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.

While fixed deposit rates hit a high of four per cent in January 2023, they’ve taken a dip since then and fixed deposit alternatives are looking ever more enticing. 

Having said that, some fixed deposit rates 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 February 2024 for banks like UOB, DBS, OCBC, and more.

Overview of best fixed deposit rates in Singapore (February 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 best fixed deposit rates — highest in Singapore (February 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 February 2024:

• Syfe Cash+ Guaranteed (3.90 per cent p.a. — three months with no minimum amount)
• StashAway Simple Guaranteed (3.80 per cent p.a.— three months with no minimum amount)
• State Bank of India (3.55 per cent p.a. — min. $50,000 for six months)
• HSBC (3.50 per cent p.a. — $200,000 for three months)
• CIMB (3.50 per cent p.a. — min. $10,000 for six months)
• Bank of China (3.45 per cent p.a. — min. $5,000 for three months)
• ICBC (up to 3.30 per cent p.a. — min. $500 for three months)
• RHB (3.25 per cent p.a. — min. $20,000 for six months)

Best 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 three, six or 12 months, we’ve worked out the best fixed deposit rates for you.

Best fixed deposit rates for a three-month commitment period

Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a three-month commitment period. 

• Syfe Cash+ Guaranteed (3.90 per cent p.a. — three months with no minimum amount)
• StashAway Simple Guaranteed (3.80 per cent p.a. — three months with no minimum amount)
• Citibank (3.50 per cent p.a. — $50,000 for three months)
• HSBC (3.50 per cent p.a. — $200,000 for three months)
• Bank of China (3.45 per cent p.a. — $5,000 for three months)
• ICBC (3.35 per cent p.a. — $500 for three months)

Syfe Cash+ Guaranteed

Rates accurate as of Feb 7, 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 Feb 7, 2024, Syfe Cash+ Guaranteed is offering up to 3.9 per cent p.a. with a three-month tenure — the highest rate this month on our list! That’s gone up since the 3.7 per cent p.a. rate we saw in early January 2024, but isn’t as high as the four per cent we saw in December 2023.

Syfe Cash+ Guaranteed

• What we like: Higher rates than traditional banks, no minimum or maximum deposit amount
• What we don’t like: No liquidity. You cannot withdraw the funds prematurely even if you’re willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee.

StashAway Simple Guaranteed rate

Rates accurate as of Feb 7, 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 Feb 7, 2024, the highest StashAway Simple Guaranteed interest is 3.80 per cent p.a. for a three-month period, with no minimum or maximum deposit amounts. StashAway has maintained this highest rate from December 2023. And now, it’s the second highest rate in town.

StashAway Simple Guaranteed

• What we like: Highest rate this month! Plus, no minimum or maximum deposit amount.
• What we don’t like: Like Syfe’s Cash+ Guaranteed, there’s no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight.

ICBC fixed deposit rates

Rates accurate as of Feb 7, 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 3.35 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 3.30 per cent p.a. for a three-month period.

ICBC fixed deposit

• What we like: Ultra low minimum deposit amount of just $500 via e-banking. They also have a low commitment period of anywhere between a month to a year. These make ICBC very accessible.
• What we don’t like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop by 0.05 per cent p.a..

Citibank fixed deposit rates

Note: The promotional rates above are stated as valid until Feb 29, 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 3.50 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of three months.

That’s a short commitment period, but still a large sum of money. Citibank’s fixed deposit rates are generally not one of the most accessible for this reason. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.

Citibank fixed deposit

• What we like: High fixed deposit rate of 3.5 per cent p.a. for a short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there’s also a high upper limit of $3 million.
• What we don’t like: High minimum deposit amount. Not everyone has $50,000 just lying around.

HSBC fixed deposit rates

Promotional rates valid until Feb 7, 2024. Do check HSBC’s website for the latest rates.

HSBC’s fixed deposit rates are currently the best for a three-month commitment period, at 3.50 per cent p.a. That’s among the highest fixed deposit rates this month, and for a pretty short tenure too. 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 to enjoy the highest rate is a hefty $200,000. Yikes. To even get a rate of three per cent p.a., you need to stash a minimum of $30,000 with HSBC. It’s a large sum for an average at best fixed deposit interest rate.

HSBC fixed deposit

• What we like: Like Citibank, HSBC has a high interest rate for a short time period — 3.5 per cent p.a. for a commitment period of just three months.
• What we don’t like: High minimum sum. You’re going to need a whopping $200,000 to enjoy HSBC’s best rates. Otherwise, you can only get three per cent p.a. at best — and even then you need at least $30,000.

Bank of China fixed deposit rates

The rates above were set on Jan 29, 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 $5,000 to spare for only one month, you can still get a pretty decent interest rate of 2.90 per cent p.a.. Usually, many banks require a minimum deposit of at least $10,000.

If you’re looking to get the best fixed deposit rate of 3.45 per cent p.a. out of the Bank of China, you’ll need to invest at least $5,000 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

• What we like: Short commitment period of three months, and low minimum deposit amount of $5,000.
• What we don’t like: Like ICBC, the Bank of China offers different rates depending on how you place your funds — online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become 0.05 per cent p.a. lower.

Best fixed deposit rates for a six-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 six-month and 12-month commitment periods:

CIMB fixed deposit rates

Promotional rates valid until: Feb 29, 2024. 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 3.50 per cent p.a. for regular CIMB customers and 3.55 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 six 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 is a good option for small deposit amounts and small time frames, at 3.35 per cent p.a. (minimum deposit of $500 for three months). 

Bank of China fixed deposit

• What we like: High fixed deposit rates of 3.45 per cent and 3.50 per cent p.a. for relatively short commitment periods of three and six months.
• What we don’t like: CIMB’s best rates are reserved for their Preferred Banking customers — these are 0.05 per cent p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as "up to 3.55 per cent p.a.", know that these rates may not apply to you.

RHB fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB’s website for the latest rates.

Place your fixed deposit with RHB on your phone via the RHB Mobile SG App.

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 a six-month period. 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, six months is quite doable compared to the 18-month commitments other banks may ask for you to enjoy their highest rates. A big advantage to RHB’s fixed deposit is that they don’t charge you any penalty fee for early withdrawal, so you can take your cash out early with no penalty in the event of an emergency.

RHB fixed deposit

• What we like: No premature penalty fee if you want to withdraw your funds early!
• What we don’t like: RHB’s minimum deposit amount of $20,000 is higher than that for other banks, and they basically force you to use their mobile app to open your fixed deposit account. They’ve stopped publishing their over the counter rates on their website.

HL Bank fixed deposit rates

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 — I called them to double check. 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 December 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 one 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

• What we like: High promotional fixed deposit rates — we’ve seen HL Bank hit four per cent p.a. at its peak in 2023. They don’t have any ongoing promotions now though.
• What we don’t like: Their promotional rates usually require an ultra high minimum deposit amount of $100,000.

Maybank fixed deposit rates

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 2.65 per cent p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000.

Another downside is that you’ll need to leave your money in for at least a year. You don’t get a better rate if you leave it in for longer — that’ll yield lower rates of 2.35 per cent p.a.. In the other direction, if you’re looking at a shorter commitment period of three or six months, Maybank’s fixed deposit rates also drop to a 2.55 per cent p.a. interest rate. 

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 3.35 per cent p.a. (12 or 15 months) or 2.80 per cent p.a. (18 months or 24 months).

Maybank fixed deposit

• What we like: We like that both online placements and placements in branch enjoy the same rates — those who can’t access one or the other for whatever reason aren’t disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account.
• What we don’t like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list.

OCBC fixed deposit rates

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 only offering one fixed deposit rate right now, and it’s not very impressive compared to other banks — 3.10 per cent p.a. for a six-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 2.70 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 two 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

• What we like: Short commitment period of six months.
• What we don’t like: Relatively high minimum deposit amount of $30,000. Also, you don’t get much choice by way of tenure — it’s six months or nothing at the moment. OCBC might also have the biggest disparity in its in-branch rates versus online banking rates, so older folks who only can only access banking services in person are disadvantaged.

Best 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 to $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:

• CIMB (3.50 per cent p.a. — min. $10,000 for six months)
• Bank of China (3.45 per cent p.a. — min. $5,000 for three months)
• ICBC (3.35 per cent p.a. — min. $500 for three months)
• DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
• UOB (3.10 per cent p.a. — min. $10,000 for six, 10, or 12 months)

DBS fixed deposit rates

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 one-month intervals, from one to 12 months. Most other banks limit this to three-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

• What we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for — DBS offers deposit periods in one-month intervals from one to 12 months.
• What we don’t like: DBS doesn’t have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05 per cent p.a..

UOB fixed deposit rates

Promotion valid until: Feb 29, 2024. Do check UOB’s website for the latest rates.

UOB’s fixed deposit rate structure is currently flat, with just one single interest rate of 3.10 per cent p.a. for two different deposit periods of six and 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 3.40 per cent p.a. interest.

Like most other banks, UOB’s fixed deposit board rates are also nothing to shout about. They currently only hit three per cent p.a. if you deposit your cash for at least 18 months.

UOB fixed deposit

• What we like: Commitment periods start from a relatively short six months.
• What we don’t like: UOB’s current rate is below average. As aforementioned, you’d do better at other banks for the same deposit amount and period.

Best fixed deposit rates for deposits $20,000 to $49,999

If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:

• CIMB (3.50 per cent p.a. — min. $10,000 for six months)
• Bank of China (3.45 per cent p.a. — min. $5,000 for three months)
• ICBC (3.35 per cent p.a. — min. $500 for three months)
• RHB (3.25 per cent p.a. — min. $20,000 for six months)
• Standard Chartered (3.18 per cent p.a. — min. $25,000 for eight months)

Standard Chartered fixed deposit rates

Promotional rates valid until: Feb 29, 2024. Do check Standard Chartered’s fixed deposit rates for the latest figures.

At a maximum of 3.38 per cent p.a. interest rate, Standard Chartered’s fixed deposit rates are average this month. You only get 3.38 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 3.18 per cent p.a. with an eight-month tenure at their current CNY promotional rates.

If you only want to lock your money away for six months, rates for regular Standard Chartered customers max out at 3.10 per cent p.a.. You can get better six-month rates with RHB (3.25 per cent p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.35 per cent p.a. for $5,000), or CIMB (3.50 per cent p.a. for $10,000).

Standard Chartered also has non-promotional fixed deposit rates, but these leave even more to be desired. The regular Standard Chartered fixed deposit rates were revised on April 28, 2023, and still are only just hitting three per cent p.a. for a long deposit period of 60 months.

Standard Chartered fixed deposit

• What we like: Relatively short commitment period of six months.
• What we don’t like: Standard Chartered doesn’t have high rates — even if you’re a priority private banking customer.

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:

• State Bank of India (3.55 per cent p.a. — min. $50,000 for six months)
• CIMB (3.50 per cent p.a. — min. $10,000 for nine months)
• Citibank (3.50 per cent p.a. — min. $50,000 for three months)
• HSBC (3.50 per cent p.a. — $200,000 for three months)
• Bank of China (3.45 per cent p.a. — min. $5,000 for three months)
• ICBC (3.35 per cent p.a. — min. $500 for three months)
• RHB (3.25 per cent p.a. — min. $20,000 for six months)
• DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
• Hong Leong Finance (3.05 per cent p.a. — min. $20,000 for five or six months)

State Bank of India Singapore fixed deposit rates

The State Bank of India (SBI) Singapore has a good promotional fixed deposit rate this month of 3.55 per cent p.a.. To enjoy this rate, you need to put at least $50,000 with SBI for a period of six months — a pretty large amount, but at least the time frame isn’t too long. Moreover, 3.55 per cent p.a. is one of the highest fixed deposit rates this month among banks in Singapore.

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-one 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 2.85 per cent p.a., and only if you can afford to stash away your cash for at least 24 months.

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 3.45 per cent p.a. for a three-month period.

State Bank of India Singapore fixed deposit

• What we like: High rates and a relatively short commitment period of six months.
• What we don’t like: $50,000 is a large minimum sum to park in a fixed deposit account. You also don’t have the flexibility of choosing shorter or longer tenures.

Hong Leong Finance fixed deposit rates

Note: The rates above are promotional rates stated were published on Feb 3, 2024, but subject to change at any time by 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 six or nine months, Hong Leong Finance is currently offering a fixed deposit rate of 3.05 per cent p.a. for a $20,000 minimum deposit. They’re calling it their Prosperity Dragon Fixed Deposit Promotion, but their rates have actually been declining since Christmas 2023 when rates were 3.30 per cent p.a.

Hong Leong Finance fixed deposit

• What we like: Relatively short commitment period of six months.
• What we don’t like: Hong Leong Finance isn’t coming out strong in terms of their fixed deposit rates, with a maximum of 3.30 per cent p.a.. They also require a minimum deposit of $20,000, which isn’t the most beginner-friendly sum.

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 vs Singapore Savings Bonds (SSB) vs T-bills — which is better?

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.

ALSO READ: 5 best regular savings plans in Singapore 2024: Invest with $100 a month

This article was first published in MoneySmart.