Fixed deposits (FDs) in Singapore offer competitive interest rates, with special promotions reaching up to 2.90%, making them an ideal option for growing savings. By depositing a fixed amount for a specific tenure, you secure a guaranteed interest rate, often yielding better returns than regular savings accounts.

These tenures typically range from three months to two years, allowing flexibility to match your financial goals and saving preferences.

>> COMPARE: Check the best FD rates in Singapore

Generally, FD rates in Singapore remain competitive as we step into 2025, offering savers an opportunity to lock in attractive returns for 2.50% to 2.90% per annum.

Short-term tenures, such as six to 12 months, are particularly popular among depositors looking for flexibility and decent yields. Meanwhile, longer-term FDs appeal to those seeking steady returns amidst economic uncertainties.

Industry analysts predict that while FD rates remain attractive now, they may gradually taper off if global central banks continue to ease interest rates. Savers in Singapore should consider locking in these high rates while they are still available, ensuring their funds grow securely over time.

Fixed deposit rates in Singapore showed a mixed trend from December 2024 to March 2025. The 3-month rate saw a notable decrease of 0.35%, while the 1-year rate dropped by 0.50%. In contrast, the 6-month rate remained stable, reflecting stability in mid-term deposits despite declines in shorter and longer tenures.

Best FD rates comparisons between December 2024 and March 2025

The FD rate forecast in Singapore for 2025 highlights a significant preference for short-term tenures over long-term commitments. 

While fixed deposit rates experienced an overall decline compared to late 2024, shorter terms like 3-month deposits are still attracting attention with relatively competitive rates. This shift suggests that banks are aligning with consumer behaviour that favours flexibility and quicker returns amidst a volatile economic landscape.

Short-term fixed deposit rates remain slightly higher than longer-term rates in certain cases, reversing the traditional trend where longer tenures typically yield higher returns.

This unusual pattern can be attributed to banks offering attractive short-term rates to secure liquidity, making them a viable option for those who prefer low-risk investments without a long-term commitment.

This trend reflects a unique opportunity for savers who value short-term planning and wish to capitalise on high-yield options without locking funds for extended periods.

Singapore's FD rates have seen notable shifts in 2025, presenting attractive options for those seeking low-risk investments. The national average FD rate in Singapore currently sits at approximately 2.53% p.a., making many of these high-yield offers from leading banks highly appealing.

As of March 2025, short-term FDs from major banks like ICBC, CIMB, Maybank, and HSBC offer competitive promotional rates ranging between 2.50% and 2.90% per annum for three- to six-month tenures. Bank of China, Maybank, and Citibank have been particularly competitive in their short-term FD rates, aiming to capture savers seeking liquidity and flexibility.

Meanwhile, for those opting for longer-term FD, Maybank currently offers the highest long-term fixed deposit rates for 12-month terms at 2.70% p.a.

>> LEARN MORE: How FED interest rates affect borrowers in Singapore

As of 2025, Singapore's banks are offering enticing promotional FD rates to attract depositors amid economic shifts. These promotions often surpass national averages, giving savers an opportunity to secure higher returns.

Below are some of the highest current promotional FD rates in Singapore:

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