If you have access to preferred or premium banking, check with your bank for better rates. I’ve considered only personal banking rates on fresh funds* in this article. Min Board Interest Rate (p.a.) for 12 months
Best Fixed Deposit Rates in Singapore (December 2023) If you’re looking for alternatives to park your money, Alvin shared a strategy you can use to increase your CPF OA interest. The banks might be preparing for a rate cut in 2024 and hence this month, we are seeing fixed deposit rates stagnating.
However, as rate hikes slow, we’re seeing a reversal currently: December 2023 Update on Fixed Deposit Rates: Rates are stagnating During the months when interest rates were rising, we were offered some pretty attractive fixed deposit rates by banks in Singapore. Hence, although they have been dissed at because of low rates, we saw a change in the narrative recently. They let you grow your money at a fixed rate over a period of time (referred to as ‘tenure’ or ‘tenor’).įixed deposits interest rates tend to follow the current market’s interest rate. Fixed Deposits aka Time Deposits are interest generating bank accounts with a pre-determined maturity.
