Best Fixed Deposit Rate Singapore; The Smart Guide 2024

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(Updated: 17 April 2024)

The Best Fixed Deposit Rates in Singapore Dollar (SGD)

Are you looking for ways to get more interest in your money, especially in this time of inflation? Investing with the best fixed deposit rates in Singapore can be an ideal option for you.

Below is our summary of the best fixed deposits with the highest interest rates in Singapore. Please take note that rates may change at any time. Also, these rates are based on fresh funds deposits.

DBS Fixed Deposit

DBS Fixed Deposit
Best Features
  • Up to 3.2% per annum for a period of 12 months
  • With Low Minimum Deposit starting at S$1,000
  • Can be used as collateral for credit facilities
Eligibility
  • At least 12 years old to open an account
  • Existing digibank user or with personal or joint-alternate DBS/POSB Savings or Current Account (must only have 1 SGD Fixed Deposit Account)
  • POSB Work Permit account holders and Domestic Workers are not eligible

ICBC Fixed Deposit

ICBC Fixed Deposit
Best Features
  • Earn up to 3.20% per annum if you deposit at least S$5,000 for a year.
  • Minimum deposit is at least S$500 for 3 months and earn 2.90%
Eligibility
  • To qualify for Fixed Deposit Promotion, you must open with fresh funds ( refers to funds that do not originate from any ICBC existing account)
  • Fixed deposit placement has to meet a minimum amount and tenure to qualify for the existing promotion

Hong Leong Fixed Deposit

Hong Leong Fixed Deposit
Best Features
  • Earn 3.10% per annum for at least S$50,000 deposit for a period of 10 months via Online Instruction Form & PayNow
  • Minimum Deposit starting at $500
  • With flexible tenures from 1 week to 36 months
Eligibility
  • Must be 15 years old and above
  • To qualify for the bonus rate, a senior citizen must be at least 55 years old
  • Singaporean / PR with NRIC required
  • For foreigners must have a passport with work permit/ employment pass or student pass)

UOB Fixed Deposit

UOB Fixed Deposit
Best Features
  • Deposit starting at S$10,000, earn 3.10% per annum
  • You can use it as collateral for a credit card
  • There are no fees required to maintain the account
Eligibility
  • At least 15 years old
  • For 1 month and above tenure, a minimum placement of S$5,000 is required
  • For 7 days and 14 days  tenure, a minimum placement of S$250,000 is required
  • For a tenure of less than 7 days, a minimum placement of S$ 1, 000,000 is required

Maybank Fixed Deposit

Maybank Fixed Deposit
Best Features
  • Up to 3.65% per annum with at least S$20,000 deposit for 24 months
  • Deposit through online or Maybank iSAVvy savings account
  • Higher Interest rate for the higher deposit amount and longer tenure i.e. at least S$50,000 for a tenor of 36 months.
Eligibility
  • At least 16 years old
  • For 2 to 36 months, the initial deposit is S$1,000
  • For 1 month, the initial deposit is S$10,000 and choice date with flexible tenure
  • For 1-week tenure, the initial deposit is S$1,000,000 for corporate accounts only
  • Account opening is subject to bank’s approval

Why Open a Fixed Deposit Account in Singapore?

You might be tired of seeing the low interest you can gain from your regular savings account. Since banks are giving out interest of as low as 0.05%. At this moment, we know that you are thinking of making a shift. But, let’s discover why opening for a fixed deposit account can be right for you.

One thing that you will like about opening a fixed deposit (FD) account in Singapore is that it offers a much higher interest rate compared to a regular savings account. It is a financial instrument offered by banks and is considered a low-risk investment.

Also known as a time deposit account, the money you saved here must stay for a fixed period of time. The longer it stays (at least 12 months) on the bank the higher interest you can gain. An easy and secure way to earn more from your money.

Did you know that the first S$75,000 you allot for fixed deposits at any bank is risk-free?

Yes, it’s totally risk-free since all deposits are insured by Singapore Deposit Insurance Corporation. You are also assured that your money is safe in commercial banks or financial companies in Singapore since they are subject to strict capital requirements.

What You Need to Consider When Opening a Fixed Deposit Account?

Tenure

When your goal is to earn more interest, you must consider staying your money for a longer period of time which is over 12 months where you can earn over 1% per annum. Banks or financial companies will reward those depositors who can commit for a longer time frame. Also, you can take advantage of fixed deposit rate promotions where they offer a much higher interest rate for a certain tenure.

Amount

Aside from longer tenure, the higher the amount you deposit the higher interest you can earn. You have to watch out also for fixed deposit rate promotions, banks or financial companies may offer it based on a certain amount where you can earn higher interest rates. Also, there are times when banks or financial companies give promotional gifts if a certain deposit amount is met.

That said, we know that you came to this page because you are looking for the best fixed deposit rate in Singapore so here they are.

Best Fixed Deposit Rates in Singapore (2024)

We have chosen best fixed deposit with the highest rates in SGD and for fresh funds only. Please take note that these rates may change at any time.

1. DBS Fixed Deposit

DBS Fixed DepositIf you want to try fixed deposits and only have $1000, DBS FD is best to start with. It’s among the banks with competitive rates.

By opening at least $1000 and staying it for a period of 12 months, you can earn up to 3.2% – this is the highest rate in the market in terms of the lowest minimum deposit for a tenure of a year.

But remember, if you choose for a shorter tenure which is less than 12 months, you will also earn a lower interest rate.

Also, another key feature of this DBS fixed deposit, if you are short on money and need to take a loan, you can use this as collateral.

DBS Fixed Deposit Rates & Tenure Highlights:

Minimum Deposit: S$1,000
Tenure: 1 to 60 months
Highest Interest to Earn: 3.2% per annum

2. ICBC Fixed Deposit

ICBC Fixed DepositAre you looking for a shorter tenure at a lower deposit amount? ICBC’s fixed deposit rate is an ideal option for you. As featured on the table above, even with at least 3 months of tenure for at least S$500, you can earn 2.90%.

In addition to shorter tenure, it also offers a promotion where you can earn 3.20% per annum if you deposit at least S$5,000 for 1 year by using E-banking.

But, what if you are planning to withdraw your deposit before its maturity? You don’t have to worry, with ICBC Fixed Deposit, you don’t have a penalty if you have withdrawn it before maturity.

ICBC Fixed Deposit Rates & Tenure Highlights:

Minimum Deposit: S$500
Tenure: 1 to 12 months
Highest Interest to Earn: 3.20%

per annum via E-banking

3.  Hong Leong Fixed Deposit

Hong Leong Fixed DepositIf you want to open an account of at least S$500 you may opt for Hong Leong. You can also use their promotional offer where you can earn at least 3.0% per annum for at least $20,000 and deposit fresh funds for a year using their Online Instruction Form & PayNow.

When you have decided to withdraw it within 3-month tenure and haven’t yet reached its maturity, you can still do so without penalty.

Hong Leong Fixed Deposit Rates & Tenure Highlights:

Minimum Deposit: S$500
Tenure: 1 to 10 months
Highest Interest to Earn: 3.0% per 10 months via Online Instruction Form & PayNow (latest promotion)

4. UOB Fixed Deposit

UOB Fixed DepositUOB offers a fixed deposit promotion rate of 3.10% for a period of 12-month with at least S$10,000 in fresh funds. This latest promotion offer is valid until 2 Jan to 31 Jan 20224. You may also choose from 15 months tenor. The lowest minimum deposit you can make is S$5,000.

There are no fees required to maintain the account. You can also enjoy the privileges of a UOB credit card (which is also one of the best credit cards in Singapore) when you pledge your UOB fixed deposit account.

UOB Fixed Deposit Rates & Tenure Highlights:

Minimum Deposit: S$10,000
Tenure: 12 months
Highest Interest to Earn: 3.10% per annum

5. Maybank Fixed Deposit

Maybank Fixed Deposit

Recently with at least S$25,000 fresh funds deposit for a year, you can get 3.65%. Maybank offers a competitive interest rate for a tenor of 24 months or more.

One big move created by Maybank for fixed deposit is by opening deposits online which is through their iSAVvy.

Maybank Fixed Deposit Rates & Tenure Highlights:

Minimum Deposit: S$1,000
Tenure: 24 months
Highest Interest to Earn: 3.65% per annum

FAQs on Fixed Deposit Rates in Singapore

What is a fixed deposit account?

A fixed deposit account also known as a time deposit account is a type of savings account where you put your savings for a set period without touching it. The longer keep your money, the higher interest you can get.

No, this is not allowed, you need to reach maturity, but what you can do is you can open a new account using fresh funds.

Among the basic requirements to open a fixed deposit in Singapore are the following:

  • You must be at least 18 years of age Singaporean/PR and must prepare your NRIC
  • If you are a foreigner, you need to prepare your passport, and proof of Address together with your employment pass, dependent pass, S Pass, Student Pass or long-term visit pass.

If you withdraw your fixed deposit before the agreed maturity date, you may face penalties or lose out on the interest earned. The specific terms and conditions vary between banks, so it’s important to check with your bank before making an early withdrawal. Some banks, like ICBC and Hong Leong, allow early withdrawals within certain tenures without penalties.

Yes, you can open multiple fixed deposit accounts with the same or different banks. This can be a good strategy to take advantage of different promotional rates or to spread out your investments. However, keep in mind that each account may have its own minimum deposit requirements and terms.

Fixed deposit rates are typically guaranteed for the duration of the agreed tenure. However, banks may change their rates for new deposits at any time based on market conditions. It’s a good idea to compare rates from different banks regularly and look out for promotional offers to get the best returns on your deposits.

The right fixed deposit tenure depends on your financial goals and when you might need to access your funds. Generally, longer tenures offer higher interest rates, but they also mean locking up your money for a longer period. Consider your short-term and long-term needs and choose a tenure that balances your goals with your liquidity requirements.

The Bottom Line

Finding the best fixed deposit rates in Singapore is crucial for maximizing your savings and protecting your financial future. As a Singaporean, you have a wide range of options to choose from, each with its unique features and benefits. When selecting a fixed deposit account, it’s essential to consider factors such as the minimum deposit amount, tenure, and interest rates. By carefully evaluating your financial goals and comparing the available options, you can make an informed decision that aligns with your needs.

Remember, fixed deposits are just one piece of the puzzle when it comes to managing your finances. In times of need, you may also require additional funds through loans. This is where MoneyIQ can be incredibly helpful

MoneyIQ simplifies the process of finding the best loan offers in Singapore by connecting you with multiple lenders and allowing you to compare rates and terms easily. Whether you need a personal loan, home loan, or any other type of financing, MoneyIQ can help you find the most suitable option for your circumstances.

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