Lastest S Deposit Updates Part 3 Weekly Update (26 Nov – 03 Dec 2024)

🔑 Key Highlights:

  • Maybank has cut its promotional interest rates again, effective from 2 Dec 2024
  • RHB has increased its fixed deposit (FD) rates across the board, including an 18-month tenure
  • CIMB’s Bonus Interest Promotion is offering up to 3.3% interest until February 2025
  • Maribank is offering 3.5% interest for 3 months, but this is an invitation-only promotion

💡 Main Discussion Points:

  • Users have expressed disappointment with RHB’s new FD rates, stating that they merely match the highest rates offered by other banks without attempting to beat them
  • There is speculation that local banks may increase their interest rates in January due to the Lunar New Year and Save-As-You-Earn (SA) closures
  • Some users are opting for CIMB’s Bonus Interest Promotion instead of iSavvy due to issues with verifying their addresses

📋 Important Details:

  • Maybank’s promotional rates for fixed deposits are now:
  • 6-month tenure: 3.25% (in-branch) and 2.90% (online)
  • 9-month tenure: 3.10% (in-branch) and 2.75% (online)
  • 12-month tenure: 2.95% (in-branch) and 2.60% (online)
  • CIMB’s Bonus Interest Promotion is available from 1 to 30 November 2024, with bonus interest earning periods from November 2024 to January 2025
  • Maribank’s 3.5% interest rate offer is only available to those who received an invitation and are required to top up SGD 20,000

💭 Community Insights:

  • Some users are considering alternatives to fixed deposits, citing potential risks and low returns
  • Users are also sharing their experiences with different banks and their rates, providing a comparison of the options available
  • There is debate about whether it is wise to lock into a fixed deposit now, considering the potential impact of economic uncertainty

⚠️ Things to Note:

  • Verification issues with SingPass may occur when opening accounts online with certain banks
  • Invitation-only promotions may not be available to all users
  • Users should carefully review the terms and conditions of any promotion before participating

Source: View original thread on HardwareZone Forum