Fixed deposits are investment vehicles that provide a boost to your savings; all you need is to deposit your money for a set period of time that typically ranges from 3 to 12 months. In return, you enjoy a guaranteed interest rate that’s generally higher than most savings accounts.
Looking for a fixed deposit to maximise your savings? In this article, we share a detailed breakdown of some of the best fixed deposit rates in Singapore and what you need to look out for when evaluating a fixed deposit.
Table of contents
- Overview of the Fixed Deposit Rates in Singapore
- 3-Month Fixed Deposits in Singapore
- 6-Month Fixed Deposits in Singapore
- 12-Month-Fixed-Deposits-in-Singapore
- Factors to Consider When Choosing a Fixed Deposit
- Beating the Fixed Deposit Interest Rates in Singapore
- Fixed Deposits vs Singapore Savings Bonds (SSB)
- Fixed Deposits vs Cash Management Solutions
- Fixed Deposits vs High Yield Savings Account (HYSA)
- Fixed Deposits vs Treasury Bills (T-Bills)
Overview of the Fixed Deposit Rates in Singapore
- Best 3-month fixed deposit: RHB, offering 3.00% with a minimum deposit of $20,000 for premier banking or Bank of China, offering 3.00% with a minimum deposit of $500 for online
- Best 6-month fixed deposit: Maybank, offering 3.05% with a minimum deposit of $20,000
- Best 12-month fixed deposit: RHB, offering 3.00% with a minimum deposit of $20,000 for premier banking or 2.90% with a minimum deposit of $20,000 for personal banking
- Best fixed deposit alternative: Syfe’s Cash+ Guaranteed, offering 3.00% on its 3-month term with no minimum deposit requirement
3-Month Fixed Deposits in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| RHB | 3.00% (premier banking) | $20,000 |
| Bank of China | 3.00% (online) | $500 |
| ICBC | 3.00% (over-the-counter) | $200,000 |
| ICBC | 3.00% (online) | $500 |
| RHB | 2.90% (personal banking) | $20,000 |
| Bank of China | 2.90% (over-the-counter) | $10,000 |
| ICBC | 2.85% (over-the-counter) | $20,000-$199,999 |
| CIMB | 2.70% (preferred banking) | $10,000 |
| SingFinance | 2.70% | $10,000 |
| CIMB | 2.65% (personal banking) | $10,000 |
| SingFinance | 2.65% (online) | $1,000-$9,999 |
| HSBC | 2.58% | $200,000 |
| HSBC | 2.28% | $30,000-$199,999 |
| CITI | 2.25% | $10,000-$3,000,000 |
| DBS/POSB | 1.00% | $1,000-$19,999 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
6-Month Fixed Deposits in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| Maybank | 3.05% | $20,000 |
| RHB | 3.00% (premier banking) | $20,000 |
| RHB | 2.90% (personal banking) | $20,000 |
| HSBC | 2.78% | $200,000 |
| CIMB | 2.75% (preferred banking) | $10,000 |
| Bank of China | 2.75% (online) | $500 |
| CIMB | 2.70% (personal banking) | $10,000 |
| Bank of China | 2.65% (over-the-counter) | $10,000 |
| Standard Chartered | 2.60% (priority private) | $25,000 |
| SingFinance | 2.60% | $10,000 |
| SingFinance | 2.55% (online) | $1,000-$9,999 |
| ICBC | 2.55% | $200,000 |
| Standard Chartered | 2.50% (priority banking) | $25,000 |
| HSBC | 2.48% | $30,000-$199,999 |
| OCBC | 2.45% (online) | $30,000 |
| ICBC | 2.45% (online) | $500-$199,999 |
| Standard Chartered | 2.40% (personal banking) | $25,000 |
| ICBC | 2.40% (over-the-counter) | $20,000-$199,999 |
| UOB | 2.40% (online) | $10,000 |
| OCBC | 2.25% (over-the-counter) | $30,000 |
| CITI | 2.25% | $10,000-$3,000,000 |
| DBS/POSB | 2.15% | $1,000-$19,999 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
12-Month Fixed Deposits in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| RHB | 3.00% (premier banking) | $20,000 |
| RHB | 2.90% (personal banking) | $20,000 |
| Maybank | 2.80% | $20,000 |
| HSBC | 2.68% | $200,000 |
| CIMB | 2.60% (preferred banking) | $10,000 |
| Bank of China | 2.60% (online) | $500 |
| SingFinance | 2.60% (online) | $10,000 |
| CIMB | 2.55% (personal banking) | $10,000 |
| SingFinance | 2.55% (over-the-counter) | $10,000 |
| Bank of China | 2.50% (over-the-counter) | $10,000 |
| SingFinance | 2.50% (online) | $1,000-$9,999 |
| ICBC | 2.45% | $200,000 |
| DBS/POSB | 2.45% | $1,000-$19,999 |
| HSBC | 2.38% | $30,000-$199,999 |
| OCBC | 2.30% (online) | $30,000 |
| ICBC | 2.30% (online) | $500-$199,999 |
| ICBC | 2.25% (over-the-counter) | $20,000-$199,999 |
| OCBC | 2.1% (over-the-counter) | $30,000 |
| CITI | 2.00% | $10,000-$3,000,000 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
Factors to Consider When Choosing a Fixed Deposit
Most people tend to zone in on the interest rates and tenures of fixed deposits and overlook the terms and conditions of such products. But, not all fixed deposit schemes are created equal, so it’s important to look beyond these factors.
Investors should also look into the premature withdrawal terms when choosing a fixed deposit; life is unpredictable and there may be instances when you need to withdraw your funds before they mature.
Some institutions, however, may charge a penalty fee for partial or early withdrawals while others may have stricter rules. This makes the need to carefully review the T&Cs and ensure that the fixed deposit provides adequate flexibility and reasonable terms imperative.
Beating the Fixed Deposit Interest Rates in Singapore
While fixed deposits might generally be a safe and steady way to make your money work harder for you, interest rates that hover around 3% might not be the most enticing.
Here’s a closer look at a couple of financial instruments if you want to look for alternatives beyond fixed deposits to optimise your cash:
Fixed Deposits vs Singapore Savings Bonds (SSB)
The SSBs are government-backed securities that offer a relatively low-risk opportunity to grow your money.
The interest rates of the SSB differ monthly and the rates for August 2024 range between 3.19% (1-year average return) to 3.22% (10-year average return), which are slightly lower than the 3- to 12-month rates offered by fixed deposits.
The good thing about the SSB however, is its flexibility—you can withdraw your money anytime without any penalties, unlike certain fixed deposits.
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 3 months | 3.00% (Bank of China online) | $500 |
| Fixed Deposits | 6 months | 3.05% (Maybank) | $20,000 |
| Fixed Deposits | 12 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 12 months | 2.90% (RHB personal banking) | $20,000 |
| SSB | 10 months | 2.73% (1-year average return) | $500 (maximum of $200,000) |
| SSB | 10 months | 2.86% (10-year average return) | $500 (maximum of $200,000) |
Fixed Deposits vs Cash Management Solutions
Cash management solutions designed to maximise returns are also great alternatives to fixed deposits, and Syfe’s Cash+ Guaranteed is an excellent example.
Cash+ Guaranteed places your funds in fixed deposits with banks regulated by the Monetary Authority of Singapore and is available in 1-month, 3-month, 6-month, and 12-month tenors.
It has some of the most competitive rates in the market. It’s a no-frills cash management solution that requires no minimum deposit amount and charges no fees.
Here’s how Cash+ Guaranteed holds up against fixed deposits:
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 3 months | 3.00% (Bank of China online) | $500 |
| Fixed Deposits | 6 months | 3.05% (Maybank) | $20,000 |
| Fixed Deposits | 12 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 12 months | 2.90% (RHB personal banking) | $20,000 |
| Cash+ Guaranteed | 3 months | 3.00% | $0 |
| Cash+ Guaranteed | 6 months | 2.85% | $0 |
| Cash+ Guaranteed | 12 months | 2.75% | $0 |
Fixed Deposits vs High Yield Savings Account (HYSA)
HYSAs are known for offering higher interest rates compared to traditional savings accounts. These accounts are liquid and have no fees, making them great for people who require ready access to their funds.
HYSAs have tiered interest rates; you start off with a base interest rate and are given the chance to earn bonus interest by fulfilling certain criteria such as purchasing an investment product from the bank.
While the base interest rates of HYSAs are typically lower than the rates offered by fixed deposits, the effective interest rates can vary and may even end up being higher than those of fixed deposits.
Fixed Deposits vs Treasury Bills (T-Bills)
T-bills are short-term government bonds with maturity periods of 6 months or 1 year. The earnings from T-bills depend on market conditions, which can offer higher but less predictable returns than the steady interest from fixed deposits.
Like with the SSB, T-Bills are highly liquid and offer investors flexibility. Fixed deposits, on the other hand, are less liquid since the invested sum has to be locked in for a fixed period, and any early withdrawals are prone to penalties.
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 3 months | 3.00% (Bank of China online) | $500 |
| Fixed Deposits | 6 months | 3.05% (Maybank) | $20,000 |
| Fixed Deposits | 12 months | 3.00% (RHB premier banking) | $20,000 |
| Fixed Deposits | 12 months | 2.90% (RHB personal banking) | $20,000 |
| T-bill | 6 months | 3.05% (from the 2 January 2025 issue) | $1,000 and in multiples of $1,000 |
| T-bill | 12 months | 2.71% (from the 22 October 2024 issue) | $1,000 and in multiples of $1,000 |
You must be logged in to post a comment.