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.
SGD Fixed Deposit Interest Rate Comparison
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
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.
Thank’s for your advise
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???
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.
Now everyone is talking about the American economy and eclections, nice to read something different. Eugene
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.
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/
Thank’s for your swift response