If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again. A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time. Although fixed deposit rates...
A fixed deposit account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.
If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks. There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there!
The best Citibank fixed deposit rate you can currently get is 2.40 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of 3 or 6 months. That’s down by 0.05 per cent since their promotional rates in October, which were also down 0.10 per cent from the rates in September. If you're looking to get the best fixed deposit rate of 3.00 per cent p.a. out of the Bank of China, you'll need to invest at least $500 for a period of 3 months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.
In this instance, you would be better off placing your money almost anywhere else. ICBC and the Bank of China are good options for small deposit amounts and small time frames.Note: The rates above are correct as of Dec 5 2024. They are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates.
A member of the Hong Leong group, HL Bank currently doesn't have any ongoing fixed deposit promotions right now. This spells bad news for their interest rates, because we’re left with their measly board rates between 0.1 per cent to 0.4 per cent p.a.high minimum deposit amount of $50,000. If you don't have this amount, HL Bank is not even an option for you.Note: The rates above are promotional rates subject to change at any time by Maybank.
OCBC's highest fixed deposit rate this month is 2.45 per cent p.a. for a 6-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield an even lower rate of 2.25 per cent p.a. However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You’d be better off investing your money almost anywhere else.Promotion valid until: Dec 31 2024, subject to change by UOB. Do check UOB's website for the latest rates.
At a maximum interest rate of 2.75 per cent p.a., Standard Chartered’s fixed deposit rates are pretty average this month. However, you only get 2.75 per cent if you're a priority private banking customer, i.e. with a certain high net worth.
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