I try my best to keep the fixed deposit deals as accurate as possible. But i recommend giving the companies a call first before actually going down to the company.
The highest interest rate now should be by CIMB bank
- CIMB bank StarSaver Account (12th Aug 2009)
Minimum deposit S$5,000.
Month-end incremental deposit
S$500 or more
Less than S$500
However, you can put in a lump sum and the whole amount will enjoy the 1.2% (provided you have at least $5500)
This is how it works.
Say you put in $10,000
$5,000 will got into the 'minimum. The remaing 5k will be able to provide you a 1.2% interest for $5000/500=10 months.
Therefore by putting in $10000, you will enjoy an effective interest rates of 1.2% p.a. on the WHOLE $10,000.
Things to note
- No minimum balance required. However there is an early closure fee. Therefore, just withdraw all the cash when required and just leave the account open
- No ATM card
- No Internet banking
- Free cheque books
- The interest is compounded monthly, but the effective interest per year is 1.2% => its less than 1.2%p.a. monthly
I personally find it a good place to park your spare cash, as it has the highest interest rates for liquid assets. You can transfer the money out by just writing a cheque.
Also, here is their FD rates for SGD
1.70% p.a. for 24 months
1.20% p.a. for 12 months
0.75% p.a. for 6 months
0.50% p.a. for 3 months
Promotional rates are for a minimum deposit of SGD10,000 and up to a maximum of SGD500,000
Link to the FD promotion here