• Bank Fixed Deposit Promotion
• Maybank Fixed Deposit Promotion

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.

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.

ICBC fixed deposit board rates. Minimum of S$500 to open an account with tenors of 1 month, 3 months, 6 months, 9 months, 12 months, 13 months and 24 months. Prevailing current account interest rate will be paid for pre-matured withdrawal of fixed deposit. Jul 05, 2020 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. Time Deposit Travel Insurance Apply. This product has been successfully added to favorite product list! Share Product Information. Send to: WhatsApp WeChat Share on WeChat. Open WeChat and click Discover. Scan the QR code and share on Moments. Email Copy Link Copied to Clipboard.

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.

Find great deals and discounts, bigger savings and awesome unlimited rewards with the latest promotions from CIMB Bank Singapore! Find great deals and discounts, bigger savings and awesome unlimited rewards with the latest promotions from CIMB Bank Singapore! CIMB SGD Fixed Deposit. EVERYTHING'S ON HOLD BUT GROWING YOUR MONEY! Find great deals and discounts, bigger savings and awesome unlimited rewards with the latest promotions from CIMB Bank Singapore!

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.

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.

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.

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.

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.

Last month in December, I have placed a 6 months fixed deposit with CIMB Bank that gives me an interest rate of 1.80% p.a. The good news is that CIMB Bank has maintained its interest rate of 1.80% p.a. for its Chinese New Year Fixed Deposit Promotion. They are probably the only bank that maintain the high interest rate of 1.80% p.a.

While searching for Chinese New Year fixed deposit promotions, I found a promotion from OCBC that gives you vouchers instead of cash for a 6 month locked in period. The interest rate is 1.70% p.a. if you compare the value of the vouchers against cash. You can read more about it below.

The next good deal is from Hong Leong Finance where they maintain their interest rate of 1.73% p.a.

CIMB Fast Fixed Deposit Chinese New Year Promotion

Interest rate: 1.80%, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

The total interest that you will receive if you place S$20,000 for 12 months is S$360.

OCBC Bank Chinese New Year Deposit Promotion

Interest Rate: Not Applicable, Minimum Placement: S$10,000, Promotion Valid Until: 31st January 2020

As part of OCBC Chinese New Year promotion, receive S$85 NTUC FairPrice vouchers with every S$10,000 in fresh funds deposited into OCBC Passbook, Statement Savings, Premier Statement Savings and Premier Easisave accounts. The funds must be maintained for 6 months.

If you work backwards, the S$85 NTUC FairPrice vouchers is equivalent to an interest rate of 1.70% p.a based on a deposit of S$10,000 locked in for 6 months.

Hong Leong Finance

Interest Rate: 1.73%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Bank Fixed Deposit Promotion

The total interest that you will receive if you place S$20,000 for 12 months is S$348.76.

Standard Chartered Bank (Singapore)

Interest Rate: 1.55%, Minimum Placement: S$25,000, Promotion Valid Until: 31st January 2020

Unless you are a priority banking customer, otherwise you get an interest rate of 1.55% p.a. for a minimum place of S$25,000 with Standard Chartered Bank.

The interest that you will get is S$322.92 based on an interest rate of 1.55% p.a. for a placement of S$25,000 for 10 months.

If you are a priority customer, the interest that you will get is S$343.75 based on an interest rate of 1.65% p.a. for a placement of S$25,000 for 10 months.

MayBank Singapore Dollar Time Deposit

Interest Rate: 1.60%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

Maybank has further reduced their fixed deposit interest rate from 1.80% to 1.60%. The total interest that you will receive if you place S$20,000 for 12 months is S$320.00. However, there are some catch should you choose to place your fixed deposit with MayBank

Maybank Fixed Deposit Promotion

• You need to have a MayBank Current or Savings account.
• For every S$1,000 deposited into the CASA Account, S$10,000 can be placed into the Singapore Dollar Time Deposit, subject to a minimum of S$20,000 in Time Deposit and the corresponding minimum deposit of S$2,000 in the CASA Account.