Here is a list of interest rates offered by the various financial institutions in Singapore for 12-month SGD time deposit of under $50,000:
| Financial Institution | Interest Rates | Website |
|---|---|---|
| DBS/POSB | 0.825% | here |
| OCBC | 0.825% | here |
| UOB | 0.650% | here |
| Citibank | 0.500% | here |
| Hong Leong Finance | 0.825% | here |
| Maybank | 0.875% | here |
| RHB | 1.055% | here |
| Sing Investments | 0.850% | here |
| Singapura Finance | 1.055% | here |
| Standard Chartered | 0.4188%* | here |
| *This rate is quoted by a customer service assistant from Standard Chartered Bank's call centre. The rate quoted on the website is 0.275%, calculated on a daily basis and credited on a monthly basis. I don't know what this means. | ||
7 comments:
Hey Knowledgebank,
Just a suggestion that POSB mysavings interest is higher than any of these fixed deposits and its highly liquid.
1.5% if you automatically giro at least 1500 every month...
In case you didnt know :)
SGDividends Team weakest link
Ha guess you knew since you wrote about Mysavings in your Nov 11 08 blog " where to park cash"
SGDividends
Hi Dancerene,
For info, Maybank's iSavvy is paying 1.08% for savings account for $5,000 to S$50,000 deposited and there is no lock-in. But it's an internet-only account with no statements and no passbook. But it beats the entire list you put in your post, and those are FD rates !
Maybe you can consider ? I have my money inside Maybank. In addition, they also pay 6% interest on interest every 6 months if your average monthly balance exceeds $5,000 monthly.
Regards,
Musicwhiz
Hi SGDividends,
Thanks for sharing about POSB MySavings account. Yes, I am aware of it and has been keeping it in mind as an option.
Hi musicwhiz,
Thanks for sharing about Maybank's iSavvy savings account. Yes, I am aware of it too, in fact, I had went to the bank sometime ago, ready to open an account but was put off by the high over the counter transaction charges.
Nevertheless, I will seriously re-consider since you highly recommended it.
As of last check (13 Feb 09), Maybank has revised interest rates downwards. The most attractive FD rates is now offered by Singapura Finance.
I think DBS MySavings account is better than Maybank i-Savvy. The 6% interest-on-interest is not much unless you have alot of interest in the saving accounts (why not put the capital into i-S FD then?)
And DBS has no lock-in such as its previous SAYE scheme. Just need to start it off with an initial GIRO arrangement.
It is almost as good as StdChart Flexi (which now pays very low interest).
Hi Lin-peh,
You are right, DBS MySavings offers the best savings interest rate so far, provided one can maintain a stable amount of savings every month and refrain from withdrawing. Maybank iSavvy savings account 6% interest-on-interest is only attractive when the base interest is high.
Maybank iSavvy FD can only be placed online, so you'll need a Maybank normal or iSavvy savings account to gain its internet banking facility before you can do that.
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