Singapore Best Fixed Deposit Rates [updated JULY 2024]
Fixed Deposit (FD) is gaining popularity as an alternative investment among people in Singapore. FD is a type of investment whereby you put a sum of money in your bank or financial institution for a predetermined tenure and interest rate. At the end of the tenure, you will receive the amount you investment and interest that was agreed upon.
Investing in FD usually has a lower risk and they are gaining traction amongst more and more people for the ease of placement and attractive interest rates.
We compiled a list of fixed deposit rates offered by banks and financial institutions in Singapore for easier reference.
Do note that banks may change their rates anytime, and it is best to check the official website for the latest interest rates.
Overall Best Singapore Fixed Deposit Interest Rate
If you are looking for the best 1 month fixed deposit rate, the best is 3% offered by Bank of China, with a minimum investment of $500 (via mobile banking).
If you are looking for the best 3 months fixed deposit rate, the best is 3.5% offered by Bank of China, with a minimum investment of $500 (via mobile banking).
If you are looking for the best 6 months fixed deposit rate, the best is 3.4% offered by CIMB or SBI, with a minimum investment of $10k for CIMB and $50k for SBI.
If you are looking for the best 12 months fixed deposit rate, the best is 3.3% offered by RHB, with a minimum investment of $20k.
If you are looking for the best fixed deposit rate starting with a $500 investment, the best is 3.5% offered by Bank of China, for a tenure of 3 months.
Singapore Fixed Deposit Summary
Below, we have consolidated a list of fixed deposit rates offered by banks and financial institutions in Singapore.
DBS / POSB
highest rate – 12 months tenure at 3.2% ($1000 to $19,999 investment)
Bank of China (BoC)
highest rate – 3 months tenure at 3.5% ($10k minimum investment for over the counter / $500 minimum investment for mobile banking)
Citibank
highest rate – 3 months tenure at 2.5% ($50k to $3m investment)
CIMB
highest rate – 6 months tenure at 3.4% ($10k minimum investment done online)
HSBC
highest rate – 6 months tenure at 3.35% ($30k to $10m investment)
Hong Leong Bank
highest rate – 12 months tenure at 0.4% ($50k minimum investment)
Hong Leong Finance
highest rate – 4 months tenure at 2.9% ($50k minimum investment)
ICBC
highest rate – 3 months tenure at 3.35% ($500 minimum investment for online banking)
Maybank
highest rate – 15 months tenure at 3.3% ($20k minimum investment for over the counter, $10k investment per $1000 deposit)
OCBC
highest rate – 8 months tenure at 2.8% ($30k minimum investment for online banking)
RHB
highest rate – 12 months tenure at 3.25% ($20k minimum investment for online banking)
Standard Chartered Bank
highest rate – 6 months tenure at 2.9% ($25k minimum investment for online banking)
SBI
highest rate – 6 months tenure at 3.4% ($50k minimum investment for over the counter)
UOB Bank
highest rate – 6 months tenure at 2.7% ($10k minimum investment)
Sing Investments & Finance LTD (SIF)
highest rate – 12 months tenure at 3% ($10k minimum investment)
Other Low Risk Investment Instrument
Apart from Fixed Deposits (FD), there are other types of investment that carry lower risk. Examples include Singapore Saving Bonds (SSB), High Interest Savings Account, and investment with investment brokerage.
Singapore Saving Bonds
Singapore Saving Bonds are issued every month. In the upcoming issue for August, the average return across 10 years of investment is 3.22%.
If you are interested in investing in Singapore Saving Bonds (SSB), you can also check out our handy guide on how to invest in SSB!
High-Interest Savings Account
Many banks also offered high-interest savings accounts to encourage people to save with them. Some of the high-interest savings account offers interest rates of more than 4%.
However, they usually require you to meet certain criteria such as crediting your salary with them, spending with their debit/credit card, or investing with them. In addition, the interest rates are not locked-in, but rather calculated per month based on your transactions.
Investment Brokerage
Investment brokerages are getting into the fixed deposit game by offering “guaranteed” returns. The main difference here is – you cannot withdraw the money once you are locked in.
The two main players right now are Syfe (Syfe Cash+ Guaranteed) and StashAway (StashAway Simple Guaranteed) and the interest rate offered can go up to 3.75% for a 3 months tenure. The lowest investment required is $1, which makes it easy for new investors to try out.
Last Updated: 03 Jul 2024