Quick Glance at FD rates

Recently, I spoke with a friend who asked me about fixed deposit rates. He was thinking of parking some spare monies with the bank.

I did some research on the web, and came back with the following, based on sum of up to SGD $50,000 for period of 12 months:

CIMB 0.90% pa (promo)

Maybank 0.75% pa

Hong Leong 0.55 pa, + additional 0.125% pa for persons above age 55yrs

OCBC 0.55% pa

HSBC 0.48% pa

DBS/UOB 0.45% pa

Citibank/Stanchart 0.35% pa

CIMB is offering the highest rate on promotion.

Certainly, the low rates might cause some to be ‘forced’ into looking for other asset classes to better the returns on their monies. However, as any seasoned investor will say, investing is a risky business. Return of monies and return on monies; both are equally important.