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Fixed Deposit in Singapore: Here’s What You Should Know
Looking for the best fixed deposit promotions?
Read more about the highest fixed deposit interest rates in Singapore based on banks' current promotions in our blog.
Importance of Fixed Deposits in Singapore
Fixed deposits are an important investment option for investors in Singapore. They provide a guaranteed return on investment and are considered to be a low-risk investment option. Fixed deposits are a type of savings account that allows individuals to earn interest on their deposits over a fixed period of time. This makes them an attractive option for risk-averse investors who are looking for a secure way to grow their money.
Additionally, fixed deposits offer a fixed interest rate for a fixed period of time, which allows investors to plan and manage their finances better.
What Should You Know About Fixed Deposits
Pros and Cons Of Fixed Deposits
| Benefits of Fixed Deposits | Disadvantages of Fixed Deposits | |
|---|---|---|
| Benefits of Fixed Deposits Guaranteed return on investment | Disadvantages of Fixed DepositsLower returns compared to other investment options | |
| Benefits of Fixed Deposits Wide range of tenures to choose from | Disadvantages of Fixed DepositsFixed tenure may not provide flexibility and liquidity | |
| Benefits of Fixed Deposits Low-risk investment option | Disadvantages of Fixed DepositsReal returns may be negative after adjusting for inflation | |
| Benefits of Fixed Deposits Lower tax rates on interest earned | Disadvantages of Fixed DepositsEarly withdrawal penalties may apply if funds are withdrawn before the end of the tenure | |
| Benefits of Fixed Deposits Fixed interest rate provides predictability for financial planning | Disadvantages of Fixed Deposits | |
| Benefits of Fixed Deposits High level of security with insurance coverage by the Singapore Deposit Insurance Corporation (SDIC) | Disadvantages of Fixed Deposits |
Fixed Deposits vs Treasury Bills in Singapore
Here are three main differences between fixed deposits and treasury bills in Singapore:
Issuer
Fixed deposits are issued by banks, while treasury bills are issued by the government. This means that fixed deposits are essentially loans to the bank, while treasury bills are loans to the government.
Maturity period
Fixed deposits typically have a longer maturity period than treasury bills. Fixed deposits can have terms ranging from several months to several years, while treasury bills generally have maturities of less than one year.
Risk
Fixed deposits are generally considered to be low-risk investments as they are guaranteed by the bank. Treasury bills are also considered to be very low-risk investments as they are issued by the government and are considered to be one of the safest investments available.
Fixed Deposits vs Savings Account: What’s the difference?
Fixed deposit and savings accounts are two common types of bank accounts available in Singapore. Here are the key differences between the two:
Interest Rates
The interest rate on a fixed deposit account is typically higher than that of a savings account. Fixed deposit accounts provide a fixed interest rate for a specific term, while savings accounts offer a variable interest rate that may change periodically.
Term
A fixed deposit account has a specific term or period, usually ranging from a few months to several years. The interest rate is fixed for the entire term, and there is usually a penalty for early withdrawal. In contrast, savings accounts have no fixed term and allow for unlimited withdrawals.
Minimum Balance
Fixed deposit accounts generally require a higher minimum deposit amount compared to savings accounts.
Liquidity
Savings accounts are more liquid than fixed deposit accounts. You can withdraw money from a savings account at any time without penalty. However, fixed deposit accounts may charge a penalty for early withdrawal, and the money may not be available until the end of the term.
Risk
Fixed deposit accounts are generally considered low-risk investments, as they offer a guaranteed rate of return. Savings accounts are also low-risk, but the interest rates may fluctuate depending on market conditions.
Interested in opening a savings account?
Compare a wide range of savings accounts in our site and find the best interest rates to maximise your savings!