Best Fixed Deposit Rates for 2026: Up to 2.00%
Updated: 17 Aug 2026
Written bySingSaver Team
Team
⚡ Quick Answer
| Product Name | Base Interest Rate | Min. Deposit |
|---|---|---|
- | S$10,000 | |
- | S$10,000 | |
- | S$5,000 |
Disclaimer: The information on this page is for general educational and informational purposes only and should not be considered financial or investment advice.
The highest fixed deposit rate in Singapore on our list is 2.00% p.a. from Citibank, for a 6-month deposit of at least S$5,000 in new funds (for eligible existing Citi customers and new Citigold customers). For a 12-month deposit, CIMB and SIF pay 1.80% p.a. from S$10,000. Bank of China pays 1.70% p.a. from just S$500.
What are the best fixed deposit rates in Singapore right now?
Fixed deposit rates in Singapore rose across several banks in September 2026. Most competitive rates now sit between 1.50% and 1.80% p.a., with a few promotions reaching 2.00% p.a.
With a fixed deposit (FD), you place a fixed amount for a set tenure and earn a guaranteed interest rate for that period. The trade-off is that your money stays locked in until maturity.
Our list covers banks and finance companies in Singapore that SingSaver and our partners have reviewed, with nationally available FDs across popular short- and long-term tenures. Outside our list, HL Bank also offers 2.00% p.a., but only for a longer 24-month tenure.
Rates are as of 21 September 2026 and change frequently. Always confirm the latest rate with the bank before placing your deposit.
Saver-savvy tip
Keep in mind that fixed deposit rates in Singapore can fluctuate, and the most attractive offers are often promotional. Stay informed by checking the latest rates on banks' websites before making your decision.
Which fixed deposit suits you?
Before You Compare
Check the rate on the day you place
Promotional rates often change weekly or monthly. Confirm before you commit.
Use fresh funds if required
Many promo rates only apply to new money, not funds already with the same bank.
Match the minimum deposit
Minimums range from S$500 to S$50,000. Some top rates need S$200,000.
Place online for better rates
Many banks pay more for app or internet banking placements than at the branch.
Know the early withdrawal rules
Breaking an FD early usually means losing some or all of the interest.
Best fixed deposit rates for 2026
| Products | Interest Rate | Minimum Tenure | Min. Deposit | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
2 % | 6 months | S$10000 | ||||||||
1.40 % | 3 months | S$20000 | ||||||||
1.50 % | 9 months | S$20000 | ||||||||
1.30 % | 3 months | S$1000 | ||||||||
1.35 % | 3 months | S$500 | ||||||||
1.15 % | 6 months | S$50000 | ||||||||
1.25 % | 12 months | S$20000 | ||||||||
1.50 % | 3 months | S$5000 | ||||||||
1.45 % | 6 months | S$25000 | ||||||||
1.00 % | 12 months | S$1000 | ||||||||
1.45 % | 6 months | S$20000 | ||||||||
1.20 % | 6 months | S$25000 | ||||||||
1.35 % | 3 month | S$10000 | ||||||||
1.35 % | 3 Months | S$500 | ||||||||
Best bank interest rates for fixed deposits by tenure
| Tenure | Highest rate | Bank | Min. deposit |
|---|---|---|---|
| 3 months | 1.60% p.a. | HSBC / Bank of China | S$30,000 / S$500 |
| 6 months | 2.00% p.a. | Citibank (eligible customers, new funds) | S$5,000 |
| 6 months | 1.80% p.a. | HSBC / SIF | S$30,000 / S$10,000 |
| 9 months | 1.75% p.a. | CIMB | S$10,000 |
| 12 months | 1.80% p.a. | CIMB / SIF | S$10,000 |
Rates as of 21 September 2026. Bank of China also offers 1.75–1.80% p.a. for 6 to 12 months on placements of S$100,000 or more.
Which bank offers the best fixed deposit rate?
It depends on your tenure and how much you're depositing:
- Highest rate overall: Citibank, at 2.00% p.a. for 6 months, though only for eligible customers with new funds.
- 12-month deposits: CIMB and SIF, at 1.80% p.a. from S$10,000.
- Smaller amounts: Bank of China, at 1.70% p.a. from S$500.
A good way to balance returns and access to your cash is an FD ladder, where you open several FDs with staggered maturity dates. Here's how each bank's fixed deposit rates compare.
Our picks for fixed deposit rates
SingSaver reviews local banks and financial institutions, highlighting those with competitive FD offerings. These FDs typically feature attractive rates across various common term lengths. A key strategy to maximise returns and manage liquidity is building an FD ladder, where you open multiple FDs with staggered maturity dates. Explore the best banks in Singapore for FDs for October 2026 below.
Bank of China fixed deposit rates
BOC Fixed Deposit
SingSaver's take
Bank of China offers up to 1.35% p.a. interest rate with a 3‑month tenure if you open an account via mobile placement and make a minimum deposit of S$500. For other tenures placed via mobile banking, the rates range from 1.15% to 1.35% p.a. The fixed deposit rates for BOC are updated regularly, and the rates above are based on the promotional rates listed on 2 to 8 February 2026.
Bank of China Fixed Deposit Pros & Cons
Pros
Competitive interest rates, especially for mobile placements
Lower minimum deposit for mobile banking, making it more accessible
Variety of tenures available, offering flexibility
Cons
Higher minimum deposit required for over-the-counter transactions
Rates are promotional and subject to change, requiring careful monitoring
The highest advertised rates are only available for shorter tenures
CIMB fixed deposit rates
CIMB Fixed Deposit
SingSaver's take
Personal banking: CIMB currently offers fixed deposit rates of up to 1.35% p.a. for fixed deposits with a 3-month tenure. This requires a minimum deposit of S$10,000. The promotion begins on October 2026.
Preferred banking: the best interest rate for CIMB Preferred banking customers is 1.35% p.a. for fixed deposits with a 3-month placement, again with a minimum deposit amount of S$10,000.
CIMB Fixed Deposit Pros & Cons
Pros
Potentially competitive interest rates, especially for Preferred banking customers
Relatively short tenures available, offering some flexibility
Cons
High minimum deposit requirement, limiting accessibility for some
Rates are promotional and subject to change
Citibank Time Deposit rates
Citibank Fixed Deposit
SingSaver's take
Citibank offers various fixed deposit accounts with competitive interest rates, making them a potentially attractive option for growing your savings in Singapore.
For a limited time only, enjoy Citigold Preferential Time Deposit Rates (up to 2% p.a. on 6-mth SGD Time Deposit and up to 1.40% p.a. on 3-mth SGD Time Deposit). T&Cs apply.
Citibank Time Deposit Pros & Cons
Pros
Competitive interest rates
Flexible tenures, ranging from overnight to long-term options
Convenient online and phone banking access
Automatic rollover option for continuous interest earning
Cons
Requires a corresponding checking or savings account
DBS / POSB fixed deposit rates
DBS Fixed Deposit
SingSaver's take
The highest interest rate for DBS fixed deposit is 1.00% p.a. for a 12-month tenure, with a deposit of S$1,000 to S$19,999. You can check out the full DBS fixed deposit rates here.
For applicants of new placements, DBS/POSB is only accepting placements for tenures 12 months and below. This means that new applicants will still be able to enjoy the highest fixed deposit rate.
DBS / POSB Fixed Deposit Pros & Cons
Pros
Flexible choice of tenors
Place your Fixed Deposits in a few taps
Start growing your money on digibank, anytime
Cons
Limited to 12-month tenures for new placements
Hong Leong Finance fixed deposit rates
HL Finance Fixed Deposit
SingSaver's take
Hong Leong Finance typically offers promotional rates that usually change monthly. As of October 2026, the 5-month, 11-month, and 13-month promotional rates are 1.23%–1.20% p.a. for deposits of S$20,000 or more.
Hong Leong Finance Fixed Deposit Pros & Cons
Pros
Applicable to individual accounts for both new placements and renewals
Funds can be transferred digitally from other Hong Leong Finance savings accounts via HLF Digital or PayNow from another bank account
Cons
Promotional interest rates are subject to change without prior notice
No interest is paid if a promotional deposit is withdrawn before maturity
Credit via PayNow from another bank account may take 1-2 business days
HSBC fixed deposit rates
HSBC Fixed Deposit
SingSaver's take
HSBC currently offers promotional fixed deposit rates of up to 1.50% p.a. for a 3‑month tenure with a minimum deposit of S$30,000 when placed via the HSBC Singapore App. For placements not made through the Singapore App, promotional SGD time deposit rates include 0.85% p.a. for 3 months, 0.90% p.a. for 6 months, and 0.90% p.a. for 12 months with a minimum deposit of SGD30,000. The promotional rates are valid till 28 February 2026.
HSBC Fixed Deposit Pros & Cons
Pros
Variety of tenures available (1 to 24 months)
Cons
High minimum deposit for promotional rates (S$30,000)
Promotional rates for 9 and 12 months are much lower than for 3 and 6 months
Promotional rates are subject to change without notice
ICBC fixed deposit rates
ICBC Fixed Deposit
Singsaver's take
ICBC offers competitive Singapore dollar fixed deposit rates with a low minimum deposit of S$500 via e‑banking. As shown on ICBC’s site (dated Sep 4, 2025), the highest promotional rate on SGD fixed deposits is 1.35% p.a. for a 3‑month tenure for placements of S$200,000 and above via e‑banking. Other promotional rates include 1.15%–1.20% p.a. across various tenures. This promotion is available from now till further notice.
With ICBC, 12 months is the longest tenure that they offer. Upon renewal of your fixed deposit, when it reaches the end of the tenure, the prevailing e-banking promotional rate for fixed deposits will automatically apply.
ICBC Fixed Deposit Pros & Cons
Pros
Low minimum deposit via e-banking
Potentially competitive interest rates
Variety of tenures available (1 month to 1 year)
Cons
High minimum deposit for over-the-counter placements
Rates are promotional and subject to change
Maybank fixed deposit rates
Maybank Fixed Deposit
SingSaver's take
For fixed deposits with Maybank (online placement or branch), the highest available interest rate under the current Singapore Dollar Time Deposit promotions is up to 1.45% p.a. for 9- and 12-month tenures when customers place fresh funds into eligible Maybank CASA accounts and meet the deposit bundle requirements. The standalone SGD Time Deposit promotion (without the bundle) offers 1.30% p.a. for 6 months, 9 months, and 12 months with a minimum deposit of S$20,000.
These promotional rates are valid as of October 2026.
Maybank Fixed Deposit Pros & Cons
Pros
Potentially higher interest rates with the Deposit Bundle Promotion
Variety of tenure options (6 to 12 months)
Cons
High minimum deposit requirement (S$20,000)
Promotional rates are subject to change without notice
OCBC fixed deposit rates
OCBC Fixed Deposit
SingSaver's take
OCBC's fixed deposit rate is 1.15% – 1.20% p.a. for a 9‑month or 12‑month tenure when placed via OCBC Internet Banking or the OCBC app with fresh funds of at least S$20,000. Promotional rates apply as of October 2026 and are subject to change without notice
Alternatively, you can also check out the OCBC 360 Account, which offers an interest rate of up to 7.65% p.a. (EIR 4.65% p.a.) on your savings.
OCBC Fixed Deposit Pros & Cons
Pros
Relatively competitive interest rates
Option for higher rate via online banking
Cons
High minimum deposit amount (S$30,000)
RHB fixed deposit rates
RHB Fixed Deposit
SingSaver's take
RHB typically offers promotional Singapore Dollar fixed deposit rates that stand out in the market.
As of October 2026, the promotional interest rates for RHB fixed deposits via mobile app or branch are 1.20% p.a. for a 3‑month tenure (personal banking), 1.20% p.a. for a 6‑month tenure (personal banking), and 1.25% p.a. for a 12‑month tenure (personal banking), with a minimum placement of S$20,000.
For Premier banking customers, the promotional rates are 1.30% p.a. for 3‑month and 6‑month tenures, and 1.35% p.a. for a 12‑month tenure. These promotional rates are subject to change without prior notice.
RHB Fixed Deposit Pros & Cons
Pros
Potentially competitive interest rates
Relatively short tenures available
Cons
High minimum deposit requirement (S$20,000)
Promotional rates are subject to change without prior notice
SBI Singapore fixed deposit rates
SBI Fixed Deposit
SingSaver's take
State Bank of India (Singapore) is offering a promotional SGD fixed deposit rate of 1.15% p.a. for a 6-month tenure, applicable to deposits of SGD 50000 and above. This promotional rate is effective from October 2026 and is subject to the bank’s prevailing terms and conditions and is subject to change without notice.
SBI Singapore Fixed Deposit Pros & Cons
Pros
Potentially competitive interest rates
Cons
High minimum deposit (S$50,000)
Limited tenure options (6 to 12 months)
Sing Investments & Finance LTD (SIF) fixed deposit rates
SIF Fixed Deposit
Singsaver's Take
If you haven’t heard of Sing Investments & Finance, it’s time to get acquainted with their name if you’re looking to grow your cash.
As of October 2026, SIF offers competitive Singapore Dollar fixed deposit rates of up to 1.30% p.a. for a 3-month tenure and 1.30% p.a. for a 6-month tenure for online placements with fresh funds at S$1,000. Over-the-counter deposits at S$10,000 and above can earn 1.25% p.a. – 1.30% p.a., depending on the tenure.
SIF is also offering a CNY Fixed Deposit Special with 1.288% p.a. for 12 months and 1.328% p.a. for 18 months on a minimum deposit of S$10,000. This promotion is for personal accounts with fresh funds only, and no interest is payable for premature withdrawal; renewal at maturity is at the prevailing board rate.
Sing Investments & Finance LTD (SIF) Fixed Deposit Pros & Cons
Pros
Competitive interest rates
Relatively short tenures available
Automatic renewals of fixed deposits upon maturity
Multiple placement periods of your choice
Senior citizens enjoy an additional 0.125% p.a. above board rate on fixed deposits placed for 12 months and above
Cons
High minimum deposit requirement (S$10,000 for standard rates)
Standard Chartered fixed deposit rates
SCB Fixed Deposit
SingSaver's take
For fresh funds deposits, Standard Chartered's Priority Private banking clients enjoy the best interest rate of 2.30% p.a. for their fixed deposits with a 6-month tenure.
For the same duration, SCB priority banking customers enjoy 2.30% p.a. while personal banking customers can earn 2.20% p.a. for fresh deposits placed from 24 March to 31 March 2025.
Regardless of your banking tier, the minimum deposit is S$25,000. If you're looking for tenures longer than nine months, Standard Chartered only offers tenures of nine months and above to existing time deposits that are on auto-rollover. It's currently not available for new placements.
Standard Chartered Fixed Deposit Pros & Cons
Pros
Gain higher interest rates
A range of tenors of 1 to 24 months for you to choose from
Open your Time Deposit instantly via SC Mobile or Online Banking
Cons
High minimum deposit (S$25,000)
Limited options for new placements with tenures longer than 9 months
UOB fixed deposit rates
UOB Fixed Deposit
SingSaver's take
For October 2026, UOB is offering a promotional interest rate of up to 1.20% p.a. for Singapore Dollar Time/Fixed Deposits on a 6-month tenure with a minimum fresh funds placement of S$10,000. The promotion is available from 02 Feb to 28 2026.
UOB Fixed Deposit Pros & Cons
Pros
Relatively wide range of tenures (1 to 36 months)
Cons
Low standard interest rates (0.05% to 1.60%)
Promotional rates require a minimum deposit of S$10,000 and are time-sensitive
Promotional rates require fresh funds
Saver-savvy tip
When comparing fixed deposit rates in Singapore, aim for the highest annual interest rate that suits your preferred tenure. Currently, shorter-term deposits, like those with tenures of one year or less, tend to offer the most competitive rates. However, longer-term deposits with slightly lower rates may still yield higher returns overall.
If flexibility is important, consider banks that offer penalty-free fixed deposit options, allowing early withdrawal without incurring fees.
Recent news about fixed deposit rates in Singapore
Fixed deposit rates in Singapore moved higher again in September 2026. Several banks and finance companies raised their promotional rates, including HSBC, Bank of China, CIMB and SingFinance.
Most competitive FDs now pay 1.50% to 1.80% p.a., with a handful of promotions reaching 2.00% p.a. That's above the most recent 6-month Singapore T-bill yield of 1.70% and the 1.65% one-year average return on the latest Singapore Savings Bond.
The Monetary Authority of Singapore (MAS) also raised deposit insurance coverage in 2024, from S$75,000 to S$100,000 per depositor. That means a greater share of depositors are fully protected under the Deposit Insurance (DI) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC).
Fixed deposit definition: what is a fixed deposit?
A fixed deposit is a safe investment where you deposit a lump sum for a set period to earn fixed interest. Interest rates vary based on the amount and duration.
FDs offer stable, guaranteed returns unaffected by market changes, with minimal risk to your principal. This makes FDs a straightforward choice for secure and predictable financial growth. However, early withdrawals often incur a penalty which depends on the bank’s policy.
>> See more: Fixed Deposits and Money Market Accounts: Which Should You Choose?
Choosing a fixed deposit account
When selecting a fixed deposit account in Singapore, it's essential to consider several factors to ensure the investment aligns with your financial goals and circumstances.
-
Deposit tenure: Fixed deposit tenures in Singapore can range from as short as one month to several years. Shorter tenures offer more liquidity, allowing quicker access to funds, while longer tenures typically provide higher interest rates.
-
Types of fixed deposits: Banks in Singapore offer various fixed deposit options, including standard fixed deposits, foreign currency deposits, and recurring fixed deposits. Choose the option that best suits your financial goals and preferences.
-
Interest rates: Interest rates vary among banks and are influenced by factors such as tenure and deposit amount. Comparing rates across different banks is crucial to maximise returns.
-
Minimum deposit: The minimum deposit required to open a fixed deposit account varies by bank and can range from as low as S$500 to S$200,000 or more. Ensure that the minimum deposit aligns with your available funds.
-
Withdrawal penalties: Fixed deposits are designed to be held until maturity. Withdrawing funds before the end of the tenure can result in penalties, such as reduced interest earnings or administrative fees. Therefore, it's important to understand the terms and conditions related to early withdrawal before committing to a fixed deposit.
Strategise with an FD ladder
To balance liquidity and returns in Singapore, consider an FD ladder. This involves opening multiple Fixed Deposits with staggered maturities, allowing you to access funds at intervals while earning competitive rates.
When to consider fixed deposit account
FDs are a good option when you have a lump sum of money to invest and want to earn a guaranteed return over a set period. This option is suitable for saving towards a specific goal, like a holiday or a big purchase, where you know you won't need access to the funds immediately.
FDs also generally offer higher interest rates than regular savings accounts, helping you maximise your returns.
What is the annual return on a S$10,000 fixed deposit?
The return on a fixed deposit depends on the interest rate, the tenure, and whether interest is paid at maturity or periodically. For instance, at 1.80% p.a., a S$10,000 fixed deposit held for one year earns S$180 in interest at maturity.
| Starting balance | Interest rate (p.a.) | Interest earned in 1 year | Interest earned in 6 months |
|---|---|---|---|
| S$10,000 | 1.00% | S$100 | S$50 |
| S$10,000 | 1.50% | S$150 | S$75 |
| S$10,000 | 1.80% | S$180 | S$90 |
| S$10,000 | 2.00% | S$200 | S$100 |
Saver-savvy tip
Always compare rates on a per-annum basis, then think about what happens at maturity. A 6-month FD at 2.00% p.a. earns S$100 on S$10,000. That's more per year than a 12-month FD at 1.80% p.a. (S$180), but only if you can renew at a similar rate for the next six months.
If you expect rates to fall, locking in a longer tenure may earn you more overall.
Other FDs: promotional & no-penalty FDs
While standard fixed deposit (FD) tenures such as one, three, or five years are among the most popular options, there are other types of FDs that may offer unique benefits, such as higher interest rates or greater flexibility.
-
Promotional FDs: Typically feature special rates offered for a limited time. These promotions might offer higher returns compared to traditional FDs with standard tenures. However, the rates may change frequently.
-
No-Penalty FDs: These FDs allow you to withdraw the full deposit amount before the maturity date without paying any penalties. However, some banks may not give the interest if deposit is withdrawn prematurely.
These options can be suitable depending on your financial goals, liquidity needs, and tolerance for monitoring promotional offers or adjusting to lower returns.
Current promotional FD rates
Best fixed deposit promotions in Singapore
These are the highest promotional FD rates from each bank on our list, based on SingSaver's latest analysis. Banks frequently tie promotions to specific tenures, minimum deposits and fresh funds, so always check with the bank before locking in.
| Financial institution | Highest promotional rate (p.a.) | Tenure | Min. deposit |
|---|---|---|---|
| Citibank | 2.00% | 6 months | S$5,000 (new funds; eligible customers) |
| HSBC | 1.80% | 6 months | S$30,000 |
| CIMB | 1.80% | 12 months | S$10,000 |
| Sing Investments & Finance (SIF) | 1.80% | 6 & 12 months | S$10,000 |
| Bank of China | 1.80% | 6 & 12 months | S$200,000 (1.70% from S$500) |
| Maybank | 1.75% | 6 months | S$20,000 |
| RHB | 1.70% (1.80% Premier) | 6 & 12 months | S$20,000 |
| Standard Chartered | 1.70% (up to 2.00% Priority Private) | 6 months | S$25,000 |
| Hong Leong Finance | 1.60% | 4 & 5 months | S$100,000 |
| ICBC | 1.60% | 6 months | S$20,000 |
| UOB | 1.55% | 10 & 12 months | S$10,000 |
| OCBC | 1.50% | 12 months | S$20,000 |
| SBI Singapore | 1.50% | 6 months | S$50,000 |
| DBS / POSB | 1.00% | 8–12 months | S$1,000 (max. S$19,999) |
Rates as of 21 September 2026.
Best no-penalty FD rates
Need flexibility with your savings? No-penalty FDs might be just the ticket. These accounts let you withdraw your funds before the maturity date without the usual early withdrawal fees. That can be a lifesaver if you need unexpected access to your cash or find a better opportunity.
Some banks in Singapore that offer no-penalty FDs include:
- Hong Leong Finance Fixed Deposit: There's no fee for withdrawing early, but no interest is paid on promotional deposits withdrawn before maturity.
- ICBC SGD Fixed Deposit: There's no penalty for early withdrawal, but interest is paid at the current account rate.
While no-penalty FDs offer flexibility, it's crucial to understand how each bank treats accrued interest on early withdrawal. Some banks pay the prevailing savings account rate instead, which is typically much lower than the FD rate.
Alternatives to fixed deposits
While fixed deposits are a popular option for safe, predictable returns, there are several alternatives in Singapore that offer varying levels of risk and reward. Depending on your financial goals, whether it’s liquidity, a higher return, or long-term growth, there are several low-risk and higher-risk products that can help you grow your savings.
-
Singapore Savings Bonds (SSBs): SSBs are backed by the Singapore government and offer step-up interest rates over time. They’re flexible, with no penalties for early withdrawals, but higher returns are only earned in the later years.
-
Fixed-Income Products: These include government or corporate bonds and fixed-income funds, which offer steady returns with relatively low risk. They provide more attractive returns compared to traditional FDs, while maintaining diversification.
-
High-Interest Savings Accounts: Some of the best high-yield online savings accounts can offer high returns, but often require meeting specific conditions. They also provide high liquidity but have fluctuating interest rates compared to FDs.
-
Endowment Plans: Endowment plans combine insurance with savings, offering guaranteed returns over time. They’re low-risk but focus on long-term wealth accumulation, typically with additional fees and penalties.
-
Insurance-savings Plans: These plans offer higher interest than regular bank accounts plus insurance coverage, with flexibility to withdraw and top-up funds easily. These plans combine the benefits of saving and insurance in one simple product.
-
Cash Management Accounts: Cash management accounts invest in short-term assets like money market funds, offering better returns than regular savings accounts.
-
Brokerage Accounts: A brokerage account allows you to trade stocks or Exchange Traded Funds (ETFs), offering potentially higher returns.
>> See more: How to Beat Inflation
Frequently asked questions about fixed deposits
As of 21 September 2026, Citibank offers the highest rate on our list at 2.00% p.a. for 6 months, for eligible customers placing new funds. For a 12-month tenure, CIMB and SIF pay 1.80% p.a. from S$10,000. For smaller amounts, Bank of China pays 1.70% p.a. from S$500. The best bank for you depends on your tenure, deposit amount and whether you have fresh funds.
Fixed deposit rates are modest, and promotional rates often come with a higher minimum deposit. However, a fixed deposit can make sense when:
- You're sitting on a considerable amount of cash that's earning a meagre 0.05% p.a. in an ordinary savings account.
- You want a virtually risk-free option. Your deposits and interest are protected up to S$100,000 per depositor per bank under the SDIC scheme.
- You want a guaranteed return. Your rate is locked in for the full tenure, even if market rates fall.
- You won't need the money until the FD matures. You can usually withdraw early if you have to, but you'll likely lose some or all of the interest.
No, the interest received from deposits with approved banks or licensed finance companies in Singapore is not taxable.
Fixed deposit interest rates are dependent on the tenure of the fixed deposit. To get the highest and best possible interest rate on offer, you'll have to look at the tenure the bank is offering and whether you're comfortable with that tenure for your fixed deposit.
Promotional fixed deposit interest rates could also have higher minimum deposits required, such as S$10,000 or S$20,000. You'll need to be willing to deposit that amount for that specific tenure in order to enjoy those interest rates.
Unlike a savings account, you can't top up your fixed deposit. When you open a fixed deposit account, the sum of money you put into the account stays there until the end of the fixed deposit tenure.
If you want to put more money into a fixed deposit, what you can do instead is open another fixed deposit account. Keep in mind that the interest rates for the new fixed deposit account could differ based on the bank's current promotion.
If you are an existing account holder, you will have to log in to the bank's internet banking platform to open a fixed deposit.
If you do not have an existing account with the bank, you might be required to open an account. This would require the following:
-
Front and back of your NRIC (for Singaporeans / PRs)
-
Passport and Employment Pass (for foreigners)
-
Proof of residential address
-
You can apply for a fixed deposit with any bank in Singapore. Upon application, you will have to transfer your funds into a fixed deposit account to start earning interest on your money.
Do keep in mind that promotional fixed deposit rates typically also require your deposits to be fresh funds. This means that it can't be money you're transferring from a savings account (with the same bank) to the fixed deposit.
Yes. If you are a foreigner, you will need your passport, proof of address, and an Employment Pass/Dependent Pass/S Pass/Student Pass or Long-Term Visit Pass, whichever is applicable.
Yes, besides Singapore dollar deposits, you can also put your foreign currencies in fixed deposits.
Many banks offer fixed deposits for common foreign currencies like the US dollar, Australian dollar, Euro, and British pound sterling. You might even find higher fixed deposit interest rates for foreign currency deposits.
Check the fine print for terms and conditions related to conversion fees or auto-renewal clauses and remember to shop around for the best promotional rate before locking in your savings.
Fixed deposit rates are highly dependent on the current interest rate environment.
In today's low interest rate environment, you can expect fixed deposits to have lower interest rates, similar to how savings accounts have also been lowering the interest you can earn in the account.
So unless you're sitting on a mountain of idle cash, it's best to wait for an attractive promotional rate from the bank before committing (banks typically change their rates monthly).
In general, such interest rates can range from 0.6% to 1.5% p.a., but higher interest rates could also come with higher minimum deposit requirements.
As with all financial decisions, you should also consider the opportunity costs. In the case of fixed deposits, consider that the money could have been invested in higher yield investment products, or spent on some form of appreciating types of asset.
Remember, once your money is deposited, it is locked in until the fixed deposit hits maturity (unless you're willing to forgo any interest you've earned by withdrawing early).
About the author
SingSaver Team
At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.
The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.