Fixed Deposit Rate Singapore
A fixed deposit rate is one of the most important factors to consider when planning your investments. Fixed deposits can be a great way to earn more interest on your savings and enjoy peace of mind knowing that your funds will remain secure.
The fixed deposit rate will depend on what type of fixed deposit you are looking for. Some people are willing to take more risk by investing in higher-risk products, while others would prefer lower risks by investing in higher-yielding fixed deposits with shorter maturities. Regardless of your needs, there will be an appropriate fixed deposit product that can suit your business needs and provide stability for your finances.
The first step when searching for the right fixed deposit rate is to determine what type of fixed deposits you want. This decision should be based on how much risk do you want? How long do you want your money locked up?
Regardless of which one best suits your needs, there should be something available, that’s applicable to suit both short-term and long-term goals as well as provide stability for your finances.
To learn more about this check this list of 10 Best Fixed Deposit Rates in Singapore.
Key Consideration Factors
- Interest Rates: When choosing a fixed deposit, the bank’s interest rate is the most crucial factor to take into account. Look for banks that offer competitive rates that will help you earn more over time.
- Tenure: The length of time that you may keep your money in a fixed deposit might range anywhere from one month to many years. Take into consideration your long-term financial objectives and choose a tenure that best serves those objectives.
- Minimum Deposit Amount: Some banks require a minimum deposit to open a fixed deposit account. Check to see that you have sufficient finances to fulfill this need.
- Early Withdrawal Penalties: If you need to withdraw your funds before the end of the tenure, some banks may charge an early withdrawal penalty, which can reduce your returns. Consider this factor carefully before opening an account.
- Deposit Insurance: Make sure the bank you choose is covered by the Singapore Deposit Insurance Corporation (SDIC), which protects up to $75,000 per depositor per Scheme member bank.
Best Fixed Deposit Rate Singapore
1. DBS
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.dbs.com.sg/ |
| Phone | 1800 111 1111 |
| Contact | DBS Contacts |
| Rates | Fixed Deposit Rates |
| Operating Hours | 8:30 am to 8:30 pm Mon – Fri |
The current highest DBS fixed deposit rate of 1.3 percent p.a. is deemed as high by today’s standards. But, it is only specifically available for individuals who have an existing DBS fixed deposits and are about to renew them.
The rate of interest on a new fixed deposit account is 0.6 percent per annum for eight months, although rates can be as high as 1.00% p.a. in certain circumstances. The lock-in period is rather short, and the $1,000 minimum is quite modest to deal with.
Key Differentiators
- Competitive Returns
- Trusted Stability
- Flexible Tenures
Customer Testimonial
Very patient staff, and they don’t really mind going extra mile to serve their customers. Business is quite good here, waiting time is a bit long though. – Zoe Yang
2. CIMB
| Key Services | Loans & Financing, Investments, Insurance, Digital Services |
| Address | CIMB Bank Berhad, 30 Raffles Place, 04-01, Singapore 048622 |
| Website | https://www.cimb.com.sg/ |
| Phone | +65 6333 7777 |
| Rates | Fixed Deposit Rates |
| Operating Hours | 9.00am – 7.00pm, daily |
If you have a CIMB FastSaver account, the Malaysian bank CIMB tops the fixed deposit chart for the month with its 0.8 percent per annum offer. Also, it is highly recommended to sign up for this account because of its perks and benefits.
Anyway, CIMB’s rates are still very competitive at 0.75%, which is greater than most banks in the field.
The rate for deposits of at least $10,000 is 4.99 percent for 18 months. This offer is only available to clients with at least $10,000 in assets who commit to a deposit term of 18 months. It is open to both new and existing CIMB customers.
Key Differentiators
- High Interest Rates
- Seamless Experience
- Customer-Centric Approach
Customer Testimonial
Good service and attitude when I went this branch today. I went to change my card and token, all done within half an hour. – CC DD
3. RHB
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://rhbgroup.com.sg/ |
| Phone | 1800 323 0100 |
| rhbs.ibanksupport@rhbgroup.com | |
| Operating Hours | Monday – Friday: 9am to 4pm |
If you have $20,000 to put down, then RHB Malaysian bank is another excellent option for your choice!
RHB offers a fixed deposit promotional rate of 0.55 percent. Please be advised that the 0.55 percent rate advertised on their website is only available to RHB Premier customers.
Key Differentiators
- Attractive Rates
- Customizable Options
- Reliable Returns
Customer Testimonial
One of the banks with high fixed deposit rates with a minimum of $500, for minimum 3 months. Online account opening is easy, but have to wait around a week for it to be activated. The app is easy to use, if you can translate English to mandarin. For example, for biometric identification, the app says ‘please touch your finger’. – Wai Peng Chan
4. Maybank
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.maybank2u.com.sg/ |
| Phone | 1800-777 0022 |
| Contact | Contact Page |
| Operating Hours | 9am to 6pm, Mondays to Fridays |
Maybank’s Singapore Dollar Time Deposit pays out 0.6 percent per annum. Unfortunately, you’ll have to leave it untouched for three years (yes, 3 years) to earn that pitiful 0.6% p.a.
There are alternatives to BTO flats if you don’t want to commit to the time it takes to construct one. Shorter commitment fixed deposits include 0.5% for 24 months and 0.4% for 18 months, which avoid you from committing for so long.
Key Differentiators
- Competitive Yields
- Trusted Institution
- Diverse Tenure Options
Customer Testimonial
Very helpful staff , knowledgeable and good service. – Jacqueline Houng
5. Bank of China
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.bankofchina.com/sg/ |
| Phone | 1800 338 5335 |
| Contact | Contacts Page |
The Bank of China is currently giving a 0.7 percent p.a. interest rate on fixed deposits with a term of 36 months. While this is greater than the typical offered by most financial institutions, three years is an exceptionally long time to keep money in a fixed deposit.
SA shorter tenure will result in a lower yield than a longer-term. The yield on a five-month is typically 0.5 percent, although it varies from time to time. The bank can pay out as little as 0.65 percent per annum if the borrower takes out an annual mortgage for only 24 months
The BOC fixed deposit interest rates are updated every few months, and the figures above are based on the board rates published last March.
Key Differentiators
- Lucrative Rates
- Global Banking
- Tailored Solutions
Customer Testimonial
Visited the branch for account opening. Staff is really nice and welcoming. Very good banking experience for me. 🙂 – haicong guan
6. OCBC
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.ocbc.com/group/gateway |
| Phone | +65 6559 8000 |
| Rates | Fixed Deposit Rates |
The current 0.4% p.a. interest rate for fixed deposits with a 12-month maturity offered by OCBC is currently available through a promotional offer. But, the catch here is, this requires a deposit of at least S$20,000.
However, it is also not available for Supplementary Retirement Schemes funds purchases.
Key Differentiators
- Attractive Returns
- Enhanced Flexibility
- Award-Winning Services
Customer Testimonial
Neighbourhood branch so usually a lot of people. But service is fast and quick. Very helpful staff that can answer all my questions. – Goh Chor Hiang
7. Standard Chartered
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.sc.com/sg/ |
| Rates | Fixed Deposit Rates |
Standard Chartered offers clients a higher interest rate of 0.45 percent for their fixed deposits with an 8-month duration, rather than the usual rate of 0.35 percent. Non-priority banking customers will receive only 0.35% p.a. interest on their deposits from now until the last day of the year.
Regardless of whether you’re a high-worth customer, you must deposit at least S$25,000. Standard Chartered only offers tenures of nine months and above to existing time deposits that are on auto-rollover if you want tenures longer than eight months.
Key Differentiators
- Premium Interest Rates
- International Expertise
- Unparalleled Convenience
Customer Testimonial
Fast handling and considerate service. There was almost no queue (probably because of covid), and the opening of an account took only 30 minutes or so. – XUANPU LU
8. ICBC
| Key Services | Multinational banking and financial services corporation |
| Address | 6 Raffles Quay #12-01, Singapore 048580 |
| Website | https://www.icbc.com.sg/ |
| Phone | +65 6538 1066 |
| Contact | icbcsg@icbc.com.sg |
With a minimum deposit of only S$500, the ICBC offers the lowest minimum deposit requirements for its fixed deposits, according to CIMB. You may get 0.6 percent p.a. with a one-year term by applying online through e-banking. This offer is good until further notice.
When the most common term is 18 months, as it applies to most bank fixed deposit products. ICBC, on the other hand, has a maximum tenure of 12 months. When your fixed deposit matures, the current e-banking promotional rate for fixed deposits will be applied automatically.
Key Differentiators
- Favorable Returns
- Extensive Network
- Personalized Services
Customer Testimonial
Thank you very much to friendly staff (2 guys at about 6.55pm on 02.12.19 *counter 4* n the other guy not at the counter. *tall guy wearing spectacles*) that for helped me with my remittances to CHINA, for your opinion on the problem I have. – Suyin Wee
9. UOB
| Key Services | Multinational banking and financial services corporation |
| Address | Robinson Road, P.O Box 1688 Singapore 903338 |
| Website | https://www.uob.com.sg/ |
| Contact | Contacts Page |
| Rates | Fixed Deposit Rates |
For December, UOB offers a 0.5 percent p.a. promotional fixed deposit rate for ten months, with a minimum deposit of S$20,000.
Plus, this is one of the shortest fixed deposit terms that still offers high promotional interest rates.
Key Differentiators
- High Deposit Rates
- Comprehensive Choices
- Dedicated Support
Customer Testimonial
I came to open a new account, was with my mom too. place was clean, neat, systematic. Staff service was patient and great even on saturdays. Our transaction was made simple and smooth. Keep up the good work! Thank you again:) – One More Rep
10. Citibank
| Key Services | Multinational banking and financial services corporation |
| Address | Branch Locator |
| Website | https://www.citibank.com.sg/ |
| Phone | +65 6225 5225 |
| Rates | Fixed Deposit Rates |
| Operating Hours | Monday-Friday : 9:30-3:30pm Saturday : 9:30-12:00pm |
Citibank offers a 0.1 percent p.a. fixed deposit rate for tenures of 6 to 36 months. This low-interest rate drops to 0.08% p.a., and even 0.05 percent, for tenures less than six months
However, we would recommend that you could be better off keeping your money in a savings account with base rates of 0.05 percent p.a. for greater liquidity than this specifically offered fixed deposit, given these low rates.
Key Differentiators
- Competitive Interest
- Global Banking Powerhouse
- Innovative Solutions
Customer Testimonial
Fixed Deposit Rate Singapore
There you have it! We hope you’ve gathered some ideas about fixed deposit rates here in Singapore.
The fixed deposit rate can depend on the type of fixed deposit you’re looking at (higher risk or lower risk) as well as if it has a shorter term or long-term maturity date. Regardless of which one best suits your needs, there should be something available that provides stability for your finances.
Share your thoughts and insights about this by commenting down below!
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Frequently Asked Questions (FAQ)
If you have any questions about Fixed Deposit Rates in Singapore, you can refer to the frequently asked questions (FAQ) about the best Fixed Deposit Rates in Singapore below:
What are fixed deposit rates?
Fixed deposit rates refer to the rate of return that you can earn when investing in a fixed deposit account. It is usually expressed as an annual percentage yield (APY) and is typically higher than the rate provided on savings accounts or certificates of deposit (CDs). Fixed deposit rates are determined by the financial institution offering the account, taking into account factors such as market conditions, the amount of fresh funds, the bank interest rate per annum, local economic conditions, the set minimum deposit amount, and the institution’s appetite for risk. The APY can vary from bank to bank, so it pays to shop around for the best deal.
How do fixed deposits work?
Fixed deposit accounts allow you to invest a lump sum of money for a fixed period of time at a predetermined interest rate. The interest earned on the investment is usually paid out monthly or once a year. You won’t be able to get to your money without paying fees until the date of maturity. This is why these investments tend to be considered low-risk investments with a relatively high return compared to other types of investments, such as stocks and Singapore savings bonds.
What are some of the best fixed deposit rates in Singapore?
Some of the best highest fixed deposit rates currently available in Singapore include DBS Bank’s 0.8% p.a., POSB Bank’s 0.7% p.a., OCBC Bank’s 0.6% p .a., UOB Bank’s 0 .5% p .a., and Citibank’s 0 .1 % p .a.. SGD deposits placed with Singapura Finance are insured by the Singapore Deposit Insurance Corporation and sets it as the top best fixed deposit rate. However, there are many other banks offering competitive interest rates on their highest fixed deposit rate so it pays to compare deals before deciding which one best suits your needs. ICBC internet banking has a lot of benefits like ICBC Fixed Deposit Rates, fixed deposit promotion, dual currency investments, foreign currency deposits and structured deposits for your regular savings account and existing accounts. This can all be done via e banking or even thru mobile banking to most accounts like foreign currencies accounts, and ICBC account. Their electronic banking is relatively safe for all of your personal banking since any prevailing current account interest rate will be paid for any pre matured withdrawal you’ve done and auto renewal instructions provided.
What is required to open a fixed deposit account?
Different financial institutions have different requirements for opening a fixed deposit account but most often you will need proof of identity such as your passport or photo ID, proof of address such as utility bills or bank statements, and evidence that you have sufficient funds available for investing in the fixed deposit account such as salary slips, minimum deposits, interest payments or bank statements showing income over a period of time that meets minimum criteria set out by each lender specifically related to this product type and its intended purpose and use case scenario’s associated with it accordingly by law within Singapore jurisdiction guidelines and regulations regarding savings/investment products.
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