What we noticed for the latest fixed deposit rate in Singapore for January 2024 is that banks have largely maintained or lowered their interest rates on fixed deposit accounts in January 2024.įor example, Bank of China cut its 6-month fixed deposit rate to 3.45% p.a. The downside to a fixed deposit is that you will have to pay a penalty fee if you want withdraw your money early. Typically, you will lock in a sum of money (usually a minimum of $10,000) and the bank will pay you interest after a fixed period. Let’s start by talking a little more about fixed deposits.įixed deposits earn you a guaranteed amount of interest for the money you put in over a specific period of time. (it’s free to read on so why not!) The best fixed deposit rate in Singapore (January 2024) I will share with you my strategy and thoughts. If you are struggling to choose where to park your money, then you should continue to read on. The Telegram community has shown keen interest in a few instruments instruments – fixed deposit accounts, regular deposit accounts, T-Bill and Singapore Savings Bond (SSB). The best 6-month fixed deposit rate we found was 3.65% p.a., which is below the cut-off yield of the latest 6-month T-bill auction.

The best 3-month fixed deposit rate we found was 3.60% p.a.

The best 12-month fixed deposit rate we found was 3.30% p.a.

For example, Bank of China cut its 6-month fixed deposit rate to 3.45% p.a.Banks in Singapore have largely maintained or lowered their interest rates on fixed deposit accounts in January 2024.It's important to recognise that proper financial planning takes time, effort and discipline, and sustainable long term investment returns doesn't happen by chance. Ensuring sufficient insurance coverage for unforeseen circumstances. Taking a prudent and long term view towards investment andģ. Conscious and disciplined savings, and choosing the right accounts that meet one's needs Ģ. In the 8World (8视界) recorded interview, I shared some simple tips that could help weather the market volatility and build towards one's retirement goal.ġ. The study also noted that there were higher rates of gambling, reckless spending and speculative investing among the respondents. The decline in the index came on the back of lower investment returns, an increase in debt stress, as well as derailed retirement plans, amid the challenging macroeconomic environment in 2022, including record-high inflation, rising interest rates and geopolitical uncertainty. We published the OCBC Financial Wellness Index 2022 earlier this week, and shared that the state of Singaporeans’ financial wellness has deteriorated slightly in 2022, with the index dipped to 61 from 62 in 2021.

Ocbc premier fixed deposit rate