UOB Fixed Deposit Promotions & Interest Rates in Singapore – MoneySmart Review 2019
Fixed deposits are a great low-risk investment vehicle to put your money in, especially when the alternative is to let it sit in the bank.
Let’s have a look at UOB fixed deposits to see what they offer.
UOB fixed deposit rates
|UOB fixed deposits|
|Promotional interest rate||1.75% (till 30 Apr 2019)|
UOB fixed deposit promotions
When there are no promotions running, the maximum interest rate UOB fixed deposits offer is 1.65%. To get that rate, you must deposit at least $5,000 for a period of at least 36 months. For 24 month deposits of at least $5,000, you get 1.6% interest, or 1.5% for 18 months.
Until 30 April 2019, however, UOB is offering an interest rate of 1.75% on deposits of at least $20,000. Without this promotion, a 10 month deposit with UOB would yield interest of a measly 0.45%. There is only 1 UOB Fixed Deposit promotion available right now.
UOB fixed deposits are best for people who are looking for a shorter tenure and have at least $20,000
To be frank, the promotional interest rate of 1.75% isn’t too bad, but it’s also not the best you can find out there. If you’re willing to put your money in a fixed deposit for 12 or 24 months, you can most probably find better rates out there.
But if the following sounds like you, this fixed deposit would be suitable:
- People who are looking for a short-term fixed deposit of less than a year.
- People who have at least $20,000 to put into a fixed deposit.
The UOB fixed deposit’s strength is that, at 10 months, its tenure is quite short. In fact, it’s probably one of the more attractive fixed deposits available with a tenure of less than a year.
So, if you’ve got at least $20,000 to spare but don’t want it locked up for too long, consider putting into a UOB fixed deposit. These must be fresh funds, meaning they should not be taken from an existing UOB account.
However, you’ll have to hurry, as the promotional interest rates are only available till 30 April 2019, and UOB has not yet mentioned if these rates will be extended.
Other fixed deposits with a short tenure
UOB isn’t the only bank offering short tenure fixed deposits with decent interest rates. Chinese bank ICBC and Malaysian bank CIMB also offer short tenure fixed deposits.
ICBC is currently offering 9 month fixed deposits at an interest rate of 1.88%, as well as 6 month fixed deposits at an interest rate of 1.85%, both with a minimum deposit of $20,000. These fixed deposits are more attractive than what UOB is offering.
Over at CIMB, you can get 6 month deposits at 1.7% with a minimum deposit of $10,000. They also offer 3 month fixed deposits at 1.55%. Both these offers expire on 30 Apr 2019. If you have less than $20,000 to invest or want an even shorter tenure, pick these over the UOB fixed deposit.
DBS vs OCBC vs UOB fixed deposits
So, let’s say you absolutely want to get a fixed deposit from a local bank. Which is the best one?
DBS currently pays out a maximum of 1.4% when your money is held in a fixed deposit for at least 12 months. They pay 1.35% for 9- to 11-month fixed deposits. Colour us not impressed!
Meanwhile, with a minimum placement of $20,000, OCBC offers promotional interest rates of 1.7% for 12-month fixed deposits, and 1.55% for 6-month fixed deposits.
Based on the above, it looks like UOB is the local bank offering the most attractive fixed deposit rates, at least until 30 April 2019.
Are you putting any of your money into fixed deposits right now? Share your tips and recommendations in the comments!