What You Need to Know About Singapore Dollar Fixed Deposits (Time Deposits)?
Are you looking for low-risk investments? If you want to grow your money (Singapore dollars) through an extremely low-risk investment, you may consider opening a best fixed deposit Singapore account.
A fixed deposit in Singapore (FD) (also known as a time deposit) is an interest-bearing account. It provides guaranteed interest for the money you deposit over a specific duration in the bank or with a non-bank financial institution.
However, before opening a fixed deposit account, make sure to know the Singapore fixed deposit promotion 2022 from various banks.
Here at OMY Singapore, you will discover the following:
What are Fixed Deposit Accounts in Singapore?
Fixed deposits (FD) accounts (also known as time deposits) offered by banks or financial institutions will let you earn a guaranteed interest for the money you deposit for a specific tenure (over a long period of time).
Moreover, there is no need to do anything to earn interest when it comes to the best time deposit Singapore. You just need to leave your SGD dollars at the bank for a specific duration to gain fixed returns.
For instance, if a bank or a non-bank financial company has a current promotion of a 1.25% interest rate per annum for a 36-month tenure and you agree to deposit a minimum amount of S$20,000, the total interest you will earn on its maturity is S$750.
After three years of parking your money at the bank or with a financial company, your S$20,000 will become $20,750.
Time deposit rates may vary each month across banks. Furthermore, the interest that you will earn will depend on the deposit amount and the tenure. This is why you need to make an effort to find the best interest rate for fixed deposit in Singapore.
Thankfully, the best Singapore dollar fixed deposit rates are high right now.
Another good news is that the best fixed deposit rate in Singapore accounts are practically risk-free investments and have a much higher interest rate than saving accounts. Furthermore, Singapore dollar fixed deposits are insured for up to $75,000 by Singapore Deposit Insurance Corporation (SDIC).
What if you wanted to withdraw your money from a fixed deposit before its maturity?
Premature withdrawals or early withdrawals are allowed. However, some banks may ask for an early withdrawal fee. For example, if you want to push for Hong Leong fixed deposit early withdrawal, you need to brace yourself for the fees that come with it.
Also, you may either earn a prorated interest based on the tenure or no interest at all (depending on the bank’s terms) if you withdraw your fixed deposit before maturity.
Nonetheless, Singapore Dollar fixed deposit accounts are practically risk-free types of investment. You can earn higher interest than a regular savings account. Moreover, the best SGD fixed deposit rate accounts are an ideal option to grow your emergency fund, especially in an unpredictable environment.
However, before parking your money through a fixed deposit account, ensure that you have found the best fixed deposit rates in Singapore.
6 Best Singapore Dollar Fixed Deposit Rates
So, which Singapore dollar fixed deposit is best in Singapore? Here are the ultimate Singapore dollar time deposits with the highest interest rates per annum as of October 2022.
Best Singapore Dollar Time Deposit Rates (October 2022)
||Best Interest Rates (Per Annum)
|Hong Leong Finance
||2.80% (via E-banking)
||2.75% (via counter)
||3.10% (for preferred banking)
3.05% (for personal banking)
|Bank of China
||3.10% (for mobile banking)
3.00% (for over the counter)
||3.40% (for mobile banking)
3.30% (for over the counter)