14 Best Fixed Deposit Rates in Singapore to Lock in Your Savings (2023)

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 are 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.

Tables of contents

• Overview of the best fixed deposit rates in Singapore
• Pros and cons of using fixed deposits
• Fixed deposits vs Singapore Savings Bonds (SSBs)
• Fixed deposits vs savings accounts 
• FAQs about fixed deposits in Singapore

Overview of the Best Fixed Deposit Rates in Singapore (December 2023)

Here are the best fixed deposit rates for SGD deposits. 

Looking at the summary of the fixed deposit rates, you'll see that 3% p.a. appears to be 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 minimum deposit amount to be eligible.  

Here's a closer look at the fixed deposit rates and endowment plan returns each provider has to offer. Note that rates are subject to change without notice.

Besides fixed deposit, you could also consider stashing your spare cash in a high-interest savings account.

Bank of China Fixed Deposit Rates (December 2023)

Bank of China offers up to 3.50% p.a. interest rate with a 3-month tenure if you open an account via mobile placement and make a minimum deposit of S$5,000. 

For over-the-counter transactions, the highest you can earn is 3.45% p.a. for a 3-month placement, with a minimum deposit of 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 20 November 2023.
 
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CIMB Fixed Deposit Rates (December 2023)

Personal banking: CIMB currently offers a fixed deposit interest rate of up to 3.50% p.a. for fixed deposits with a 6-month tenure. This requires a minimum deposit of S$10,000. The promotion is from 1 December till 31 December 2023.

Preferred banking: the highest interest rate for CIMB Preferred banking customers is 3.55% p.a. for fixed deposits with a 6-month placement, again with a minimum deposit amount of S$10,000.

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Citibank Fixed Deposit Rates (December 2023)

The interest rates for Citibank are quite generous and arguably one of the highest fixed deposit rates in the market.

Citi Private Client and Citigold members can earn up to 3.70% p.a. while and Citi Priority/Citibanking/Citi Plus can earn 3.50% p.a. on a 3-month tenure with Citibank.

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DBS / POSB Fixed Deposit Rates (December 2023)

The highest interest rate for DBS fixed deposit is 3.20% 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.

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HL Bank Fixed Deposit Rates (December 2023)

Not to be confused with Hong Leong Finance, which is a different entity altogether, HL Bank (a member of the Hong Leong Group) offers a relatively high interest rate of 3.65% p.a. for a 12-month tenure.

Please note that interest rates vary with tenure and the minimum deposit ranges from S$100,000 to S$500,000. The promotion is valid from 16 October till 31 December 2023.

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Hong Leong Finance Fixed Deposit Rates (December 2023)

Hong Leong Finance typically offers promotional rates that usually change monthly.

As of 4 November 2023, the 8/9-month promotional rate is 3.35% p.a. for deposits S$20,000 or more. 

Meanwhile, you can enjoy 3.30% p.a. interest for a 12-month tenure. The minimum deposit amount is S$20,000.  

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HSBC Fixed Deposit Rates (December 2023)

HSBC currently offers promotional fixed deposit rates of 3.65% p.a. for a 3-month tenure with a minimum deposit of S$200,000. However, you can also make a minimum deposit of S$30,000 to earn an interest rate of 3.00% p.a..

The promotional rates are valid till 31 December 2023.

ICBC Fixed Deposit Rates (December 2023)

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

By applying via e-banking, you can receive 3.35% p.a. for a fixed deposit with a 3-month tenure. For over-the-counter placement, you'll enjoy an interest of 3.30% p.a..  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.

Maybank Fixed Deposit Rates (December 2023)

For fixed deposits with Maybank (online placement), the highest available interest rate offered is 2.65% p.a. for both 12-month and 15-month tenures, with a minimum deposit amount of S$20,000.

Similarly, for branch fixed deposits, the same minimum deposit allows you to enjoy up to 2.65% p.a. for 12 and 15-month tenures. 

However, you can enjoy up to 3.35% p.a. interest with the Deposit Bundle Promotion (placement in branch). 

Here's how this bundle works:

• Every S$1,000 deposited into selected Maybank Current or Savings accounts (min. S$2,000)
• You can deposit S$10,000 into Deposit Bundle Promotion (min. S$20,000)
• Receive up to 3.35% p.a. on your Deposit Bundle Promotion

The minimum deposit is S$20,000 and this bundle is available to individual, SME, and commercial banking customers.

The fresh fund required for selected Maybank Current and Savings accounts as follows:

• Passbook Savings Account
• Privilege Plus Savings Account
• SaveUp Account
• PremierOne Account
• Current Account
• FlexiBiz Account
• PremierBiz Account 

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OCBC Fixed Deposit Rates (December 2023)

OCBC's time deposit rate is 2.70% p.a. for a 6-month tenure if you apply at an OCBC branch. However, you can enjoy 3.10% p.a. if you open an account via Internet Banking. The minimum deposit amount is S$30,000. 

Alternatively, you can also check out the OCBC 360 Account, which offers an interest rate of up to 4.65% p.a. on your savings.

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RHB Fixed Deposit Rates (December 2023)

RHB is offering a 3.68% p.a. interest rate for fixed deposits with 6- or 12-month tenures for Premier Banking online placements.

For personal banking, you can earn 3.60% p.a. with a 6- or 12-month placement. Note that the promotional rates are subject the change without prior notice. 

You need to place a minimum deposit of S$20,000. To enjoy the fixed deposit promotional rate, apply via the RHB Mobile SG app. 

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Sing Investments & Finance LTD (SIF) Fixed Deposit Rates (December 2023)

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. 

For a limited time, they offer a competitive interest rate of 3.45% p.a. for a 3-month tenure with minimum deposit of S$20,000. 

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Standard Chartered Fixed Deposit Rates (December 2023)

For fresh funds deposits, Standard Chartered's Priority Private banking clients enjoy the highest interest rate of 3.30% p.a. for their fixed deposits with a 8-month tenure. 

For the same duration, SCB priority banking customers get to enjoy 3.20% p.a. while personal banking customers can earn 3.10% p.a. for fresh deposits from now till 31 December 2023.

Regardless of your banking tier, the minimum deposit is 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. It's currently not available for new placements.

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UOB Fixed Deposit Rates (December 2023)

For December, UOB's promotional fixed deposit rate has been revised to 3.10% p.a. for a 6/10/12-month tenure, with a minimum deposit of S$10,000. The promotional period is from 1 December to 30 December 2023.

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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. 

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: 

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

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 7.88% 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 7.88% 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 a level-up criteria such as crediting your salary, spending on one of the bank's credit cards, purchasing insurance or investment products, or taking up a loan 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. 

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

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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: 

• Singapore Savings Bonds
• Fixed-income products 
• Savings accounts 
• Endowment plans 
• Insurance savings plans 
• Cash management accounts

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% 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 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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