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$100,000. Tables of contents Here are the best fixed deposit rates for SGD deposits. 3.35% (mobile banking placement) 3.25% (over the counter placement) 2.95% (personal banking) 3.00% (preferred banking) 3.45% (Citigold Private Client) 3.35% (Citigold) 2.55% (Citi Priority, Citibanking or Citi Plus) 3 months S$250,000 (Citigold Private Client/Citigold) S$50,000 to S$3 million (Citi Priority, Citibanking or Citi Plus) 3.20% 3.55% (Deposit Bundle Promotion) 3.15% (Premier Banking) 3.10% (Personal Banking) 3.15% 2.95% (mobile banking placement) 2.95% (over the counter placement) 3.20% (Priority Private Banking) 3.10% (Priority Banking) 3.00% (promotional rate) 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 for 14 of the best providers. 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. Compare Best Savings Accounts Bank of China offers up to 3.35% p.a. interest rate with a 3-month tenure if you open an account via mobile placement and make a minimum deposit of S$500. For over-the-counter transactions, the highest you can earn is 3.25% p.a. for a 3-month placement, with a minimum deposit of S$10,000. The fixed deposit rates for BOC are updated every few months, and the rates above are based on the promotional rates listed on 12 August 2024. Personal banking: CIMB currently offers fixed deposit rates of up to 2.95% p.a. for fixed deposits with a 6-month tenure. This requires a minimum deposit of S$10,000. The promotion begins on 1 September 2024. Preferred banking: the highest interest rate for CIMB Preferred banking customers is 3.00% p.a. for fixed deposits with a 6-month placement, again with a minimum deposit amount of S$10,000. SingSaver Free Interest Campaign: Enjoy the following rewards when you sign up for a CIMB Personal Loan: Get your interest covered for 1 year (up to S$1,300 Voucher or $1,000 Cash) when you apply for a CIMB Personal Loan and get approved for a loan of min. S$8,000 with a minimum loan tenure of 3 years. Available to new and existing customers. Valid till 30 September 2024. T&Csapply. Back to top 3.45% p.a. (S$250,000 to S$3 million) 3.35% p.a. (S$250,000 to 2.55% p.a. (S$50,000 to S$3 million) 3.30% p.a. (S$250,000 to S$3 million) 3.20% p.a. (S$250,000 to S$3 million) 2.55% p.a. (S$50,000 to S$3 million) The interest rates for Citibank are quite generous and arguably one of the highest fixed deposit rates in the market. Citi Private Client members can earn up to 3.45% p.a. on deposits of S$250,000 to S$3 million for a 3-month tenure. But note that the deposits must be placed through a Relationship Manager. Citi Private Client customers need to have an asset under management (AUM) of S$1,500,000 or more. Citigold members stand to earn up to 3.35% p.a. on deposits between S$250,000 to S$3 million for a 3-month tenure. However, do note that he minimum AUM for Citigold members is S$250,000. Meanwhile, with a minimum placement of S$50,000, Citi Priority/Citibanking/Citi Plus can earn 2.55% p.a. on 3/6-month tenure with Citibank. Back to top SingSaver Exclusive Offer: Get an Apple iPad Air 11" Wi-Fi 128GB (worth S$899) or40,000 Max Miles (worth a one-way Business Class to Japan) or S$800 cash via PayNow when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.20% p.a. on a 6-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 30 September 2024. T&Cs apply. Plus, get additional welcome rewards on top of the above offer (T&Cs apply): - Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening 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. DBS/POSB Credit Card Welcome Gift:Receive up to S$150 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply. Pick your DBS/POSB Credit Card now! Back to top Hong Leong Finance typically offers promotional rates that usually change monthly. As of 2 September 2024, the 6- and 7-month promotional rates are 3.00% p.a. for deposits S$50,000 or more. Back to top S$200,000 and above 3.10% p.a. S$200,000 and above 2.95% p.a. S$200,000 and above 2.60% p.a. HSBC currently offers promotional fixed deposit rates of 2.95% p.a. for a 6-month tenure with a minimum deposit of S$200,000. The promotional rates are valid till 30 September 2024. Back to top SingSaver Free Interest Campaign: Enjoy the following rewards when you sign up for an HSBC Personal Loan: Get your interest covered for 1 year (up to S$1,300 Voucher or $1,000 Cash) when you apply for an HSBC Personal Loan and get approved for a loan of min. S$8,000 with a minimum loan tenure of 3 years. Available to new and existing customers. Valid till 30 September 2024. T&Csapply. ICBC offers one of 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 3.15% p.a. for a fixed deposit with a 3-month tenure. For over-the-counter placement, you'll enjoy an interest of 3.10% p.a. for a 3-month tenure. 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. For fixed deposits with Maybank (online placement), the highest available interest rate offered is 3.20% p.a. for a 6-month tenure, with a minimum deposit amount of S$20,000. Similarly, for branch fixed deposits, the same minimum deposit allows you to enjoy up to 3.20% p.a. for a 6-month tenure. However, you can enjoy up to 3.55% p.a. interest with the Deposit Bundle Promotion (placement in branch). Here's how this bundle works: 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: Back to top OCBC's fixed deposit rate is 2.90% p.a. for a 6-month tenure if you apply via OCBC Internet Banking. However, you can still enjoy an interest of 2.50% p.a. if you open an account with a 6-month tenure in person at any OCBC branch. 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 7.65% p.a. (EIR 4.65% p.a.) on your savings. Back to top RHB is offering a 3.15% p.a. interest rate for fixed deposits with Premier Banking online placements. For personal banking, you can earn 3.10% p.a. with a 3, or 6-month placement and 2.80% for 12-month placements. 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 and apply via the RHB Mobile SG app. SingSaver's Exclusive Offer: Open a CMC Invest account and receive S$20 cash via PayNow. Plus, fund a minimum of S$1,000 and make 5 buy trades by 30 September 2024 to get 1 free BABA share (worth S$111.5, as of 23 August 2024). Maintain minimum deposit before the campaign promo end date to be eligible for rewards. Valid till 30 September 2024.T&Cs apply. Additionally, receive Tesla Inc. share (NASDAQ: TSLA) and 6 Grab shares (NASDAQ:GRAB) from CMC Invest when you fund and trade with your CMC Invest account.Valid till 31 October 2024. T&Cs apply. In September 2024, SBI is offering an attractive interest rate of 3.15% p.a. for 6-month tenure. You'll need to make a minimum deposit of S$50,000. Back to top 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. They offer a competitive interest rate of 2.95% p.a. for 12-month tenures with a minimum deposit of S$10,000. Back to top For fresh funds deposits, Standard Chartered's Priority Private banking clients enjoy the highest interest rate of 3.20% p.a. for their fixed deposits with a 3-month tenure. For the same duration, SCB priority banking customers enjoy 3.10% p.a. while personal banking customers can earn 3.00% p.a. for fresh deposits placed from 2 September to 30 September 2024. Regardless of your banking tier, the minimum deposit is S$25,000. If you're looking for tenures longer than nine 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. Back to top For September, UOB's promotional fixed deposit rate has been revised to 2.70% p.a. for a 6-month tenure, with a minimum deposit of S$10,000. The promotional period is from 30 August to 30 September 2024. UOB Credit Card Welcome Offer: Receive a Samsonite EVOA Z Spinner 25” Exp (worth S$730) or a GoPro (worth S$590) or an AirPods Pro (2nd generation) with MagSafe Charging Case and 2 units of AirTag (worth S$456.50) or up to S$350 Cash Credit or up to 50,000 miles when you apply for select UOB credit cards and fulfil the minimum spend requirements. Valid till 30 September 2024. T&Cs apply. Apply For Your UOB Credit Card Now! 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. Back to top 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: Source: MAS 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. Compare Best Robo-Advisors Back to top 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. Compare Best Savings Accounts 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. Savings account Maximum interest rate (p.a.) Bank of China Smart$aver 7.00% CIMB FastSaver 3.50% Citi Interest Booster 4.00% DBS Multiplier 4.10% GXS Savings Account 3.48% Maybank Save Up 4.00% OCBC 360 7.65% RHB High Yield Savings Plus Account 2.00% Standard Chartered Bonus$aver 7.68% Trust Savings Account UOB One Account 6.00% UOB Stash Account 5.00% Again, do keep in mind that many of these savings accounts have multiple criteria for you to earn higher interest. Compare Best Savings Accounts Back to top 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. 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. 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. 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: 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. No, the interest received from deposits with approved banks or licensed finance companies in Singapore is not taxable. 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. 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. 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: 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. Compare Best Robo-Advisors Fixed deposit 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). Compare Best Priority Banking Accounts Back to topOverview of the Best Fixed Deposit Rates in Singapore (September 2024)
Bank Best interest rate (p.a.) Tenure Minimum SGD deposit Bank of China 3 months S$500 (mobile banking)
S$10,000 (over the counter)CIMB 3/6 months S$10,000 Citibank DBS / POSB 3.20% 12 months S$1,000 Hong Leong Finance 3.00% 6 months S$50,000 HSBC 3.10% 4 months S$200,000 and above ICBC 3.15% (e-banking)
3.10% (over the counter)3 months S$500 (e-banking)
S$20,000 (over the counter)Maybank 6 months S$20,000 OCBC 2.50% (branch)
2.90% (online)6 months S$30,000 RHB 3/6 months S$20,000 SBI 6 months S$50,000 12 months S$10,000 Standard Chartered 3 months S$25,000 UOB 2.70% 6 months S$10,000 Bank of China Fixed Deposit Rates (September 2024)
Tenure Interest rates (p.a.) (over the counter) Interest rates (p.a.) (mobile placement) 1 month 2.85% 2.95% 2 months 3.10% 3.20% 3 months 3.25% 3.35% 4 months 3.10% 3.20% 5 months 3.00% 3.10% 6 months 3.00% 3.10% 9 months 2.85% 2.90% 12 months 2.75% 2.80% 18 months 2.40% 2.50% 24 months 2.30% 2.40%
Back to topCIMB Fixed Deposit Rates (September 2024)
Tenure Personal banking online promo interest rates (p.a.) for S$10,000 and above Preferred banking online promo interest rates (p.a.) for S$10,000 and above 3 months 2.95% 3.00% 6 months 2.95% 3.00% 9 months 2.65% 2.70% 12 months 2.65% 2.70% Citibank Fixed Deposit Rates (September 2024)
Tenure Citigold Private Client Citigold Citi Priority, Citibanking or Citi Plus 3 months 3.35% p.a. (S$10,000 to <S$250,000) 3.25% p.a. (S$10,000 to <S$250,000)
S$3 million)6 months 3.20% p.a. (S$10,000 to <S$250,000) 3.10% p.a. (S$10,000 to <S$250,000) 
- Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit CardDBS / POSB Fixed Deposit Rates (September 2024)
Interest rate 3.20% p.a. Tenure 12 months Minimum deposit amount S$1,000 Hong Leong Finance Fixed Deposit Rates (September 2024)
Deposit amount 6 months 7 months 11 months 12 months S$20,000 to below S$50,000 2.95% p.a. 2.95%% p.a. 2.80% p.a. 2.80% p.a. S$50,000 and above 3.00% p.a. 3.00% p.a. 2.85% p.a. 2.85% p.a. HSBC Fixed Deposit Rates (September 2024)
Tenure Placement amount Promotional time deposit 4 months S$30,000 to S$200,000 3.00% p.a. 6 months S$30,000 to S$200,000 2.85% p.a. 12 months S$30,000 to S$200,000 2.50% p.a. ICBC Fixed Deposit Rates (September 2024)
Tenure E-banking (S$500 and above) Over the counter (S$20,000 and above) 1 month 2.90% p.a. 2.85% p.a. 3 months 3.15% p.a. 3.10% p.a. 6 months 3.00% p.a. 2.95% p.a. 9 months 2.80% p.a. 2.75% p.a. 1 year 2.70% p.a. 2.65% p.a. Maybank Fixed Deposit Rates (September 2024)
Tenure Promotional rate (p.a.) 6-month 3.20% 9-month 3.00% 12-month 2.80% 15-month 2.60% 18-month 2.30% 24-month 2.30% Tenure Promotional rate (p.a.) 6-month 3.20% 9-month 3.00% 12-month 2.80% 15-month 2.60% 18-month 2.30% 24-month 2.30% Tenure Promotional rate (p.a.) 6-month 3.55% 9-month 3.40% 12-month 3.30% 15-month 3.25% 18-month 2.75% 24-month 2.75% OCBC Fixed Deposit Rates (September 2024)
Tenure Promotion interest rate (p.a.) 6 months 2.50% (branch)
2.90% (online)RHB Fixed Deposit Rates (September 2024)
Tenure Personal Banking online placement (p.a.) Premier Banking online placement (p.a.) 3-month 3.10% 3.15% 6-month 12-month 2.80% 2.85%
Back to topSBI Singapore fixed deposit rates (September 2024)
Tenure Interest rate (p.a.) 6 months 3.15% 12 months 2.70% Sing Investments & Finance LTD (SIF) Fixed Deposit Rates (September 2024)
Tenure Placement Amount Interest rate (p.a.)
3 monthsS$1,000 2.80% S$10,000 2.85%
6 monthsS$1,000 2.85% S$10,000 2.90%
12 monthsS$1,000 2.90% S$10,000 2.95% 3 months S$10,000 2.85% 6 months S$10,000 2.90% 12 months S$10,000 2.95% Standard Chartered Fixed Deposit Rates (September 2024)
Priority Private Banking Priority Banking Promotional Interest rate 3.20% p.a. 3.10% p.a. 3.00% p.a. Tenure 3 months 3 months 3 months Minimum deposit amount S$25,000 S$25,000 S$25,000 UOB Fixed Deposit Rates (September 2024)
Tenor Deposit amount (fresh funds) Promotional interest rate (p.a) 6-month S$10,000 2.70% 10-month S$10,000 2.50%
Back to topWhat are the pros and cons of using fixed deposits?
Fixed deposits vs Singapore Savings Bonds (SSBs): Which is better?
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 Fixed deposits vs savings accounts: Which to choose?
3.50% Pros of savings accounts Cons of savings accounts Higher interest rates than fixed deposits and SSBs Might 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 Frequently Asked Questions about fixed deposits
How can I get the maximum returns from a fixed deposit?
Can I withdraw my fixed deposit before the tenure is up?
Can I top up a fixed deposit account?
What are the requirements to open a fixed deposit account?
How do I apply for a fixed deposit account?
Are fixed deposits taxable in Singapore?
Can foreigners open fixed deposits in Singapore?
Can I open a fixed deposit using foreign currency?
Why should I open a fixed deposit account?
When's the best time to open a fixed deposit account?
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