Best Fixed Deposit Rates Singapore (Oct 2023): UOB, OCBC, DBS, Maybank & More
Joel Kohā
There are a lot of places to park your money.
And sometimes, you just have a considerable amount of money lying around that you don’t really wanna risk investing.
So what’s the safest option for those with low-risk appetites?
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 come back later to collect the interest.
Every bank offers different interest rates, which typically vary according to the minimum deposit amount and agreed-uponĀ tenor.
So, which bank offers the best fixed deposit rates in Singapore?
TL;DR: Best Fixed Deposit Rates Singapore (Sep 2023)
| Banks | Tenor (Months) | Promotion's Minimum/ Qualifying Amount (SGD) | Promotional Interest Rate (p.a.) | Valid Till |
|---|---|---|---|---|
| Maybank | 12 months | $20,000 and above (Fresh funds) | 3.65%* | Further notice |
| RHB | 6 months | $20,000 | Premier Customers: 3.68% Personal Customers: 3.60% | Further notice |
| CIMB SGD Exclusive Online Fixed Deposit | 9 months | $10,000 | Preferred Banking: 3.45% Personal Banking: 3.40% | 31 Oct 2023 |
| Bank of China (Mobile Banking) | 3 months | $5,000 | 3.40% | Further notice |
| ICBC | 3 months | $500 | E-banking: 3.30% Counter: 3.25% | Further notice |
| Citibank SGD Time Deposit Promotion | 3 months | $50,000 - $3,000,000 (Fresh funds) | 3.20% | 31 Oct 2023 |
| DBS | 12 months | $1,000 | 3.20% | Further notice |
| Sing Investments & Finance Limited (SIF) Daily Special Fixed Deposit | 12 months | $20,000 (Fresh funds) | 3.10% | Further notice |
| Standard Chartered (Online) | 6 months | $25,000 (Fresh funds) | Priority Private Banking: 3.20% Priority Banking: 3.10% Promotional Rate: 3.00% | 31 Oct 2023 |
| HSBC | 4 months | $30,000 | 3.00% | 31 Oct 2023 |
| Hong Leong Finance | 8 months | $20,000 | 2.95% | Further notice |
| UOB | 6 months | $10,000 (Fresh funds) | 2.70% | 31 Oct 2023 |
| OCBC | 6 months | $30,000 (Fresh funds) | 2.70% | Further notice |
*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:
- What is a Fixed Deposit Account?
- BOC Fixed Deposit Rates
- CIMB Fixed Deposit Rates
- Citibank Fixed Deposit Rates
- DBS Fixed Deposit Rates
- Hong Leong Fixed Deposit Rates
- HSBC Fixed Deposit Rates
- ICBC Fixed Deposit Rates
- Maybank Fixed Deposit Rates
- OCBC Fixed Deposit Rates
- RHB Fixed Deposit Rates
- SIF Fixed Deposit Rates
- Standard Chartered Fixed Deposit Rates
- UOB Fixed Deposit Rates
- StashAway Simple Guaranteed “Fixed Deposit”
- Syfe Cash+ Guaranteed
A few things to note about Fixed Deposit Rates:
- Fixed deposit interest rates listed here are mostly promotional interest rates that change monthly, and some might not even have a specific expiry date
- These rates are also often packaged as “welcome offers” for new customers to the bank, although some banks like RHB offer better rates for existing customers who are renewing their fixed deposits
- Most of the time, the higher fixed deposit interest rates are only for a bank’s premium customers
- Or if you have a considerable amount of money, usually $20,000 and above, to commit
- But, some of the promotions require you to deposit fresh funds/new funds,Ā which refer to funds that do not originate from any existing accounts you have with the bank.
For example, any transfer of funds between ICBC account(s) would not be considered fresh funds - Higher fixed deposit interest rates are also available for foreign currencies (like USD) – you can consider this alternative if you, for some reason, have vast sums of foreign currency just lying around
- But do note that foreign currency deposits, dual currency investments, structured deposits, and other investment products are not insured.
Fixed Deposit Promotion 2023
In this article, we listed both promotional and regular non-promotional board rates and compared them to find the best deal for you.
Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. āReaders should always do their own due diligence and consider their financial goals before investing in any investment product. Information is accurate as of 2 Oct 2023.
Singapore Bank Interest Rate? Fixed Deposit Account Explained
Fixed deposits – also known as time deposit accounts – are financial instruments provided by banks that offer a higher interest rate than a regular savings account. The money, however, must stay in the account for a fixed period of time.
Advantages of Fixed Deposit
Fixed deposits are popular among some Singaporeans due to a few reasons:
- Investors technically need not do anything except give up their liquidity for the additional interest rate
- Virtually risk-free: Up to $75,000 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.
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 amount of anywhere betweenĀ $1,000 and $5,000.
Why Even Consider Fixed Deposits?
I know what you’re thinking.
You have high-interest savings accounts (e.g., DBS/POSB Multiplier and OCBC 360) that you’re using for salary transactions, and a fixed deposit account with board interest rates of a similar level to a savings account might not make a difference.
Singapore Bank Interest Rate Increase
But, it could be a good time now to consider this because banks in Singapore have launched a series of fixed deposit promotions due to higher interest rates.
With better interest rates, should we start looking at fixed deposits?
In general, fixed deposits are:
- A low-risk investment
- Virtually risk-free and give guaranteed returns
- Fuss-free (no need to deposit fresh funds or buy insurance and investment products)
- Can be a low-risk component of your investment portfolio
- Pay you a fixed rate of interest (it doesn’t change once you’re locked in)
- Pay an interest rate higher than a regular savings account (0.05% per annum).
Also… contrary to what many people think.
Fixed deposits are actually liquid.
Once you put your money in, you can withdraw your money anytime.
HOWEVER, there’s a catch.
Fixed deposits require a fixed commitment period, and hence, there may be early withdrawal clauses that require you to pay a certain administrative fee.
You might get paid less interest or lose it altogether if you withdraw your money before maturity.
So, before you decide to squirrel money away in a fixed deposit account, make sure that you can afford to put it aside for the stipulated amount of time and be cautious of the early withdrawal clauses you are signing off on.
Read more:
- When Should You Choose Fixed Deposits over Singapore Savings Bonds (SSB)?
- Investment Products Backed By The Singapore Government: SSB vs SGS Bond vs Treasury Bills
Which Bank Has Highest Fixed Deposit Interest in Singapore? Which Bank FD Rate Is High in 2023?
With that in mind, here are the best fixed deposits in Singapore.
BOC Fixed Deposit Promotion Rates (Oct 2023)
| Tenor | Amount (SGD) | Over the Counter Placement Interest Rates (p.a.) | Via Mobile Banking Placement* Interest Rates (p.a.) | Promotion Validity |
|---|---|---|---|---|
| 1 month | $5,000 and above | 2.95% | 3.00% | Valid until further notice |
| 3 months | 3.35% | 3.40% | ||
| 6 months | 3.25% | 3.30% | ||
| 9 months | 3.10% | 3.20% | ||
| 12 months | 3.10% | 3.20% | ||
| 18 months | 2.95% | 3.00% | ||
| 24 months | 2.75% | 2.80% |
*This promotional rate is only applicable to personal banking customers with placement via BOC Mobile Banking.
BOC Board Rates (Oct 2023)
| Deposit Amount (SGD) | Interest Rate (% p.a.) | |||||||
|---|---|---|---|---|---|---|---|---|
| Tenor | 1 month | 3 months | 6 months | 9 months | 12 months | 18 months | 24 months | 36 months |
| Below $20,000 | 0.90% | 1.00% | 1.30% | 1.50% | 1.70% | 1.80% | 1.80% | 1.80% |
| $20,000 to below $50,000 | ||||||||
| $50,000 to below $100,000 | ||||||||
| $100,000 to below $300,000 | ||||||||
| $300,000 to below $500,000 | ||||||||
| $500,000 and above | 0.95% | 1.05% | 1.35% | 1.55% | 1.75% | 1.85% | 1.85% | 1.85% |
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.
CIMB Fixed Deposit Promotion Rates (OctĀ 2023)
| Tenor (Months) | Personal Banking Online Promo Rate (% p.a.) $10,000 & Above | Preferred Banking Online Promo Rate (% p.a.) $10,000 & Above | Promotion Validity |
|---|---|---|---|
| 6 months | 3.40% | 3.45% | 31 Oct 2023 |
| 9 months | 3.35% | 3.40% | |
| 12 months | 3.15% | 3.20% |
CIMB Board Rates (Oct 2023)
| Tenor | Board Rates (% p.a.) $1,000 - $99,999 | Board Rates (% p.a.) $100,000 & Above | Minimum Initial Deposit Amount |
|---|---|---|---|
| 1 month | 0.20% | 0.20% | $5,000 |
| 2 months | 0.25% | 0.30% | |
| 3 months | 0.30% | 0.35% | $1,000 |
| 6 months | 0.30% | 0.35% | |
| 9 months | 0.30% | 0.35% | |
| 12 months | 0.30% | 0.35% | |
| 18 months | 0.30% | 0.35% | |
| 24 months | 0.30% | 0.35% |
CIMB Fixed Deposit Terms & Conditions
Citibank Fixed Deposit Promotion Rates (Oct 2023)
| Type | Deposit Amount (Fresh Funds) | Tenor | Interest Rate (% p.a.) | Promotion Validity |
|---|---|---|---|---|
| New-To-Bank and existing with Citi Priority, Citibanking or Citi Plus relationship | $50,000 to $3,000,000 | 3 months | 3.20% | 31 Oct 2023 |
| 6 months | 2.80% | |||
| New-To-Bank and existing clients with Citigold | $10,000 to $250,000 | 3 months | 3.30% | |
| 6 months | 2.90% | |||
| $250,000 to $3,000,000 | 3 months | 3.40%* | ||
| 6 months | 3.00%* | |||
| New-To-Bank and existing clients with Citigold Private Client | $10,000 to $250,000 | 3 months | 3.30% | |
| 6 months | 2.90% | |||
| New-To-Bank and existing clients with Citigold Private Client | $250,000 to $3,000,000 | 3 months | 3.50%** | |
| 6 months | 3.10%** |
*The promotion is only applicable to all customers who have a qualified banking relationship of Citigold (AUM of ā„ $250,000) during the promotion period
**The promotion is only applicable to all customers who have a qualified banking relationship of Citigold Private Client (AUM of ā„ S$1,500,000) during the promotion period
Citibank Board Rates (Oct 2023)
| Deposit Amount (SGD) | Tenor | Interest Rate (% p.a.) |
|---|---|---|
| $10,000 - $3,000,000 | 1 week | 0.05% |
| $10,000 - $3,000,000 | 2 weeks | 0.05% |
| $10,000 - $3,000,000 | 1 month | 0.05% |
| $10,000 - $3,000,000 | 2 - 3 months | 0.08% |
| $10,000 - $3,000,000 | 6 - 36 months | 0.10% |
Citibank Fixed Deposit Terms & Conditions
- Citibank also offers time deposits with a minimum deposit amount of $10,000, with a tenor from one week to 48 months.
DBS Fixed Deposit Promotion Rates (Oct 2023)
Next up, we have Singapore’s biggest bank. But unfortunately, DBS is not running any Fixed Deposit promotions at the moment.
DBS Board Rates (Oct 2023)
| Tenor (Months) | Interest Rate (% p.a.) $1,000 - $9,999 | Interest Rate (% p.a.) $10,000 - $19,999 | Interest Rate (% p.a.) $20,000 - $999,999 |
|---|---|---|---|
| 1 month | 0.30% | 0.30% | 0.05% |
| 2 months | 0.50% | ||
| 3 months | 1.00% | ||
| 4 months | 1.85% | ||
| 5 months | 2.35% | ||
| 6 months | 2.90% | ||
| 7 months | 2.95% | ||
| 8 months | 3.00% | ||
| 9 months | 3.10% | ||
| 10 months | 3.15% | ||
| 11 months | 3.15% | ||
| 12 months | 3.20% | ||
| 18 months | 3.20% | ||
| 24 months | 3.20% | ||
| 36 months | 3.20% | ||
| 48 months | 3.20% | ||
| 60 months | 3.20% | ||
Note that DBS only accepts new placements for tenors 12 months and below. Interest rates for tenors of 18 months and above are applicable only to the rollover of existing placements at the same tenor.
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.
Hong Leong Fixed Deposit Promotion Rates (Oct 2023)
| Deposit Amount (SGD) | 5-month | 8-month | Promotion Validity |
|---|---|---|---|
| $20,000 to $49,999 | 2.90% | 2.95% | Valid until further notice |
| $50,000 and above | 2.95% | 3.00% |
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 Board Rates (Oct 2023)
| Tenor | Interest Rate (p.a.) ā¤S$50,000 | Interest Rate (p.a.) >S$50,000 |
|---|---|---|
| 1 month | 0.05% | 0.15% |
| 2 months | ||
| 3 months | 0.10% | |
| 4 months | ||
| 5 months | ||
| 6 months | 0.15% | 0.20% |
| 7 months | 0.25% | |
| 8 months | ||
| 9 months | 0.20% | 0.30% |
| 10 months | ||
| 11 months | 0.25% | 0.35% |
| 12 months | ||
| 13 months | ||
| 15 months | 0.30% | 0.45% |
| 18 months | ||
| 21 months | ||
| 24 months | 0.50% | |
| 30 months | ||
| 36 months |
Minimum deposits for different tenors are:
- $500 for 3 to 36 months
- $10,000 for 1 to 2 months
- $100,000 for 1 week.
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 tenor).
HSBC Fixed Deposit Promotion Rates (Oct 2023)
| Tenure | Placement Amount | Promotional SGD Time Deposit |
|---|---|---|
| 3-month | SGD200,000 to SGD2,000,000 | 3.45% p.a. |
| 3-month | SGD30,000 to < SGD200,000 | 3.00% p.a. |
| 6-month | SGD200,000 to SGD2,000,000 | 3.45% p.a. |
| 6-month | SGD30,000 to < SGD200,000 | 3.00% p.a. |
The minimum fresh fundĀ 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 Board Rates (Oct 2023)
| Customer Type | Deposit Amount (SGD) | Tenor 1 Month (% p.a.) | Tenor 3 Month (% p.a.) | Tenor 6 Month (% p.a.) | Tenor 12 Month (% p.a.) | Tenor 24 Month (% p.a.) |
|---|---|---|---|---|---|---|
| HSBC Personal Banking | $5,000 & above | 0.05% | 0.05% | 0.10% | 0.15% | 3.00%* |
| HSBC Premier Banking | $5,000 & above | 0.05% | 0.05% | 0.10% | 0.15% | 3.00%* |
*For 24 Month SGD Time Deposit placement amount of $5,000 ā $49,999, each customer will be limited to one placement per banking relationship.
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.
ICBC Fixed Deposit Promotion Rates (Oct 2023)
| Tenor | Over the Counter Promotion Rates (Min. $20,000 & Above) | Via E-Banking Promotion Rates (Min. $500 & Above) | Valid Till |
|---|---|---|---|
| 1 month | 2.85% | 2.90% | Further notice |
| 3 months | 3.25% | 3.30% |
|
| 6 months | 3.15% | 3.20% | |
| 9 months | 3.15% | 3.20% |
|
| 12 months | 3.15% | 3.20% |
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
- āFresh Fundsā 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) (āE-bankingā):
For FD placed before 28th April 2020
1. Tenor 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. Tenor of 12 months:
FD will enjoy the prevailing E-banking Promotion Rate upon maturity of FD.
ICBC Board Rates (Oct 2023)
| Deposit Amount (SGD)/Tenor | 1 month | 3 months | 6 months | 9 months | 12 months |
|---|---|---|---|---|---|
| $500 - $5,000 (exclusive) | 2.85% | 3.25% | 3.15% | 3.15% | 3.15% |
| $5,000 - $200,000 (exclusive) | 2.85% | 3.25% | 3.15% | 3.15% | 3.15% |
| $200,000 & Above | 2.85% | 3.25% | 3.15% | 3.15% | 3.15% |
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 Fundsā 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.
Maybank Fixed Deposit Promotion Rates (Oct 2023)
| Minimum Placement Amount | Tenor (months) | Interest Rate (p.a.) | Valid Till | |
|---|---|---|---|---|
| Deposit Bundle Promotion (Placement in Branch) Available to Individual, SME and Commercial Banking customers | $20,000 and above | 12 months | 3.65%* | Further notice |
| 15 months | 3.65% | |||
| 18 months | 3.10% | |||
| 24 months | 3.10% | |||
| iSAVvy Time Deposit Promotion (Online Placement) Available to Individual Banking customers | $20,000 and above | 9 months | 2.80% | |
| 12 months | 2.90% | |||
| 15 months | 2.90% | |||
| 18 months | 2.60% | |||
| 24 months | 2.60% | |||
| SGD Time Deposit Promotion (Placement in Branch) | $20,000 and above | 9 months | 2.80% | |
| 12 months | 2.90% | |||
| 15 months | 2.90% | |||
| 18 months | 2.60% | |||
| 24 months | 2.60% |
Terms and Conditions:
- Ā *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-iĀ 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 Board Rates (Oct 2023)
| Singapore Dollar Time Deposit (p.a.) | ||||
|---|---|---|---|---|
| Month(s) | $1,000 - $50,000 | $50,001 - $99,999 | $100,000 - $249,999 | $250,000 - $999,999 |
| 1* month | 0.10% | 0.10% | 0.10% | 0.10% |
| 2 months | 0.10% | 0.10% | 0.10% | 0.10% |
| 3 months | 0.20% | 0.20% | 0.20% | 0.20% |
| 6 months | 0.25% | 0.25% | 0.25% | 0.25% |
| 9 months | 0.35% | 0.35% | 0.35% | 0.35% |
| 12 months | 0.35% | 0.35% | 0.35% | 0.35% |
| 18 months | 0.40% | 0.40% | 0.40% | 0.40% |
| 24 months | 0.50% | 0.50% | 0.50% | 0.50% |
| 36 months | 2.85% | 2.85% | 2.85% | 2.85% |
*Minimum deposit for 1 month is $10,000.
Maybank iSAVvy Fixed Deposit Rates (Oct 2023)
| iSAVvy Time Deposit | ||||
|---|---|---|---|---|
| Month(s) | $5,000 to $19,999 | $20,000 to $50,000 | $50,001 to $249,999 | $250,000 to $1,000,000 |
| 1 | 0.15% p.a. | 0.15% p.a. | 0.15% p.a. | 0.15% p.a. |
| 2 | 0.15% p.a. | 0.15% p.a. | 0.15% p.a. | 0.15% p.a. |
| 3 | 0.25% p.a. | 0.25% p.a. | 0.25% p.a. | 0.25% p.a. |
| 6 | 0.30% p.a. | 0.30% p.a. | 0.30% p.a. | 0.30% p.a. |
| 9 | 0.40% p.a. | 2.80% p.a. | ||
| 12 | - | 2.90% p.a. | ||
| 15 | 2.90% p.a. | |||
| 18 | 2.60% p.a. | |||
| 24 | 2.60% p.a. | |||
| 36 | 2.85% p.a. | |||
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 (āTime Depositā) has to meet a minimum amount of $10,000 - Promotion is valid until further notice, and rates are subject to change without prior notice.
OCBC Fixed Deposit Promotion Rates (Oct 2023)
| Minimum Deposit (SGD) | Tenor (Months) | Interest Rate (p.a.) |
|---|---|---|
| $30,000 | 6 | 2.70% |
*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/cashierās 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
OCBC Fixed Deposit Rates CPF OA
| Minimum placement | Tenor | Interest rate (p.a.) | Apply via |
| S$30,000 | 6 | 2.70% | Branch (using CPF Ordinary Account Funds) |
OCBC Board Rates (Oct 2023)
| Tenor Months | $5,000 - $20,000 | >$20,000 - $50,000 | >$50,000 - $99,999 | $100,000 - $249,999 | $250,000 - $499,999 | $500,000 - $999,999 |
|---|---|---|---|---|---|---|
| 1 - 2 | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| 3 - 5 | 0.10% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| 6 - 8 | 0.20% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| 9 | 0.30% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| 10-11 | 0.40% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| 12 | 0.50% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| 13 | 0.90% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| 14 | 1.40% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| 15 - 16 | 1.95% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| 18 | 2.30% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| 20 | 2.40% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| 24 | 2.50% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| 36 | 2.80% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| 48 | 3.00% | 0.20% | N.A | N.A | N.A | N.A |
RHB Fixed Deposit Promotion Rates (Oct 2023)
| Deposit Amount | Tenor (Months) | Personal Customers Interest Rate (p.a.) | Premier Customers / Online Promo Rates (p.a.) | Valid Till |
|---|---|---|---|---|
| $20,000 and above | 3 months | 3.00% | 3.10% | Further notice |
| 6 months | 3.60% | 3.68% | ||
| 12 months | 3.60% | 3.68% |
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.
RHB Board Rates (Oct 2023)
| RHB SGD Deposit Rates (% p.a.) / Tenor (months) | 3 months | 6 months | 12 months | 18 months | 24 months | 36 months |
|---|---|---|---|---|---|---|
| $20,000 to $200,000 | 0.30% | 0.375% | 0.40% | 0.40% | 0.40% | 0.40% |
| $200,000 & above | 0.30% | 0.40% | 0.55% | 0.60% | 0.65% | 0.65% |
SIF Fixed Deposit Promotion Rates (Oct 2023)
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 (Fresh Funds only) 6 months 12 months
$20,000 3.00% p.a. 3.10% p.a.
*Applicable to personal accounts & fresh funds only. Note that rates are subject to change without prior notice. Terms and conditions apply.
SIF Board Rates (Oct 2023)
| Fixed Deposit Board Rates (For Personal & Business Accounts) | ||
|---|---|---|
| Tenor | Interest Rate | |
| < $50,000 | $50,000 and above | |
| 1 month | 0.05% p.a. | 0.10% p.a. |
| 3 months | 0.10% p.a. | 0.15% p.a. |
| 6 months | 0.15% p.a. | 0.20% p.a. |
| 9 months | 0.20% p.a. | 0.25% p.a. |
| 12 months | 0.25% p.a. | 0.30% p.a. |
| 15 months | 0.30% p.a. | 0.35% p.a. |
| 24 months | 0.30% p.a. | 0.35% p.a. |
| 36 months | 0.30% p.a. | 0.35% p.a. |
| 48 months | 0.30% p.a. | 0.35% p.a. |
| 60 months | 0.30% p.a. | 0.35% p.a. |
Note that rates are subject to change without prior notice. Terms and conditions apply.
Standard Chartered Fixed Deposit Promotion Rates (Oct 2023)
| Deposit Amount (SGD) | Tenor (Months) | Promotional Interest Rate (p.a.) | Priority Banking Preferential Interest Rate (p.a.) | Priority Private Banking Preferential Interest Rate (p.a.) | Promotion Validity |
|---|---|---|---|---|---|
| $25,000 and above in fresh funds | 6 months | 3.00% | 3.10% | 3.20% | 31 Oct 2023 |
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 āBankā) 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 tenor.
Standard Chartered Board Rates (Oct 2023)
| New Time Deposit Placements and/or Renewals | 1 Month | 3 Months | 6 Months | 9 Months | 12 Months | 15 Months | 18 Months | 24 Months | 36 Months | 48 Months | 60 Months |
|---|---|---|---|---|---|---|---|---|---|---|---|
| <$20,000 | 0.85% | 0.90% | 2.20% | 2.55% | 2.60% | 2.75% | 2.75% | 2.75% | - | - | - |
| $20,000 & above | - | ||||||||||
| Existing Time Deposit | 1 Month | 3 Months | 6 Months | 9 Months | 12 Months | 15 Months | 18 Months | 24 Months | 36 Months | 48 Months | 60 Months |
| <$20,000 | - | - | - | - | - | - | - | - | 2.77% | 2.90% | 3.00% |
| $20,000 & above | 2.77% | 2.90% | 3.00% |
UOB Fixed Deposit Promotion Rates (Oct 2023)
| Minimum Deposit Amount (Fresh Funds) | Tenor (Months) | Interest Rate (p.a.) | Promotion Validity |
|---|---|---|---|
| $10,000 and above | 6 months 10 months | 2.70% | 31 Oct 2023 |
Those with a fixed deposit account with UOB must commit to at least a 6-month tenor and deposit at least $10,000 in fresh funds to enjoy the promotional interest rate.
UOB Board Rates (Oct 2023)
| Deposit Tenor (% p.a) | <$50,000 | $50,000 - $249,999 | $250,000 - $499,999 | $500,000 - $999,999 |
|---|---|---|---|---|
| 1 month | 0.05% | 0.05% | 0.05% | 0.05% |
| 2 months | 0.20% | 0.20% | 0.20% | 0.20% |
| 3 months | 0.35% | 0.35% | 0.35% | 0.35% |
| 4 months | 0.55% | 0.55% | 0.55% | 0.55% |
| 5 months | 0.75% | 0.75% | 0.75% | 0.75% |
| 6 months | 0.95% | 0.95% | 0.95% | 0.95% |
| 7 months | 1.15% | 1.15% | 1.15% | 1.15% |
| 8 months | 1.35% | 1.35% | 1.35% | 1.35% |
| 9 months | 1.55% | 1.55% | 1.55% | 1.55% |
| 10 months | 1.80% | 1.80% | 1.80% | 1.80% |
| 11 months | 2.05% | 2.05% | 2.05% | 2.05% |
| 12 months | 2.30% | 2.30% | 2.30% | 2.30% |
| 13 months | 2.55% | 2.55% | 2.55% | 2.55% |
| 14 months | 2.80% | 2.80% | 2.80% | 2.80% |
| 15 months | 2.95% | 2.95% | 2.95% | 2.95% |
| 18 months | 3.05% | 3.05% | 3.05% | 3.05% |
| 24 months | 3.10% | 3.10% | 3.10% | 3.10% |
| 36 months | 3.20% | 3.20% | 3.20% | 3.20% |
UOB Fixed Deposit Terms & Conditions
- You must be at least 15 years old
- Minimum placement of $5,000 for tenors of one month and above
- Minimum placement of $250,000 for a tenor of between seven days and 14 days
- Minimum placement of $1,000,000 for a tenor of fewer than seven days
Bonus: Syfe Cash+ Guaranteed & StashAway Simple Guaranteed
Guaranteed cash management portfolios are investment products thatĀ invest your funds into fixed depositsĀ at partner banks.
When you invest in them, you will beĀ locking up your cash for a fixed period and enjoying a guaranteed fixed rate of return.
But wait, how is this different from investing in a fixed deposit directly? Hereās a table to explain the key differences:
| Investment Product | "Guaranteed" Cash Management Portfolio | Fixed Deposits |
|---|---|---|
| Tenor/Term | 3 - 6 months | Up to 24 months |
| Liquidity | None (withdrawal only at end of term) | High (but with fees) |
| Minimum Investment Amount | None or as low as $1 | Typically $5,000 and above depending on bank |
| Insurance | No 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 that I would like to highlight is that there is absolutelyĀ ZEROĀ liquidity when you invest in these guaranteed cash management portfolios. This means that you can neither withdraw nor top-up your funds invested until the term is over. So make sure that you donāt need that money for the specified period.
Fixed Deposit Interest Rate Singapore vs Savings Accounts
Alternatively, you might want to look at Savings accounts:
Granted that there are some hoops you have to jump through to set up your account, credit your salary, etc., but for some accounts, it may be worth it.
Fixed Deposit Interest Rate Singapore Vs Singapore Savings Bonds Vs Treasury Bills
If you’re thinking about other low-risk investment options with the flexibility of withdrawal in the short term, there are options such as the Singapore Saving Bonds (SSB) and Treasury Bills (T-bills).
SSBs and T-bills may offer a higher return than a fixed deposit; each SSB/T-bill tranche’s interest rate will differ monthly:
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:
Regardless of your option and howĀ promising a certain investment may soundā¦
Always, ALWAYS do your own due diligence when you’re investing.
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!
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