Monthly Update: Singapore Fixed Deposits and Savings Accounts
Key Highlights
- Chocolate Finance’s interest rate has dropped to 3.6% p.a. for the first S$20,000, effective from November 1st.
- Banks such as DBS, Maybank, and OCBC have revised their fixed deposit rates.
- GXS Digital Bank is offering a promotional interest rate of up to 4.3% p.a. for deposits into their Boost Pocket, with a minimum deposit of S$50,000.
- RHB has increased its fixed deposit rates across all tenures, with a maximum rate of 3% p.a.
Main Discussion Points
- Fixed Deposit Rate Updates: Many banks in Singapore, including DBS, Maybank, and OCBC, have cut their fixed deposit interest rates. For instance, Maybank’s rates have been adjusted to 3.25% p.a. for 6 months and 2.90% p.a. for 9 months for online placements.
- GXS Digital Bank Promotion: GXS is offering a high-interest rate of up to 4.3% p.a. for deposits into their Boost Pocket. However, this rate includes a cashback bonus, and the interest rate is not compounded.
- RHB Fixed Deposit Rate Increase: RHB has increased its fixed deposit rates, with a maximum rate of 3% p.a. across all tenures.
Important Details
- Actionable Tips:
- Consider depositing into GXS Digital Bank’s Boost Pocket for a high-interest rate.
- Compare fixed deposit rates across different banks to find the best option.
- Be aware of the terms and conditions of each bank’s promotion, including any minimum deposit requirements and interest rate conditions.
- Deadlines and Important Dates:
- November 1st: Chocolate Finance’s interest rate drop to 3.6% p.a. for the first S$20,000.
- December 2nd: Maybank’s revised fixed deposit rates take effect.
Community Insights
- Valuable Experiences: Some forum members have shared their experiences with different banks, including the ease of use and customer service.
- Comparisons and Alternatives: Members have compared the interest rates and terms of different banks, highlighting the best options for various deposit amounts and tenures.
- Debates and Different Perspectives: There have been discussions about the pros and cons of different banks and promotions, with some members expressing concerns about the lack of transparency in certain promotions.
Things to Note
- Warnings and Precautions: Some members have warned about the potential risks of certain promotions, including the lack of compounding interest and the need to maintain a minimum deposit amount to avoid penalties.
- Disputed Information: There have been some discrepancies in the information shared about certain promotions, highlighting the need for members to verify the details with the banks before making any decisions.
- Verification Needs: Members are advised to check the terms and conditions of each promotion carefully and to verify the information with the banks to avoid any misunderstandings.
Official Links:
Please note: The information provided is based on the discussions and promotions available at the time of writing and may not be comprehensive or up-to-date. It is essential to verify the details with the banks and to read the terms and conditions carefully before making any decisions.
Source:
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