Maybank has also rolled out new promotional rates for longer fixed deposit durations this month – 2.35 per cent per annum for an 18-month tenor and 2.4 per cent a year for 24 months. Its 12-month promotion is going at 2.45 per cent, while a six-month deposit earning interest rates of 1.8 per cent is also available for those who prefer a shorter tenor. “We will continue to monitor the landscape and ensure our interest rates stay competitive.”Īmong foreign lenders, RHB has upped its promotional rate for a 24-month fixed deposit to 2.7 per cent per annum from 2.3 per cent. UOB’s head of group personal financial services Jacquelyn Tan said: “In the current uncertain market environment, we have seen more customers looking for safe havens to protect their wealth.'Īnother local bank OCBC is offering 2.3 per cent for fixed deposits of 12 months, according to its latest promotional rate released over the weekend.Ĭhanges to its promotions are done “in line with market conditions”, said the bank’s head of deposits Na Kok Peng. The 12-month rate is 2.6 per cent, likely the highest in town as of Monday (Sep 5) when CNA did a check across various banks. 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.

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