Best Bank Deposit Rates in Singapore as at January 2015

I am sure many of you like me, are very interested in comparing the deposit rates of the various major banks in Singapore. Of course, we are assuming here that you are simply going for the highest interest rates and no customer loyalty is considered as you may have your favourite bank and you decide to keep your funds with them either for sentimental reasons or out of sheer convenience.

Ideally, we should keep 6 months or more of living expenses as our emergency funds in liquid assets, that is, bank deposits. Which are the banks that can offer the highest deposit rates at different cash levels? Before you scoff at the measly interest that we can get from bank deposits nowadays, let me remind you that a journey of a thousand miles begins with a single step. Having a regular savings plan and by accumulating our wealth bit by bit, can we actually attain the goal of financial freedom in the end.

Best Deposit Rates as at January 2015

Assuming you have S$5,000 cash,
CIMB is probably the one bank that you may want to consider. Its CIMB StarSaver Account offers 0.8% p.a. interest on its current account and offers free cheque books. There is no fall below fee. You must be at least 18 years and above and put in a minimum initial deposit of S$5,000.

To enjoy the 0.8% p.a. on the entire account balance, simply top up the month-end balance by:

• maintaining an increasing balance with monthly deposits of a minimum amount OR
• placing a periodic lump sum deposits that will be automatically converted by CIMB Bank into equal portions for your account.

 

Interest Rate	Month-end incremental deposit
	CIMB StarSaver
	Checking and Savings Account
0.8% p.a.	S$500 or more
0.5% p.a.	Less than S$500

Please refer to my previous post on CIMB StarSaver here. For more details, please refer to the official website.


Assuming you have S$25,000 cash,

With the Standard Chartered Bonus$aver Account, you will receive 1.88% p.a.* on your savings up to a $25,000 balance when you charge $500 per month to your Bonus$aver World MasterCard Credit or Debit Card. That's $470 interest a year. Not too bad for consolidating your credit card spend and your savings with one bank.

Current promotion: Get a Samsung GALAXY Tab 3 or $100 CashBack when you sign-up online with a minimum deposit. Details found here.

Please refer to my previous post on Standard Chartered Bonus$aver Current Account here. For more details, please refer to the official website.
 

Assuming you have S$50,000 cash, 

You should open an OCBC 360 account which is still currently the best savings account that is very rewarding for us to consolidate our salary credit, GIRO transactions and credit card spendings  with one bank. That's $1,525 interest a year or a cool $127 a month or up to 3.05% p.a. on the first S$50,000 balance. It is very good for an account which allows you the flexibility of withdrawing funds as and when required.

So, how does it work? You can earn 0.05% per year base interest for account balances of up to S$200,000 or base interest of 0.15% per year on balances above S$200,000.

Bonus interest of extra 1% per year can be earned each when you do all or any of the following:
1. Credit your salary every month by GIRO of at least S$2,000
2. Pay any 3 bills every month either through internet banking or GIRO
3. Spend at least S$400 on your OCBC Credit Cards every month - only main cardholder only

These conditions are quite easy to achieve for the man in the street as compared to similar products like the DBS Multiplier Account.

Please refer to my previous post on OCBC 360 Account here. For more details, please refer to the official website.

With the DBS Multiplier Account, you can earn up to 2.08% p.a. on the first S$50,000 of your savings just through your regular banking with DBS of S$7,500 or more per month. That's $900 to $1,040 interest a year.

This product is aimed at rewarding customers for consolidating their banking needs with DBS. The higher interest will be awarded if any or all of these add up to at least S$7,500 per month:
1. Your Salary is credited to a DBS / POSB account
2. Your Credit Card spendings with DBS / POSB Credit Cards
3. Your Home Loan from DBS / POSB
4. Your Investment Dividends are credited to a DBS / POSB account

Judging from the monthly cashflow amounts, DBS is targeting at the above average earners, spenders, those with big mortgages and the investment saavy folks with deep pockets. However, the redeeming factors are DBS includes all monthly credit card spendings of supplementary cardholders as well. For the PSOB/DBS home loan instalment repayments, both CPF and cash components are taken into consideration.

Total monthly banking with DBS or POSB	Interest Rate (p.a.)1
< S$7,500	0.05%
S$7,500 to < S$10,000	1.08%^
S$10,000 to < S$12,500	1.28%
S$12,500 to < S$15,000	1.48%
S$15,000 to < S$20,000	1.68%
S$20,000 and above	2.08%
1Remaining balance over and above the first S$50,000 will be accorded the prevailing base interest rate for that month.
^Effective from 1 Oct 2014, the interest rate of this tier is revised from 0.98% p.a. to 1.08% p.a.

Please refer to my previous post on DBS Multiplier Account here. For more details, please refer to the official website.

Fixed Deposits
If you have funds that you can stash away for 12 months, you may consider placing a time deposit to get higher interest rates.

Assuming you have S$25,000 cash or more, 
placing a 12-month time deposit with CIMB will earning you an interest of 1.25% p.a. Please refer to my previous post on this here.

Assuming you have S$30,000 cash or more, 
placing a 10-month time deposit with HSBC will get you an interest of 1.25% p.a (HSBC Advance) or 1.35% p.a. (HSBC Premier). Please refer to my previous post on this here.

Update @ 27 Jan 2015
You can also place a 12-month fixed deposit with RHB Bank and get an interest of 1.38% p.a. plus a Mistral Naturai Air Fryer with a S$200,000 deposit. Please refer to my latest post on this here.

Assuming you have S$50,000 cash or more,  
placing a 12-month time deposit with Maybank will earn you an interest of 1.35% p.a. and a 24-month time deposit yields an interest of 1.55% p.a. Please refer to my previous post on this here.

Assuming you have S$150,000 cash or more,  
placing it with ANZ Bank for 12 months will earn you an interest of 1.38% p.a.
Please refer to my previous post on this here.

So, have you decided where to park your emergency funds based on the above? Let us know if you know of other bank promotions which we may have missed out.

Update @ 27 Jan 2015
Assuming you have S$1,000 cash or more, 
placing a 12-month "time deposit" with POSB will earning you an interest of 1.88% p.a (the highest in the market now) plus an $88 cash ang pow if you are the first 10,000 qualifying customers. Please refer to my latest post on this here.

 

CIMB 12-month SGD Fixed Deposit Promotion

Enjoy up to 1.30% p.a. for a 12-month SGD Fixed Deposit with CIMB.

Deposit (Fresh funds)	Interest Rate
S$25,000 to below S$250,000	1.25% p.a.
S$250,000 and above	1.30% p.a.

Promotion runs until 31 March 2015. Please refer to the website for more details.

MasterPass by MasterCard Promotion

If you like to shop online, this is good news for you. Now, MasterCard has now introduced the new way to pay online with the new MasterPass.

Convenience - One-time registration of multiple cards and shipping details with MasterPass

Speed - Click the 'Buy with MasterPass' button and enjoy fast checkouts without having to fill out your details every time

Safety - Checkout with confidence knowing that your payment is protected by MasterCard's global network together with your bank

Be the first 3,500 to register now at MASTERPASS.COM.SG and receive a S$50 pre-paid card.

CIMB 12-Month SGD Fixed Deposit Promotion

Enjoy up to 1.30% p.a. interest rate for a 12-month Fixed Deposit with CIMB. Promotion ends on 31 December 2014.

Deposit (Fresh funds)	Interest Rate
S$25,000 to below S$250,000	1.25% p.a.
S$250,000 and above	1.30% p.a.

Please refer to the website for more details.

CIMB SGD 12-Month Why Wait Fixed Deposit-i Account Promotion

From now till 31 October, you can enjoy cash upfront at up to 1.30% p.a. for 12 months. With a CIMB Why Wait Fixed Deposit-i account, you will also receive a CIMB StarSaver-i account with no initial deposit required. CIMB StarSaver-i is a Shariah-compliant deposit product using the Shariah concept of Wadiah Yad Dhamanah (guaranteed safe-keeping) where you deposit your monies with the bank for safe-keeping purposes. The deposits collected will be managed in accordance with Shariah.

You will enjoy the benefits of no fall-below fee and receive potential returns in the form of hibah on your CIMB StarSaver-i account. Usually banks provide these preferential rates for deposits more than S$20,000, CIMB offers them for amounts as low as S$1,000. Do sign up now to enjoy these promotional rates*.

CIMB SGD 12-Month Why Wait Fixed Deposit-i Promotion 2014 Fresh Funds Deposit Promotional Rate* S$1,000 to S$4,999 1.05% p.a. S$5,000 to S$24,999 1.20% p.a. S$25,000 to S$249,999 1.25% p.a. S$250,000 and above (for Preferred customers only) 1.30% p.a. Please refer to the website for more details.

Best Student Credit Cards 2014

As a tertiary student above 18 years of age or as a young working adult who earns between S$18,000 and S$30,000, you will be given a credit limit of S$500 if you apply for any of the following cards. As this is probably your first credit card, the more you know the better. Having a credit card is good, as it allows you to track your daily spending and ensures that you don't overspend. Most importantly, do remember to pay your card bills in full to avoid any late charges and interest charges. Banks grant these micro credit cards in a bid to gain customer loyalty from a young age.

Manhattan $500 Card

Get 0.25% cashback on all retail spending. You get first year annual fees waiver of S$30 when you apply for one. You also get to enjoy discounts at Manhattan Fish Market, McDelivery and Pizza Hut. Click here to Apply Now and we will direct you to the official card issuer's website.

Citibank Clear Card

Exclusive party privileges at Zouk with free entries to Zouk, Phuture and Velvet Underground-Dance on Wednesday, Friday and Saturday. Enjoy 1-for-1 drinks at Wine Bar and Velvet Underground-Dance on certain days. Enjoy best student movie deals at S$5 and 150 pairs of free movie tickets each month at The Cathay Cineplex and Cathay Cineplex Cineleisure Orchard. Redeem a pair of movie tickets every month with min. spend of S$30 on your Citibank Clear Card. Earn 10% Citi Rebate at Starbucks and 5% Citi Rebate at Burger King. Get a Lomography Camera – Fisheye Baby 110 Metal when you apply for a Citibank Clear Card. Click here to Apply Now and we will direct you to the official card issuer's website.

Maybank eVibes Credit Card

Enjoy 1-for-1 deals on movie tickets at Cathay Cineplexes (limited to 260 redemptions per month) and food treats at Popeye Louisiana Kitchen (limited to 250 redemptions per month). Every S$1 spend at Qoo10, Groupon and iTunes gives you additional 1 TREATS Point. Apply now and enjoy 2 years fee waiver and receive a stylish adidas wristwatch worth S$120. Quarterly service fee of S$5; waived when you charge to your Card once every 3 months. Click here to Apply Now and we will direct you to the official card issuer's website.

CIMB Classic MasterCard

No annual fees are charged for this card. With the cross border CIMB Bank Smart Rewards Programme, you will enjoy exclusive offers, discounts and privileges at over 1,000 estblished merchant outlets in Singapore, Malaysia and Indonesia every day, all year long. Click here to Apply Now and we will direct you to the official card issuer's website.

BOC First Card

Earn 0.5% cash rebate subject to a maximum spend of $500 and receive 1-for-1 treats at Cathay Cineplexes for Movie Tickets, Scoop of Häagen-Dazs ice cream or regular-sized The Coffee Bean & Tea Leaf Cafe Latte, limited to first 200 redemptions per month. Enjoy up to 50% privileges ranging from beauty and retail to dining and entertainment and to online shopping. With your BOC F1RST Card, you will receive Welcome Vouchers from popular merchants such as Faire Belle, Genie in a Closet, Her Velvet Vase, Gloria Jean's Coffees, Swensen's, L'Etoile Café, PrettifyMe, The Body Shop and more! Sign up now and be the first 2,000 new-to-bank customers who apply for BOC F1RST Card by 31 October 2014 and charge any amount to the card within one month from the date of card approval and receive a complimentary Adventure Cove Waterpark™ One-Day Adult Pass (Worth S$36). There is also a 2-year annual fee waiver. Click here to Apply Now and we will direct you to the official card issuer's website.

That's all for the 5 cards that are available in the market. Some offer pretty attractive freebies if you sign up with them. Which ones are your favourite? You can write in and share your actual user experience with us.

CIMB 12-month Fixed Deposit Promotion

From now till 31 October 2014, enjoy attractive interest rates for your 12-month fixed deposit with CIMB. The interest rates offered for this Promotion are as follows:

Fresh Funds Deposit                    Interest rate
S$25,000 to below S$250,000       1.25% p.a.
S$250,000 and above*                   1.30% p.a.

* For new and existing Preferred customers only
 

Best Cash Back Credit Cards 2014

If you are the type who prefers cashback rather than vouchers or miles as rewards for spending on your credit card, look no further as we are reviewing the best cash back credit cards today.

With the Manhattan World MasterCard, you'll get up to 3% CashBack (up to a maximum of $800 a year) on eligible purchases plus a suite of exclusive lifestyle privileges. To receive the maximum rebate of S$200 per quarter, the best way to do it is to accumulate your big ticket purchases in one month and charge at least S$6,667 in that month. See table below for the tiered spending and cashback you can enjoy with the card.

Apply online before 31 August 2014, charge $200 within 30 days and choose from two awesome gifts, the Samsung GALAXY Tab 3 (7.0") WiFi (with admin fee of $99 – exclusive online offer) or American Tourister Puzzle-Lite Spinner 59cm luggage (free of charge)

Total eligible	Applicable CashBack	Maximum CashBack
monthly spend	tier for the month	earned and received
		per quarter
$1–$999	0.50%	Capped at $200
$1,000–$2,999	1%
$3,000 and above	3%

Click here to Apply Now and we will direct you to the official card issuer's website.

The POSB Everyday Card has been voted Singapore's favourite credit card 6 years in a row by a poll conducted by Asia One People's Choice 2014.

You will enjoy up to 5% rebate on groceries, personal care items, daily transport, recurring utility and telco bills as well as other everyday essentials. Also, you can get up to 2% cash rebate on your overseas spend, subject to a minimum total spend of S$1,000 within the same calendar month and capped at a maximum of S$5,000 overseas spend (equivalent to Daily$100) per calendar year.

You can also use it as your ez-link card to pay for your daily transport. When you sign up for EZ-Reload, an auto top-up facility for your ez-link card, you get a 2% cash rebate when charged to your POSB Everyday Card.

Partners	Cash Rebates
Airasia.com	3%
Sheng Siong	5%
SPC	Up to 17.55% savings
Watsons	3%
POPULAR and UrbanWrite	1%
SP Services	1%
Starhub	1%
Comfort/ CityCab taxi fares	1%
EZ-Reload	2%
HDB Season Parking fees online	1%
Everything else!	0.3%

 

Click here to Apply Now and we will direct you to the official card issuer's website.
 

With the UOB One Card, simply spend over S$300 a month to get up to 3.33% in cash rebate per quarter to automatically offset your credit card bills. The more you spend, the more cash rebate you will get. Assuming your UOB One Card Statement date is 15th of every month, a minimum of 3 purchases with a total minimum spend must be posted before the statement date in order for you to earn the quarterly cash rebate. See table below.

Also, you will get up to an additional 10% SMART$ rebates on top of your One Card cash rebates, at over 600 participating merchants islandwide which let you earn up to 13.33% cash rebates. Earn an additional 2% on all overseas spend with your UOB One Card. This additional 2% rebate applies to all transactions made overseas, capped at S$5,000 overseas spend per calendar year, awarded to you every month to offset your monthly credit card bills.

Get a free OTO Sphere Air Purifier worth S$168 by applying for UOB card online and charge a minimum of S$500 to your UOB Principal Credit Card within the first month of approval for new UOB card customers only. For a limited period only, a Limited edition card + S$50 cash rebate² is yours when you apply now. The Limited Edition One Card is given to new card applications approved from 9 August to 30 September 2014, while stocks last. To qualify for the bonus S$50 cash rebate, the Principal One Card account must be approved between 9 Aug and 31 Oct 14. Limited to the first 3,000 applications.

Click here to Apply Now and we will direct you to the official card issuer's website.

The Citibank Dividend Card promises more savings on petrol: up to 18.3% at Esso and 18.1% at Shell stations and 5% at all other petrol stations, up to 5% savings on all groceries and health & beauty / pharmacies spend, up to 2% savings on all dining spend and 0.5% on all other spend. All eligible transactions under petrol, groceries, pharmacies and dining spend must be greater than $50, otherwise only 0.5% is awarded. The annual award is capped at a maximum of $800 Bonus Dividend Dollars. Click here to Apply Now and we will direct you to the official card issuer's website.

Citibank SMRT Visa Platinum Card

Depending on whether your monthly statement spending is more or less than S$600 and whether your transaction amount is more or less than $50, you get to enjoy different rates of rebate up to 7% rebate on grocery at NTUC, Sheng Siong and Giant, up to 15% rebate on coffee at Starbucks, up to 2% rebate on your EZ-Link top up as you tap and go. On other spending, get 0.3% rebates. You also get to redeem your SMRT$ for vouchers and free rides.

Click here to Apply Now and we will direct you to the official card issuer's website.

HSBC Visa Platinum Credit Card now gives you more savings so you can enjoy more with your loved ones, making family moments even more valuable. Enjoy up to 5% cash rebates on groceries and petrol, and up to 2% cash rebates on dining under the Quarterly Cash Rebates Programme. On top of enjoying the cash rebates of up to 5% on petrol, you will also enjoy 14% instant petrol discounts at all Caltex and Shell stations. The rebates earned are subject to the conditions below.

 

Earn 1 Rewards point with every S$1 charged and reap the benefits of a 3-year validity period. That means more time to accumulate points for higher-value Rewards items. Plus, earn HSBC's Rewards points with your tax payment. Simply charge your taxes to your HSBC credit card to enjoy the convenience of consolidating your payments into one account.

You will receive a Sign up gift of American Tourister 3-piece luggage set + 2-piece accessory worth S$380. Online sign-up exclusive: additional S$20 cash rebate as well as a 2-year Annual Fee waiver.

Click here to Apply Now and we will direct you to the official card issuer's website.

OCBC 365 Credit Card
This card rewards with 6% cashback on weekend dining locally; 3% cashback on weekday dining locally, overseas dining, online spending (travel, fashion, movie tickets, etc.), groceries at all supermarkets & recurring telco bills; 0.3% on others (with min spend of S$600 in each calendar month, capped at S$80 per month). If you spend less than S$600, a flat 0.3% cashback is awarded. It also offers up to 18.3% fuel savings at Esso and Caltex petrol stations and 5% Cashback at all other petrol service stations.

Click here to Apply Now and we will direct you to the official card issuer's website.

Maybank Family & Friends Platinum MasterCard

Enjoy 5% cash rebates at selected merchant outlets plus earn 0.3% cash rebates on all other purchases. Selected merchants include Cold Storage; NTUC Fairprice/Finest/X-tra; FOX Kids & Baby; Mothercare; POPULAR Bookstores; Toys "R" Us; Yamaha Music; Canadian Pizza Delivery; KFC Delivery; McDonald’s Delivery; Pizza Hut Delivery; Guardian; Unity NTUC Healthcare; Watsons; LEGOLAND® Malaysia Resort tickets. To enjoy the 5% cash rebate at designated merchants on your Maybank Family & Friends Platinum MasterCard, a minimum spend amount of S$500 per calendar month is required. Otherwise, the 0.3% cash rebate will apply.

Receive a set of American Tourister 31” and 20” luggage when you apply for Maybank Family & Friends Platinum MasterCard and CreditAble now! The annual fee of S$80 is waived for the Principal Card for the first year and when you spend a minimum of S$12,000 p.a. in subsequent years. Supplementary Cards are free.

Click here to Apply Now and we will direct you to the official card issuer's website.

CIMB Platinum MasterCard
Enjoy 0.5% cash rebate on local spend and 1% overseas, with no minimum spend and no monthly cap. What's more, the process is fast and convenient, with rebates automatically offset from your bill every month. Earn additional bonus 3.3% cash rebate on insurance, education and home furnishing and appliances. Simply spend a minimum of S$500 and you can enjoy a cash rebate of up to S$600 per year. To be eligible for the additional 3.3% cash rebate which is capped at S$50 per statement month, Cardmembers have to make at least 3 transactions and it must be posted within the same statement month. No annual fees for the Principal Cardmember, ever.
Click here to Apply Now and we will direct you to the official card issuer's website.

Conclusion
So, after looking at all these options, which of these cards do you think is ideal for your lifestyle and spending needs? Perhaps you can take a look at your credit card statements in the recent months to determine in which areas you spend most of your money on and how much on average are you spending each month to help you to decide. You can also consolidate and charge, your SP services, telco bills, town council conservancy charges and so on, to one card in order to earn rebates too.


Update @ 6 Nov 2014

American Express True Cashback Card
Enjoy 1.5% cashback anywhere 24/7 365 days.
As an welcome offer, you will enjoy 5% Cashback for the first 3 months (up to a total of $5,000 spending) plus a fee waiver for the first year. Also, receive a :
- S$50 AirAsia E-Gift Voucher for the first 3,000 approved applicants
- S$20 CapitaVoucher when you apply online
There is no minimum monthly spending as well as minimum spending per transaction required. There is also no cap on the amount of cashback you can earn.

Click here to Apply Now and we will direct you to the official card issuer's website.

CIMB Why Wait Fixed Deposit-i 25 for 25 Promotion

From now till 31 July 2014, you can apply for a CIMB Why Wait Fixed Deposit-i account, a Shariah-compliant account and place a minimum deposit of S$25,000 with fresh funds over a 12-month tenure and receive an additional S$25 and enjoy an effective profit rate of 1.15% p.a.

Unlike a normal Fixed Deposit account where you receive your interest only at maturity, the CIMB Why Wait Fixed Deposit-i account allows you to collect your returns in the form of profit upfront.

Please refer to the website for more details.

CIMB StarSaver Account

CIMB is probably paying one of the highest interest rates of 0.8% p.a. on current account balances. The only conditions are a minimum initial deposit of S$5,000 and that you need to put in an incremental balance of at least S$500 every month for the 0.8% to apply on your entire balance. For amounts less than S$500, you still get to enjoy 0.5% p.a. If you decided to put in a lump sum, say $20,000, CIMB will automatically convert it into equal portions for you and allow you to enjoy the 0.8% p.a. from the first dollar.

There is no need to fulfil multiple conditions to enjoy the higher savings rate and with the FAST (Fast and Secure Transfer), funds can be transferred from other participating banks within seconds.

Some features that I find attractive are:
1. Free cheque book
2. Convenience of Internet banking
3. No fall below fee
4. No lock-in period

Please refer to the website for more details.

CIMB Deposit Promotions

CIMB usually offers one of the most attractive deposit rates in town.

This Step Up Fixed deposit that they are offering is very similar to the one that Standard Chartered Bank is offering, except that the tenure is much shorter, 12 months instead of 36 months. For a minimum deposit of S$10,000, you will enjoy interest rates, starting from 0.5% p.a. in Month 1 to a maximum of 1.6% p.a. in Month 12. Basically, that means a step up rate of 0.1% every month. The average interest rate for the deposit tenure is 1.05% p.a. if the account is held to account maturity date.

The great thing about it is that it gives the flexibility to withdraw your funds at anytime, preferably at the cycle maturity dates, so that you can earn the interest for that particular cycle.

For more details on the CIMB SGD Step Up Fixed Deposits, please click on the link.