Looking for the best fixed deposits in November 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.
Fixed Deposit or Singapore Savings Bonds?
Forget about the Singapore Savings Bonds. The 1 year interest rate for December 2020 Singapore Savings Bonds has fallen as low as 0.24%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
The Alternatives – Short Term Endowments
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.
At the point of writing, the 10th Tranche of China Taiping i-Save (1.96% for 3 years) is fully subscribed.
- Important Notice: From 21 May 20, interest rates for new placements and renewals in an SGD FD Account will be computed based on the total SGD FD balances, instead of each placement and/or renewal. Click here for more information. We will be accepting new placements for tenors 8 months and below. Interest rates for tenors of 9 months and above are applicable only to rollover of existing.
- Set Up a Fixed Deposit Before Life Hands You Lemons No matter what plot twists life springs up, you're empowered to overcome it calmer, smarter, better prepared. Your fixed deposit will act as a contingency fund i.e. A fund created to tackle emergencies and unforeseen developments, and should be equal to 3 to 6 months' worth of your expenses.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Enjoy HKD preferential interest rates up to 0.25% p.a. Online Time Deposit Offer From now until 31 March 2021, place your Time Deposit via DBS iBanking (using the specified promotion code), DBS digibank or DBS iWealth ® App to enjoy preferential interest rates! HKD preferential interest rates up to 0.25% p.a. Open DBS PayLah! And scan to pay at FavePay QRs for up to 20% instant partner cashback Get S$30 on your first DBS Remit transfer Only for the first 250 customers to.
Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for November 2020. The current low interest rates offered by most banks remained unattractive to me.
Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 or 18 months placement as compared to the rest of the banks.
DBS is the best fixed deposit in November 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS.
For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.
If you can afford a longer period such as 18 months, the interest rate is 1.30% p.a. which will give you $195.84 upon maturity.
I have boxed up the period and the corresponding interest rates which I find attractive.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.73% p.a., the interest that you will receive upon maturity is S$146.00.
From now till 1st Mar 2021, you also stand a chance to win in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit or pay loans with Hong Leong Finance.
MayBank Time Deposit
Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: Not stated
For 12 months placement of S$10,000 at 0.45% p.a., the interest that you will receive upon maturity is S$45.00.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 30th November 2020
UOB's time deposit interest rate remains the same at 0.55% p.a. in November.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
OCBC's time deposit interest rate remains the same at 0.50% p.a. in November.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
CIMB is offering a promotional rate of 0.35% p.a. for a 3 months placement. This is 0.05% more than the norm. The minimum placement for this promotion is S$10,000. You will receive S$8.75 after 3 months upon maturity of your S$10,000 placement.
If you have S$50,000 sitting in your Fast Saver account, you can opt to put them into this fixed deposit promotion which gives you 0.35% p.a. for a 3 months lock in period since the first 50K in Fast Saver earns you 0.30% p.a.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th November 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |
Looking for the best fixed deposits in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in June 2020.
The 1 year interest rate for July 2020 Singapore Savings Bonds has fallen as low as 0.30%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
I have shared many other financial instruments that is similar to what fixed deposits can offer. They are endowment plans such as Tiq 3 Year Endowment Plan and China Taiping i-Save Plan. The benefit of these endowment plans is the guaranteed capital upon maturity which is similar to what fixed deposits offer.
Last month, I have signed up for a Singlife account, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000. The interests paid last month was S$18.72 based on a deposit of S$10,000.
The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for June 2020. My preferred fixed deposits below is DBS and Maybank iSAVvy Time Deposit.
DBS Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
Based on the interests rates published on 4th May 2020, the rates remained unchanged.
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.40% p.a., the interest that you will receive upon maturity is S$140.
DBS is the best fixed deposit in November 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS.
For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.
If you can afford a longer period such as 18 months, the interest rate is 1.30% p.a. which will give you $195.84 upon maturity.
I have boxed up the period and the corresponding interest rates which I find attractive.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.73% p.a., the interest that you will receive upon maturity is S$146.00.
From now till 1st Mar 2021, you also stand a chance to win in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit or pay loans with Hong Leong Finance.
MayBank Time Deposit
Interest Rate: Refer below, Minimum Placement: S$10,000, Promotion Valid Until: Not stated
For 12 months placement of S$10,000 at 0.45% p.a., the interest that you will receive upon maturity is S$45.00.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 30th November 2020
UOB's time deposit interest rate remains the same at 0.55% p.a. in November.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
OCBC's time deposit interest rate remains the same at 0.50% p.a. in November.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th November 2020
CIMB is offering a promotional rate of 0.35% p.a. for a 3 months placement. This is 0.05% more than the norm. The minimum placement for this promotion is S$10,000. You will receive S$8.75 after 3 months upon maturity of your S$10,000 placement.
If you have S$50,000 sitting in your Fast Saver account, you can opt to put them into this fixed deposit promotion which gives you 0.35% p.a. for a 3 months lock in period since the first 50K in Fast Saver earns you 0.30% p.a.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th November 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |
Looking for the best fixed deposits in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in June 2020.
The 1 year interest rate for July 2020 Singapore Savings Bonds has fallen as low as 0.30%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
I have shared many other financial instruments that is similar to what fixed deposits can offer. They are endowment plans such as Tiq 3 Year Endowment Plan and China Taiping i-Save Plan. The benefit of these endowment plans is the guaranteed capital upon maturity which is similar to what fixed deposits offer.
Last month, I have signed up for a Singlife account, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000. The interests paid last month was S$18.72 based on a deposit of S$10,000.
The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for June 2020. My preferred fixed deposits below is DBS and Maybank iSAVvy Time Deposit.
DBS Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
Based on the interests rates published on 4th May 2020, the rates remained unchanged.
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.40% p.a., the interest that you will receive upon maturity is S$140.
MayBank iSAVvy Time Deposit
Interest Rate: 1.20% (12 months) or 1.40% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated
I found some changes to the time deposit offered by MayBank. It seems that MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.
This promotion is valid from 17th April 2020 onwards for a minimum placement amount of S$25,000 in iSAVvy Time Deposit via Maybank Mobile/Online Banking (for individuals only).
For a 12 months placement of S$25,000 at 1.20% p.a., the interest that you will receive upon maturity is S$300.
For a 24 months placement of S$25,000 at 1.40% p.a., the interest that you will receive upon maturity is S$704.90.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.95%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 10 months placement of S$20,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.
| Deposit Amount | 6 month | 10 month |
| S$20,000 to < S$100,000 | 0.55% | 0.90% |
| S$100,000 and above | 0.60% | 0.95% |
UOB Time Deposit
Interest Rate: 0.90%, Minimum Placement: S$20,000, Promotion Valid Until: 30th June 2020
For 10 months placement of S$20,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 month | 0.90% p.a. |
OCBC Time Deposit
Interest Rate: 0.85%, Minimum Placement: S$5,000, Promotion Valid Until: 30th June 2020
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 month | 0.85% p.a. |
For 12 months placement of S$5,000 at 0.85% p.a., the interest that you will receive upon maturity is S$42.50.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.40% to 0.50%, Minimum Placement: S$25,000, Promotion Valid Until: 8th June 2020
For 6 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$50.
Dbs Fixed Deposit Promotion November 2020
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.50% p.a., the interest that you will receive upon maturity is S$62.50.
Dbs Fixed Deposit Promotion 1.3
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.40% p.a. | 0.50% p.a. |
