The Monetary Authority of Singapore (MAS) on Thursday (30 Apr 2015) published its framework for identifying and supervising domestic systemically important banks (DSIBs) in Singapore, and isssued the inaugural list of banks that fall into this category.
The banks are: DBS Bank, Oversea-Chinese Banking Corp (OCBC), United Overseas Bank (UOB), Citibank, Malayan Banking Berhad (Maybank), Standard Chartered Bank, and Hongkong and Shanghai Banking Corporation (HSBC). For more details, please go to http://www.mas.gov.sg/news-and-publications/media-releases/2015/mas-publishes-framework-for-domestic-systemically-important-banks-in-singapore.aspx
This article provides the promotional or better interest rates offered by the 7
banks listed in the above. For short term SGD deposit (less than 3 months &
can withdraw anytime), I would recommend UOB and HSBC. For longer term SGD time
deposit, I would recommend SCB, HSBC, Maybank, OCBC and Citibank. DBS offers better interest rates for foreign currencies like USD, AUD, etc.
1. DBS
Foreign
Currency Time Deposit
Amt(USD)
|
< 10'000
|
< 25'000
|
< 50'000
|
< 100'000
|
< 250'000
|
<= 500'000
|
||||||
1 day
|
0.0000
|
0.0000
|
0.0000
|
0.2500
|
0.2500
|
0.2500
|
||||||
1 week
|
0.0000
|
0.0000
|
0.0000
|
0.2100
|
0.2100
|
0.2100
|
||||||
1 mth
|
0.2600
|
0.2600
|
0.2600
|
0.3200
|
0.3200
|
0.3500
|
||||||
2 mths
|
0.3300
|
0.3300
|
0.3300
|
0.4100
|
0.4100
|
0.4500
|
||||||
3 mths
|
0.4500
|
0.4500
|
0.4500
|
0.5200
|
0.5700
|
0.5800
|
||||||
6 mths
|
0.4600
|
0.4600
|
0.4600
|
0.6300
|
0.6600
|
0.6800
|
||||||
12 mths
|
0.5000
|
0.5000
|
0.5000
|
0.6550
|
0.8150
|
0.8400
|
||||||
Amt(AUD)
|
< 25'000
|
< 50'000
|
< 100'000
|
< 250'000
|
<= 500'000
|
|||||||
1 day
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
|||||||
1 week
|
0.0000
|
0.0000
|
0.0000
|
0.9900
|
1.2000
|
|||||||
1 mth
|
1.3550
|
1.3750
|
1.4650
|
1.7350
|
1.8250
|
|||||||
2 mths
|
1.4150
|
1.4350
|
1.5250
|
1.7950
|
1.8850
|
|||||||
3 mths
|
1.4950
|
1.5150
|
1.5950
|
1.8750
|
1.9650
|
|||||||
6 mths
|
1.4950
|
1.5150
|
1.5950
|
1.8750
|
1.9650
|
|||||||
12 mths
|
1.4650
|
1.4850
|
1.5650
|
1.8450
|
1.9350
|
|||||||
a. Passbook Savings and Uniplus
|
Incremental Fresh
Funds Balance*
|
Bonus Rates*(p.a.)
|
|
S$15,000 to
S$50,000
|
1.0%
|
|
Above S$50,000 to
S$100,000
|
1.2%
|
|
Above S$100,000 to
S$1,000,000
|
1.4%
|
Get up to
1.5% p.a.* interest (total interest rate) on your UOB Passbook Savings and UOB
Uniplus Accounts.
Illustration:
1.4% p.a. interest (Bonus Rate assuming Incremental Fresh Funds Balance* above
S$100,000) + 0.1% p.a. interest (Prevailing Interest Rate assuming account
balances above S$350,000).
*Bonus Rates only apply to the Incremental Fresh
Funds Balance up to a maximum amount of S$1,000,000 in the Account during the
Promotion Period from the date of deposit, until 29 February 2016.
b. High Yield Account
Enjoy
premium interest rates on your consolidated deposits and investments when you
deposit Incremental Fresh Funds into a new or existing UOB High Yield Account.
Illustration*: 1.50% p.a. (Promotional Rate) +
0.20% p.a. (Prevailing Interest Rate)
Assuming the Total Value of the Deposits and Investments are S$2,000,000 and above with an incremental Fresh Funds Balance of S$2,000,000, subject to a cap of S$5,000,000 per Account.
|
Total
Value of Your Deposits and Investments
|
Prevailing Interest Rates (% p.a.)
|
|
Below
S$350,000
|
0.05
|
|
S$350,000
to less than S$2,000,000
|
0.15
|
|
S$2,000,000
and above
|
0.20
|
Here's
how you can enjoy up to 1.70% p.a.*
|
Incremental
Fresh Funds Balance*
|
Promotional
Rates on Incremental Fresh Funds Balance* (% p.a.)
|
|
Existing
Accounts:
S$200,000 to S$5,000,000 |
1.50
|
|
New
Accounts:
S$350,000 to S$5,000,000 |
1.50
|
Assuming the Total Value of the Deposits and Investments are S$2,000,000 and above with an incremental Fresh Funds Balance of S$2,000,000, subject to a cap of S$5,000,000 per Account.
3. OCBC
OCBC 12-month Singapore Dollar Time Deposit 1.7% with minimum deposit of $20,000 in fresh funds, & 1.8% with minimum deposit of $100,000 if fresh funds, exclusively for Premier Banking customers.4. Citibank
From now till 31st January 2016, earn 1.60% p.a. interest rate on your SGD Time Deposit when you bring in new funds.
Currency
|
6 months (p.a.)
|
SGD
|
1.60%
|
From now till 31st January 2016, earn potentially higher returns on Foreign Currency Time Deposit with minimum deposit amount starting from as low as SGD 10,000 equivalent.
Citibank offers Time Deposits in other foreign currencies depending on your financial objectives and risk appetite. Here's a list of returns on Foreign Currency Time Deposit.
Currency
|
1 month (p.a.)
|
3 months (p.a.)
|
AUD
|
2.05%
|
2.20%
|
USD
|
0.35%
|
0.50%
|
NZD
|
2.85%
|
3.00%
|
CNH
|
4.55%
|
4.70%
|
ZAR
|
5.05%
|
5.20%
|
CNH refers to
offshore Renminbi and ZAR refers to South African Rand. A minimum deposit
equivalent to SGD 10,000 is required except for CNH. For CNH, a minimum deposit
equivalent to SGD 30,000 is required. Maximum deposit amount is SGD 1 million
equivalent per customer. This promotion is applicable for new funds. New funds
refer to a deposit of funds: (a) from outside Citibank and (b) which is
incremental to the average daily balance of deposits for the month before the
placement of the time deposit. For placement with existing funds, foreign
exchange conversion for the full deposit amount is required for all currencies
5. Maybank
Maybank Singapore Dollar Time Deposit
For a limited period, enjoy attractive interest rates1 with our Singapore Dollar Time Deposit. What’s more, you will receive the interest on the next day2
Tenure
|
Minimum S$25,000
|
3-month
|
1.60%
|
6-month
|
1.60%
|
12-month
|
1.80%
|
18-month
|
1.85%
|
24-month
|
1.90%
|
Promotional rates
above are based on per annum and subject to change without notification. This
promotion is applicable to our Shariah-compliant Term Deposit-i, where
applicable, interest shall mean profit.
What’s more, receive the
following gifts3 from us when you deposit with us for 12, 18 or 24
months!
Deposit
Amount
|
Gift
|
Minimum
S$250,000
|
A pair of tickets to the S.E.A Aquarium™ and Madame Tussauds™ Singapore |
Minimum
S$400,000
|
A pair of tickets to Universal Studios Singapore® |
1
|
Promotion
will end on a date to be determined by Maybank in its absolute discretion.
Promotional rates are applicable for a minimum placement amount of S$25,000
in fresh funds.
|
2
|
The
interest/profit will be credited into customers’ Maybank Savings or Current
Account, opened and/or maintained with Maybank, on the business day following
the successful placement of the Time Deposit or upon clearance of any
cheque(s) deposited, whichever is later.
|
3
|
Gifts are
available on first-come-first-served basis and while stocks last. The deposit
must be in fresh funds, placed over the counter at any Maybank Branch in
Singapore and remain in the Maybank Singapore Dollar Time Deposit Account for
12/18/24 months, failing which Maybank will deduct the value of the Gift from
the Account.
|
Other Terms and Conditions
- Deposits placed into iSAVvy Time Deposit are not eligible for this Promotion. Additional Terms and Conditions of this Promotion apply together with the Terms and Conditions Governing Singapore Dollar Time Deposit, Additional Terms governing Islamic Term Deposits and Rules and Regulations governing Savings and Current Accounts shall also apply. Please visit maybank.sg/sgtd for more details and the applicable fees and charges.
6. Standard Chartered Bank
Earn up to 1.68% p.a. interest on your 7-month SGD Time Deposit today.
From now till 15 January 2016, earn attractive returns1 when you deposit minimum fresh funds2 of S$25,000. For even higher interest rates to reach your financial goals sooner, start a Priority Banking relationship with us today and get up to S$1,000 worth of shopping vouchers3.
Minimum Placement
|
Tenor
|
Promotional Rates
|
Priority Banking Preferential Rates
|
S$25,000
|
7-month
|
1.65% p.a.
|
1.68% p.a.
|
S$25,000
|
12-month
|
1.85% p.a.
|
1.88% p.a.
|
S$25,000
|
24-month
|
2.05% p.a.
|
2.08% p.a.
|
·
Plus,
usher in the new year with a RISIS Prosperity Barrel4 (worth S$188)
for every S$88,000 of fresh funds2 deposited.
1The interest rates are
only applicable if the Time Deposit is held until maturity of the tenor. Standard Chartered Singapore Dollar Time Deposit CNY (1st
to 15th January 2016) Promotion Terms and Conditions apply. 2Fresh
funds refer to funds not originating from any existing account with Standard
Chartered Bank (Singapore) Limited (“the Bank”) and funds that are not
withdrawn or re-deposited within the last 30 days. 3To qualify for
the vouchers under the Priority Banking Sign-Up Promotion, you need to start a
Priority Banking relationship and place a minimum of S$200,000 (or equivalent
in foreign currency) of fresh funds in the form of Eligible Investments and/or
Eligible Deposits before 31 March 2016, plus maintain at least S$200,000 of
assets under management for at least 6 months. Exclusions and other conditions
apply. Please refer to the full version of Priority Banking Sign-up Promotion Terms and Conditions. 4For every
S$88,000 of fresh funds placed into the Time Deposit by 29 February 2016, you
will receive one (1) RISIS Prosperity Barrel, subject to availability. Limited
to a maximum of five (5) RISIS Prosperity Barrels per eligible customer. For
Time Deposit accounts held in joint names, only one (1) RISIS Prosperity Barrel
will be given for every S$88,000 of fresh funds deposited in such accounts.|
7. HSBC
Preferential rates of 1.5% p.a.*# on
your savings when you top up your HSBC Premier SGD account.
Receive
preferential interest rate on the fresh funds placed into your HSBC Premier
account. Enjoy 1.5% p.a. for up to 3 months on your incremental average daily
balance.
Minimum
placement amount is SGD1 incremental average daily balance (ADB) and maximum
placement amount is SGD1,200,000 incremental ADB.
* HSBC New Premier Account Step Up Bonus Interest Promotion Terms and Conditions apply. # HSBC Existing Premier Account Step Up Bonus Interest Promotion Terms and Conditions apply. *# Valid from 2 January to 29 February 2016 or such other date(s) as may be determined by HSBC at its discretion ("Promotional Period"). Bonus Interest is payable only on Top-up amounts in fresh funds. The Bonus Interest Rate on Premier account is 1.5% p.a. and the prevailing board rates ranges from 0.01% p.a. to 0.1% p.a. based on tiered balance.
For
HSBC Premier customers with existing HSBC Premier accounts, simply click on
"Register now" to register your
interest.
Enjoy up to 1.85% p.a* on your SGD time deposits.Usher in Spring and a season of wealth with HSBC. Place a SGD time deposit with us today and enjoy exclusive interest rates and rewards.
The minimum and maximum fresh funds
placement amounts for the SGD Promotion are S$30,000 and S$1,200,000
respectively. For placement amount greater than S$1,200,000, please contact
either HSBC or your Relationship Manager.
*
HSBC 2016 January SGD Premier Time Deposit Promotion terms and conditions
apply.
# HSBC 2016 January SGD Advance Time Deposit Promotion terms and conditions apply. Receive exclusive abalone gift sets worth up to S$168 at our branch roadshows.Simply place a SGD time deposit at our branch roadshows and be rewarded with exclusive Skylight abalone gift sets.
Visit our branch roadshows
at the following locations today!
8-9 January 2016
15-16 January 2016
18-21 January 2016
22-23 January 2016
29-30 January 2016
Note:
Due to closure of branch counter services, cash deposits are only applicable
till 12pm on Saturday.
|
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