Looking for the best fixed deposits in July 2020 in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in July 2020.
The 1 year interest rate for August 2020 Singapore Savings Bonds has fallen as low as 0.27%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
Best fixed deposit rates in Singapore (Feb 2021) We’ve picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. $50,000 and below). Note that these promotional rates change monthly and the bank can change the rates anytime.
5 Year Fixed Term Green Saver. Expected Profit Rate (EPR) 1.40% AER. Estimated balance after 1 year based on a £1,000 deposit. Fixed Deposit (FD) Complete Guide, Top 10 Fixed Deposit Rate in India & Rules and Tips. A Fixed Deposit scheme is an excellent facility that is provided to the depositor to preserve a part of their savings.
Best Fixed Deposit Scheme
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying an endowment plan. The latest one is NTUC Income Gro Capital Ease which offers you a guaranteed return of 1.85% per annum over 2 years.
Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer.
In May, 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 in May and June was S$18.72 and S$20.29 respectively based on a deposit of S$10,000.
I have heard of Endowus Cash Smart and FSMOne’s Auto-Sweep account that offers higher interest rates but since I have not read them in detailed, I am not going to compare against them here.
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 July 2020. My preferred fixed deposits below is DBS given that it offers the highest interest rate per annum for a 12 month placement.
DBS Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
Based on the interests rates published on 18th June 2020, the rates have been updated.
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.
MayBank iSAVvy Time Deposit
Interest Rate: 0.90% (12 months) or 1.15% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated
As shared previously, MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.
This promotion is valid from 1st July 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 0.90% p.a., the interest that you will receive upon maturity is S$225.
For a 24 months placement of S$25,000 at 1.15% p.a., the interest that you will receive upon maturity is S$578.31.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 8 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$80.00.
| Deposit Amount | 3 month | 8 month |
| S$20,000 to < S$100,000 | 0.35% | 0.60% |
| S$100,000 and above | 0.40% | 0.65% |
UOB Time Deposit
Interest Rate: 0.90%, Minimum Placement: S$20,000, Promotion Valid Until: 30th July 2020
There is no changes to the fixed deposit promotion offered by UOB. The interest rate remains the same as June.
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 months | 0.90% p.a. |
OCBC Time Deposit
Interest Rate: 0.80%, Minimum Placement: S$5,000, Promotion Valid Until: 30th July 2020
OCBC has reduced their fixed deposit rate from 0.85% p.a. in June to 0.80% p.a. in July.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.80% p.a. |
For 12 months placement of S$5,000 at 0.80% p.a., the interest that you will receive upon maturity is S$40.00.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.40% to 0.50%, Minimum Placement: S$25,000, Promotion Valid Until: 7th July 2020
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.
Fixed Deposit Rates Comparison
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$50.00.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.30% p.a. | 0.40% p.a. |
Looking for the best fixed deposits in October 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 November 2020 Singapore Savings Bonds has fallen as low as 0.23%, 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 second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
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.
| GIGANTIC | Dash EasyEarn | Singlife Account | |
| Lock In Period | No | No | No |
| Minimum investment amount | S$50 | S$2,000 | S$500 |
| Return rate per annum | 2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year | 2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis) | 2.0% for first S$10,000 1.0% for next S$90,000 Note: * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month. |
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 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 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.
DBS is the best fixed deposits in October 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.
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.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.
| Deposit Amount | 12 months (Renewal or Fresh Funds via PayNow) | 12 months (Fresh Funds At Branch) |
| S$20,000 and above | 0.85% | 0.80% |
MayBank iSAVvy Time Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated
MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.
For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.
For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020
The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.
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: 31st October 2020
OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.
| 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: 31st October 2020
For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.
Standard Chartered Bank Singapore Dollar Time Deposit
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 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. |