Fixed deposits are appealing due to their potential for favorable returns. MS Evy Wee of DBS Bank explains, “Rising interest rates and inflation push investors to seek higher yields to maintain their money’s value.” To maximize returns, staying informed about the latest deposit rates and promotions is essential.
This article explores fixed deposits in Singapore, comparing current rates across major banks and discussing key factors to consider when choosing the right deposit.
What is a Fixed Deposit?
A fixed deposit, also known as a time or term deposit, is an investment vehicle where you deposit a lump sum of money with a bank for a predetermined period. This allows you to earn a guaranteed amount of interest over that duration.
While these funds are typically locked in until the maturity date, premature withdrawals are possible, albeit often subject to a fee.
“Fixed deposit rates offered by local banks now hover around 3 per cent per year for a 12-month tenor”, says Ms Lorna Tan, DBS’ head of Financial Planning Literacy, in an interview with the Straits Times.
Benefits of Fixed Deposits:
- Guaranteed Returns: Unlike other investment forms, fixed deposits offer guaranteed interest, making them a predictable and secure choice.
- Low Risk: As noted by RHB Group, fixed deposits are low-risk, making them an excellent addition to any diversified investment portfolio.
- Stability: Fixed deposits provide a stable investment option with fixed interest rates, ideal for those seeking minimal risk.
- Versatility for Different Risk Appetites: For those looking to diversify further, foreign currency fixed deposits offer slightly higher risks but potentially higher returns.
- Perfect for new investors: Low minimum deposit requirement.
Current Fixed Deposit Rates in Singapore
|
Bank |
Tenure |
Interest rate per annum |
Minimum amount |
|
3 months |
3.30% (mobile banking placement) |
$500 (via mobile banking) |
|
|
6 months |
3.20% (mobile banking placement) |
$500 (via mobile banking) |
|
|
9 months |
3.05% (mobile banking placement) |
$500 (via mobile banking) |
|
|
12 months |
3.05% (mobile banking placement) |
$500 (via mobile banking) |
|
|
3 months |
2.50% |
$50,000 |
|
|
6 months |
2.50% |
$50,000 |
|
|
3 months |
3.25% (personal banking) 3.30% (preferred banking) |
$10,000 |
|
|
6 months |
3.20% (personal banking) 3.25% (preferred banking) |
$10,000 |
|
|
9 months |
3.20% (personal banking) 3.25% (preferred banking) |
$10,000 |
|
|
12 months |
2.95% (personal banking) 3.00% (preferred banking) |
$10,000 |
|
|
6 months |
2.90% |
$1,000 (max $19,999) |
|
|
9 months |
3.10% |
$1,000 (max $19,999) |
|
|
12 months |
3.20% |
$1,000 (max $19,999) |
|
|
3/6 months |
3.00% |
$30,000 |
|
|
3.20% |
S$200,000 |
||
|
12 months |
2.85% |
$30,000 |
|
|
2.95% |
S$200,000 |
||
|
3/4 months |
2.85% |
$20,000 |
|
|
2.90% |
S$50,000 |
||
|
9/10 months |
2.75% |
$20,000 |
|
|
2.80% |
S$50,000 |
||
|
12/15 months |
3.30% (deposit bundle promotion) |
$20,000 |
|
|
6 months |
2.80% (Online) 2.50% (Branch) |
$30,000 |
|
|
12 months |
2.80% (Online) |
$30,000 |
|
|
3/6/12 months |
3.25% (Personal) 3.30% (Premiere) |
$20,000 |
|
|
6 months |
3.00% (promotional rate) 3.10% (Priority Banking Preferential Rate) 3.20% (Priority Private Banking Preferential Rate) |
$25,000 |
|
|
6 months |
2.70% |
$10,000 |
|
|
10 months |
2.60% |
$10,000 |
Best fixed deposit rates by commitment period:
- 3-month FD term: CIMB offers the highest rate at 3.30% per annum for preferred banking customers.
- 6-month FD term: RHB provides a top rate of 3.30% per annum for premier banking customers.
- 12-month FD term: Maybank offers a competitive rate of 3.30% per annum as part of their Deposit Bundle Promotion.
Best fixed deposit rates by minimum deposit amount:
- Under S$10,000: DBS/POSB offers a 12-month fixed deposit rate of 3.20% per annum for deposits ranging from S$1,000 to S$19,999.
- S$20,000 – S$50,000: RHB offers a rate of 3.30% per annum for a 12-month fixed deposit for premier banking customers with a minimum placement of S$20,000.
- S$250,000 and above: Citibank provides a rate of 3.20% per annum for a 3-month tenure for deposits between S$250,000 and S$3 million for Citigold Private Client and Citigold members.
Comparison of Fixed Deposit Rates by Major Banks
Bank of China
|
Bank of China Fixed Deposit Rates (May 2024) |
||
|
Tenure |
Interest Rates (%p.a.) |
|
|
Over the Counter Placement |
Via Mobile Banking Placement* |
|
|
1 month |
2.80 |
2.90 |
|
2 months |
3.10 |
3.20 |
|
3 months |
3.25 |
3.30 |
|
4 months |
3.20 |
3.25 |
|
5 months |
3.15 |
3.20 |
|
6 months |
3.10 |
3.20 |
|
7 months |
3.05 |
3.15 |
|
8 months |
3.05 |
3.15 |
|
9 months |
3.00 |
3.05 |
|
10 months |
3.00 |
3.05 |
|
11 months |
3.00 |
3.05 |
|
12 months |
3.00 |
3.05 |
|
18 months |
2.65 |
2.75 |
|
24 months |
2.60 |
2.70 |
Bank of China provides competitive fixed deposit rates, offering up to 3.30% p.a. for a 3-month tenure through mobile placements with a minimum deposit of S$500.
For over-the-counter transactions, customers can earn a maximum of 3.25% p.a. for the same tenure, requiring a minimum deposit of S$10,000. The bank updates its fixed deposit rates periodically, with the latest promotional rates effective from 29 April 2024.
Note:
Deposit Insurance Scheme: Under the Singapore Deposit Insurance Corporation, Singapore dollar deposits from non-bank depositors are legally insured up to S$100,000 per depositor, per Scheme member. It’s important to note that foreign currency deposits, dual currency investments, structured deposits, and other investment products do not qualify for insurance. For comprehensive details, please refer to www.sdic.org.sg.
Citibank
SGD Time Deposit Promotion
| Currency | New Funds Deposit Amount | 3 Months (p.a.) | 6 Months (p.a.) | 12 Months (p.a.) |
| SGD | S$50,000 to S$3 million | 2.50% | 2.50% | – |
SGD Time Deposit Investment Bundle Promotion
Exclusive SGD Time Deposit Investment Bundle Promotion is yours to enjoy.
| Currency | Investment Amount | Investment Sales Charge | 2-Months (p.a.) |
| SGD | S$50,000 and above | 1% and above | 5% |
For Citigold Private Client
| Currency | New Funds Deposit Amount | 3 Months (p.a.) | 6 Months (p.a.) |
| USD | US$50,000 toUS$3 million | 5.20% | – |
| SGD | S$10,000 to< S$250,000 | 3.10% | 3.00% |
| S$250,000 to S$3 million | 3.20% | 3.10% |
Citibank offers competitive fixed deposit rates, with premium clients like Citi Private Client and Citigold members enjoying up to 3.20% p.a. for deposits between S$250,000 and S$3 million over three months.
Other customers, including Citi Priority, can earn 2.50% p.a. on deposits starting from S$50,000 for up to six months, making Citibank an attractive option for diverse financial needs.
CIMB
|
CIMB Online SGD Fixed Deposit Rate (May 2024) |
||
|
Tenure |
Personal Banking Online Promo Interest Rate (%P.A.) S$10,000 And Above |
Preferred Banking Online Promo Interest Rate (%P.A.) S$10,000 And Above |
|
3 Months |
3.25 |
3.30 |
|
6 Months |
3.20 |
3.25 |
|
9 Months |
3.20 |
3.25 |
|
12 Months |
2.95 |
3.00 |
CIMB offers attractive fixed deposit rates up to 3.25% p.a. for personal banking customers with a minimum deposit of S$10,000 over a three-month tenure, available from 1 May to 31 May 2024.
CIMB Preferred banking clients, on the other hand, can enjoy an even higher rate of 3.30% p.a. for the same terms. The bank accepts a lower minimum initial deposit starting from S$1,000 for various tenures, making it accessible to a broad range of savers.
DBS/POSB
|
DBS/POSB Fixed Deposit Rates (May 2024) |
|
|
Tenure |
Interest Rate (%P.A.) S$1,000 – S$19,999 |
|
6 Months |
2.90 |
|
12 Months |
3.20 |
DBS offers a competitive fixed deposit rate of up to 3.20% p.a. for a 12-month tenure, with deposit amounts ranging from S$1,000 to S$19,999. Currently, DBS/POSB limits new fixed deposit placements to tenures of 12 months or less, ensuring new applicants can still access the highest available rates.
HSBC
|
HSBC Fixed Deposit Rates (May 2024) |
||
|
Tenure |
Placement Amount |
Promotional SGD Time Deposit |
|
3-month |
SGD200,000 to SGD10,000,000 |
3.20% p.a. |
|
3-month |
SGD30,000 to <SGD200,000 |
3.00% p.a. |
|
6-month |
SGD200,000 to SGD10,000,000 |
3.20% p.a. |
|
6-month |
SGD30,000 to <SGD200,000 |
3.00% p.a. |
|
12-month |
SGD200,000 to SGD10,000,000 |
2.95% p.a. |
|
12-month |
SGD30,000 to <SGD200,000 |
2.85% p.a. |
HSBC provides promotional fixed deposit rates of 3.20% p.a. for tenures of 3 or 6 months, with a substantial minimum deposit of S$200,000, valid through 31 May 2024.
These accounts feature flexible deposit periods, automatic renewal options, and start with a minimum of S$5,000 to open, offering a smart and convenient way to grow your savings.
Hong Leong Finance
|
Hong Leong Finance Fixed Deposit Rates (May 2024) |
|||
|
Deposit amount |
3 months |
4 months |
9 months |
|
S$20,000 and to below S$50,000 |
2.85% p.a. |
2.85% p.a. |
2.75% p.a. |
|
S$50,000 and above |
2.90% p.a. |
2.90% p.a. |
2.80% p.a. |
Hong Leong Finance offers enticing promotional rates, such as 2.90% p.a. for 3- and 4-month tenures on deposits of S$50,000 or more, as of 17 April 2024. These fixed deposits come with flexible tenure options ranging from 1 to 24 months and feature automatic renewal for added convenience.
The accounts are open to individuals and non-individuals, including businesses and associations, making it accessible to a wide range of savers.
Maybank
|
Deposit Bundle Promotion (Placement in Branch) (May 2024) |
|
|
Tenure |
Promotional Rate (p.a.) |
|
12-month |
3.30% |
|
15-month |
3.30% |
|
18-month |
2.75% |
|
24-month |
2.75% |
Here’s how the Deposit Bundle Promotion works:
- Deposit a minimum of S$2,000 into selected Maybank Current or Savings accounts for every S$1,000 deposited.
- Place S$10,000 into the Deposit Bundle Promotion, with a minimum requirement of S$20,000.
- Earn up to 3.30% p.a. on your deposits in the Deposit Bundle Promotion.
- The minimum deposit for this bundle is S$20,000, and it is available to individual, SME, and commercial banking customers.
Eligible Maybank accounts for this promotion include:
- Passbook Savings Account
- Privilege Plus Savings Account
- SaveUp Account
- PremierOne Account
- Current Account
- FlexiBiz Account
- PremierBiz Account
|
iSAVvy Time Deposit Promotion (Online Placement) (May 2024) |
|
|
Tenure |
Promotional Rate (p.a.) |
|
9-month |
2.50% |
|
12-month |
2.60% |
|
15-month |
2.60% |
|
18-month |
2.30% |
|
24-month |
2.30% |
Maybank’s iSAVvy Time Deposit Promotion provides a uniform interest rate of 2.60% p.a. for online and branch deposits, available for both 12-month and 15-month tenures with a minimum deposit of S$20,000.
This promotion offers a straightforward way for customers to grow their savings with competitive rates accessible through both digital and traditional banking channels.
|
SGD Time Deposit / Term Deposit-i Promotion (Placement in Branch) (May 2024) |
|
|
Tenure |
Promotional Rate (p.a.) |
|
9-month |
2.50% |
|
12-month |
2.60% |
|
15-month |
2.60% |
|
18-month |
2.30% |
|
24-month |
2.30% |
OCBC
|
OCBC SGD Time Deposit Rate (May 2024) |
|||
|
Tenure (months) |
Banking type |
Promotion interest rate a year |
Minimum placement amount |
|
6 |
Branch |
2.50% |
S$30,000 |
|
6 |
Online |
2.80% |
S$30,000 |
|
12 |
Online |
2.80% |
S$30,000 |
OCBC offers a competitive 2.50% p.a. fixed deposit rate for a 6-month tenure when applied for at a branch, with rates increasing to 2.80% p.a. for applications via Internet Banking, both requiring a minimum deposit of S$30,000.
Unique to OCBC, CPF fixed deposits offer rates up to 3.1% p.a. online and 2.7% p.a. in-branch. Financial advisers emphasize prudence, particularly with CPF funds, advising that investment decisions reflect one’s risk appetite and time horizon given the significant role these funds play in retirement planning.
|
CPF Time Deposit Rate |
||||
|
Tenure (months) |
Banking type |
Promotion interest rate a year |
Minimum placement amount |
Apply via |
|
6 |
Online |
2.80% |
S$30,000 |
OCBC Digital app (using CPF Ordinary Account Funds) |
|
12 |
Online |
2.80% |
S$30,000 |
OCBC Digital app (using CPF Ordinary Account Funds) |
RHB
|
RHB SGD Time Deposit Rate (May 2024) |
|||
|
Tenure |
Personal Banking |
Premier Banking |
Minimum Placement |
|
3-month |
3.25% |
3.30% |
20,000 |
|
6-month |
3.25% |
3.30% |
20,000 |
|
12-month |
3.25% |
3.30% |
20,000 |
RHB offers one of the highest fixed deposit rates in town, with Premier Banking customers enjoying a 3.30% p.a. rate for a 6-month tenure via online placements.
Personal banking clients can earn up to 3.25% p.a. for 3 or 6-month tenures, with a minimum deposit of S$20,000 required, accessible through the RHB Mobile SG app. Notably, RHB’s promotional rates are subject to change and come with the benefit of no premature penalty fees for SGD Fixed Deposits, ensuring flexibility alongside attractive returns.
Standard Chartered
|
Standard Chartered SGD Time Deposit Rate (May 2024) |
|||
|
TENURE |
PROMOTIONAL RATE |
PRIORITY BANKING PREFERENTIAL RATE |
PRIORITY PRIVATE BANKING PREFERENTIAL RATE |
|
6 months |
3.00% p.a. |
3.10% p.a. |
3.20% p.a. |
During the period from 1 May to 31 May 2024, Standard Chartered offers attractive promotional rates for Singapore Dollar Time Deposits starting with a minimum of S$25,000 in fresh funds.
Priority Private banking clients can enjoy the highest rate of 3.20% p.a. for a 6-month tenure, while Priority and personal banking customers can receive rates of 3.10% p.a. and 3.00% p.a., respectively.
Deposits must be placed via Standard Chartered Online Banking or through a Relationship Manager for Priority Private clients. Note that for tenures longer than nine months, only existing auto-rollover deposits are eligible.
UOB
|
UOB SGD Time Deposit Rate (May 2024) |
||
|
Tenure |
Deposit Amount (Fresh Funds) |
Promotional Interest rate (p.a.) |
|
6-month |
S$10,000 |
2.70% |
|
10-month |
S$10,000 |
2.60% |
UOB offers a promotional fixed deposit rate of up to 2.70% p.a. for a 6-month tenure, available from 2 to 31 May 2024, with a minimum deposit requirement of S$10,000.
Customers can quickly apply online via UOB Personal Internet Banking or the UOB TMRW App, enjoying flexible tenure options and the convenience of automatic renewal. This promotion ensures that your spare cash not only remains secure but also grows with competitive interest rates.
How To Choose the Best Fixed Deposit Account for You?
By now, you already have an idea of the pros and cons of fixed deposits (FDs). Plus, you already know the fixed promotional interest rates offered by major banks in Singapore. But before you open an FD account, consider these tips to choose the best one.
- Interest Rates: The higher the fixed interest rate, the greater your returns. Choose a bank that offers competitive rates.
- Deposit Tenures: Usually, longer terms yield higher interest rates. Select a term you’re comfortable with and aligns with your financial goals.
- Minimum Deposit Amounts: Opt for an account that requires an affordable minimum deposit. Some banks offer competitive rates with low initial deposits.
- Consider the Penalties: Understand the penalties for early withdrawal before committing.
- Choose a Reliable Bank: Opt for a reputable, experienced bank. Customer reviews can provide insights into their reliability.
FAQ
1. Which bank in Singapore has the best fixed deposit rate?
CIMB and Maybank offer attractive rates for longer tenures. CIMB has a 6-month rate up to 3.25% per annum for preferred banking customers, with a minimum deposit of S$10,000. Maybank provides a rate of 3.30% per annum for 12-month and 15-month tenures.
2. Which bank is offering the highest FD rates?
Based on the table above, CIMB offers the highest fixed deposit rates in Singapore for May 2024. They provide a rate of up to 3.30% per annum for preferred banking customers for a 3-month tenure. This rate is available through online placements during a promotional period from 1 May to 31 May 2024.
3. Is OCBC 360 a 4.08% fixed deposit?
No, OCBC 360 is not a fixed deposit; it is a high-yield savings account that offers varying interest rates based on specific account activity and conditions, not a flat 4.08% rate.
4. What is the OCBC fixed deposit rate?
OCBC offers a fixed deposit rate of up to 2.80% p.a. for internet banking placements over a 6-month tenure.
Conclusion
In exploring fixed deposit rates across Singaporean banks for May 2024, it’s clear that fixed deposits offer stability and predictable returns, with CIMB and Maybank providing the highest rates up to 3.30% p.a. Choosing between fixed deposits and alternatives like high-yield accounts or treasury bills should align with personal financial goals, risk tolerance, and liquidity needs.
Key Takeaways:
- CIMB and Maybank are leading with some of the highest fixed deposit rates available in Singapore as of May 2024, offering up to 3.30% p.a. for specific tenures and conditions.
- Treasury Bills and Cash Management Accounts provide alternatives to fixed deposits, offering higher potential returns but with increased market risk and no capital guarantees.
- Fixed deposits have varying minimum investment requirements across banks, ranging from S$1,000 to over S$10,000, making accessibility a key consideration for potential investors.
Searching for the best loan package for your needs? Quickly and easily compare loan plans at a touch of a button with Loan Advisor. A reliable loan comparison platform, Loan Advisor will curate the lowest interest rates and flexible repayment terms from the top licensed money lenders in Singapore. Request up to three loan quotes today!
