facebookBest Fixed Deposit Rates Singapore (Jun 2024): UOB, OCBC, DBS, Maybank & More

3523

shares

Best Fixed Deposit Rate Singapore (Jun 2024)_ UOB, OCBC, DBS, Maybank & More

Best Fixed Deposit Rates Singapore (Jun 2024): UOB, OCBC, DBS, Maybank & More

profileJoel Koh

There are a lot of places to park your money. And sometimes, you just have a considerable amount of cash lying around that you don’t really wanna risk.

Source: SpongeBob SquarePants | Giphy

Enter fixed deposits (or time deposits), an extremely low-risk way to grow your money without losing your capital. It is where you can leave your money, forget about it, and return later to collect the interest. Every bank offers different interest rates, which typically vary according to the minimum deposit amount and agreed-upon tenure.

So, which bank offers the best fixed deposit rates in Singapore? Let’s find out!


TL;DR: Best Fixed Deposit Rates Singapore (Jun 2024)

  • Best 3-month fixed deposit rate: 3.50% p.a. by Bank of China with a minimum deposit of $500
  • Best 6-month fixed deposit rate: 2.90% – 3.10% p.a. by Standard Chartered with a minimum deposit of $25,000
  • Best 12-month fixed deposit rate: 3.30% p.a. by Maybank with a minimum deposit of $20,000

The best rates above are for minimum investment amounts below $50,000 and for new-to-bank customers without fulfilling special criteria, i.e. priority/preferred banking.

BanksPromotional Interest Rate (p.a.)Tenure (Months)Promotion's Minimum/
Qualifying Amount (SGD)
Valid Till
Bank of China Fixed Deposit RatesMobile Banking: 3.50%

Over the Counter: 3.40%
3 months$10,000 and above (Over Counter)

$500 and above (Via Mobile Banking*)
Further notice
ICBC Fixed Deposit RatesE-banking: 3.40%

Over Counter: 3.35%
3 monthsE-banking: $500

Over Counter: $20,000
Further notice
CIMB Fixed Deposit RatesPreferred Banking:
3.30%

Personal Banking:
3.25%
3 months$10,000Further notice
RHB Fixed Deposit RatesPremier Customers: 3.30%

Personal Customers: 3.25%
3 months$20,000Further notice
Maybank Fixed Deposit Rates3.30%*12, 15 months$20,000
(Fresh funds)
Further notice
DBS/POSB Fixed Deposit Rates3.20%12 - 60 months$1,000Further notice
HSBC Fixed Deposit Rates3.20%3 months$30,000
(Fresh funds)
30 Jun 2024
Sing Investments & Finance Limited (SIF) Fixed Deposit Rates3.10%12 months$10,000
(Fresh funds)
Further notice
Standard Chartered Fixed Deposit RatesPriority Private Banking:
3.10%

Priority Banking:
3.00%

Promotional Rate:
2.90%
6 months$25,000
(Fresh funds)
30 Jun 2024
Hong Leong Finance Fixed Deposit Rates2.85%3 months$20,000Further notice
OCBC Fixed Deposit Rates2.80% (Online)8 months$30,000
(Fresh funds)
Further notice
UOB Fixed Deposit Rates2.70%6 months$10,000
(Fresh funds)
30 Jun 2024
Citi Fixed Deposit RatesExisting/New Customer: 2.50%3 months$50,000
(Fresh funds)
30 Jun 2024

*For every $1,000 deposited into Maybank Current or Savings Accounts (min. $2,000), you can deposit $10,000 into the Deposit Bundle Promotion ($20,000).

Jump To:

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their due diligence and consider their financial goals before investing in any investment product. Information is accurate as of 4 Jun 2024.


What is a Fixed Deposit Account?

Fixed deposits, also known as time deposit accounts, guarantee an interest rate on money deposited over a specified period.

Advantages of Fixed Deposit

Fixed deposits are popular among some Singaporeans due to a few reasons:

  • Virtually risk-free: Up to $100,000 of the amount is insured by Singapore Deposit Insurance Corporation (SDIC)
  • Guaranteed returns: By locking up an amount of money, it helps a particular group of people save better
  • Tax-free interest: The interest you earn from your fixed deposit sum is exempted from tax in Singapore
  • High liquidity: Despite what many seem to think, you may withdraw your money from fixed deposits at any time but incur early withdrawal fees.

Disadvantages of Fixed Deposit

For the additional interest rate, parking your money into a fixed deposit has its cons, too:

  • Less flexibility: You’ll give up the liquidity of your savings for a fixed amount of time to get the interest
  • Early withdrawal fees: Withdrawing your money before the deposit reaches its maturity date will mean receiving less interest
  • Minimum deposit amount required: Fixed deposit usually requires a minimum of between $1,000 and $5,000.

How Do Fixed Deposit Rates Compare to Other Investment Options?

Fixed Deposit vs. Singapore Savings Bonds (SSB)

When comparing Fixed Deposits to Singapore Savings Bonds, the key difference lies in the issuer.

Banks offer Fixed Deposits, where you deposit a sum for a fixed period at a fixed interest rate. On the other hand, Singapore Savings Bonds (SSBs) are issued by the Singapore government and offer a flexible, potentially higher-return investment option.

While fixed deposits provide a guaranteed return, Singapore Savings Bonds offer a step-up interest rate that may increase over time, making them attractive for long-term investors seeking security and growth potential.

Your choice between the two will depend on your investment goals, risk tolerance, and time horizon.

Fixed Deposit vs. Saving Accounts

When it comes to savings accounts, you have to jump through some hoops to set up your account, credit your salary, etc., but for some accounts, it may be worth it.

Fixed Deposit vs. Treasury Bills (T-Bills)

If you’re thinking about other low-risk investment options with the flexibility of withdrawal in the short term. But note that for SSBs and T-bills, you might not get the full amount you want to be allocated.

Apart from those mentioned above, there are these low-risk alternatives you can consider such as insurance savings plans and cash management accounts.

Fixed Deposit vs. Foreign Currency Fixed Deposit

Foreign Currency Fixed Deposits such as the USD Fixed Deposit work similarly but involve depositing funds in a foreign currency and it is subjected to exchange rate fluctuations.

While Fixed Deposits offer stability in the local currency, Foreign Currency Fixed Deposits expose you to potential gains or losses due to currency exchange rate movements.

Fixed Deposit vs. Guaranteed Cash Management Portfolios

Guaranteed cash management portfolios, such as Syfe Cash+ Guaranteed and StashAway Simple Guaranteed, are investment products that invest your funds in fixed deposits at partner banks.

When you invest in them, you will be locking up your cash for a fixed period and enjoying a guaranteed fixed rate of return.

But wait, how is this different from directly investing in a fixed deposit? Here’s a table to explain the key differences:

Investment Product"Guaranteed" Cash Management PortfolioFixed Deposits
Tenure/Term3 - 6 monthsUp to 24 months
LiquidityNone (withdrawal only at end of term)High (but with fees)
Minimum Investment AmountNone or as low as $1Typically $5,000 and above depending on bank
InsuranceNo SDIC coverage on an individual level.

Up to $75k SDIC coverage applies to the bank account(s) used by the company.
Insured by SDIC up to $75k on an individual basis

One key difference I would like to highlight is that there is absolutely ZERO liquidity when investing in these guaranteed cash management portfolios.

This means you can neither withdraw nor top up your invested funds until the term ends. So ensure you don’t need that money for the specified period.

 Syfe Cash+ Guaranteed StashAway Simple Guaranteed
Returns (p.a.) (lock-in period)3 months: 3.75%
6 months: 3.75%
12 months: 3.50%
1 month: 3.50%
3 months: 3.75%
6 months: 3.60%
12 months: 3.50%
Minimum Investment AmountNone$1
FundingCashCash/SRS
FeesNone
LiquidityNone (Withdrawal only at end of term)
InsuranceNo SDIC coverage on an individual level.

Up to $100,000 SDIC coverage applies to the bank account(s) used by the company.
Underlying InvestmentsFixed deposits with a bank

Regardless of your option and how promising a certain investment may sound…

Always, ALWAYS, do your own due diligence when you’re investing.

Back to Top

How to Choose the Right Fixed Deposit?

  • Minimum Amount: There is always a minimum deposit you have to make, so ensure you have set aside emergency funds first before putting them into fixed deposits
  • Promotional Interests: More often than not, there is a promotion every month, and you can look forward to higher interest rates and sometimes cash rewards or cashback
  • Tenures: Choosing the right tenure for your fixed deposit is crucial. Remember, longer doesn’t always mean better. With fixed deposit options ranging from months to years, selecting a tenure that aligns with your financial goals and liquidity requirements is important.

Read more:


What are The Best Fixed Deposit Rates Offered in Singapore?

With that in mind, here are the best fixed deposit rates in Singapore.

Bank of China Fixed Deposit Rate (June 2024)

TenureAmount (SGD)Over the Counter Placement
Interest Rates (p.a.)
Via Mobile Banking Placement*
Interest Rates (p.a.)
Promotional Validity
1 month$10,000 and above (Over the Counter)

$500 and above (Via Mobile Banking*)
2.90%3.00%Till further notice
2 months3.20%3.30%
3 months3.40%3.50%
4 months3.25%3.35%
5 months3.20%3.30%
6 months3.20%3.30%
7 months3.05%3.15%
8 months3.05%3.15%
9 months3.00%3.05%
10 months3.00%3.05%
11 months3.00%3.05%
12 months3.00%3.05%
18 months2.60%2.70%
24 months2.50%2.60%

*This promotional rate is only applicable to personal banking customers with placement via BOC Mobile Banking.

Bank of China Fixed Deposit Terms & Conditions:

  • The rates are indicative and applicable to personal customers only
  • Rates used at the point of transaction may differ.

Back to Top

CIMB Fixed Deposit Rates (June 2024)

TenurePersonal Banking
Online Promo Rate (% p.a.) - $10,000 & Above
Preferred Banking
Online Promo Rate (% p.a.) - $10,000 & Above
Promotion Validity
3 months3.25%3.30%Further notice
6 months3.20%3.25%
9 months3.25%3.30%
12 months2.95%3.00%

CIMB Fixed Deposit Terms & Conditions

  • A minimum placement of S$5,000 is required for a tenure of 1 or 2 months. Other tenures require $1,000 minimally.
  • Rates are subject to change without prior notice.

Back to Top

Citi Fixed Deposit Rates (June 2024)

TypeDeposit Amount
(Fresh Funds)
TenorInterest Rate (% p.a.)Promotion Validity
New-To-Bank and existing with Citi Priority, Citibanking or Citi Plus relationship$50,000 to $3,000,0003 months2.50%30 Jun 2024
6 months2.50%
New-To-Bank and existing clients with Citigold*$10,000 to $250,0003 months3.10%
$250,000 to $3,000,0003.20%
$10,000 to $250,0006 months2.90%
$250,000 to $3,000,0003.00%
New-To-Bank and existing clients with Citigold Private Client*$10,000 to $250,0003 months3.20%
$250,000 to $3,000,0003.30%
$10,000 to $250,0006 months3.00%
$250,000 to $3,000,0003.10%

*The promotion is only applicable to all customers who have a qualified banking relationship of Citigold Private Client (AUM of ≥ S$1,500,000) or a Citigold (AUM of ≥ S$250,000) during the promotion period

Citi Fixed Deposit Terms & Conditions

  • Citi also offers time deposits with a minimum deposit of $50,000 and tenures ranging from one week to 48 months.

Back to Top

DBS/POSB Fixed Deposit Rates (June 2024)

Next up, we have Singapore’s biggest bank.

TenureInterest Rate (% p.a.)
$1,000 - $19,999
Interest Rate (% p.a.)
$20,000 - $999,999
1 month0.30%0.05%
2 months0.50%
3 months1.00%
4 months1.85%
5 months2.35%
6 months2.90%
7 months2.95%
8 months3.00%
9 months3.10%
10 months3.15%
11 months3.15%
12 months3.20%
18 months3.20%
24 months3.20%
36 months3.20%
48 months3.20%
60 months3.20%

Note that DBS only accepts new placements for tenures 12 months and below. Interest rates for tenures of 18 months and above are applicable only to the rollover of existing placements at the same tenure.

DBS Fixed Deposit Terms & Conditions

  • Interest rates are indicative. Rates apply to individual accounts only
  • Rates quoted are in % p.a. and are subject to change without prior notice
  • From 21 May 20, interest rates for new placements and renewals in an SGD FD Account will be computed based on the total SGD FD balances instead of each placement and/or renewal.

Back to Top

Hong Leong Fixed Deposit Rates (June 2024)

Deposit Amount (SGD)$20,000 to ≤ $49,999$50,000 and abovePromotion Validity
3-month2.85%2.90%
4-month2.85%2.90%
9-month2.75%2.80%
10-month2.75%2.80%

Terms & Conditions:

  • The Fixed Deposit Promotion is applicable for individual accounts only and applicable to both new placement and renewal
  • Upon maturity, this Fixed Deposit will be auto-renewed at the prevailing Board/Special Rate whichever is applicable
  • For premature withdrawal, a $50 fee applies, and 0.10% p.a. interest is payable for the completed quarter(s)
  • Promotional interest rates are subject to change without prior notice. Other terms & conditions apply

Hong Leong Fixed Deposit Terms & Conditions

  • For sums of $1 million and higher, please enquire at our branches for rates
  • For Non-Individual Accounts, please enquire at our branches for rates
  • Rates are only indicative and subject to change at any time without prior notice
  • Overdue Fixed Deposit (3 to 36 months) will be paid on the then prevailing Board Rate for completed quarter(s) or cycle(s)
  • Short-Term Monthly Deposits (1 & 2 months) – Overdue Fixed Deposit will be paid on the then prevailing Board Rate for each successive cycle (original tenure).

Back to Top

HSBC Fixed Deposit Rates (June 2024)

TenurePlacement AmountPromotional SGD Time DepositPromotion Validity
3-month$30,000 to $10,000,0003.20% p.a.
6-month$30,000 to $10,000,0003.20% p.a.
12-month$30,000 to $10,000,0002.95% p.a.

The minimum fresh fund placement amount for the HSBC SGD Time Deposit Promotion is $30,000.

For placement amounts greater than $1,200,000, please contact either HSBC or your Relationship Manager.

HSBC Fixed Deposit Terms & Conditions

  • Rates are subject to change without notice
  • The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of the HSBC Premier Account Package.

Back to Top

ICBC Fixed Deposit Rates (June 2024)

TenureOver the Counter
Promotion Rates
(Min. $20,000 & Above)
Via E-Banking
Promotion Rates
(Min. $500 & Above)
Valid Till
1 month2.85% 2.90%
Further notice
3 months3.35%3.40%
6 months3.10%3.15%
9 months3.00%3.05%
12 months3.00%3.05%

Terms & Conditions:

  • Rates are subject to change without prior notice, and promotion is valid until further notice
  • There is no penalty for pre-matured withdrawal of fixed deposit; you will get paid based on the prevailing current account interest rate
  • “Fresh Funds” refers to funds that do not originate from any existing accounts you have with ICBC. For example, any transfer of funds between ICBC account(s) would not be considered fresh funds.
  • The minimum deposit amount over the counter is $20,000, and the minimum deposit amount via E-banking is $500

Also, the following applies to the maturity of the FD with auto-renewal instructions provided via electronic banking (ICBC Internet Banking or Mobile Banking) (“E-banking”):

For FD placed before 28th April 2020

1. Tenure of 1 month, 3 months, 6 months, or 9 months:
FD will enjoy the prevailing Over-the-Counter Promotion Rate upon maturity of FD. For example, if you place 3 months FD on 5th February 2020, the prevailing Over-the-Counter Promotion Rate will automatically apply on renewal.

2. Tenure of 12 months:
FD will enjoy the prevailing E-banking Promotion Rate upon maturity of FD.

ICBC Fixed Deposit Terms & Conditions

  • Minimum deposit of $500
  • No penalty for pre-matured withdrawal of a fixed deposit, you will get paid based on the prevailing current account interest rate
  • ‘Fresh Funds” refers to funds that do not originate from any existing accounts you have with us. For example, any transfer of funds between ICBC account(s) would not be considered fresh funds.

Back to Top

Maybank Fixed Deposit Rates (June 2024)

 Minimum Placement AmountTenureInterest Rate (p.a.)Valid Till
Deposit Bundle Promotion (Placement in Branch)

Available to Individual, SME and Commercial Banking customers
$20,000 and above12 months3.30%*Further notice
15 months3.30%
18 months2.75%
24 months2.75%
iSAVvy Time Deposit Promotion (Online Placement)

Available to Individual Banking customers
$20,000 and above9 months2.50%
12 months2.60%
15 months2.60%
18 months2.30%
24 months2.30%
SGD Time Deposit / Term Deposit-i Promotion (Placement in Branch)$20,000 and above9 months2.50%
12 months2.60%
15 months2.60%
18 months2.30%
24 months2.30%

Terms and Conditions:

  •  *Deposit Bundle Promotion (Placement in Branch)
    • For every $1,000 deposited into Maybank Current or Savings Accounts (min. $2,000), you can deposit $10,000 into the Deposit Bundle Promotion ($20,000)
    • Available to Individual, SME, and Commercial Banking customers
    • Minimum placement: $20,000
  • SGD Time Deposit/Term Deposit-i promotion:
    • Available to Individual, SME, and Commercial Banking customers
    • Minimum placement: $20,000
  • iSAVvy Time Deposit promotion:
    • Available to Individual Banking customers
    • Minimum placement: $25,000

Maybank Fixed Deposit Terms & Conditions

  • Minimum age 16 years old
  • To qualify for promotional interest/profit rates, the placement of Singapore Dollar Time Deposit/Term
    Deposit-i (“Time Deposit”) has to meet a minimum amount of $10,000
  • Promotion is valid until further notice, and rates are subject to change without prior notice.

Back to Top

OCBC Fixed Deposit Rates (June 2024)

TypeMinimum Deposit (SGD)TenureInterest Rate (p.a.)
SGD Time Deposit Rate$30,000 (Branch)6, 8, 12 months2.30%
$30,000 (Online)6, 12 months2.60%
$30,000 (Online)8 months2.80%
CPF Time Deposit Rate$30,000 (Online)12 months2.80%

*Fresh funds refer to funds not transferred or withdrawn from existing OCBC Bank deposit accounts and re-deposited and do not include funds in the form of OCBC Bank cheque/cashier’s order/demand drafts

Promotion Terms & Conditions

  • The minimum placement amount for the above SGD promotion is $30,000.
  • This promotion is not available for placements via Supplementary Retirement Scheme (SRS) funds
  • The maximum placement amount for all the above Time Deposit promotions is $999,999 or equivalent. For deposits above $1 million

Back to Top

RHB Fixed Deposit Rates (June 2024)

 

Deposit AmountTenurePersonal Customers
Interest Rate (p.a.)
Premier Customers / Online Promo Rates (p.a.)Valid Till
$20,000 and above3 months3.25%3.30%Further notice
6 months3.25%3.30%
12 months3.25%3.30%

Promotional rates are subject to change without prior notice. Terms and conditions apply. To enjoy the promotional rate, you will need a deposit amount of at least $20,000.

Back to Top

SIF Fixed Deposit Rates (June 2024)

Next up, we have Sing Investments & Finance Limited (SIF): a lender and financier that was incorporated in Singapore on 13 November 1964 and was listed on the Singapore Stock Exchange since July 1983.

FYI: SIF has an Exempt Capital Markets Services Entity that has a license to deal in capital markets products (securities), product financing, and provision of custodial services from the Monetary Authority of Singapore (MAS).

Here are its Fixed Deposit promotions:

Daily Special Fixed Deposit Rates (Online Placement)3 months6 months12 months
$1,0002.95%2.95%2.95%
$10,0003.00%3.05%3.10%
Daily Special Fixed Deposit Rates (Over the counter)
$10,0003.00%3.00%3.05%

*Applicable to personal accounts & fresh funds only. Note that rates are subject to change without prior notice. Terms and conditions apply.

Back to Top

Standard Chartered Fixed Deposit Rates (June 2024)

Deposit Amount (SGD)TenurePromotional Interest Rate (p.a.)Priority Banking Preferential Interest Rate (p.a.)Priority Private Banking Preferential Interest Rate (p.a.)Promotion Validity
$25,000 and above6 months2.90%3.00%3.10%30 Jun 2024

Note:

  • *For Standard Chartered’s Fresh Funds promotions, you need to place a minimum of $25,000 in fresh funds
    • Fresh funds refer to funds not originating from any existing account with Standard Chartered Bank (Singapore) Limited (the “Bank”) and funds that are not withdrawn and re-deposited within the last 30 days of opening your Time Deposit
  • The promotional interest rates are only applicable if the Time Deposit is held until the maturity of the tenure.

Back to Top

UOB Fixed Deposit Rates (June 2024)

Minimum Deposit Amount (Fresh Funds)TenureInterest Rate (p.a.)Promotion Validity
$10,000 and above6 months
2.70%30 Jun 2024
$10,000 and above10 months2.60%

Those with a fixed deposit account with UOB must commit to at least a 6-month tenure and deposit at least $10,000 in fresh funds to enjoy the promotional interest rate.

UOB Fixed Deposit Terms & Conditions

  • You must be at least 15 years old
  • Minimum placement of $5,000 for tenures of one month and above
  • Minimum placement of $250,000 for tenures of between seven days and 14 days
  • Minimum placement of $1,000,000 for tenures of fewer than seven days

Back to Top


Don’t be shy to ask our friendly Seedly Community for their opinions when in doubt, or hop over to our product review page to read personal experiences!

Related Articles:

profile
About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.
You can contribute your thoughts like Joel Koh here.

🔥 What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles

Stay updated with the latest finance tips!

Receive bite-sized finance on Telegram here.
💬 Comments (0)
What are your thoughts?

No comments yet.
Be the first to share your thoughts!

🔥 What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles

Join our Community!

Discuss your thoughts with like-minded members in these community groups!

Stay updated with the latest finance tips!

Receive bite-sized finance on Telegram here.