Executive Summary
The HardwareZone forum discussions reveal a dynamic landscape for Singapore fixed deposit rates and high-yield savings accounts. Users are actively comparing various bank promotions, focusing on effective interest rates, bonus criteria, and potential risks. There’s a strong emphasis on understanding complex terms and conditions (T&Cs) to maximize returns. Key concerns include the impact of fresh funds requirements and the reliability of bonus interest payouts. Several users are experiencing payout delays and inconsistencies, highlighting the need for careful monitoring and direct communication with banks.
Recent developments include a slight drop in CIMB’s promotional rate to *3.2% (from 3.3%), and RHB increasing their FD rates to match the highest offered by other banks at 3%*. Maybank has also reduced its promotional interest rates. Users are also exploring alternatives like T-bills and high-yield savings accounts offered by fintech companies. The community is actively sharing experiences and advice on navigating these offers to optimize their savings strategies.
Key Developments
CIMB Rate Adjustments and Promotion Structure
CIMB’s eSaver account saw changes in its promotional structure. The “Marathon Saver” promotion, initially offering up to *3.3%, was followed by a new promotion in December, dropping slightly to 3.2% p.a. The terms require a minimum incremental deposit of SGD 5,000 in fresh funds compared to the end-of-day balance on 30 November 2024*, to qualify for the bonus interest. This has led to discussions about the complexities of meeting the criteria and maintaining the required balances.
“Dec promo is out (Dec-Feb), dropped slightly to 3.2%.” –
The bonus interest for this promotion is credited in one lump sum by *31 March 2025*, while the base interest is credited monthly. Users noted that the CIMB website may not always match the T&Cs, highlighting the importance of downloading and reviewing the PDF documents. The promotion also requires users to maintain the minimum incremental balance on the last day of each month (December, January, and February) to qualify for that month’s bonus interest.
HSBC Account Promotions and Payout Issues
HSBC’s Everyday+ Rewards Programme and EGA bonus interest promotions continue to generate discussion. Users are experiencing inconsistencies with bonus interest payouts, with some receiving credits while others do not. Many users reported not receiving SMS notifications for these payouts. There is ongoing confusion about how the bonus interest is calculated, especially with the various “Marathon” promotions.
“Received giro for Nov but nothing from 10 Oct till 31 Oct. Still net positive for Oct from the bonus credit” –
HSBC also has a separate ongoing monthly promotion with a *1% bonus interest, calculated based on the incremental average daily balance (ADB) of each month compared to the previous month. The bonus interest for some users was credited around the 6th* of the month, similar to previous months. Some users reported that they did not receive SMS notifications but still received their bonus interest.
Other Bank Rate Updates
Maybank reduced its promotional interest rates effective *2 December 2024. RHB increased its fixed deposit rates across the board, now including an 18-month option, and matching other banks at 3%. OCBC also reduced its fixed deposit rates, with online rates dropping to 2.45% for a 6-month* tenure. These changes emphasize the fluctuating nature of fixed deposit rates in Singapore.
Community Insights
User Experiences
Many users shared their experiences with various bank promotions. One user noted that CIMB’s system was “buggy,” crediting them multiple giro rebates for the same day. Others reported issues with transfers between banks, with UOB blocking large transfers requiring verification. Some users detailed their “merry-go-round” strategy, moving funds between banks to take advantage of different promotions.
“I got the max giro rebate on 20nov for Nov GIRO then on 21nov they gave me more giro rebate for 20nov GIRO so their system still buggy.” –
Several users expressed frustration with the complexity of T&Cs. They also noted that customer service officers (CSOs) may provide conflicting information. There were also concerns about the reliability of SMS notifications, with many reporting that they did not receive them despite qualifying for promotions. Some users also faced challenges with their accounts being locked due to large transfers.
Tips and Recommendations
The community provided practical advice on how to navigate bank promotions. It was recommended to download and save T&Cs documents for future reference. Users advised against relying solely on information from the bank website, which may not be up-to-date. It was also suggested to call multiple CSOs to verify information due to inconsistencies.
“best is to call few times, different CSO and you see if they are sharing the correct information” –
Users recommended a “top-up and transfer out” strategy for accounts with bonus interest based on average daily balance. This involves topping up on the first day of the month and transferring out any extra funds that come in, to maintain a consistent ADB. Some users suggested keeping accounts “clean” by not having regular incoming transfers to avoid confusion with promotion eligibility. It was also advised to keep a record of transactions and chat logs with CSOs for appeal purposes.
Important Considerations
Users highlighted several potential risks and issues. One key concern is the “fresh funds” requirement, which can be confusing and difficult to track. Many promotions require a minimum incremental balance compared to a specific reference date, and if this is not met, no bonus interest is earned. There’s also the risk of accidentally joining a promotion due to exceeding the minimum threshold.
The community also discussed the potential for account suspensions or blocks due to large transfers, and the need to notify banks beforehand. There is a growing trend of banks phasing out SMS notifications in favor of email and in-app alerts. This was seen as a potential security risk for some users, as emails may be delayed. Several users expressed concern about the increasing complexity of T&Cs and the need to carefully read them to avoid missing bonus interest criteria.
Looking Ahead
The community anticipates further changes to fixed deposit rates and promotional offers. Many expect new promotions from local banks in January and February, potentially linked to the Chinese New Year. Some users are also expecting local banks to start offering FDs using CPF funds again. The general sentiment is that users need to remain vigilant and adaptable to the changing landscape of banking promotions.
“Hopefully have FD promo If don’t have Jan likely would have because of CNY” –
There’s also a growing awareness of the need to diversify savings strategies, with users exploring alternatives like T-bills, SSB, and high-yield savings accounts offered by fintech companies. Users are closely watching the impact of stricter Total Relationship Balance (TRB) requirements for premier accounts and how that may affect their savings strategies. The community continues to share information and experiences to navigate the complexities of Singapore’s banking environment.
Discussion Sources
This update is based on community discussions from the following HardwareZone forum threads:
Last updated: 17 December 2024