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.
Singapore Savings Bond (SSB): Earn up to 0.97% p.a. In the latest bond – Apply by 23 Feb 2021. List of Fixed Deposit sale events, promotions, price list and other happenings in Singapore. Last updated February 2021 P3W. Earn returns with a minimum sum of $500 in the latest Singapore Savings Bond. UOB fixed deposit rates (Dec 2020) UOB fixed deposit rate: Interest rate: 0.5 per cent p.a. Which you can easily beat with a well-chosen fixed deposit promotion. Next, entry point. Take advantage of this Fixed Deposit/-i promotion today! Malaysian Ringgit. Interest/Profit rate. Placement Amount. This promotion is only valid from 6 February 2021 – 31 March 2021. Fresh funds required. Travel Insurance. Credit Card Loan Tax Loan 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.
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.
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
Bank Deposits 2020
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. |
Fixed Deposit Promotion 2020 Singapore
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.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.30% p.a. | 0.40% p.a. |
| Promotion Period | Tenure | Rate | Minimum Placement Amount | Maximum Placement Amount |
|---|---|---|---|---|
| 8 January 2021 – 31 March 2021 | 3 months | 2.30% p.a. | RM10,000 | RM2,000,000 |
| 6 months | 2.35% p.a. | |||
| 12 months | 2.30% p.a. |
How to place eFixed Deposit/eFixed Deposit-i on Connect Online Banking?
Not yet a HLB Connect user? Register now.
Terms and conditions apply. The maximum deposit amount per transaction via FPX transfer is RM200,000, subject to such prescribed maximum amount/limit of transfer in the Customers’ individual internet banking maintained with the relevant bank.
Picture shown is for illustration purposes only.
Member of PIDM. Protected by PIDM up to RM250,000 for each depositor.