1. Alliance Bank is offering 4% for their FD Gold 12 Months Tenure. The Alliance Bank FD Gold credit the interest monthly into a CASA account. Therefore, with the interest credited monthly, you actually earn effective interest rate of more than 4%
2. UOB is offering more than 4% for their 12 Months Pure Straight Forward Fixed Deposit Promo. I.e. NO Stupid CASA Requirement or Bull Shit Step Up Rates or need to have a CASA account for interest to be credited into. Also check out their 3 months FD Rate and you’ll be surprised!
With 3 banks FD promos mentioned above, i.e. Alliance Bank, Standard Chartered Bank and UOB Bank, other banks FD Promos (e.g. HLB and OCBC) do not look attractive.
UOB 3 months Pure FD Promo is even better than the hassle OCBC 4.5% 3 Months Savings Deal where you need to deposit equal amount into CASA.
Once again, to start earning more money with your funds, click on the link below to my Fixed Deposit Page to see latest FD Promos and which banks are offering the BEST Term Deposit or Fixed Deposit interest rates:
Now, other banks such as Public Bank, Hong Leong Bank, RHB Bank and OCBC Bank may advertise that they are offering more than 4% interest rate. However, please be aware that the effective interest rate may end up actually lower than 4% because:
1. You may need to deposit x amount in to a CASA (Current Account or Savings Account) which will need to be earmarked for a certain period and earning you miserable interest rates; OR
2. It may be a Step Up Promo where you only earn the 4% interest rate for a certain period.
And with interest rates on the rise, if you lock in your funds with a FD Promo above 12 months tenure (e.g. OCBC Bank 24 Months Step Up effective interest rate 4% or Standard Chartered 18 Months FD Promo interest rate 4.25%), you will be kicking yourself when banks are offering 5% interest rate for FD Promos next year. Kuwait Finance House do have a Term Deposit Promo where they advertise 8.88% for the last month(s) of a 2 year tenure. And if you calculate the effective interest rates, you will find that SCB 18 months 4.25% FD Promo is better! Once again, always calculate the effective interest rate and not be fooled by banks’ advertisements.