Choosing the right fixed deposit account is crucial for maximizing savings. Experts predict low savings rates despite the Fed’s stable rates, making careful selection vital.
Local Singaporean banks, including OCBC, DBS, and UOB, offer six-month fixed deposit rates between 2.7% and 2.9%, each with unique requirements. Glenn Thum, a senior research analyst at Phillip Securities Research, notes that past promotional rates are unlikely to return due to economic uncertainties.
This article will guide you in finding the highest interest rates, understanding influencing factors, and choosing the best fixed deposit account in Singapore for 2024.
Current Best Fixed Deposit Rates (June 2024)
Bank of China offers the best fixed deposit rates in Singapore with up to 3.30% p.a. for a 3-month tenure. DBS/POSB, Maybank, CIMB, and RHB also provide competitive rates, ranging from 2.90% to 3.35% p.a., with varying minimum deposits and tenures.
At a Glance
| Bank | Tenure | Interest rate per annum | Minimum amount |
| Bank of China | 3 months | 3.30% (mobile banking placement) | $500
(via mobile banking) |
| 6 months | 3.20% (mobile banking placement) | $500
(via mobile banking) |
|
| 9 months | 3.05% (mobile banking placement) | $500
(via mobile banking) |
|
| 12 months | 3.05% (mobile banking placement) | $500
(via mobile banking) |
|
| Citibank | 3 months | 2.50% | $50,000 |
| 6 months | 2.50% | $50,000 | |
| CIMB | 3 months | 3.25% (personal banking)
3.30% (preferred banking) |
$10,000 |
| 6 months | 3.20% (personal banking)
3.25% (preferred banking) |
$10,000 | |
| 9 months | 3.30% (personal banking)
3.35% (preferred banking) |
$10,000 | |
| 12 months | 2.95% (personal banking)
3.00% (preferred banking) |
$10,000 | |
| DBS/POSB | 6 months | 2.90% | $1,000 (max $19,999) |
| 9 months | 3.10% | $1,000 (max $19,999) | |
| 12 months | 3.20% | $1,000 (max $19,999) | |
| HSBC | 3/6 months | 3.00% | $30,000 |
| 3.20% | S$200,000 | ||
| 12 months | 3.10% | $30,000 | |
| 2.95% | S$200,000 | ||
| Hong Leong Finance | 3/4 months | 2.85% | $20,000 |
| 2.90% | S$50,000 | ||
| 9/10 months | 2.75% | $20,000 | |
| 2.80% | S$50,000 | ||
| Maybank | 12/15 months | 3.30% (deposit bundle promotion) | $20,000 |
| OCBC | 6/12 months | 2.60% (Online)
2.30% (Branch) |
$30,000 |
| RHB | 3/6/12 months | 3.25% (Personal)
3.30% (Premiere) |
$20,000 |
| Standard Chartered | 6 months | 2.90% (promotional rate)
3.00% (Priority Banking Preferential Rate) 3.10% (Priority Private Banking Preferential Rate) |
$25,000 |
| UOB | 6 months | 2.70% | $10,000 |
| 10 months | 2.60% | $10,000 |
Best Fixed Deposit Rates by Commitment Period
3 Months:
- Bank of China: 3.30% p.a. (mobile banking placement)
- CIMB: 3.30% p.a. (preferred banking)
- Maybank: 3.30% p.a. (deposit bundle promotion)
6 Months:
- CIMB: 3.25% p.a. (preferred banking)
- RHB: 3.30% p.a. (premiere)
- DBS/POSB: 3.10% p.a.
12 Months:
- Maybank: 3.30% p.a. (deposit bundle promotion)
- Bank of China: 3.05% p.a. (mobile banking placement)
- DBS/POSB: 3.20% p.a.
Best Fixed Deposit Rates by Minimum Deposit Amount
$500 Minimum Deposit:
- Bank of China: Up to 3.30% p.a. for 3 months
$1,000 Minimum Deposit:
- DBS/POSB: Up to 3.20% p.a. for 12 months
$10,000 Minimum Deposit:
- CIMB: Up to 3.35% p.a. for 9 months (preferred banking)
$20,000 Minimum Deposit:
- Hong Leong Finance: Up to 2.90% p.a. for 3 months
- Maybank: 3.30% p.a. for 12 months (deposit bundle promotion)
- RHB: Up to 3.30% p.a. for 3 and 6 months (premiere)
1. DBS/POSB
| DBS/POSB Fixed Deposit Rates (May 2024) | |
| Tenure | Interest Rate (%P.A.) S$1,000 – S$19,999 |
| 6 Months | 2.90 |
| 12 Months | 3.20 |
DBS/POSB currently offers competitive fixed deposit rates in Singapore, with interest rates up to 3.20% p.a. for 12-month tenures. The bank provides attractive rates for shorter durations as well, such as 2.90% p.a. for a 6-month tenure.
There are several reasons why you should consider opening a fixed deposit account with DBS/POSB:
- High Interest Rates: DBS/POSB offers some of the highest fixed deposit rates in Singapore. You can earn up to 3.20% p.a. on your deposited funds for a 12-month tenure.
- Safety and Insurance: Your principal amount and the accrued interest are both insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$50,000 per account type and per depositor, ensuring your money is safe.
- Accessibility: While fixed deposits generally have a lock-in period, DBS/POSB allows for the withdrawal of funds before the maturity date, subject to early exit penalties. This provides a level of flexibility should you need access to your funds.
- Flexibility: DBS/POSB’s FD accounts offer flexibility with automatic renewal options. You can choose to either automatically renew your fixed deposit or receive the maturity payment into your account by setting up the maturity instructions upon opening the FD account.
2. Hong Leong Finance
Hong Leong Finance offers attractive and periodically updated fixed deposit rates. As of June 2024, the rates are as follows:
| Deposit Amount | 3-Month | 4-Month | 9-Month |
| S$20,000 to < S$50,000 | 2.85% | 2.85% | 2.75% |
| S$50,000 and above | 2.90% | 2.90% | 2.80% |
As of June 2024, Hong Leong Finance offers attractive promotional rates, including 2.90% p.a. for 3- and 4-month tenures on deposits of S$50,000 or more. These fixed deposits provide flexible tenure options from 1 to 24 months and include automatic renewal for added convenience.
Imagine you want to invest S$30,000 for 9 months in a fixed deposit account. With a promotional rate of 2.75% p.a., the interest you would earn on maturity is S$618.75.
3. CIMB
| CIMB Online SGD Fixed Deposit Rate (May 2024) | ||
| Tenure | Personal Banking
Online Promo Interest Rate (%P.A.) S$10,000 And Above |
Preferred Banking
Online Promo Interest Rate (%P.A.) S$10,000 And Above |
| 3 Months | 3.25 | 3.30 |
| 6 Months | 3.20 | 3.25 |
| 9 Months | 3.30 | 3.35 |
| 12 Months | 2.95 | 3.00 |
CIMB Singapore offers a variety of fixed deposit products to cater to your needs. You can choose to have your fixed deposit for a short period of time, or you can choose to have it for a longer period of time.
CIMB offers attractive fixed deposit rates of up to 3.25% p.a. for personal banking customers with a minimum deposit of S$10,000 over a three-month tenure. You can choose to have your interest payments paid out monthly, quarterly, semi-annually, or at the end of the fixed deposit term.
You may also reinvest your interest payments back into your CIMB Singapore fixed deposit, which lets your money grow faster. You can open a fixed deposit with CIMB Bank with S$10,000, and you can choose to have the interest paid to you monthly, quarterly, half-yearly or at maturity.
4. Bank of China
| Bank of China Fixed Deposit Rates (May 2024) | ||
| Tenure | Interest Rates (%p.a.) | |
| Over the Counter Placement | Via Mobile Banking Placement* | |
| 1 month | 2.80 | 2.90 |
| 2 months | 3.10 | 3.20 |
| 3 months | 3.25 | 3.30 |
| 4 months | 3.20 | 3.25 |
| 5 months | 3.15 | 3.20 |
| 6 months | 3.10 | 3.20 |
| 7 months | 3.05 | 3.15 |
| 8 months | 3.05 | 3.15 |
| 9 months | 3.00 | 3.05 |
| 10 months | 3.00 | 3.05 |
| 11 months | 3.00 | 3.05 |
| 12 months | 3.00 | 3.05 |
| 18 months | 2.65 | 2.75 |
| 24 months | 2.60 | 2.70 |
Fixed deposits are one of the most popular investment options in the Bank of China. They offer a variety of fixed deposit products to cater to your needs, and the interest rates are very competitive. They also offer the flexibility to choose the duration of your fixed deposit, so you can decide how long you want to invest your money and receive a guaranteed return.
Primarily, they are offering up to 3.30% p.a. for a 3-month tenure through mobile placements with a minimum deposit of S$500. For over-the-counter transactions, customers can earn up to 3.25% p.a. for the same tenure, with a minimum deposit of S$10,000.
5. Citibank
Citibank offers competitive fixed deposit promotions for both SGD and USD currencies. For deposits between S$50,000 and S$3 million, you can enjoy 2.50% p.a. for 3-month and 6-month tenures.
If you prefer to opt for the Time Deposit Investment Bundle Promotion, you can earn 5% p.a. for a 2-month tenure with an investment amount of S$50,000.
6. HSBC
| HSBC Fixed Deposit Rates (June 2024) | ||
| Tenure | Placement Amount | Promotional SGD Time Deposit |
| 3-month | ≥SGD500,000 | 3.30% p.a. |
| 3-month | SGD30,000 to SGD500,000 | 3.20% p.a. |
| 6-month | ≥SGD500,000 | 3.10% p.a. |
| 6-month | SGD30,000 to SGD500,000 | 3.00% p.a. |
| 12-month | ≥SGD500,000 | 3.10% p.a. |
| 12-month | SGD30,000 to SGD500,000 | 2.95% p.a. |
HSBC Singapore offers several deposit solutions to cater for individual needs, from investment planning to reaching key financial milestones. Its fixed deposits are time deposits that let you lock in your funds for a certain period of time at competitive rates.
From now until 30 June 2024, enjoy promotional fixed deposit rates at various tenures with a minimum deposit of SGD 30,000 in fresh funds. For a 3-month tenure, rates range from 3.20% p.a. to 3.30% p.a., depending on the placement amount. A 6-month tenure offers rates from 3.00% p.a. to 3.10% p.a., and for a 12-month tenure, rates range from 2.95% p.a. to 3.10% p.a.
Higher placement amounts, such as SGD 500,000 or more, generally attract the highest rates, making this an opportune time to invest larger sums for better returns.
7. OCBC
| OCBC SGD Time Deposit Rate (May 2024) | |||
| Tenure (months) | Banking type | Promotion interest rate a year | Minimum placement amount |
| 6, 8 or 12 | Branch | 2.30% | S$30,000 |
| 6 or 12 | Online | 2.60% | S$30,000 |
| 8 | Online | 2.80% | S$30,000 |
OCBC Bank, one of the biggest local banks in Singapore, launched a series of financial products that can help Singaporean consumers manage their cash flow and save up for their financial goals. One of the most popular product is a fixed deposit with OCBC Bank, which offer flexible interest rates to suit your cash saving needs.
OCBC offers a competitive 2.80% p.a. fixed deposit rate for an 8-month tenure when applied via Internet Banking, requiring a minimum deposit of S$30,000.
8. RHB
| RHB SGD Time Deposit Rate (May 2024) | |||
| Tenure | Personal Banking (p.a.) |
Premier Banking (p.a.) |
Minimum Placement (S$) |
| 3-month | 3.25% | 3.30% | 20,000 |
| 6-month | 3.25% | 3.30% | 20,000 |
| 12-month | 3.25% | 3.30% | 20,000 |
The RHB is also offering a promotional rate of up to 3.25% p.a. for fixed deposits with a term of 12 months as of June 2024. This requires a deposit of at least S$20,000. RHB Premier clients can enjoy a slightly higher interest rate of 3.30% for the same tenure and minimum deposit.
9. Maybank
Understanding the Deposit Bundle Promotion:
- Deposit at least S$2,000 into eligible Maybank Current or Savings accounts for every S$1,000 placed in the Deposit Bundle Promotion.
- Invest S$10,000 in the Deposit Bundle Promotion with a minimum total deposit requirement of S$20,000.
- Earn up to 3.30% p.a. on your deposits through this promotion.
- The promotion requires a minimum deposit of S$20,000 and is available to individual, SME, and commercial banking customers.
Eligible Maybank Accounts for This Promotion:
- Passbook Savings Account
- Privilege Plus Savings Account
- SaveUp Account
- PremierOne Account
- Current Account
- FlexiBiz Account
- PremierBiz Account
The iSAVvy Time Deposit Promotion offers attractive online placement rates, featuring a 2.50% p.a. rate for a 9-month tenure and a 2.60% p.a. rate for both 12-month and 15-month tenures.
For longer-term deposits, the promotion provides a 2.30% p.a. rate for 18-month and 24-month tenures. This range of promotional rates allows customers to choose the tenure that best suits their financial goals while benefiting from competitive interest rates.
10. Standard Chartered
| Standard Chartered SGD Time Deposit Rate (May 2024) | |||
| TENURE | PROMOTIONAL RATE | PRIORITY BANKING PREFERENTIAL RATE | PRIORITY PRIVATE BANKING PREFERENTIAL RATE |
| 6 months | 2.90% p.a. | 3.00% p.a. | 3.10% p.a. |
From 01 June 2024 to 30 June 2024, Standard Chartered offers attractive promotional rates for Singapore Dollar Time Deposits with a minimum deposit of S$25,000 in fresh funds.
Priority Private banking clients can enjoy the highest rate of 3.10% p.a. for a 6-month tenure, while Priority banking customers can receive a rate of 3.00% p.a., and personal banking customers can benefit from a rate of 2.90% p.a.
11. UOB
| UOB Fixed Deposit Rates (May 2024) | ||
| Tenure | Deposit Amount (Fresh Funds) |
Promotional Interest rate (p.a.) |
| 6-month | S$10,000 | 2.70% |
| 10-month | S$10,000 | 2.60% |
UOB offers competitive time deposit rates, providing customers with a secure and attractive option for growing their savings. With flexible tenure options ranging from a few months to several years, UOB allows depositors to choose a term that best suits their financial goals.
From June 1 to June 30, 2024, UOB is offering a promotional interest rate of up to 2.70% p.a. on your Singapore Dollar Time/Fixed Deposit with a minimum deposit of S$10,000 in fresh funds. It is an excellent opportunity to maximize your savings with attractive interest rates.
Good to Know
What are Fixed Deposits?
Fixed deposits, also known as FDs, are investments offered by banks and non-banking financial organizations (NBFC) to help customers save money. You may invest a significant amount of money at a certain interest rate for a predetermined length of time with an FD account. At the conclusion of the term, you will receive both the principal and the interest.
The appeal of FDs lies in their simplicity, safety, liquidity, transparency and stability. However, despite being so simple to understand, many investors are often confused about what they can do with their fixed deposits after they have reached maturity.
Key features:
- Fixed deposit accounts at a set rate of interest are insured for the interest rates, regardless of market fluctuations.
- The interest you earn is paid either at maturity or on a regular basis depending on your selection.
- You aren’t allowed to withdraw the money before it matures. If you do, you’ll be penalized.
- You get the benefits of their exclusive time deposit as long as you meet the prerequisites and let the money mature.
How Fixed Deposits Work
When you open a fixed deposit account, you commit to depositing a sum of money for a predetermined period, ranging from one month to several years. The bank guarantees a fixed interest rate on your deposit, which is generally higher than that offered for regular savings accounts.
Consider this example
Say you have S$30,000 on hand. Here’s how putting it in a fixed deposit with OCBC Fixed Deposit could look like:
| Tenure | Promotional Interest Rate per Annum | Interest Earned at Branch | Interest Earned Online |
| 6 months | 2.30% (Branch) / 2.60% (Online) | S$345 | S$390 |
| 12 months | 2.30% (Branch) / 2.60% (Online) | S$690 | S$780 |
Note: The interest rates set out in this table are promotional rates offered by OCBC for illustration purposes only and may vary among financial institutions and the products offered.
Benefits of Fixed Deposits
Fixed deposits are a popular investment choice due to their guaranteed returns, low risk, and flexibility. Here are some key benefits of fixed deposits:
- Guaranteed Returns: One of the primary benefits of fixed deposits is the assurance of fixed returns. Unlike market-linked investments, fixed deposits offer a predetermined interest rate, providing financial stability and predictability.
- Low Risk: Fixed deposits are considered a low-risk investment. There is no risk to the principal amount invested, making it a safe option for risk-averse investors. Additionally, deposits in Singapore are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000, further safeguarding your investment.
- Flexible Interest Payout Options: Investors can choose to receive interest payouts either periodically or as a lump sum at maturity. This flexibility allows you to tailor your investment to your financial needs and goals.
- Higher Rates for Senior Citizens: According to an article by DBS Bank, many banks offer senior citizens a higher interest rate on fixed deposits, often up to 0.5% more. This makes it an attractive option for older investors looking to maximize their returns.
- Loan Against FD: In times of financial need, you can apply for a loan against your fixed deposit. This feature provides liquidity without having to break your FD prematurely and lose the accrued interest.
- Protection from Market Fluctuations: Fixed deposits are insulated from market volatility, ensuring that your returns remain stable regardless of economic changes. This makes FDs an excellent choice for storing emergency funds.
FAQs
1. Which bank in Singapore has the highest interest rate for fixed deposits?
As of the latest updates, Bank of China offers the highest fixed deposit rate at 3.30% p.a. for a 3-month tenure through mobile banking placements.
2. Which bank gives highest interest rate on FD today?
Today, Bank of China provides the highest interest rate of 3.30% p.a. for a 3-month tenure via mobile banking placements.
3. What is the current UOB fixed deposit rate?
UOB currently offers fixed deposit rates of 2.70% p.a. for a 6-month tenure and 2.60% p.a. for a 10-month tenure.
4. Which bank is giving 7% interest on FD?
Currently, no bank in Singapore offers a 7% interest rate on fixed deposits. The highest rates available are around 3.30% p.a. offered by Bank of China.
Closing
Choosing the right fixed deposit account in Singapore can significantly enhance your savings with high returns and low risk. By comparing the best rates and understanding your options, you can maximize your investment. Make an informed decision to secure your financial future today.
Key Takeaways:
- Bank of China offers the best fixed deposit rate at 3.30% p.a. for a 3-month tenure via mobile banking, providing excellent returns for short-term investments.
- Rates and minimum deposit requirements vary; DBS/POSB offers competitive rates with a minimum deposit of $1,000, while Hong Leong Finance and Maybank require $20,000 for their top rates.
- Keep an eye out for promotional rates from various banks to maximize your returns, and consider diversifying across different tenures for better liquidity and risk management.
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