UOB has been among the more aggressive banks, adjusting its fixed-deposit promotions monthly and offering one of the highest rates across a variety of tenor options so far.įor September, the promotional rate for a 10-month fixed deposit is 2.4 per cent, up from last month’s 1.6 per cent. Unlike regular savings accounts, customers cannot withdraw this money before the so-called “lock-in” duration is over. Most lenders require minimum placements of S$20,000 for these promotional rates.Ī fixed deposit, otherwise known as a time or term deposit, allows one to earn a guaranteed amount of interest for a lump sum of money deposited with a bank over a specified duration. Several banks in Singapore have rolled out promotions, with this month’s rates going as high as 2.6 per cent for a 12-month fixed deposit and 2.7 per cent for 24 months.
SINGAPORE: Thinking of parking some money in a fixed deposit? Good news – as interest rates for both loans and savings accounts rise, fixed deposit rates are increasing too.
