Best fixed deposit rates in Singapore (December 2024): Rates up to 3.20%, minimum deposits from $500
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PUBLISHED ONDecember 08, 2024 6:30 AMByVanessa Nah
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 are 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 Dec 2024 for banks like UOB, DBS, OCBC, and more.
Overview of Singapore fixed deposit rates (Dec 2024)
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.
Overall highest fixed deposit rates in Singapore (Dec 2024)
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 Dec 2024:
- DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
- Maybank (3.15 per cent p.a. — min. $20,000 for 6 months)
- Syfe Cash+ Guaranteed (3.15 per cent p.a. — 1 month with no minimum amount)
- StashAway Simple Guaranteed (3.00 per cent p.a. — 1 or 3 months with no minimum amount)
- ICBC (3.00 per cent p.a. — min. $500 for 3 months)
- Bank of China (3.00 per cent p.a. — min. $500 for 3 months)
- RHB (2.90 per cent p.a.—min. $20,000 for 3, 6, 12 or 18 months)
- Hong Leong Finance (2.75 per cent p.a. — min. $50,000 for 7 or 8 months)
- CIMB (2.75 per cent p.a.—min. $10,000 for 3 or 6 months)
- UOB (2.60 per cent p.a.—min. $10,000 for 6 months)
- Standard Chartered (2.55 per cent p.a. — min. $25,000 for 6 months)
- HSBC (2.45 per cent p.a.—min. $30,000 for 3 months)
- OCBC (2.45 per cent p.a.—min. $30,000 for 6 months)
To view fixed deposit rates by commitment period or deposit amount, navigate our summary to jump to the section that best matches your needs.
Fixed deposit rates by commitment period
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.
Best fixed deposit rates for a 3-month commitment period
Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period.
- Syfe Cash+ Guaranteed (3.10 per cent p.a.—3 months with no minimum amount)
- StashAway Simple Guaranteed (3.00 per cent p.a.—1 or 3 months with no minimum amount)
- Bank of China (3.00 per cent p.a.—$500 for 3 months)
- CIMB (2.75 per cent p.a.—min. $10,000 for 3 or 6 months)
- ICBC (3.00 per cent p.a.—$500 for 3 months)
- RHB (2.90 per cent p.a.—min. $20,000 for 3, 6, 12 or 18 months)
- Citibank (2.40 per cent p.a.—$50,000 for 3 or 6 months)
Syfe Cash+ Guaranteed
| Period | Syfe Cash+ Guaranteed rate (no min. or max deposit amount) |
| 1 month | 3.15 per cent p.a. |
| 3 months | 3.10 per cent p.a. |
| 6 months | 2.90 per cent p.a. |
| 12 months | 2.75 per cent p.a. |
Rates accurate as of 5 Dec 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 technically a fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are generally higher than traditional banks, and there’s also no minimum or maximum amount.
As of 5 Dec 2024, Syfe Cash+ Guaranteed is offering up to 3.15 per cent p.a. with a 1-month tenure. It’s taken a huge hit since a few months ago, when it was offering up to 3.8 per cent. Still, 3.15 per cent is one of the highest rates this month on our list.
StashAway Simple Guaranteed rate
| Period | StashAway Simple Guaranteed rate (no min. or max deposit amount) |
| 1 month | 3.00 per cent p.a. |
| 3 months | 3.00 per cent p.a. |
| 6 months | 2.90 per cent p.a. |
| 12 months | 2.75 per cent p.a. |
Rates accurate as of 5 Dec 2024. Do check StashAway’s Simple Guaranteed page for the latest rates.
StashAway offers a cash management solution called Simple Guaranteed that earns you 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 5 Dec 2024, the highest StashAway Simple Guaranteed interest is 3.00 per cent p.a. for a 1-month or 3-month period, with no minimum or maximum deposit amounts. It comes just under Syfe this month.
ICBC fixed deposit rates
| Deposit amount | ||
| Period | $20,000 to <$200,000 (over the counter) | $500 to <$200,000 (via e-banking) |
| 1 month | 2.40 per cent p.a. | 2.45 per cent p.a. |
| 3 months | 2.85 per cent p.a. | 3.00 per cent p.a. |
| 6 months | 2.40 per cent p.a. | 2.45 per cent p.a. |
| 9 months | 2.35 per cent p.a. | 2.40 per cent p.a. |
| 12 months | 2.25 per cent p.a. | 2.30 per cent p.a. |
Rates accurate as of 5 Dec 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!
Even if you only invest $500, you still get a rate of 3.00 per cent p.a. with a commitment period of 3 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 2.85 per cent p.a. for a 3-month period.
There is a plus point for ICBC's fixed deposit — there's no penalty for early withdrawal. That means you fixed deposit isn't as fixed as you might think.
Citibank fixed deposit rates
| Deposit amount | |
| Period | $50,000 to $3 million |
| 3 months | 2.40 per cent p.a. |
| 6 months | 2.40 per cent p.a. |
Note: The promotional rates above are stated as valid until Dec 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 2.40 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of 3 or 6 months. That’s down by 0.05 per cent since their promotional rates in October, which were also down 0.10 per cent from the rates in September.
Another disadvantage of Citibank's fixed deposit is it's generally not very accessible — despite the relatively short commitment periods, $50,000 is a large sum of money. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.
HSBC fixed deposit rates
| Period / deposit amount | $30,000 to <$200,000 | $200,000 and above |
| 3 months | 2.45 per cent p.a. | 2.65 per cent p.a. |
| 6 months | 2.35 per cent p.a. | 2.60 per cent p.a. |
| 12 months | 2.15 per cent p.a. | 2.45 per cent p.a. |
Promotional rates valid until Dec 31 2024. Do check HSBC's website for the latest rates.
The highest HSBC fixed deposit rate you can currently get is 3.00 per cent p.a. for a 6-month commitment period. That's a relatively 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.
Bank of China fixed deposit rates
| Period | Fixed deposit interest rates | |
|
Over the counter placement |
Mobile banking placement |
|
| 1 month | 2.60 per cent p.a. | 2.70 per cent p.a. |
| 3 months | 2.90 per cent p.a. | 3.00 per cent p.a. |
| 6 months | 2.65 per cent p.a. | 2.75 per cent p.a. |
| 9 months | 2.45 per cent p.a. | 2.55 per cent p.a. |
| 12 months | 2.50 per cent p.a. | 2.60 per cent p.a. |
| 18 months | 2.10 per cent p.a. | 2.20 per cent p.a. |
| 24 months | 1.90 per cent p.a. | 2.00 per cent p.a. |
The rates above were set on Nov 18 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 2.70 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 3.00 per cent p.a. out of the Bank of China, you'll need to invest at least $500 for a period of 3 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.
Best fixed deposit rates for a 6-month and 12-month commitment periods
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 (Dec 2024) | ||
| Min. deposit amount | 6 months | 12 months |
| No minimum | 2.90 per cent p.a. (Syfe, StashAway) | 2.75 per cent p.a. (Syfe, StashAway) |
| $500 | 2.75 per cent p.a. (Bank of China); 2.45 per cent. p.a (ICBC) | 2.60 per cent p.a. (Bank of China), 2.30 per cent p.a. (ICBC) |
| $10,000 | 2.75 - 2.80 per cent p.a. (CIMB) | 2.55 - 2.60 per cent p.a. (CIMB) |
| $20,000 | 3.15 per cent p.a. (Maybank); 2.90 - 3.00 per cent p.a. (RHB) | 2.80 per cent p.a. (Maybank); 2.90 - 3.00 per cent p.a. (RHB) |
| $30,000 | 2.45 per cent p.a. (OCBC) | 2.30 per cent p.a. (OCBC) |
CIMB fixed deposit rates
| Deposit amount: $10,000 and above | ||
| Period | Personal Banking (For regular CIMB customers) | Preferred Banking |
| 3 months | 2.75 per cent p.a. | 2.80 per cent p.a. |
| 6 months | 2.75 per cent p.a. | 2.80 per cent p.a. |
| 9 months | 2.55 per cent p.a. | 2.60 per cent p.a. |
| 12 months | 2.55 per cent p.a. | 2.60 per cent p.a. |
Promotional rates valid from Dec 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 2.75 per cent p.a. for regular CIMB customers and 2.80 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 3 or 6 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 (3.00 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (3.00 per cent p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames.
RHB fixed deposit rates
| Deposit amount: $20,000 and above | ||
| Period | Personal banking | Premier banking |
| 3 months | 2.90 per cent p.a. | 3.00 per cent p.a. |
| 6 months | 2.90 per cent p.a. | 3.00 per cent p.a. |
| 12 months | 2.90 per cent p.a. | 3.00 per cent p.a. |
Note: The rates above are correct as of Dec 5 2024. They 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.
The highest rate personal banking customers can get is 2.90 per cent p.a. with a minimum deposit requirement of $20,000 — slightly on the high side compared to other banks. Currently, this rate applies to all the available tenures — 3, 6, 12, or 18 months.
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.
HL Bank fixed deposit rates
| Period | Fixed deposit rates |
| 1 month | 0.10 per cent p.a. |
| 3 months | 0.20 per cent p.a. |
| 6 month | 0.30 per cent p.a. |
| 12 months | 0.40 per cent 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.
When it comes to their fixed deposit rates, HL Bank has one big drawback — a high minimum deposit amount of $50,000. If you don't have this amount, HL Bank is not even an option for you.
Maybank fixed deposit rates
| Deposit amount: $20,000 and above | ||
| Period | iSAVvy Time Deposit Promotion (Online Placement) |
Deposit Bundle Promotion (Placement in Branch) |
| 6 months | 2.80 per cent p.a. | 3.15 per cent p.a. |
| 9 months | 2.55 per cent p.a. | 2.90 per cent p.a. |
| 12 months | 2.50 per cent p.a. | 2.80 per cent 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 is among one of the highest fixed deposit rates this month with up to 3.15 per cent p.a. (six months) under a deposit bundle promotion. Without the bundle, it’s 2.80 per cent p.a. (6 months).
To unlock the 3.15 per cent p.a. rate, you must have an eligible Maybank savings accounts or current account. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into your fixed deposit (minimum $20,000).
For example, if I have $3,000 in my Maybank savings account, I can do a $30,000 fixed deposit and earn 3.15 per cent p.a. on it over six months.
While that's a relatively high rate this month, don't forget that you need to leave money in your current or savings account to unlock this rate. This sum of money you stash away will come with an opportunity cost. In the example above, I face the opportunity cost of the interest I would be able to earn on the $3,000 even while I earn interest on the $30,000 fixed deposit.
OCBC fixed deposit rates
| Period | Deposit amount of $30,000 and above |
| 6 months | 2.25 per cent p.a. (placement in branch) / 2.45 per cent p.a. (online banking) |
| 12 months | 2.10 per cent p.a. (placement in branch) / 2.30 per cent 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 this month is 2.45 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 an even lower rate of 2.25 per cent p.a.
While 2.45 per cent p.a. is not high at all, OCBC has maintained relatively low fixed deposit rates for the past few months anyway. Now that other banks have slashed theirs, OCBC's has gone from low to kinda average.
Fixed deposit rates by minimum deposit amount
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:
- $10,000 and under
- $20,000 – $49,999
- $50,000 and above
Best fixed deposit rates for deposits $10,000 and under
These are the best fixed deposit rates in Singapore 2024 for deposits $10,000 and under:
- DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
- Bank of China (3.00 per cent p.a. — min. $500 for 3 months)
- ICBC (3.00 per cent p.a. — min. $500 for 3 months)
- Hong Leong Finance (2.75 per cent p.a. — min. $50,000 for 7 or 8 months)
- CIMB (2.75 per cent p.a. — min. $10,000 for 3 or 6 months)
- UOB (2.60 per cent p.a. — min. $10,000 for 6 months)
DBS fixed deposit rates
| Deposit amount | ||
| Period | $1,000 – $19,999 | $20,000-$999,999 |
| 1 month | 0.30 per cent p.a. | 0.05 per cent p.a. |
| 3 months | 1.00 per cent p.a. | |
| 6 months | 2.90 per cent p.a. | |
| 9 months | 3.10 per cent p.a. | |
| 12 months to 60 months | 3.20 per cent p.a. | |
DBS has kept their fixed deposit rates consistent in the past few months. Anecdotally, we've noticed DBS hardly ever changes their rates. With other banks dropping theirs, DBS is now coming out on top.
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. That's one of the highest rates in Singapore right now, and it's miles better than 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 to 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.
UOB fixed deposit rates
| UOB fixed deposit rates | |
| Period | Min. deposit amount of $10,000 |
| 6 months | 2.50 per cent p.a. |
| 10 months | 2.30 per cent p.a. |
Promotion valid until: Dec 31 2024, subject to change by UOB. Do check UOB's website for the latest rates.
UOB's fixed deposit rate is currently 2-tiered — 2.60 per cent p.a. for a deposit period of 6 months and 2.40 per cent 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 2.75 per cent p.a. interest. If you can afford to stash away your cash for a longer time period, do a fixed deposit with DBS for 3.20 per cent p.a. interest (minimum of $1,000).
Like most other banks, UOB's fixed deposit board rates are also nothing to shout about. They currently only hit 2.2 per cent p.a. if you deposit your cash for at least 36 months.
Best fixed deposit rates for deposits $20,000–$49,999
If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:
- Maybank (3.15 per cent p.a. — min. $20,000 for 6 months)
- Bank of China (3.00 per cent p.a. — min. $500 for 3 months)
- ICBC (3.00 per cent p.a. — min. $500 for 3 months)
- HSBC (2.45 per cent p.a. — min. $30,000 for 3 months)
- CIMB (2.75 per cent p.a. — min. $10,000 for 3 or 6 months)
- RHB (2.90 per cent p.a. — min. $20,000 for 3, 6, 12 or 18 months)
- Standard Chartered (2.55 per cent p.a. — min. $25,000 for 6 months)
- OCBC (2.45 per cent p.a. — min. $30,000 for 6 months)
- Hong Leong Finance (2.75 per cent p.a. — min. $20,000 for 6 or 7 months)
Standard Chartered fixed deposit rates
| Deposit amount: $25,000 and above | |||
| Period | Personal banking customers | Priority banking customers | Priority private banking customers |
| 6 months (Branch placement) | 2.55 per cent p.a. | 2.65 per cent p.a. | 2.75 per cent p.a. |
Promotional rates valid until: Dec 31 2024, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures.
At a maximum interest rate of 2.75 per cent p.a., Standard Chartered’s fixed deposit rates are pretty average this month. However, you only get 2.75 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 2.55 per cent p.a. with a 6-month tenure at their current promotional rates. You can get a better rate with Bank of China for a shorter tenure — 3.00 per cent p.a. with a minimum deposit of just $500 over three months.
Best fixed deposit rates for deposits $50,000 and above
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:
- CIMB (2.75 per cent p.a. — min. $10,000 for 3 or 6 months)
- Citibank (2.40 per cent p.a. — $50,000 for 3 0r 6 months)
- HSBC (2.45 per cent p.a. — min. $30,000 for 3 months)
- Bank of China (3.00 per cent p.a. — min. $500 for 3 months)
- ICBC (3.00 per cent p.a. — min. $500 for 3 months)
- RHB (2.90 per cent p.a. — min. $20,000 for 3, 6, 12 or 18 months)
- Hong Leong Finance (2.75 per cent p.a. — min. $50,000 for 7 or 8 months)
State Bank of India Singapore fixed deposit rates
If you planned on getting a fixed deposit with the State Bank of India, now is not the time to do so. They aren't currently running any SGD fixed deposit promotions, which means we're left with the paltry board rates:
| SBI Singapore board rates | |
| Period | Deposit amount: $5,000 to $1,000,000 |
| 1 month | 0.35 per cent p.a. |
| 3 months | 1.75 per cent p.a. |
| 6 months | 2.25 per cent p.a. |
| 12 months | 2.00 per cent p.a. |
| 24 months | 1.50 per cent p.a. |
The highest board rate you'll get to enjoy is 2.25 per cent p.a., which is not high at all. 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, DBS will give you 3.20 per cent p.a. for a 12-month period.
Do check SBI's fixed deposit promotion page for the latest promotional rates, if any.
Hong Leong Finance fixed deposit rates
| Deposit amount | 7 months | 8 months | 10 months |
| $20,000 to < $50,000 | 2.70 per cent | 2.70 per cent | 2.60 per cent |
| $50,000 and above | 2.75 per cent | 2.75 per cent | 2.60 per cent |
The rates above were set on Nov 27 2024 and are subject to change any time at the discretion of Hong Leong Finance. See Hong Leong Finance’s fixed deposit rates for the latest.
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 seven or eight months, Hong Leong Finance is currently offering a fixed deposit rate of 2.75 per cent p.a. for a $50,000 minimum deposit. That's a relatively large sum, but the rates are comparable to other banks this month.
Now that we've had a look at the interest rates banks have to offer, here's a quick and easy summary of what you need to know about fixed deposits.
Fixed deposit vs savings account—what’s the difference?
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 one month, but go for at least six 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) | |
Compare Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills
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 one month, but go for at least six months for better rates | 10 years | Six months / one year |
| Current interest rate | Up to 3.55 per cent p.a. | 2.86 per cent p.a. (Dec 2024 SSB's 10-year average return) | 3.00 per cent p.a. (cut-off yield for 28 Nov 2024 six-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 to $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 six 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 |
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This article was first published in MoneySmart.