Best fixed deposit rates in Singapore (January 2025): Rates up to 3.05%, minimum deposits from $500

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 Jan 2025 for banks like UOB, DBS, OCBC, and more.

Overview of Singapore fixed deposit rates (Jan 2025)

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 (Jan 2025)

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 Jan 2025:

• Maybank (3.05% p.a.—min. $20,000 for six months)
• Bank of China (3.00% p.a.—min. $500 for three months)
• ICBC (3.00% p.a.—min. $500 for three months)
• Syfe Cash+ Guaranteed (3.00% p.a.— one or three months with no minimum amount)
• StashAway Simple Guaranteed (3.00% p.a.— one or three months with no minimum amount)
• RHB (2.90% p.a.—min. $20,000 for three, six, 13 or 18 months)
• CIMB (2.70% p.a.—min. $10,000 for six months)
• Hong Leong Finance (2.70% p.a.—min. $50,000 for six months)
• State Bank of India (2.65% p.a.—min. $50,000 for six months)
• DBS (2.45% p.a.—min. $1,000 for 12 months)
• OCBC (2.45% p.a.—min. $30,000 for six months)
• Standard Chartered (2.40% p.a.—min. $25,000 for six months)
• UOB (2.40% p.a.—min. $10,000 for six 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 three, six 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 (3.00% p.a.— one or three months with no minimum amount)
• StashAway Simple Guaranteed (3.00% p.a.— one or three months with no minimum amount)
• Bank of China (3.00% p.a.—$500 for three months)
• ICBC (3.00% p.a.—$500 for three months)
• RHB (2.90% p.a.—min. $20,000 for three, six, 13 or 18 months)
• CIMB (2.65% p.a.—min. $10,000 for three months)
• Citibank (2.40% p.a.—$50,000 for three or six months)

Syfe Cash+ Guaranteed

Rates accurate as of 2 Jan 2025. 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 2 Jan 2025, Syfe Cash+ Guaranteed is offering up to 3% p.a. with a 1- or 3-month tenure. It’s taken a huge hit since last year, when it was offering up to 3.8%. Still, 3% is one of the highest rates this month on our list.

MoneySmart take

• 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 2 Jan 2025. 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 2 Jan 2025, the highest StashAway Simple Guaranteed interest is 3.00% p.a. for a 1-month or 3-month period, with no minimum or maximum deposit amounts. It’s the same as Syfe’s highest rates this month.

MoneySmart Take

• What we like: Relatively high rates compared to traditional fixed deposits. 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 2 Jan 2025. 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 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 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.

MoneySmart Take

• What we like: Ultra low minimum deposit amount of just $500 via e-banking and a low commitment period of anywhere between a month to a year, making ICBC very accessible. ICBC also doesn’t penalise you for early withdrawals.
• 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% p.a.

Citibank fixed deposit rates

Note: The promotional rates above are stated as valid until Jan 31, 2025. 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% p.a. for a minimum deposit amount of $50,000 and a commitment period of three or six months. That’s down by 0.05% since their promotional rates in October, which were also down 0.10% 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.

MoneySmart Take

• What we like: 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 Dec 31, 2024. Do check HSBC’s website for the latest rates.

HSBC hasn't updated their promotional fixed deposit rates for the new year — check back with us again, as we'll update our article after they release their latest rates! For now, last we tracked, they were offering up to 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.

Judging from the fixed deposit promotions HSBC was offering last year, 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.

MoneySmart Take

• What we like: Short commitment period of just four months.
• What we don’t like: High minimum sum. You’re going to need at least $30,000 to placed a fixed deposit with HSBC.

Bank of China fixed deposit rates

The rates above were set on Dec 23, 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.

You're looking at the highest fixed deposit rates this month. The Bank of China is currently offering 3.00 per cent p.a. for a placement of $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. 

Rates aside, 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.

MoneySmart Take

• What we like: Short commitment period of three months, and very low minimum deposit amount of $500.
• 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 0.10% p.a. lower.

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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 2025 for 6-month and 12-month commitment periods:

CIMB fixed deposit rates

Promotional rates valid from Jan 1, 2025, 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 2.70% p.a. for regular CIMB customers and 2.75% 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% to 0.3% p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC (3.00% p.a. with a minimum deposit of $500 for three months) and the Bank of China (3.00% p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames.

MoneySmart Take

• What we like: 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% p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you.

RHB fixed deposit rates

Note: The rates above are correct as of Jan 2, 2025. 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 tenors — three, six, 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.

MoneySmart Take

• 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.

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. 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 1 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.

MoneySmart Take

• What we like: High promotional fixed deposit rates — we've seen HL Bank hit 4% 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 is among one of the highest fixed deposit rates this month with up to 3.05% p.a. (six months) under a deposit bundle promotion. Without the bundle, it’s 2.70% p.a. (six months).

To unlock the 3.05% 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 3.05% p.a. on it over 6 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.

MoneySmart Take

• 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 highest fixed deposit rate this month is 2.45% 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% p.a.

While 2.45% 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.

MoneySmart Take

• What we like: Short commitment period of six months.
• What we don’t like: Relatively high minimum deposit amount of $30,000. OCBC also has a pretty significant disparity in its in-branch rates versus online banking rates, which makes me think older folks who only can only access banking services in person are disadvantaged.

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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 2025 for deposits $10,000 and under:

• Bank of China (3.00% p.a.—min. $500 for three months)
• ICBC (3.00% p.a.—min. $500 for three months)
• CIMB (2.70% p.a.—min. $10,000 for six months)
• DBS (2.45% p.a.—min. $1,000 for 12 months)
• UOB (2.40% p.a.—min. $10,000 for six months)

DBS fixed deposit rates

DBS kept their fixed deposit rates consistent throughout 2024, with rates of up to 3.20% p.a. But now as of 2025, they’ve taken a big hit.

Currently, the best DBS fixed deposit rate is 2.45% 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 on the low side compared to other promotional fixed deposit rates this month from other banks, but it’s still miles better than having your cash parked in a regular savings account.

Additionally, one thing I have always liked 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% p.a. for all lock-in periods. You’d be better off investing your money almost anywhere else.

MoneySmart Take

• 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 1-month intervals from 1 -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% p.a.

UOB fixed deposit rates

Promotion valid until: Jan 31, 2025, subject to change by UOB. Do check UOB’s website for the latest rates.

UOB’s fixed deposit rate is currently 2-tiered — 2.40% p.a. for a deposit period of 6 months and 2.20% 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 2.70% p.a. interest. If you are short on time and/or funds, consider ICBC or the Bank of China for 3% p.a. with just $500 for a 3-month tenor.

MoneySmart Take

• 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–$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 (3.05% p.a.—min. $20,000 for six months)
• Bank of China (3.00% p.a.—min. $500 for three months)
• ICBC (3.00% p.a.—min. $500 for three months)
• RHB (2.90% p.a.—min. $20,000 for three, six, 13 or 18 months)
• CIMB (2.70% p.a.—min. $10,000 for six months)
• Hong Leong Finance (2.65% p.a.—min. $20,000 for six months)
• OCBC (2.45% p.a.—min. $30,000 for six months)
• Standard Chartered (2.40% p.a.—min. $25,000 for six months)

Standard Chartered fixed deposit rates

Promotional rates valid until: Jan 31, 2025, subject to change by Standard Chartered. Do check Standard Chartered’s fixed deposit rates for the latest figures.

At a maximum interest rate of 2.60% p.a., Standard Chartered’s fixed deposit rates are pretty average this month. However, you only get 2.75% 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 2.40% p.a. with a 6-month tenor at their current promotional rates. You can get a better rate with the Bank of China for a shorter tenor — 3.00% p.a. with a minimum deposit of just $500 over three months.

MoneySmart Take

• 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 2025 for deposits $50,000 and above:

• Bank of China (3.00% p.a.—min. $500 for three months)
• ICBC (3.00% p.a.—min. $500 for three months)
• RHB (2.90% p.a.—min. $20,000 for three, six, 13 or 18 months)
• CIMB (2.70% p.a.—min. $10,000 for six months)
• Hong Leong Finance (2.70% p.a.—min. $50,000 for six months)
• Citibank (2.40% p.a.—$50,000 for three or six months)

State Bank of India Singapore fixed deposit rates

The State Bank of India is currently offering just one fixed deposit promotion: 2.65% p.a. for six months, with a minimum deposit of $50,000. This rate is one of the higher rates this month compared to other banks.

If not for the promotional rate, we’re left with the paltry board rates:

The highest board rate you’ll get to enjoy is 2.25% 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 just $500, ICBC and the Bank of China will give you 3.00% p.a. for a 3-month period.

Do check SBI’s fixed deposit promotion page for the latest promotional rates, if any.

MoneySmart Take

• What we like: Relatively short commitment periods available, with a relatively low minimum sum.
• What we don’t like: Without any promotional rates, SBI’s board rates are very low.

Hong Leong Finance fixed deposit rates

The rates above were set on Dec 13, 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  twoshare the same name, they offer entirely different fixed deposit rates.

With a lock-in period of six months, Hong Leong Finance is currently offering a fixed deposit rate of 2.70% p.a. for a $50,000 minimum deposit. That’s a relatively large sum, but the rates are comparable to other banks this month.

MoneySmart Take

• What we like: Short tenor periods for which you have to stash your cash with them.
• What we don’t like: Hong Leong Finance isn’t coming out super strong in terms of their fixed deposit rates — average at best. They also require a minimum deposit of $50,000, which isn’t exactly beginner-friendly.

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:

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.

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This article was first published in MoneySmart.