Historyhunter

KUALA LUMPUR: In response to Bank Negara Malaysia's (“BNM”) Overnight Policy Rate (“OPR”) reduction of 50 basis points from 2.50% to 2.00% on 5 May 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 50-basis point reduction in their Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. Determine the current SGD Fixed Deposit Rates straight from CIMB SG, plus other related information. Visit the CIMB SG website now for more details.

1. Cimb Fixed Deposit Promotion
2. Cimb Fixed Deposit Rate 2020 October
3. Cimb Fixed Deposit Rate May 2020
4. Fixed Deposit Rates In Usa
5. Cimb Fixed Deposit Rate Promotion 2020
6. Cimb Fixed Deposit Malaysia
7. Cimb Fixed Deposit Rate 2020 Increase

Looking for the best fixed deposits in September 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.

Next, forget about the Singapore Savings Bonds. The 1 year interest rate for October 2020 Singapore Savings Bonds has fallen as low as 0.26%, 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 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. I have not done any look up for the best endowment plans in September yet. Thus, you can read more about Best Endowment Plans In August 2020 here.

In July, I have signed up for a Dash EasyEarn, which is an insurance savings plan that offers you 2.0% p.a. for the first year up to S$20,000. The estimated interest rate p.a. is 1.5% thereafter.

However, if you are planning to sign up for Dash EasyEarn, I suggest to sign up for Singlife Account first whereby you earn 2.5% p.a. for the first $10,000. For the balances beyond S$10,000, you can then place the rest of the money with Dash EasyEarn to earn 2.0% p.a.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for September 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 and MayBank given that they 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 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.

MayBank iSAVvy Time Deposit (2nd Best)

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

Cimb Fixed Deposit Promotion

Here are the interest rates for MayBank iSAVvy Time Deposit as of 8th September 2020.

For a 6 months placement of S$5,000 at 0.55% p.a., the interest that you will receive upon maturity is S$13.75.

For a 12 months placement of S$25,000 at 0.85% p.a. and 24 moths at 1.20% p.a., the interest that you will receive upon maturity is S$212.50 and $603.60 respectively.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$120.00.

UOB Time Deposit

Interest Rate: 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: 30th September 2020

The interest rate has fallen from 0.80% p.a. in August to 0.65% p.a. in August.

For 10 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$108.33.

OCBC Time Deposit

Interest Rate: 0.60%, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 2020

OCBC has reduced their fixed deposit rate from 0.70% p.a. in August to 0.60% p.a. in September.

Cimb Fixed Deposit Rate 2020 October

For 12 months placement of S$5,000 at 0.60% p.a., the interest that you will receive upon maturity is S$30.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 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: 30th September 2020

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.

Cimb Fixed Deposit Rate May 2020

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.60% p.a., the interest that you will receive upon maturity is S$75.00.

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

Fixed Deposit Rates In Usa

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

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.

Cimb Fixed Deposit Rate Promotion 2020

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.

Cimb Fixed Deposit Malaysia

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

Cimb Fixed Deposit Rate 2020 Increase

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

• 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.