Personal Finance
DBS USD fixed deposit at 4.55% p.a! Is foreign currency fixed deposit better than SGD fixed deposit?
By Beansprout  •  November 29, 2022
With rising interest rates, fixed deposit (FD) is trending once again. There are two main types of fixed deposit – foreign currency fixed deposit and Singapore dollar (SGD) fixed deposit. For SGD fixed deposit, the best fixed deposit rate you can get from the local banks is at 3.90% from UOB.  For foreign currency fixed deposit, the best rate is 4.55% from DBS foreign currency fixed deposit. Now, you might be thinking to put your money into the latter since it offers a higher interest rate. This may not necessarily be the case. Read on to find out more! How does a foreign currency fixed deposit work? Source: DBS Foreign currency fixed deposit works the same way as your usual SGD fixed deposit, except that your funds are held in foreign currency such as USD, GBP, HKD etc. You have to put in funds in a foreign currency with the bank and you will earn interest rates in that particular foreign currency....
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By Beansprout
Hi, I’m Gerald! I have been working in investment analysis for more than 12 years. Often, I encounter everyday investors who find it difficult to invest. At Beansprout, we believe that with the right tools and knowledge, everyone can be an investor. Hence, we founded Beansprout to make quality investment insights more accessible. We hope that you can join us on this journey to grow your financial knowledge and confidence as an investor.
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