Best Fixed Deposit Rates in Singapore (2025 Update)

Looking for a safe, no-fuss way to grow your savings without the rollercoaster of market risks? Fixed deposits remain one of the best ways to lock in guaranteed returns while you sit back and watch your money grow. They remain a trusted option for Singaporeans seeking stability in uncertain markets.

With rising interest rates, banks are now offering attractive fixed deposit promotions, such as Bank of China’s 3.00% p.a. for a 3-month tenure with just a $500 minimum deposit. These competitive rates make fixed deposits more appealing than ever.

In this guide, you’ll find the latest fixed deposit rates from top banks, comparisons across tenures, and alternative low-risk options. By the end, you’ll know exactly how to pick the best plan to maximize your returns in 2025.

What Are Fixed Deposits and How Do They Work?

Fixed deposits (FDs) are one of the simplest and safest ways to grow your savings. In essence, an FD is a savings product where you deposit a lump sum with a bank for a fixed period in exchange for a guaranteed interest rate. During this period, your funds are locked in, and you earn predictable returns without worrying about market fluctuations.

Unlike regular savings accounts, which allow you to access your money anytime, FDs require a commitment to keep your funds locked for a set tenure — usually ranging from 3 months to 12 months or more. In return, FDs offer higher interest rates than typical savings accounts, making them a preferred option for those seeking low-risk investment alternatives.

Key Features of Fixed Deposits

Fixed deposits have several defining features that make them attractive to savers looking for stability:

Fixed Interest Rate

The bank guarantees a fixed interest rate for the entire tenure, meaning you know exactly how much you’ll earn by the end of the deposit period. For instance, Bank of China offers 3.00% p.a. for a 3-month FD placement via mobile banking​.

Locked-In Funds

When you open an FD, your funds are locked for a set period. You can’t withdraw your money until the maturity date without incurring penalties.

Higher Interest Rates

FDs typically offer higher interest rates than regular savings accounts. For example, Maybank’s 6-month promotional FD rate is 3.05% p.a., significantly higher than most standard savings accounts​

When to Choose Fixed Deposits:

• You want guaranteed returns at a higher interest rate.
  
  
• You don’t need immediate access to your funds.
  
  
• You want to protect your funds in a low-risk product.

Pros and Cons of a Fixed Deposit in Singapore

Simply put, here are the pros of choosing a fixed deposit account: 

• It has a higher interest return compared to a regular savings account. If you are planning to save on your banks, you better choose this option because it will earn you more than other types of savings account. Without basically doing nothing, your money is earning. You just leave your money to your trusted bank and they will do the work for you.
  
  
• Fixed deposits Singapore accounts are safe and do not expose account owners to any type of risk. Being a fixed deposit account owner, you should not fear that you will lose your money overnight. You are guaranteed that your money will earn interest as long as you leave your money to the banks to a given period of time.

• Starting a fixed deposit account is easy in Singapore. You can invest for as low as $5,000 for as short as 1 month. For young professionals and middle-class, these are enticing options. If you are afraid of using your savings on risky investments, fixed deposits might be best for you.

Note that banks have a varying minimum deposit. If you wish to deposit a small amount fo money, you can look for the bank that offers a very low minimum deposit. For beginners who do not have much experience in fixed deposit accounts or in bank deposits in general, finding for a bank with a low minimum deposit is the best option.

On the other hand, fixed deposit accounts have downsides as well. Here are some:

• This type of account requires you to not do any type of withdrawal. You are basically locked out of your own money. Even in emergency situations, you cannot spend the money that is already in your bank.
  
  
• Once you do any type of withdrawal before the maturity of your account, you may lose all the interest you earned. This would mean that your years of waiting is put to waste. If you encounter an emergency and badly need cash, you could lose the interest you are supposed to earn. This arrangement is simply impossible for individuals who do not have enough savings for emergency situations.

• Your money is dependent on a single investment. Instead of using your money to invest in a business or other opportunities, you are basically putting your resources into one basket. If you believe that you have better investment opportunities than a fixed deposit account, this arrangement is not for you.

Best Fixed Deposit Rates Across Banks

Fixed deposits in Singapore remain a popular choice for risk-averse savers, offering attractive returns with minimal risk. As of 2025, the rates vary across banks and depend on factors such as tenure, minimum deposit, and customer tiers. Here’s a snapshot of the current offerings:

Disclaimer: Rates change monthly and can be changed by the banks anytime. 

Breakdown of the Best Fixed Deposit Rates by Tenure

Here is a detailed breakdown of the best fixed deposit rates across different tenures based on the latest data:

3-Month Tenure

• Bank of China: 3.00% p.a. (mobile banking placement, $500 minimum deposit)
  
  
• Citibank (Citigold Private Client): 3.00% p.a. ($50,000 minimum deposit)

6-Month Tenure

• Maybank: 3.05% p.a. (deposit bundle promotion, $20,000 minimum deposit)

12-Month Tenure

• RHB (Premiere): 3.00% p.a. ($20,000 minimum deposit)

Promotional Offers from Banks (As of January 2025)

Several banks in Singapore are currently running limited-time fixed deposit promotions, offering attractive rates to encourage new placements. These promotions often require minimum deposits and may come with additional conditions, such as tying your fixed deposit to a savings or current account.

1. Maybank Deposit Bundle Promotion

• Rates: Up to 3.05% p.a. for a 6-month tenure.

• Requirements:

• • Deposit a minimum of S$20,000 into a Singapore Dollar Time Deposit.
  • For every S$1,000 deposited into a selected Maybank savings or current account (minimum S$2,000), you can deposit an additional S$10,000 into the fixed deposit.

2. RHB Promotional Fixed Deposit Rates

• Rates:

• • 3.00% p.a. for Premier Banking customers across 3, 6, 12, and 18-month tenures.
  • 2.90% p.a. for Personal Banking customers across the same tenures.
    
    
• Minimum Deposit: S$20,000.

Fixed Deposit Alternatives in Singapore

While fixed deposits are a popular choice for growing your savings, they’re not the only low-risk option available in Singapore. Alternatives such as cash management accounts, Singapore Savings Bonds (SSBs), and Treasury Bills (T-Bills) offer more flexibility or potentially higher returns. Here’s a breakdown of these alternatives and how they compare to fixed deposits.

Cash Management Accounts

Cash management accounts are short-term investment products offered by fintech platforms and robo-advisors. They typically invest your funds in low-risk money market instruments, providing returns that are comparable to fixed deposits, but with greater flexibility since you can withdraw your funds anytime without penalties.

Examples of Cash Management Accounts in Singapore:

• Syfe Cash+ Guaranteed: Offers a 3.00% p.a. guaranteed return with no lock-in period or withdrawal penalties. It requires no minimum deposit, making it accessible to all investors.
  
  
• StashAway Simple Guaranteed: Also offers a 3.00% p.a. guaranteed return, with funds invested in low-risk government-backed securities. No minimum deposit and no fees on withdrawals.

Singapore Savings Bonds (SSBs)

Singapore Savings Bonds (SSBs) are government-backed securities issued by the Monetary Authority of Singapore (MAS). They offer low-risk, flexible investment options with guaranteed monthly interest payouts, making them an attractive alternative to fixed deposits.

Key Features of SSBs:

• Interest Rate: The interest rate increases the longer you hold the bond, with a typical 10-year average yield ranging from 2.5% to 3.0% p.a.. Upon writing, the average return is at 2.82%.
  
  
• Minimum Investment: S$500.
  
  
• Monthly Interest Payouts: Unlike fixed deposits, SSBs pay out interest every month, providing a steady stream of passive income.

SSBs offer more flexibility than fixed deposits, with no early withdrawal penalties. However, their interest rate increases over time, so they may not be suitable for short-term savers looking for immediate returns.

Treasury Bills (T-Bills)

Treasury Bills (T-Bills) are short-term government securities issued by the Singapore Government. They are backed by the full faith and credit of the government, making them one of the safest investment options available. T-Bills are typically issued with tenures of 6 months or 1 year.

Key Features:

• Tenure: 6 months or 1 year.
  
  
• Purchase Price: Investors buy T-Bills at a discounted price, and upon maturity, they receive the full face value of the bill.
  
  
• Yield: The yield is determined by auction, and the latest 1-year yield is around 2.80%

T-Bills offer higher yields than fixed deposits but come with shorter tenures (6 months to 1 year). They are ideal for those looking for safe, short-term investments with competitive returns.

Factors to Consider When Choosing a Fixed Deposit

Selecting a fixed deposit isn’t just about picking the highest interest rate. It’s important to weigh other factors to ensure your choice aligns with your financial goals and cash flow needs.

Interest Rate

The interest rate is the biggest factor to consider. Fixed deposits generally offer higher interest rates than regular savings accounts, but rates can vary across banks and tenures. Look for promotional rates offered by banks, which can go up to 3.05% p.a. in 2025​.

Tip: Promotional rates often come with additional conditions like tying your deposit to a savings account. Be sure to read the fine print before committing.

Tenure (Duration)

Fixed deposits have various tenures ranging from 3 months to 12 months or more. Choose a tenure that fits your liquidity needs and investment horizon:

• Short-Term Tenures (3 to 6 months): Ideal if you need access to your funds soon or expect interest rates to rise.
  
  
• Long-Term Tenures (12 months or more): Suitable if you want higher returns and are comfortable locking in your money for a longer period.

Tip: If you think interest rates will rise in the near future, consider shorter-term deposits so you can reinvest at higher rates later.

Short-Term vs. Long-Term Fixed Deposits

When deciding on a fixed deposit tenure, it’s essential to weigh the pros and cons of short-term and long-term deposits.

Short-Term Fixed Deposits (3-6 Months)

Pros:

• Higher liquidity: Your money is locked in for a shorter period.
  
  
• Flexibility: You can reinvest at higher rates if interest rates increase.

Cons:

• Lower interest rates compared to longer-term deposits.
  
  
• Requires more frequent renewals, which can be time-consuming.

Long-Term Fixed Deposits (12 Months or More)

Pros:

• Higher interest rates for longer commitments.
  
  
• Fewer renewals, which means less hassle.

Cons:

• Lower liquidity: Your funds are locked in for a longer period.
  
  
• Interest rate risk: If market rates increase, you may be stuck with a lower rate until your deposit matures.

Minimum Deposit Requirement

Every bank has a minimum deposit requirement for fixed deposits. These can range from S$500 to S$50,000 depending on the bank and promotional offer.

• Bank of China: S$500 minimum deposit for mobile placements​.
  
  
• Citibank: S$250,000 minimum deposit for Citigold Private Client rates​.
  
  
• Maybank: S$20,000 minimum deposit for deposit bundle promotions​.

Tip: Make sure you have sufficient funds to meet the bank’s minimum requirement before applying.

Deposit Insurance Protection

Fixed deposits with banks in Singapore are insured up to S$75,000 under the Singapore Deposit Insurance Corporation (SDIC). This protects your savings in case of a bank failure. Consider depositing no more than S$75,000 per bank to maximize your insurance protection.

Step-by-Step Guide to Opening a Fixed Deposit in Singapore

Opening a fixed deposit account in Singapore is a straightforward process. Most banks offer both online and in-person application options, allowing you to choose the method that works best for you. In this section, we’ll walk you through the requirements to open a fixed deposit, the application process, and what to expect once your account is set up.

Eligibility and Requirements

Most banks in Singapore require you to meet the following criteria to open a fixed deposit account:

• Age: Must be at least 18 years old.

• Residency Status:

• • Singapore Citizens and Permanent Residents (PRs) are eligible.
  • Foreigners may also open fixed deposit accounts but might be required to provide additional documentation, such as a valid work pass or student pass.

Documents Required

To open a fixed deposit account, you’ll typically need the following documents:

• NRIC (for Singapore Citizens/PRs) or Passport (for foreigners).
• Proof of Address (e.g., utility bill, bank statement).
• Employment Pass, Work Permit, or Student Pass (for foreigners).
• Bank Account Details for linked accounts if required.

How to Apply for a Fixed Deposit

Also, when applying for fixed deposits, banks in Singapore have allowed for two options. These are:

• Bank visits: For the first option, you have to make an appointment at your trusted bank and bring with you your deposits and the required documents.
• Online: For the second option, most banks offer OCBC, CIMB, DBS, and Maybank fixed deposit options where a client with an existing savings account or current account can easily create a fixed deposit account with just a few clicks.

One important reminder here is to research how banks have different deals for their fixed deposit accounts. Contact your local banks to know their minimum deposit, deposit promotions, and promotional rates before deciding to open an account. 

Frequently Asked Questions 

1. Can I Withdraw My Fixed Deposit Early?

Yes, but there are penalties. Withdrawing before the maturity date can result in loss of all interest and possibly administrative fees. Fixed deposits are meant to be held for the full tenure to maximize returns.

2. Are Fixed Deposits Safe?

Yes, fixed deposits are one of the safest investments in Singapore. Deposits up to S$75,000 per bank are insured by the Singapore Deposit Insurance Corporation (SDIC), protecting your funds even if the bank fails.

3. Are Fixed Deposits Better Than Savings Accounts?

Fixed deposits offer higher interest rates, but funds are locked in for a fixed period. Savings accounts provide instant access to your money but at lower interest rates. Choose based on whether you prioritize returns or liquidity.

Conclusion

Fixed deposits are a reliable, low-risk way to earn guaranteed returns. They’re ideal for retirees, risk-averse investors, and savers seeking stable growth without market fluctuations. If the rates don’t meet your goals, explore alternatives like cash management accounts, Singapore Savings Bonds (SSBs), or Treasury Bills (T-Bills) for more flexibility or better returns. The best option depends on your liquidity needs and risk tolerance.

Key Takeaways:

• Fixed deposits offer guaranteed returns with minimal risk, making them a popular choice for retirees and risk-averse savers in Singapore.
  
  
• Current promotional rates from banks can go up to 3.05% p.a., with varying tenures and deposit requirements, offering better returns than regular savings accounts.
  
  
• Alternatives like cash management accounts, SSBs, and T-Bills provide more flexibility or potentially higher returns if fixed deposit rates don’t meet your investment needs.

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