The downside to a fixed deposit is that you will have to pay a penalty fee if you want withdraw your money early.
Typically, you will lock in a sum of money (usually a minimum of $10,000) and the bank will pay you interest after a fixed period. Let’s start by talking a little more about fixed deposits.įixed deposits earn you a guaranteed amount of interest for the money you put in over a specific period of time. (it’s free to read on so why not!) The best fixed deposit rate in Singapore (November 2023) I will share with you my strategy and thoughts. If you are struggling to choose where to park your money, then you should continue to read on. The Telegram community has shown keen interest in a few instruments instruments – fixed deposit accounts, regular deposit accounts, T-Bill and Singapore Savings Bond (SSB).
The best 6-month fixed deposit rate we found was 3.60% p.a., which is below the cut-off yield of the latest 6-month T-bill auction.offered by RHB and HL Bank, and the best 3-month fixed deposit rate we found was 3.50% p.a. The best 12-month fixed deposit rate we found was 3.60% p.a.For example, Citibank and Bank of China raised their 3-month fixed deposit rate to 3.50% per annum.Banks in Singapore have raised their interest rates on fixed deposit accounts in November 2023.
