Best USD Fixed Deposits: A Comparison Of Interest Rates (October 2021)

Deborah Gan
Last updated Oct 11, 2021
Best USD Fixed Deposits: A Comparison Of Interest Rates (July 2021)

Not sure whether you should put your American dollar into a foreign currency fixed deposit in 2021? We’ve collated a list of the USD time deposit interest rates of the major banks so you won’t need to.

Whether you’re saving up for that big US trip since travel lanes are now open, or are simply looking to take advantage of the competitive interest rates, you can look to foreign currency fixed deposits to safeguard your cash.

What is foreign currency fixed deposits (FCFD)?

Foreign currency fixed deposits, or time deposits, allow consumers to convert their SGD to a foreign currency and deposit it in the bank for a period of time known as the tenure. The amount is earned with interest at a pre-determined rate and can be taken out only after the maturity date. Doing so will result in a penalty or the loss of any interest that you’ve earned, so be sure that you have enough liquid cash on hand before depositing the amount.

Consumers usually put their foreign currency into time deposits for future use like having cash for when they’re travelling, or paying for overseas purchases with their foreign currency to avoid conversion fees. 

Some investors also turn to FCFDs to hedge against foreign currency fluctuation.

pros and cons of fixed deposits

What should I look out for before depositing?

Before depositing your money, it is best to give the bank a call and inquire about their interest rates, since the interest rates are always changing and may not be the most updated on the website.

You should also choose a tenure that you can commit to, which can range from one week to five years. The longer the tenure, the higher the interest rate. On top of that, the amount invested and the foreign currency exchange rate also play a part and affect the final amount that you withdraw after the maturity date.

When you decide to open a foreign currency fixed deposit account, you should check with your bank whether they have a prevailing inter-bank transfer fee that is charged when you deposit your money into the account. At present, banks like Standard Chartered, The Bank of East Asia and HSBC offer free transfer services, while others may charge a handling fee.

Comparison of USD fixed deposits

Here are the respective US dollar fixed deposit rates in Singapore:

TenureBest interest rate available (p.a.)Minimum deposit
Bank of China1, 3, 6, 9, or 12 months0.55%US$500
1, 3, 6 or 12 months


Citibank3 months1%US$10,000
DBS / POSB1 – 12 months0%S$5,000
Hong Leong Bank2 weeks – 12 months0.45%US$1,000
HSBC3 months0.08%US$30,000
ICBC1 week, 1, 3, 6 or 12 months0.40%US$500
Maybank1, 2, 3, 6 and 12 months0%US$50,000
OCBC3 or 6 months0.15%US$5,000
State Bank of India Singapore1 – 24 months0.60%US$5,000
Standard Chartered

6 months0.20%
(0.30% under priority banking preferential rate)
The Bank of East Asia1, 2, 3 or 6 months0.05%US$100,000
UOB6 months0.40%US$20,000

*The annual interest rate is for reference only. The bank’s interest rate will be adjusted from time to time according to market changes. 

Bank of China USD fixed deposit (October 2021)

Bank of China USD fixed deposit rate (October 2021)
Interest rate0.25%0.40%0.45%0.50%0.55%
Tenure1 month3 months6 months9 months12 months
Minimum deposit amountUS$500US$500US$500US$500US$500

With tenures ranging from one to 12 months, you’ll be able to choose a tenure that you’re comfortable with. Bank of China offers a spread of competitive interest rates depending on the stipulated time period that you choose, from 0.25% p.a. to 0.55% p.a., the second highest interest rate available of the lot.

With a low minimum deposit of just US$500, you won’t require much funds to reap the high interest rates, though lower deposits will subject you to a lower interest rate.

Bank of China logo

CIMB USD fixed deposit (October 2021)

CIMB USD fixed deposit rate (October 2021)
Interest rate0.05%0.15%0.20%0.25%
Tenure1 month3 months6 months12 months
Minimum deposit amountUS$10,000US$10,000US$10,000US$10,000

With CIMB, you’ll realise that the interest rates are much higher than those of savings accounts, making it worth your while to store your US dollars there. Tenures range from one to 12 months, allowing you to reap up to 0.25% p.a..

However, the minimum deposit amount of US$10,000 is relatively high compared to the rest, making it less attractive for those who do not have sufficient funds.

Citibank USD fixed deposit (October 2021)

Citibank USD fixed deposit rate (October 2021)
Interest rate1%
Tenure3 months
Minimum deposit amountUS$10,000

Citibank is now offering a promotional interest rate for their USD fixed deposits at a solid 1% p.a., and the highest rate at present. The tenure is at three months, making it an extremely worthwhile deal, though the minimum deposit amount is slightly high at US$10,000.

Do note that the rates are applicable till 30th June 2021, so the rates might have changed.  

DBS/POSB USD fixed deposit (October 2021)

DBS/POSB USD fixed deposit rate (October 2021)
Interest rate0%
Tenure1 – 12 months
Minimum deposit amountS$5,000

Though DBS/POSB ranks as one of the top banks in Singapore, their USD fixed deposit interest rate stands at 0% p.a., regardless of your tenure that ranges from one to 12 months.

With such a low interest rate, you’d be better off parking your foreign currency elsewhere, either in a multi-currency savings account or with a robo-advisor.

Hong Leong Bank USD fixed deposit (October 2021)

Hong Leong Bank USD fixed deposit rate (October 2021)
Interest rate0.05%0.10%0.15%0.20%0.25%0.35%0.40%0.45%
Tenure2 weeks3 weeks1 month2 months3 months4 months5, 6 months7 – 12 months
Minimum deposit amountUS$1,000US$1,000US$1,000US$1,000US$1,000US$1,000US$1,000US$1,000

Hong Leong Bank offers the most flexible tenures, so you can take your pick from a period of as short as two weeks up to 12 months. This lets you choose a specific number of months that you prefer, without having to commit to the standard three-, six-, nine- and 12-month tenures.

Interest rates are relatively competitive, allowing you to reap up to 0.45% p.a. if you opt for a tenure of seven months and more. The minimum deposit is at US$1,000.

HSBC USD fixed deposit (October 2021)

HSBC USD fixed deposit rate (October 2021)
Interest rate0.08%
Tenure3 months
Minimum deposit amountUS$30,000

From now till 31 October 2021, HSBC is having a promotion for US dollar fixed deposits that applies for new and existing HSBC Jade customers, Premier customers and personal banking customers. The interest rate prevails at 0.08% p.a., compared to the non-promotional rate at 0% with a minimum deposit of US$30,000 and tenure of three months.

ICBC USD fixed deposit (October 2021)

ICBC USD fixed deposit rate (October 2021)
Interest rate 0.01% 0.02% 0.20% 0.25% 0.30%
0.40% (via e-banking)
Tenure 1 week 1 month 3 months 6 months 12 months
Minimum deposit amount US$500 US$500 US$500 US$500 US$500

ICBC is now having a USD fixed deposit promotion with competitive interest rates. You can choose a tenure of one week, one month, three months, six months or one year, allowing you to enjoy an interest rate of up to 0.40% p.a. when you use e-banking.

The minimum deposit required is US$500, comparably lower than the others on the list.

Maybank USD fixed deposit (October 2021)

Maybank USD fixed deposit rate (October 2021)
Interest rate0%
Tenure1, 2, 3, 6 and 12 months
Minimum deposit amountUS$50,000

Ranking the lowest interest rate available at 0% p.a. across all tenures is Maybank, on top of the US$50,000 minimum deposit.

Alternatively, robo-advisors (that also accept USD) can do a better job at growing your funds for you, from as low as S$50.

OCBC USD fixed deposit (October 2021)

OCBC USD fixed deposit rate (October 2021)
Interest rate0.10%0.15%
Tenure3 months6 months
Minimum deposit amountUS$5,000US$5,000

OCBC is having an ongoing promotion for USD fixed deposits. With a choice of either a three- or six-month tenure, you’ll get to enjoy 0.10% p.a. and 0.15% p.a. respectively, with a decent minimum deposit of US$5,000.

State Bank of India Singapore USD fixed deposit (October 2021)

State Bank of India Singapore USD fixed deposit rate (October 2021)
Interest rate0.10%0.15%0.20%0.30%0.45%0.55%0.60%
Tenure1 month2 months3 months6 months12 months18 months24 months
Minimum deposit amountUS$5,000US$5,000US$5,000US$5,000US$5,000US$5,000US$5,000

State Bank of India Singapore (an Indian bank that has an offshore banking license in Singapore) is offering the second highest interest rate at 0.60% p.a. However, do note that the tenure is longer than the rest at 24 months, meaning that you won’t be able to take your money out until the period is up. They also boast a relatively low minimum deposit at US$5,000 that’s affordable for most.

Standard Chartered USD fixed deposit (October 2021)

Standard Chartered USD fixed deposit rate (October 2021)
Best Interest rate0.20%
(0.30% under priority banking preferential rate)
Tenure6 months6 months
Minimum deposit amountUS$25,000US$25,000

Standard Chartered is having a promotion from now till 31 October 2021: the bank is offering a guaranteed 0.20% p.a. on a six-month tenure, and a 0.30% under priority banking preferential rate, with a minimum deposit of US$25,000.

Do note that the promotional interest rates are not applicable for online placements, so you’ll have to personally head down to the branch to enjoy the special rates. 

The Bank of East Asia USD fixed deposit (October 2021)

The Bank of East Asia USD fixed deposit rate (October 2021)
Interest rate0.01%0.01%0.01%0.025%0.05%
Tenure1 month2 months3 months6 months12 months
Minimum deposit amountUS$1,000US$1,000US$1,000US$1,000US$1,000

Though The Bank of East Asia (a Hong Kong banking and financial services company) offers a range of tenures of one and 12 months, the interest rates only go up to 0.05% p.a. alongside a minimum deposit amount of US$1,000.

With such low rates, your money would fare better in a multi-currency savings account where the rates are usually a lot more competitive.

UOB USD fixed deposit (October 2021)

UOB USD fixed deposit rate (October 2021)
Best Interest rate0.40%
Tenure6 months
Minimum deposit amountUS$20,000

As part of their ongoing promotion from now till 30 October 2021, UOB is offering an interest rate of 0.40% p.a., compared to the usual non-promotional rate at 0.05% p.a. It is amongst one of the better  interest rates that you can earn. The tenure stretches for six months, with a minimum deposit amount of US$20,000.

Which bank is best for USD fixed deposits in Singapore?

Citibank has the highest USD fixed deposit rate at 1% p.a. with a minimum deposit of US$10,000 and a decent three-month tenure that you’ll have to commit to.

Both ICBC and Bank of China offer the lowest deposit amount at US$500. Despite this, Bank of China’s interest rate can go up to 0.55% p.a., the longer the tenure and higher the deposit, compared to ICBC’s 0.10% p.a. cap.

For flexibility, Hong Leong Bank has the highest number of tenure options – from as low as two weeks, to one to 12 months. This allows you to choose a specific time period to accommodate your financial needs, lowering the chances of you withdrawing the funds before the maturity date.

Alternatively, you can opt to stash your cash in multi-currency accounts (with base rates of 0.05% p.a.) that offer a variety of foreign currencies, or park your funds with a robo-advisor to invest on your behalf. Both options typically offer higher returns.

Read these next:
Best Fixed Deposits in Singapore: 2021 Guide – SingSaver
12 Best Fixed Deposit From Top Banks In Singapore To Lock In Your Savings (2021)
Guide To Digital Multi Currency Accounts (2021)
Why Multi-Currency Accounts Are Essential
Robo Advisors Singapore: Complete 2021 Guide

By Deborah Gan
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.

Deborah Gan October 11, 2021 74754