Given that the interest rate of Singapore Savings Bonds had fallen, even the interest rates for fixed deposits were not spared. My favourite bank, CIMB has cut their fixed deposit interest rate to 1.55%. The interest rate for April 2020 Singapore Savings Bonds (GX20040X) for 1 year is 1.46% so the idea here is not to settle for any fixed deposits offering less than 1.46% p.a. for a 12 months placement. For a S$20,000 placement in April 2020 Singapore Savings Bonds, you get S$292 after a year (Oct 2020: S$146, Apr 2021: S$146).

Last month, I shared that my Dad has placed a fixed deposit with OCBC. There were many comments about other banks offering fixed deposit rates as high as 3.00% p.a. Unfortunately, I was not able to find any of them and none of them replied me where they found such good deals. If you had came