Thursday, January 7, 2010

Singapore Dollar Fixed Deposit Comparison between Major Banks

I am comparing the fixed deposit interest rate for the three major banks in Singapore. Let's assume that I want to deposit $50000 for three years.

For DBS, the interest is 0.7% per year (need to put in at least 2 years instead of 3 years)
For UOB, the interest is 0.7% per year (need to put in at least 2 years instead of 3 years)
For OCBC, the interest is 0.8% per year (need to put in at least 3 years)

In this case, OCBC offers the highest rate as compared to DBS and UOB.

Let's say you have $50000 in the fixed deposit which offers 0.8% per year, in the end of 20 year, you will get $58638.20. So are you okay with the gain? Can the money grows faster when you invest the $50000? These are the questions that you should ask yourself before deciding to put your money into the fixed deposit.

3 comments:

Back2Nature said...

Just as I recently found out that to earn more, trade if one is not too bad in it, not invest. Then, to grow passive income, invest, not FD. To save or lock up money from being used, FD, not saving accounts. Thus, I think it depends on what one is trying to achieve.

The Crunch Time Blogger said...

In the first place, if one has $50k, why put in FD? Don't limit yourself to Singapore fund, look elsewhere, above north Hong Leong Assurance has interest 13%/annum plan I heard.

http://thecrunchtime.blogspot.com/

Freedom Achiever said...

Hi CrunchTime,

Thank for your suggestion. I will do a check.

Regards
Freedom Achiever

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