount of insured deposits is then covered up to S$20,000.”

    You can read more about this from SDIC’s FAQ page.

  6. Eugene

    Now everyone is talking about the American economy and eclections, nice to read something different. Eugene

  7. Richard wee

    Just wondering,is there any web-sites for time deposit interest rates,for amount exceeding 2 million (sing dollars) and above.Is there other way’s for us to know about this interest rates,than visting the respective banks.It will great,if you can give some information,relating how much interest is compounded on weekly,monthly or yearly for such a amount.

  8. Patrick

    Hi Richard,

    I don’t think there’s any. For such an amount, I believe the banks would prefer the customers to contact them directly. Instead of visiting the respective banks, you can call them to find out the interest rates for amount exceeding S$2 million.

    To save you time, I have collated and added the telephone numbers (deposits related) of 8 banks in the following page:

    http://singaporesearchsite.com/singapore-tips/fixed-deposit-interest-rate/

  9. Richard wee

    Thank’s for your swift response

  10. Janice

    Hello Sir, thank you for this information. Is it advisable then to spread your money across different banks to get coverage for every 20,000SGD that you save? Or does it matter if they are in different banks or not, you are only really insured up to 20,000SGD regardless of how many different accounts you have?

  11. Patrick

    Hi Janice, I believe you need not worry about spreading your money across different banks in order to get the necessary coverage for your money. This is because the Singapore Government will guarantee ALL Singapore Dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the MAS until 31 December 2010.

  12. Juan

    I just surfed in.It’s indeed interesting.I do have question though.For the Principal amount of 1 million singapore dollar’s investing on a fixed deposit in singapore.Is there any bank’s which compound their interest rate monthly.Kindly do give the information of the singapore based bank’s,If possible the bank rate’s too

  13. Patrick

    @Juan, it’s better for you call up the banks to enquire directly. Their telephone numbers are found on the following page: http://singaporesearchsite.com/singapore-tips/fixed-deposit-interest-rate/

  14. juan

    Thank’s for the update

  15. Wendy

    Hi Patrick, this is a really useful website for people who wants a quick comparison of FD rates in Singapore. Thanks for compiling. Could you also include some finance companies eg Hong Leong Finance? Thanks. BTW, what happens after 31 December 2010?

  16. Daniel

    You have mentioned that the Singapore Government will guarantee ALL Singapore Dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the MAS until 31 December 2010. Has this quarantee been extended? Till When? If not, what form of protection can the depositirs have? Thanks

  17. Patrick

    @Daniel, this guarantee has not been extended. For existing protection for depositors, please refer to http://www.sdic.org.sg.

  18. Jin

    Hi Patrick,

    do you have any info on comparison of step-up interest accounts from different bank?

  19. Patrick

    @Jin, sorry I do not have it.

Leave a Reply

*