Banks in Singapore are now offering higher interest rates for some foreign currency fixed deposits than Singdollar deposits.
SINGAPORE: Rising interest rates have been attracting depositors to park their money in fixed deposits – not just in Singapore dollars but also foreign currencies.
DBS said the number of its foreign currency fixed deposit placements went up by 10 times in the second half of 2022 from the previous six months. OCBC noted that its US dollar fixed deposits grew four times versus a year ago on the back of rising interest rates. The greenback currently makes up three-quarters of the bank’s foreign currency fixed deposit placements.
There may also be further gains if the foreign currency appreciates against the Singdollar at the time of maturity and the funds are converted back into the local currency, said Mr Tan Chin Yu, senior client adviser at wealth advisory firm Providend. “The customer will need to consider how long they are comfortable holding onto the foreign currency and their time horizon. This will enable them to ascertain an optimal time to withdraw their deposits when foreign exchange rates are in their favour.”
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