13 Best Fixed Deposit From Top Banks In Singapore To Lock In Your Savings (December 2022)

Deborah Gan

Deborah Gan

Last updated 01 December, 2022


Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you.


Here’s everything you need to know about fixed deposits in Singapore, from the best fixed deposit rates, how fixed deposits work and whether they’re the best place to stash your cash. 

Fixed deposits (also known as time deposits) earn you guaranteed interest for the money you deposit in the bank over a specified duration. The money in the fixed deposit will earn interest during this fixed period of time, with interest paid out at regular intervals, often quarterly or annually. 

While you can withdraw your money from fixed deposits, if you withdraw before the tenure is up, you will earn less interest or no interest at all. 

Fixed deposit rates differ monthly, depending on when you open the fixed deposit account, and the interest rate you earn would depend on your deposit amount and tenure. Tenures can range from one month to four years, with more attractive interest rates being given to longer tenures of two to three years. 

A low-risk investment type, fixed deposits are practically risk-free, making them a great place to store your emergency funds. But if you’re in any doubt, you’ll be glad to know that your deposits are insured by the Singapore Deposit Insurance Corporation (SDIC), for up to S$75,000.

Here’s what you need to know about fixed deposits in Singapore:


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Best fixed deposit rates in Singapore (November 2022)

Here are the best fixed deposit rates for Singapore Dollar deposits. 

Bank Best interest rate (p.a.) Tenure Minimum SGD deposit

USD Fixed Deposit

(12 months)

Bank of China 3.95% 12 months S$5,000 min. S$2000
CIMB 4.15% Personal Banking                  4.20% Preferred Banking 12/18 months S$10,000 0.0010% p.a. (min S$10,000)
Citibank (Citigold) 3.9% 6 months S$50,000 4.7% (min. S$50,000)
DBS / POSB 1.7% 18 months S$1,000 4.60% p.a. (min. S$10,000)
HL Bank 4-4.1% 12 months S$100,000            S$500,000 5.252% p.a. (min. S$50,000)
Hong Leong Finance 3.90% 13 months S$1,000,000 N.A.
HSBC 3.8% 7 months S$30,000 3.70% p.a. (min. USD 25,000)
ICBC 3.25% (e-banking) 12 months S$500 3.95% p.a.  (min. USD 20,000)
Maybank 3.90% 12/15/18 months S$20,000 4.2% p.a. (min. S$10,000)
OCBC 3.80% 12 months S$20,000 4.29% p.a. (First $49,999)
RHB 4.10% 24 months S$20,000 3.89% p.a. (min. S$5,000)
Standard Chartered 3.50%                      3.60% for Priority Banking 12 months S$25,000 3.90% p.a.              (min. USD 25,000)
UOB 3.85% 6/10/12 months S$50,000 min. USD 5,000

Looking at the summary of the fixed deposit rates, you’ll see that 3% p.a. appears to be the average in the current interest rate climate and has been improving ever since.

Some of these promotional rates also require you to put in a substantial minimum deposit amount in order to be eligible. 

Here’s a closer look at the fixed deposit rates each of the individual providers have to offer. 

Bank of China fixed deposit (December 2022)

Bank of China fixed deposit promotion rate (as of 14 December 2022)
  Mobile placement Over the counter
Interest rate 3.95% p.a. 3.85% p.a.
Tenure 12 months 12 months
Minimum deposit amount S$5,000 S$5,000

Bank of China is offering a 3.95% p.a. interest rate for fixed deposits with a 12-month tenure, if you open an account via mobile placement. For over-the-counter transactions, you'll earn 3.85% p.a.

Shorter tenures of 6 and 9 months will earn you 3.90% p.a. via mobile banking, for a deposit of at least S$5,000.

The fixed deposit interest rates for BOC are updated every few months and the rates above are based on the promotional rates listed on 28 November 2022. 


CIMB fixed deposit (December 2022)

CIMB fixed deposit rate (December 2022)
  Preferred banking Personal banking
Interest rate 4.20% p.a. 4.15% p.a.
Tenure 12/18 months 12/18 months
Minimum deposit amount S$10,000 S$10,000

Preferred banking: CIMB is currently offering the third highest fixed deposit interest rate — 4.20% p.a. for fixed deposits with tenures of 12 and 18 months. This requires a minimum deposit amount of S$10,000. The promotion is from now till 31 December 2022.

Personal banking: Get 4.15% p.a. for fixed deposits with tenures of 12 and 18 months, again with a minimum deposit amount of S$10,000.

 


Citibank (Citigold) fixed deposit (December 2022)

Citibank fixed deposit rate (December 2022)
Interest rate 3.4% p.a.  3.9% p.a. 
Tenure 3 months 6 months
Minimum deposit amount S$50,000 S$50,000

Citibank offers three fixed deposit rates, 3, 6 and 12 months. The interest rates are at 3.5% p.a., 3.9% and 3.4% p.a., respectively, with a minimum deposit amount of S$50,000. The maximum deposit amount is capped at S$3 million.

The interest rate for Citibank is quite generous, and it's currently offering one of the highest fixed deposit rates in the market.


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DBS / POSB fixed deposit (December 2022)

DBS / POSB fixed deposit rate (December 2022)
  New placement Rollover of existing placements
Interest rate 1.60% p.a.  1.70% p.a.
Tenure 12 months 18 months
Minimum deposit amount S$1,000 S$1,000

DBS offers a decent fixed deposit rate of up to 1.7% p.a. However, only those with an existing fixed deposit with DBS/POSB can enjoy these higher rates as tenures of 18 months and above are only applicable to rollover of existing placements with the same tenure. 

For applicants of new placements, DBS/POSB is only accepting placements for tenures 12 months and below. This means that the highest fixed deposit rate you’ll be able to enjoy is 1.6% p.a.  

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HL Bank fixed deposit (December 2022)

HL Bank fixed deposit rate (December 2022)
Interest rate 4% p.a. 4.1% p.a.
Tenure 12 months 12 months
Minimum deposit amount S$100,000 S$500,000

Not to be confused with Hong Leong Finance that's a different entity altogether, HL Bank (a member of the Hong Leong Group) offers a relatively high-interest rate of 4% p.a. for 12 months tenure.

If you prefer a shorter tenure, you may also opt for 6 months or 3 months. Please note that interest rates vary with tenure and the minimum deposit is S$100,000. The promotion is valid til 31 January 2023.


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Hong Leong Finance fixed deposit (December 2022)

Hong Leong Finance fixed deposit rate (December 2022)
Interest rate 3.85% p.a. 3.90% p.a.
Tenure 13 months 13 months
Minimum deposit amount S$500,000 S$1,000,000

Hong Leong Finance typically offers promotional fixed deposit rates that change monthly. For December, you can receive 3.85% p.a. for an 13-month fixed deposit tenure, with a min. deposit of S$500,000. 

For a larger deposit at S$1,000,000, you'll enjoy a rate of 3.90% p.a. for the same tenure.


HSBC fixed deposit (December 2022)

HSBC fixed deposit rate (December 2022)
Interest rate 3.6% p.a. 3.8% p.a.
Tenure 6 months 7 months
Minimum deposit amount S$30,000 S$30,000

HSBC is currently offering a promotional fixed deposit rate of 3.8% p.a. and 3.6% p.a., for a fixed deposit with a 7-month and 6-month tenure respectively, valid till 30 November 2022. On top of that, you'll also get to enjoy a preferential rate of up to 10.88% p.a. from now till 31 December 2022 on your 3-month time deposit when you buy an insurance plan.


ICBC fixed deposit (December 2022)

ICBC fixed deposit rate (December 2022)
Interest rate 3.7% p.a. over the counter 3.75% p.a. via e-banking
Tenure 12 months 12 months
Minimum deposit amount S$20,000  S$500

ICBC offers the lowest minimum deposit requirements for their fixed deposits, at just S$500 via e-banking. If you would like to do it over the counter, the minimum deposit is S$20,000.

By applying online via e-banking, you can receive 3.75% p.a. for a fixed deposit with a 1-year tenure. For a shorter tenure of 9 months, you'll enjoy 3.25% p.a. This promotion is available from now till further notice. For the same tenures, depositing over the counter will entitle you to lower interest rates at 3.7% and 3.2% p.a.

With ICBC, 12 months is the longest tenure they have to 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.


Maybank fixed deposit (December 2022)

Maybank iSAVvy fixed deposit rate (December 2022)
Interest rate 3.80% p.a. 3.90% p.a.
Tenure 24 months 12/15/18  months
Minimum deposit amount S$20,000 S$20,000

For fixed deposits with Maybank (placement in branch), the highest available fixed deposit rate offered is 3.90% p.a. for tenures of 12/15/18 months. The shorter your fixed deposit tenure, the lower the interest rate offered by Maybank. For tenures of 9 and 6 months, you can enjoy a rate of 2.90% p.a. and 2.80% p.a. respectively. 


OCBC fixed deposit (December 2022)

OCBC fixed deposit rate (December 2022)
Interest rate 3.80% p.a.
Tenure 24 months
Minimum deposit amount S$20,000

OCBC is currently offering a promotional 3.80% p.a. interest rate for fixed deposits with a 12-month tenure. However, this requires a minimum deposit of S$20,000. 

It is also not available for placements made using Supplementary Retirement Scheme (SRS) funds. 


RHB fixed deposit (December 2022)

RHB fixed deposit rate (December 2022)
Interest rate 3.90% p.a. 4.10%
Tenure 12 months 24 months
Minimum deposit amount S$20,000 S$20,000

RHB is offering 4.10% p.a. interest rate for fixed deposits with a 24-month tenure. For renewals and offline placement, you can earn 3.30% p.a. This requires a minimum deposit of S$20,000.

To enjoy the fixed deposit promotional rate, apply via the RHB Mobile SG app. 


Standard Chartered fixed deposit (December 2022)

Standard Chartered fixed deposit rate (December 2022)
  Priority banking preferential rate Promotional rate
Interest rate 3.30% p.a. 3.60% p.a.
Tenure 3 months 12 months
Minimum deposit amount S$25,000 S$25,000

For fresh funds deposit, priority banking clients of Standard Chartered enjoy a higher interest rate of 3.50% for their fixed deposits with a 12-month tenure.

Priority banking clients receive 3.50% p.a. interest for their deposits from now till 31 December 2022.

Regardless of whether you’re a priority banking client, you will need to deposit a minimum of S$25,000. If you’re looking for tenures longer than eight months, Standard Chartered only offers tenures of nine months and above to existing time deposits that are on auto-rollover. 


UOB fixed deposit (December 2022)

UOB fixed deposit rate (December 2022)
Interest rate 3.55% p.a.  3.85%
Tenure 6/10/12 months 6/10/12 months
Minimum deposit amount S$10,000  S$50,000 

For the month of December, UOB’s promotional fixed deposit rate is 3.85% p.a. for a 6/10/12-month tenure, with a minimum deposit amount of S$50,000. You can also opt for a 6/10/12-month tenure with a fixed deposit rate of 3.55% p.a. if you deposit at least S$50,000.

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What are the pros and cons of using fixed deposits?

Before you go hunting for the best fixed deposit rate in Singapore, do keep in mind both the benefits and pitfalls of keeping your money in fixed deposits. 

Fixed deposits aside, other low risk products you can consider include: Singapore Savings Bonds, fixed-income products, savings accounts, endowment plans, insurance savings plans and cash management accounts

Low risk low returns investment vehicles

However, with low risk also comes low returns. 

If you’re looking to grow your wealth, you can instead consider investing in a globally diversified portfolio offered by robo-advisors, or do it yourself by purchasing securities using a brokerage account

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Fixed deposits vs Singapore Savings Bonds (SSBs): Which is better?  

Another popular low-risk investment product you can find in Singapore is the Singapore Savings Bonds (SSB). 

Both fixed deposits and SSBs require you to invest a fixed amount of cash, for a predetermined period of time in order to earn returns. For fixed deposits, the tenure can range from one month to three years. For SSBs, you earn higher interest only in the later years — this encourages applicants to hold on to their SSBs for the entire ten-year duration.

What is it: SSBs are a type of Singapore Government Securities (SGS) issued and backed by the Singapore government. At issuance, interest rates for the entire 10-year term are fixed and locked in for each issue. This interest rate differs with every month’s issue and is fixed based on the average SGS yields the month before.

SSBs allow you to earn step-up interest on your savings. The interest rate starts low, increasing every year until Year 10. The longer you hold onto your SSB, the more interest you receive. Interest is paid every six months and will be automatically credited into the bank account that is linked to your CDP Securities account. 

Supplementary Retirement Scheme (SRS) investors can also use their SRS funds to invest in SSBs. 

Read more about fixed income products such as SSBs.

This month's SSB rates: 

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Like fixed deposits, the interest returns for SSBs will differ each month.

Pros of Singapore Savings Bonds (SSBs) Cons of Singapore Savings Bonds (SSBs)
Risk-free, fully backed by the government of Singapore.  Low interest rates, with higher interest rates only earned towards the end of the 10 years
Low minimum amount of S$500 required  Up to S$200,000 per individual 
High liquidity. You can withdraw your money at any time, with no penalties. You will, however, lose out on the higher interest rates in the later years. SSB interest rates change every month for every issuance
Can use your SRS funds to purchase SSBs Transaction fee of S$2 charged for each application and redemption request
How to apply for SSBs in Singapore

However, the current low interest rates have made both savings types less attractive, with insurance savings plans and cash management accounts growing in popularity by offering higher rates of returns.

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Fixed deposits vs savings accounts: Which to choose? 

Besides fixed deposits and SSBs, you can also consider savings accounts to keep your cash liquid. These savings accounts can earn an interest rate of up to 3% p.a. However, many of these accounts require you to jump through hoops to earn the higher interest rates.

What is it: Savings accounts allow you to earn interest on the money you keep in the account. With yields of up to 4% p.a., how much interest you earn depends on the conditions of the savings account. 

Some savings accounts, such as the CIMB FastSaver, do not set any conditions to earn interest, apart from you keeping your money in the account. Other accounts, such as the DBS Multiplier, OCBC 360 and UOB One, make you work for your money. These high-yield savings accounts have ‘level-up criteria’ such as crediting your salary, spending on one of the bank’s credit cards, start investing, take up a loan and more to earn higher interest rates.

Current rates: Savings accounts have more unpredictability. Over the past year, the interest rates of savings accounts have seen downward revisions. Unlike fixed deposits or SSBs where the interest rate you earn over the months and years is set in stone from the start, savings accounts can see changes on short notice. 

Earn higher interest on your savings with that Citi Plus Account that goes beyond a regular savings account.

Here’s an overview of the interest rates you can potentially get with the various banks in Singapore. 

Savings account  Maximum interest rate possible
Bank of China Smart$aver Up to 3.00% p.a. on the first S$80,000 
CIMB FastSaver Up to 4.20% p.a for first S$10,000 (if you're holding both FastSaver and Visa Signature)
Citi MaxiGain Savings Account Up to 0.61% p.a
Citi Wealth First Account Up to 2.80% p.a.
DBS Multiplier Up to 4.10% p.a.
Maybank SaveUp Account  Up to 3.00% p.a. on the first S$50,000
OCBC 360 Up to 7.65% p.a.
RHB High Yield Savings Account Up to 4.50% p.a.
Standard Chartered Bonus$aver Up to 4.88% p.a. on the first S$80,000
Standard Chartered JumpStart Up to 2.5% p.a. on your first S$20,000
UOB One Up to 7.80% p.a

Again, do keep in mind that many of these savings accounts have multiple criteria in order for you to earn higher interest. 

Pros of savings accounts Cons of savings accounts
Higher interest rates than fixed deposits and SSBs Have to jump through hoops to earn higher interest
High liquidity. Money can be put in and taken out anytime. Interest rates subject to change anytime, although banks tend to give a few weeks notice before the change
No minimum period required to earn interest. You earn interest every day the money is in the account.  Could incur fall-below fees or early account closure fees

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Frequently Asked Questions about fixed deposits

How can I get the maximum returns from a fixed deposit?

Fixed deposit interest rates are dependent on the tenure of the fixed deposit. To get the highest 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. 

Can I withdraw my fixed deposit before the tenure is up? 

Yes, you can withdraw your fixed deposit before the tenure is up. However, you will likely lose any interest returns that you have earned. Other terms and conditions may also apply depending on the bank policies.

Can I top up a fixed deposit account?

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.

What are the requirements to open a fixed deposit account?

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

How do I apply for a fixed deposit account?

You can apply for a fixed deposit with any bank in Singapore. Upon application, you will have to transfer your funds into the 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. 

Are fixed deposits taxable in Singapore?

No, the interest received from deposits with approved banks or licensed finance companies in Singapore is not taxable.

Can foreigners open fixed deposits in Singapore?

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.

Can I open a fixed deposit using foreign currency?

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.

Why should I open a fixed deposit account?

Fixed deposit interest rates are generally low and promotional rates often come with a higher minimum deposit requirement. 

However, there are situations when opening a fixed deposit account could be an attractive option:

  • You’re sitting on a considerable amount of cash that is earning a meagre 0.05% p.a. in an ordinary savings account.
  • You want a virtually risk-free investment option. Even if something happens to the bank, your deposits and interest earned are still protected (up to S$75,000 thanks to the SDIC). 
  • You want regular cash flow. Interest payments are paid out regularly at quarterly or annual intervals. 
  • You need liquidity in your investments. A partial or full withdrawal of fixed deposits can be done at any time so your cash remains liquid. However, you might lose out on any interest to be paid if the money is withdrawn before the fixed deposit reaches full maturity. 

Other low-risk, low-returns products include: 

If you’re looking to truly grow your money, look away from fixed deposits and towards investing. One way to start is with a robo-advisor that offers a well-diversified portfolio tailored to your investment goals and risk appetite. 

When’s the best time to open a fixed deposit account? 

Fixed deposit interest 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% - 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 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). 

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Read these next:
Investment Guide: SingSaver’s One-Stop Investment Shop
Best Cash Management Accounts In Singapore To Soup Up Your Savings
Best Robo Advisors To Auto-Pilot Your Investments In Singapore
Regular Savings Plan (RSP): What They Are And The Best Ones To Invest In
Best Brokerage Accounts To Start Your Investment Journey In Singapore

 

A mahjong addict with an undying love for dogs, Deborah is always on the hunt for cheap deals because she is always broke. That is why she is attempting to be more financially savvy to be.. less broke