Banks have raised interest rates on preferential fixed deposits, which can now be enjoyed at up to 3.50% p.a.
With the increase in the Overnight Policy Rate (OPR) announced by the National Bank on September 8, the country’s banks have also increased the interest rates on time deposits. You can currently find offers of up to 3.50%p.a. on time deposits.
The 3.50% p.a. fixed deposit offer offered by AmBank is the highest interest rate fixed deposit offer available. This fixed deposit requires a 12-month deposit period and must be made through AmOnline. The MSIA12 promotional code is required to deposit the time deposit.
Bank of Hong Leong also offers a 3.40% p.a. fixed deposit offer, but users need to choose a fixed deposit of 18 to 24 months to enjoy the 3.40% p.a. rate. If you choose to deposit for 12 months only, then you can only enjoy the 3.15% p.a. rate.
For Maybank, the highest fixed deposit offer currently available is 3.10%p.a. This fixed deposit offer requires the user to deposit for 12 months and is limited to Fresh Fund, which can be deposited online or over the counter.
If the National Bank continues to raise interest rates this November and next January, then a 4.00% p.a. fixed deposit is just around the corner.
