Will interest rates continue to rise in 2023?
Banks are expected to maintain the high-interest rates for 2023. While rates are not expected to shoot up as of 2022, it is anticipated to remain at these high levels for 2023.
Note that most banks’ rates are for fresh funds only.
|
BANKS |
INTEREST (PA) |
TENURE |
MIN DEPO |
|
|
4.05 % (Online) 4.1% |
12 mths 12 mths |
$50K-$300k $300K and above |
|
|
4.15% -Online 4.2% -PB Online
|
12 mths |
$10,000 |
|
|
3.9%-Citigold
|
6 mths |
$50,000 |
|
|
3.2%
|
12 mths |
$1,000 |
|
|
4% 4.1%
|
12 mths |
$100,000 $500,000 |
|
|
3.55% 3.9%
|
11 mths |
$20,000 $500,000 |
|
|
4%
|
7 mths |
$30,000 |
|
|
3.7% -OTC 3.75%-Online
|
12 mths |
$20,000 $500 |
|
|
3.9% |
15 mths |
$20,000 |
|
|
3.55% 3.9%- Premier Private
|
24 mths 12 mths |
$20,000 $20,000
|
|
|
4.1%
|
24 mths |
$20,000 |
|
|
3.88%
|
24 mths
|
$50,000 |
|
|
3.5 % 3.6% (Priority) |
12 mths |
$25,000 |
|
|
3.55% 3.85% 3.95%
|
6,10,12 mths |
$10,000-$49,999 $50,000-$99,999 >$1,000,000 |
*Click on the individual banks for the latest rates
Rates are as of 1 Jan 2023. Please refer to individual banks for the latest rates
Bank of China
BOC best rate is 4.1% for online transactions for above $300K.
CIMB
CIMB allows multiple tenures from 6 months to 18 months. The best rate is 4.15 % for Personal Banking and 4.2% for Preferred Banking for 12 and 18 months. This is the highest as of Nov 24.
citibank
Citibank only provides exclusive time deposit rates for Citigold and Citigold Private Clients. The rate is at 3.9% for 6 months.
DBS / POSB
DBS/POSB has only recently revised the FD rates. The 12 Months interest rates has risen from 1.7% to 3.2%. It is still trialing other banks by as much as 1%.
Do note that DBS/POSB will accept new placements for tenors 12 months and below as according to their website.
HL Bank
HL Bank provides attractive rates. However, the minimum deposit starts from $100,000. To get the highest tier at 4.1%, you would need to place a minimum of $500,000
Hong Leong Finance
Hong Leong Finance offers a Christmas promotion with the highest rate at 3.9% for $500K for 11 and 24 months.
HSBC
HSBC offered periods of 3,7 and 12 months FD rates. The best rates will be for 7 months at 4%. Minimum deposit will be from SGD30K
ICBC
ICBC offers 3.75% via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.7% over 1 year.
Maybank
The best interest rate for Maybank is 3.9% for 15 months. The minimum placement is $20,000.
OCBC
OCBC offers 3 different interest rates for their different market segment. The highest will be at 3.9% over 1 year for Premier Private Clients. For all, it will be 3.55% for 24 months.
RHB
RHB gives 4.1% for 24 months FD. You need to make the placement via the RHB mobile SG App. It is currently offering the highest rate for FD.
SINGAPURA FINANCE
 |
| Source: Singapura Finance |
Singapura Finance offers 3.88% placement for 24 months. Minimum placement is for $50,000
Standard Chartered Bank
UOB
UOB best rate will be at 3.95 for 6, 10 and 12 months if you have 1 million.
For deposits less than 50K, the interest rates will be at 3.85%
Disclaimer
The information provided by TWD serves is for educational purposes. It is not meant to be personalised investment advice. Readers must do their due diligence and refer to financial advisors for their investment needs. The information is correct as of 1 Jan 2023
.