It used to be that you needed at least $20,000 lying around in order to benefit from the higher promotional interest rates. We’ve picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. Best fixed deposit rates in Singapore (August 2022) You’ll be happy to learn that the fixed deposit rates are looking up again! Fixed deposit interest rates took a hit during Covid-19 but now the rates are back to pre-Covid days! If you’ve been holding out for the interest rates to pick back up, now might be a good time to park your spare money with a bank.
Fixed deposits are extremely low risk ways to grow your money.
Seriously, though, fixed deposits are great if you have a substantial amount of money lying around and you don’t want to risk investing it. Just leave it out in the open and mould will grow - Free! - on your bread for you. Think of it like mould on a piece of bread. You don’t need to do anything to earn this interest, just park your money with a bank. Fixed deposit (sometimes called time deposit) accounts are low-risk investments that earn you interest over a fixed commitment period.
