A fixed deposit account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.
To view fixed deposit rates by commitment period or deposit amount, navigate our content list to jump to the section that best matches your needs.When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we’ve worked out the best fixed deposit rates for you.Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period.ICBC Rates accurate as of May 15, 2024.
What we don’t like: No liquidity. You cannot withdraw the funds prematurely even if you’re willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee.StashAway offers a cash management solution called Simple Guaranteed. It’s exactly what it sounds like — a simple and guaranteed way to earn interest on your money.
Set on doing it the old school way over the counter? Firstly, you’ll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.30% p.a. for a 3-month period.What we like: Ultra low minimum deposit amount of just $500 via e-banking. They also have a low commitment period of anywhere between a month to a year. These make ICBC very accessible.
Citibank’s fixed deposit rates are generally not one of the most accessible—despite the relatively short commitment periods, these are large sums of money. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.What we like: Short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there’s also a high upper limit of $3 million.
If you’re looking to get the best fixed deposit rate of 3.30% p.a. out of the Bank of China, you’ll need to invest at least $500 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.What we like: Short commitment period of three months, and very low minimum deposit amount of $500.
Source: Loan Digest (loandigest.net)
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