UOB increases fixed deposit promotional interest rates to as much as 3%

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Last Updated on October 3, 2022 by Bitfinsider

On Monday, October 3, United Overseas Bank (UOB) increased its promotional interest rates for 15-month Singapore dollar fixed deposits to as much as 3% per year.

This is an increase from the promotional rate of 2.8% from previous month.

The third-largest lender in Singapore, the bank, is also offering a higher rate of 2.9% for a 12-month fixed deposit, up from 2.6%.

Its 10-month promotion is currently running at 2.8%, up from the prior level of 2.4%.

In order to take advantage of the most recent promotional rates, customers must deposit at least S$20,000 in new money.

A fixed deposit, often called a time or term deposit, enables one to deposit a large sum of money with a bank for a predetermined period of time and get a guaranteed rate of interest.

Customers cannot remove this money, unlike conventional savings accounts, before the so-called “lock-in” period has passed; otherwise, they risk incurring a penalty or losing the interest earned.

As central banks throughout the world raise interest rates, local banks have been dangling more and better bargains for fixed deposits lately.

Due to UOB’s most recent action, interest rates on 12-month fixed deposits are at their highest point in over 24 years.

According to data from the Monetary Authority of Singapore, the last time interest rates on 12-month fixed deposits exceeded 2.9%, which is UOB’s current promotional rate, was in November 1998, when the rate was 3.1%.

Three-month and six-month fixed deposit rates in the same month reached 2.95 percent and 3.05 percent, respectively. The rates for 15-month fixed deposits are not tracked by the MAS statistics.

Singapore’s fixed deposit rates have been below 1% for most of the last 20 years.


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