Best Fixed Deposit Rates in Singapore [November 2024]

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

BankInterest Rate p.a.Minimum Account (S$)
Bank of China3.00% (online)$500
ICBC3.00% (online)≥ $200,000
Bank of China2.90% (over-the-counter)$10,000
RHB2.85% (premier banking)$20,000
ICBC2.80% (online)< $200,000
Standard Chartered2.80% (priority private)$25,000
CIMB2.80% (preferred banking)≥ $10,000
RHB2.80% (personal banking)$20,000
CIMB2.75% (personal banking)≥ $10,000
HSBC2.75%≥ $100,000
Standard Chartered2.70% (priority banking)$25,000
HSBC2.65%$30,000 to < $100,000
Standard Chartered2.60% (personal banking)$25,000
Citibank2.25%$10,000
Updated as of 1 November 2024

6-Month Fixed Deposits in Singapore

BankInterest Rate p.a.Minimum Account (S$)
Maybank3.25%$20,000
DBS/POSB2.90%$1,000 (maximum of $19,999)
State Bank of India (SBI)2.90%$50,000
RHB2.85% (premier banking)$20,000
RHB2.80% (personal banking)$20,000
Hong Leong Finance2.80%≥$50,000
Bank of China2.80% (online)$500
CIMB2.80% (preferred banking)≥ $10,000
CIMB2.75% (personal banking)≥ $10,000
Hong Leong Finance2.75%$20,000 to < $50,000
Bank of China2.70% (over-the-counter)$10,000
Hong Leong Finance2.70%$5,000 to < $20,000
HSBC2.65%≥ $100,000
OCBC2.60% (online)$30,000
UOB2.60%$10,000
HSBC2.55%$30,000 to < $100,000
ICBC2.55% (online)≥ $200,000
ICBC2.45% (online)< $200,000
OCBC2.30% (over the counter)$30,000
Citibank2.25%$10,000
Updated as of 1 November 2024

12-Month Fixed Deposits in Singapore 

BankInterest Rate p.a.Minimum Account (S$)
DBS/POSB3.2%$1,000 (maximum of $19,999)
Maybank2.95%$20,000
Bank of China2.70% (online)$500
Bank of China2.60% (over-the-counter)$10,000
CIMB2.60% (preferred banking)≥ $10,000
RHB2.60% (premier banking)$20,000
CIMB2.55% (personal banking)≥ $10,000
RHB2.55% (personal banking)$20,000
State Bank of India (SBI)2.50%$50,000
OCBC2.50% (online)$30,000
HSBC2.45%≥ $100,000
ICBC2.45% (online)≥ $200,000
HSBC2.35%$30,000 to $100,000
ICBC2.30% (online)< $200,000
OCBC2.20% (over the counter)$30,000
Citibank2.00%$10,000
Updated as of 1 November 2024

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. 

TenorInterest RatesMinimum Amount
Fixed Deposits3 months3.00% (BOC)$500
Fixed Deposits6 months3.25% (Maybank)$20,000
Fixed Deposits12 months3.20% (DBS/POSB)$1,000
SSB10 years2.29% (1-year average return)$500 (maximum of $200,000)
SSB10 years2.56% (10-year average return)$500 (maximum of $200,000)
Updated as of 1 November 2024

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 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:

TenorInterest RatesMinimum Amount
Fixed Deposits3 months3.00% (BOC)$500
Fixed Deposits6 months3.25% (Maybank)$20,000
Fixed Deposits12 months3.20% (DBS/POSB)$1,000
Cash+ Guaranteed3 months3.10%$0
Cash+ Guaranteed6 months2.95%$0
Cash+ Guaranteed12 months2.80%$0
Updated as of 1 November 2024

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.

TenorInterest RatesMinimum Amount

Fixed Deposits
3 months3.00% (BOC)$500
Fixed Deposits6 months3.25% (Maybank)$20,000
Fixed Deposits12 months3.20% (DBS/POSB)$1,000
T-Bill6 months2.99% (from the 24 October 2024 auction)$1,000, and in multiples of $1,000
T-Bill12 months2.71% (from the 22 October 2024 auction)$1,000, and in multiples of $1,000
Updated as of 1 November 2024

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