Best short term investment plan in singapore

Time deposits are often among a favoured investment option for Singaporeans. Due to the safety of investment and guaranteed returns, time deposits are often among a favoured investment option for Singaporeans. Currently, almost all banks offer time deposit accounts.

Some banks even offer multiple time deposit investment options to choose from, which means it can be difficult trying to decide on the best time deposit account for your needs.

If you are considering a time deposit, we have listed some useful tips and considerations to help you decide:. The two main types of fixed deposit investment terms are short-term and long-term. Usually the higher the term, the higher is the interest rate offered. Generally, definition of short-term deposits is investments with investment period of less than one year, and can start from as short as one month.

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Short-term time deposits are suitable for those who have extra cash available for a short duration and therefore have a quick savings goal, or who prefer flexibility and not to lock in their money for a long period of time. Some common short-term time deposit terms are 1 month, 3 months, 6 months and 9 months.

Choose and Invest in The Best Fixed Deposit in Singapore

Anything above 12 months is generally considered to be long-term, and in Singapore, time deposit terms usually go up to three years. When best short term investment plan in singapore the term of a time best short term investment plan in singapore, be aware that many banks require a minimum deposit, which can vary depending on the term you choose.

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However, you should still check with your bank before you sign any contracts. However banks do have charges for statements of accounts, balance enquirywithdrawal and change of maturity instruction. You may incur forex tester historical data penalty fee if you decide to break out of your agreement with the bank earlier than the agreed maturity date.

Different banks have different mechanisms to calculate their penalty fees. Some may deduct a percentage off your interest rate, some do not pay any interest unless a time number of months has been completed.

This is a one-off fee payable to the bank for not honoring your agreement. The penalty for breaking your time deposit agreement can be significant, so it is often advisable that you are ready to lock in your money for the agreed period before you sign any agreement.

If you are not prepared to do so, it would be wiser to choose a shorter term. When you invest in fixed deposits, the interest rate is the most important consideration. For any given term, the higher the interest rate offered the better. Currently the interest rates available in Singapore vary from 0.

For instance, some banks offer a high interest rate only if you simultaneously apply for a different product offered by the same bank, or only if you are investing a large minimum deposit amount.

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Choosing and Investing In The Best Fixed Deposit in Singapore May 30, Share Tweet Email WhatsApp. Written by imoney Time deposits are often among a favoured investment option for Singaporeans. Share this article Share this! Leave your comment Comments. Popular posts this week Top 3 Credit Card Promos in Singapore December 4, 5 Ways to Prepare for the Next Crisis 4, The Best Credit Cards for all Your Christmas Shopping and… 3, How To Deal With Retrenchment 2, Winter Destinations for the Perfect Year-End Holiday 2, Find ideal credit card now!