Thursday, September 01, 2022

Double Up on my Fixed Deposit Interest Rate


I placed a fixed deposit with OCBC in May at a rate of 1.28% p.a. for 2 years.

That was one of the best deals months ago before recent surges in interest rates.

I woke up today to see a higher rate offered by UOB.

The main catch is the placement must be at least S$20k of fresh funds.

Hence I instinctly decided to cancel my fixed deposit with OCBC, wasting 4 months by getting 0.05% board rate interest and principal amount back.

Then I place the fresh funds with UOB.

There it goes! 

1.28%@24 months to 2.7%@15 months which is not shown on their website!

I acknowledge that this is not the best deal and interest rates may go up higher in next few weeks but I prefer to lock in my money at around CPF OA rates in local banks such as UOB and OCBC, which coincidentally I "own" shares in, rather than foreign banks which offer even higher interest rates.

Thanks for reading. Stay focused and remain steadfast as always! Huat ah!

With love and peace, 

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