Promotional Deposit Interest Rate for the Lunar New Year

Its the time of the year where Chinese are preparing the Lunar New Year celebrations. Shops are coming out with all sorts of promotions to entice consumers to part with their money and banks are no exception. The only difference is that banks want you to leave your cash with them by giving you a higher interest rate for your money.


By giving you a few tenth of a percentage more in interest, the banks hope that you will leave more of your hard earned cash with them, so that they can use that funds to earn more money for themselves. This is why most of these promotions are only applicable if you deposit fresh funds with them. Fresh funds, in this case, are money that do not originate from the banks. Some of them may even add in conditions to the promotion that funds withdrawn and re-deposit within X amount of weeks cannot be counted as fresh funds.


What are some of the available promotions for cash deposit at this point in time?

OCBC

The bank is offering a promotional interest rate of 1.1% p.a. for a 12 month SGD time deposit with a fresh fund of at least $20,000.


They also have a Bonus+ account that offers 0.9%p.a. effective interest rate for 3 months with $10,000 fresh fund. Their premier customer will be offered a 1.0%p.a. effective interest rate for 3 months with $100,000 of fresh funds

UOB

UOB is offering a 1% p.a. 13 month SGD time deposit with a fresh fund of at least $20,000. In addition, their savings account can earn extra bonus rate of up to 0.9%p.a. until 28 Feb 2014 if you top them up with fresh funds

CIMB

CIMB is offering interest rate of 1.1% for a 12 month SGD time deposit of at least $25,000. For normal saving accounts, CIMB still offer a good rate of 0.8% p.a. if the monthly increment is more than $100