Best fixed deposit rates in Singapore (August 2024): Rates up to 3.5 per cent, minimum deposits from $500
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If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.
A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.
Although fixed deposit rates have been falling, there's a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash-these days, banks are offering fixed deposits starting from as low as $500!
Here's our round-up of the best fixed deposit rates in Singapore in Aug 2024 for banks like UOB, DBS, OCBC, and more.
Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods.
Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.
Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Aug 2024:
To view fixed deposit rates by commitment period or deposit amount, navigate our content list to jump to the section that best matches your needs.
When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for 3, 6 or 12 months, we've worked out the best fixed deposit rates for you.
Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period.
Period | Syfe Cash+ Guaranteed rate (no min. or max deposit amount) |
3 months | 3.50% p.a. |
6 months | 3.20% p.a. |
12 months | 2.90% p.a. |
Rates accurate as of Aug 13, 2024. Do check the Syfe Cash+ Guaranteed page for the latest rates.
If you’re looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.
Syfe Cash+ Guaranteed isn't a traditional fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are higher than traditional banks, and there’s also no minimum or maximum amount.
As of Aug 13, 2024, Syfe Cash+ Guaranteed is offering up to 3.50% p.a. with a 3-month tenure — one of the highest rates this month on our list.
Syfe Cash+ Guaranteed
Period | StashAway Simple Guaranteed rate (no min. or max. deposit amount) |
1 month | 3.50% p.a. |
3 months | 3.50% p.a. |
6 months | 3.20% p.a. |
12 months | 2.80% p.a. |
Rates accurate as of Aug 13, 2024. Do check StashAway’s Simple Guaranteed page for the latest rates.
StashAway offers a cash management solution called Simple Guaranteed. It's exactly what it sounds like — a simple and guaranteed way to earn interest on your money.
StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank.
As of Aug 13, 2024, the highest StashAway Simple Guaranteed interest is 3.50 per cent p.a. for a 1- or 3-month period, with no minimum or maximum deposit amounts. It's the same as Syfe's highest rate at the time of writing.
StashAway Simple Guaranteed
Deposit amount | ||
Period | $20,000 and above (over the counter) | $500 and above (via e-banking) |
1 month | 2.85% p.a. | 2.90% p.a. |
3 months | 3.25% p.a. | 3.30% p.a. |
6 months | 3.05% p.a. | 3.10% p.a. |
9 months | 2.90% p.a. | 2.95% p.a. |
12 months | 2.90% p.a. | 2.95% p.a. |
Rates accurate as of 13 Aug 2024. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates.
There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there!
ICBC's fixed deposit rates are also slightly above average when compared across the board, especially when you compare small sums. Even if you only invest $500, you still get a rate of 3.30 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate.
Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.25 per cent p.a. for a 3-month period.
ICBC fixed deposit
Deposit amount | |
Period | $50,000 to $3 million |
3 months | 2.65% p.a. |
6 months | 2.65% p.a. |
Note: The promotional rates above are stated as valid until Aug 31, 2024. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes.
The best Citibank fixed deposit rate you can currently get is pretty dismal — 2.65 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of three or six months. But — believe it or not-that's actually up from 2.50 per cent in July 2024.
Citibank's fixed deposit rates are generally not one of the most accessible — despite the relatively short commitment periods, these are large sums of money.
That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.
Citibank fixed deposit
Period / deposit amount | $30,000 to <$200,000 | $200,000 to $10 million |
3 months | 3.20% p.a. | 3.30% p.a. |
6 months | 3.15% p.a. | 3.25% p.a. |
12 months | 2.90% p.a. | 3.00% p.a. |
Promotional rates valid until Aug 31, 2024. Do check HSBC’s website for the latest rates.
HSBC's fixed deposit rates are currently highest for a 3-month commitment period, at 3.30 per cent p.a. That's a short tenure, and HSBC's fixed deposit is also advantageous because unlike banks like CIMB, you don't need to be a preferred customer to enjoy this rate.
However, there's a big disadvantage of HSBC's highest fixed deposit rates — the minimum sum you have to put in is a hefty $30,000, and you can only unlock the highest rate if you commit $200,000 and above. Yikes. Compared to other banks, it's a large sum for an average at best fixed deposit interest rate.
HSBC fixed deposit
Period | Fixed deposit interest rates | |
Over the counter placement ($10,000 and above) | Mobile banking placement ($500 and above) | |
1 month | 2.85% p.a. | 2.95% p.a. |
3 months | 3.25% p.a. | 3.35% p.a. |
6 months | 3.00% p.a. | 3.10% p.a. |
9 months | 2.85% p.a. | 2.90% p.a. |
12 months | 2.75% p.a. | 2.80% p.a. |
18 months | 2.40% p.a. | 2.50% p.a. |
24 months | 2.30% p.a. | 2.40% p.a. |
The rates above were set on Aug 12, 2024 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates.
The best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only one month, you can still get a pretty decent interest rate of 2.95 per cent p.a.. Many other banks require a minimum deposit of at least $10,000.
If you're looking to get the best fixed deposit rate of 3.35 per cent p.a. out of the Bank of China, you'll need to invest at least $500 for a period of three months-surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.
Bank of China fixed deposit
Looking to stash your cash in a fixed deposit account for six months or one year? Here’s a summary of the best fixed deposit rates in Singapore in 2024 for 6-month and 12-month commitment periods:
Best fixed deposit rates in Singapore for 6 and 12 months (Aug 2024) | ||
Min. deposit amount | 6 months | 12 months |
No minimum | 3.20% p.a. (Syfe); 3.20% p.a. (StashAway) | 2.90% p.a. (Syfe); 2.80% p.a. (StashAway) |
$500 | 3.10% p.a. (Bank of China); 3.05% p.a (ICBC) | 2.80% p.a. (Bank of China, ICBC) |
$10,000 | 3.25 – 3.30% p.a. (CIMB) | 2.95 – 3.00% p.a. (CIMB) |
$20,000 | 3.25-3.30% p.a. (RHB) | 3.25-3.30% p.a. (RHB); 2.80% p.a. (Maybank) |
$25,000 | 2.90% p.a. (Standard Chartered) | – |
$30,000 | 2.90% p.a. (OCBC) | – |
$50,000 | 3.40% p.a. (SBI) | 3.20% p.a. (SBI) |
Deposit amount: $10,000 and above | ||
Period | Personal Banking (For regular CIMB customers) | Preferred Banking |
3 months | 3.15% p.a. | 3.20% p.a. |
6 months | 3.25% p.a. | 3.30% p.a. |
9 months | 3.00% p.a. | 3.05% p.a. |
12 months | 2.95% p.a. | 3.00% p.a. |
Promotional rates valid from Aug 1, 2024, subject to change anytime by CIMB. Do check CIMB’s website for the latest rates.
Malaysian bank CIMB is offering pretty average fixed deposit rates in Singapore this month, at up to 3.25 per cent p.a. for regular CIMB customers and 3.30 per cent p.a. if you're a CIMB Preferred Banking customer.
This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for three or nine months and must apply and deposit your money online.
If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates are a measly 0.2 per cent to 0.3 per cent p.a. or so.
In this instance, you would be better off placing your money almost anywhere else. ICBC and the Bank of China are good options for small deposit amounts and small time frames, at 2.90-3.35 per cent p.a. (minimum deposit of $500 for three months).
CIMB fixed deposit
Deposit amount: $20,000 and above | ||
Period | Personal banking | Premier banking |
3 months | 3.25% p.a. | 3.30% p.a. |
6 months | 3.25% p.a. | 3.30% p.a. |
12 months | 3.05% p.a. | 3.10% p.a. |
Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates.
The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn't possible for you, RHB's fixed deposit rates are the same whether you use mobile banking or head down to one of their branches.
Unfortunately, RHB's fixed deposit rates have taken a tumble since we crossed into 2024. We used to see rates of up to 3.60 per cent p.a. for a commitment period of six or 12 months in Dec 2023, but are now looking at a maximum of 3.25 per cent p.a. for personal banking customers.
You also have to stash away a minimum deposit requirement of $20,000, which is slightly on the high side compared to other banks.
On the plus side, a big advantage to RHB's fixed deposit is that they don't charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency.
RHB fixed deposit
Period | Fixed deposit rates |
1 month | 0.10% p.a. |
3 months | 0.20% p.a. |
6 month | 0.30% p.a. |
12 months | 0.40% p.a. |
Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion.
A member of the Hong Leong group, HL Bank currently doesn't have any ongoing fixed deposit promotions right now. This spells bad news for their interest rates, because we're left with their measly board rates between 0.1 per cent to 0.4 per cent p.a..
HL Bank ended their Christmas promotion on Dec 31, 2023. We're hoping they'll be back with another promotion soon with better rates. If their Christmas campaign is anything to go by, they may be good rates too-in Dec 2023, you could enjoy up to 3.65 per cent p.a. on a 12-month fixed deposit with HL Bank.
When it comes to their promotional fixed deposit rates, HL Bank usually has 1 big drawback — a high minimum deposit amount, usually $100,000. If you don't have this amount, HL Bank is not even an option for you.
HL Bank fixed deposit
Deposit amount: $20,000 and above | ||
Period | iSAVvy Time Deposit Promotion (Online Placement) | SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch) |
6 months | 3.20% p.a. | 3.20% p.a. |
9 months | 3.00% p.a. | 3.00% p.a. |
12 months | 2.80% p.a. | 2.80% p.a. |
15 months | 2.60% p.a. | 2.60% p.a. |
18 months | 2.30% p.a. | 2.30% p.a. |
24 months | 2.30% p.a. | 2.30% p.a. |
Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates.
Maybank's fixed deposit rates are some of the poorest rates this month. The best you can currently get is 3.20 per cent p.a. with a commitment period of six months and a minimum deposit amount of $20,000.
You don't get a better rate if you leave it in for longer-that'll yield lower rates between 2.30 per cent to three per cent p.a..
Maybank's fixed deposit rates used to differ based on whether you do the fixed deposit online or in physically in a branch, but they're currently the same for both modes.
The only way a Maybank fixed deposit might be worth it is if you also have selected Maybank savings accounts or current accounts and can make use of Maybank's deposit bundle promotion.
For every $1,000 in the account (minimum of $2,000), you can put money (in sets of $10,000; minimum $20,000) into the deposit bundle and enjoy special interest rates of up to 3.55 per cent p.a. (six months)
Maybank fixed deposit
Period | Deposit amount of $30,000 and above |
6 months | 2.50% p.a. (placement in branch) / 2.90% p.a. (online banking) |
Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest.
OCBC's highest fixed deposit rate is unimpressive compared to other banks — 2.90 per cent p.a. for a 6-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield a lower rate of 2.50 per cent p.a..
Their fixed deposit rates used to depend a lot on which customer group you fall under — Personal Banking customers, holders of OCBC's flagship savings account OCBC 360 Account, Premier Banking customers, and Premier Private Clients.
The latter 2 refer to priority banking customers who get to enjoy premium banking services if they deposit or invest a certain sum of money with OCBC.
Since then, OCBC has greatly simplified things. Now, everyone of all banking types is eligible for the same promotional fixed deposit rate-if only it was higher.
OCBC fixed deposit
Is cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:
These are the best fixed deposit rates in Singapore 2024 for deposits $10,000 and under:
Deposit amount | ||
Period | $1,000 – $19,999 | $20,000-$999,999 |
1 month | 0.30% p.a. | 0.05% p.a. |
3 months | 1.00% p.a. | |
6 months | 2.90% p.a. | |
9 months | 3.10% p.a. | |
12 months – 60 months | 3.20% p.a. |
Currently, the best DBS fixed deposit rate is 3.20 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months.
Anecdotally, we've noticed DBS hardly ever changes their rates. Now that other banks have reduced theirs, 3.20 per cent isn't looking too shabby. And besides, it still beats having your cash parked in a regular savings account!
One great thing I like about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they're also pretty flexible with the deposit period.
If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1-12 months. Most other banks limit this to 3-month intervals.
However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money almost anywhere else.
DBS fixed deposit
UOB fixed deposit rates | |
Period | Minimum deposit amount: $10,000 |
6 months | 2.70% p.a. |
10 months | 2.60% p.a. |
Promotion valid until: Aug 31, 2024. Do check UOB's website for the latest rates.
UOB’s fixed deposit rate is currently 2-tiered — 2.70% p.a. for a deposit period of six months and 2.60% p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000. But with $10,000, you’d be better off parking your money with CIMB for six months to get 3.25% p.a. interest.
Like most other banks, UOB’s fixed deposit board rates are also nothing to shout about. They currently only hit 2.2% p.a. if you deposit your cash for at least 36 months.
UOB fixed deposit
If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:
Deposit amount: $25,000 and above | |||
Period | Regular bank customers | Priority banking customers | Priority private banking customers |
3 months | 2.90% p.a. | 3.00% p.a. | 3.10% p.a. |
Promotional rates valid until: Aug 31, 2024. Do check Standard Chartered’s fixed deposit rates for the latest figures.
At a maximum of 3.10 per cent p.a. interest rate, Standard Chartered's fixed deposit rates are below average this month. You only get 3.10 per cent if you're a priority private banking customer, i.e. with a certain high net worth.
If you're a regular customer, you'll only be able to get a rate of 2.90 per cent p.a. with a 6-month tenure at their current promotional rates. You can get better 6-month rates with RHB (3.25 per cent p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.10 per cent p.a. for $500), or CIMB (3.25 per cent p.a. for $10,000).
Standard Chartered fixed deposit
Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you've got a few good options. Here are the best fixed deposit rates in Singapore 2024 for deposits $50,000 and above:
SBI Singapore promotional fixed deposit rates | |
Period | Minimum deposit amount: $50,000 |
6 months | 3.40% p.a. |
12 months | 3.20% p.a. |
Promotional rates are subject to change any time by SBI. Do check SBI’s fixed deposit promotion page for the latest figures.
The State Bank of India (SBI) Singapore has a decent promotional fixed deposit rate this month of up to 3.40 per cent p.a.. To enjoy this rate, you need to put at least $50,000 with SBI for a period of 6 months-a pretty large amount, but at least the time period isn't that long.
SBI Singapore's SGD fixed deposit board rates don't come out strong, but we're mentioning them here because they aren't as terrible as the sub-1 per cent rates at some other banks. Also, if you are forced to withdraw your fixed deposit funds prematurely, the promotional rates are invalid and these board rates will apply instead.
The highest board rate you'll get to enjoy is 2.55 per cent p.a., and only if you can afford to stash away your cash for at least 24 months.
SBI Singapore board rates | |
Period | Deposit amount: $5,000 to $1,000,000 |
1 month | 0.35% p.a. |
3 months | 1.75% p.a. |
6 months | 2.25% p.a. |
12 months | 2.45% p.a. |
24 months | 2.55% p.a. |
The one advantage SBI Singapore board fixed deposit rates have is that the minimum deposit sum is low at just $5,000.
However, if you’re planning to leave your $5,000 in a fixed deposit, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.35% p.a. for a 3-month period.
State Bank of India Singapore fixed deposit
Deposit amount | |||
Period | $20,000 to < $50,000 | $50,000 to < $200,000 | $200,000 and above |
6 months | 2.95% p.a.* | 3.00% p.a.* | 3.10% p.a.^ / 3.05% p.a.* |
7 months | 2.95% p.a.* | 3.00% p.a.* | 3.10% p.a.^ / 3.05% p.a.* |
11 months | 2.90% p.a.* | 2.95% p.a.* | 3.00% p.a.* |
* Mid-Autumn Festival promotion set on 2 Aug 2024 and available till further notice. Subject to change any time at the discretion of Hong Leong Finance.
^ National Day promotion set on 8 Aug 2024 and available till further notice. Subject to change any time at the discretion of Hong Leong Finance.
Besides putting your money with banks, it's also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don't get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.
With a lock-in period of three or four months, Hong Leong Finance is currently offering a fixed deposit rate of 2.90 per cent p.a. for a $50,000 minimum deposit. That's a relatively large sum for below average rates. The saving grace is that the tenure is short, at just three or four months.
Hong Leong Finance fixed deposit
Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05 per cent p.a. interest on a regular savings account, but looking at interest rate alone isn't enough to compare the two.
Here are the differences between fixed deposits and savings accounts at a glance:
Fixed deposit | Savings account | |
Tenure | As low as 1 month, but go for at least 6 months for better rates | None |
Interest rate | Usually, the longer the tenure, the better the interest rate | Usually the same regardless of tenure |
Deposit amount | Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China | Smaller initial deposit and minimum monthly balance ($500 to $3,000) |
Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD by default. There are a few multi-currency accounts, but no difference in interest rate |
Can you withdraw? | Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, no impact on interest, but don’t fall below the minimum balance |
Interest payments | Quarterly or annually | Monthly |
Risk level |
Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) |
If you're looking for a virtually risk-free investment vehicle, you're bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider.
Fixed deposit | SSB | T-bills | |
Tenure | As low as 1 month, but go for at least 6 months for better rates | 10 years | 6 months / 1 year |
Current interest rate | Up to 3.55% p.a. | 3.10% p.a. (Aug 2024 SSB’s 10-year average return) | 3.4% p.a. (cut-off yield for 1 Aug 2024 6-month T-bill) |
Deposit amount | Usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China | $500-$200,000 | $1,000, with a cap of $1 million in non-competitive bids at each auction. |
Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD | SGD |
Can you withdraw? | Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. | No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. |
Interest payments | Quarterly or annually | Every 6 months | Upon maturity, full value of T-Bill refunded following initial sale at a discount |
Risk level | Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) | Virtually risk-free, backed by the Singapore government | Virtually risk-free, backed by the Singapore government |
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This article was first published in MoneySmart.