051223 Best USD Fixed Deposit Rates Singapore (Dec 2023)_ DBS, UOB & More

Best USD Fixed Deposit Rates Singapore (Dec 2023): DBS, UOB, OCBC & More

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05 Dec 2023

Whether you’re looking for a place to park your U.S. dollar (USD) or take advantage of the better interest rates in the U.S., USD fixed deposits are a great way to grow your foreign currency.

But like all investment products that deal with foreign currency, certain risks are involved if you want the higher interest.

So here’s all you need to know about USD fixed deposits, including the best rates in town offered by local banks!

TL;DR: Best USD Fixed Deposit Rates Singapore (Oct 2023)

Your best options are:

RHB Bank: 5.25% p.a. for six or 12 months with a minimum US$5,000 deposit

But based on interest rates alone, Citibank currently offers the highest at 7.5% p.a. for two months with a minimum US$50,000 deposit. However, to enjoy this high rate, you must make a separate investment of at least US$50,000 with Citi.

Bank (Click to teleport)	Highest Interest Rate (p.a.)	Minimum Deposit	Available Tenors
Bank of East Asia	4.90% (board rate) 5.03% (tier rate)	US$10,000 (board rate) US$100,000 (tier rate)	1 week \| 1 month \| 2 months \| 3 months \| 6 months \| 12 months
CIMB	5.20%	US$10,000	1 month \| 3 months \| 6 months \| 12 months
Citibank	7.50% (With purchase of investments from Citi worth >$49,999)	US$50,000	2 months
DBS	5.11%	S$5,000 equivalent	1 month \| 2 months \| 3 months \| 6 months \| 12 months
Hong Leong Bank	4.8776%	US$50,000	1 month \| 3 months \| 6 months \| 12 months
HSBC	3.95%	US$25,000	1 month \| 3 months \| 6 months \| 12 months
ICBC	4.85%	US$500	1 week \| 1 month \| 3 months \| 6 months \| 12 months
Maybank	5.20%	US$10,000	1 month \| 2 months \| 3 months \| 6 months
RHB	5.25%	US$5,000	6 months \| 12 months
Standard Chartered	4.60% - 4.80%	US$5,000	1 week \| 2 weeks \| 1 month \| 2 months \| 3 months \| 6 months \| 12 months
State Bank of India	5.00%	US$5,000	1 month \| 2 months \| 3 months \| 6 months \| 12 months \| 18 months \| 24 months
OCBC	5.19%	US$5,000	1 month \| 2 months \| 3 months \| 5 months \| 6 months \| 7 months \| 8 months \| 9 months \| 12 months
UOB	5.11%	US$5,000 (for 1-12 month tenor) US$25,000 (for 1-2 week tenor)	1 week \| 2 weeks \| 1 month \| 2 months \| 3 months \| 6 months \| 12 months

Jump to:

What Are USD Fixed Deposits?
Things to Consider Before Investing in USD Fixed Deposits
Best USD Fixed Deposit Rates in Singapore

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 own due diligence and consider their financial goals before investing in any investment product. Information is accurate as of 5 Dec 2023.

What Are USD Fixed Deposits?

USD Fixed Deposits are a type of foreign currency fixed deposit where the depositor places a sum of USD with the bank for a fixed period to earn guaranteed interest.

Like SGD fixed deposits, the money must stay in the account for a fixed period of time, or you will incur an early withdrawal fee.

This predetermined period of time (tenor) can range anywhere from one week to 24 months.

But why use USD fixed deposits over SGD fixed deposits?

Well, there are a number of possible reasons:

Lock in a good exchange rate for future spending and grow that sum with USD fixed deposits (also known as hedging against foreign currency fluctuations)
Parking USD for future U.S. market stock purchases
Take advantage of the currently better interest rates in the U.S. compared to Singapore,

Things to Consider Before Investing in USD Fixed Deposits

However, there are some major considerations you’ll need to make.

First off, foreign currency fixed deposits are NOT insured by the Singapore Deposit Insurance Corporation (SDIC).

Secondly, you will be exposed to foreign currency risks if you ultimately spend in SGD or another non-USD currency. If the U.S. dollar weakens against the Singapore dollar, you might lose money, depending on the extent of the drop.

If you’re curious to know what other Seedly members have to say, check out this thread to get a better idea:

Due to the above reasons, USD fixed deposits are quite a bit riskier than SGD fixed deposits.

That said, we do get much higher interest. So, if you have a good reason and can set aside a sum of USD for a period of time, it can serve you well!

Here are all the current fixed deposit rates in Singapore.

Bank of East Asia USD Fixed Deposit Rates

Bank of East Asia FD Rates: Board Rates

Bank of East Asia USD Fixed Deposit Board Rates	Rates (% p.a.)
Minimum (Equivalent) Personal	1 week	1 month	2 months	3 months	6 months	12 months
US$10,000	4.43	4.48	4.57	4.90	4.82	4.65

Bank of East Asia FD Rates: Tier Rates

Bank of East Asia USD Fixed Deposit Tier Rates	Rates (% p.a.)
Minimum	1 week	1 month	2 months	3 months	6 months	12 months
US$100,000	4.56	4.61	4.70	5.03	4.95	4.78

For a fixed deposit amount of S$500,000 equivalent or over, please contact the Bank of East Asia for the applicable prevailing interest rate.

CIMB USD Fixed Deposit Rates

Promotional Rates

From 1 Nov 2023, CIMB Singapore is running a promotion offering the exclusive rates in the table below for online placements of a minimum of 10,000 units (i.e. US$10,000):

CIMB USD Fixed Deposit Promotional Rates	Online Rates (% p.a.)				Validity
Minimum	1 Month	3 Months	6 Months	12 Months	Till further notice
US$10,000	5.05	5.10	5.20	4.90	Till further notice

Board Rates

Tenure (Month)	US$10,000	US$50,000	US$100,000	US$250,000
1	4.29	4.29	4.34	4.34
3	4.65	4.65	4.70	4.70
6	4.65	4.65	4.70	4.70
12	4.60	4.60	4.65	4.65

Citibank USD Fixed Deposit Rates

Citibank USD FD Time Deposit Investment Bundle Promotion

Citibank USD Fixed Deposit Rates	Rates (% p.a.)
Minimum amount	2 months
US$50,000	7.50

*The maximum time deposit placement is the lower of the investment amount or US$2 Million.

Citibank USD Fixed Deposit T&Cs

The promotion entitles eligible customers to enjoy the USD 2-month promotional time deposit rate from 1 December 2023 to 31 December 2023 with a minimum separate investment purchase of US$50,000 equivalent.

You will need to place the promotional Time Deposit through a Relationship Manager. This promotion is not applicable for placement through Citibank Online or Citi Mobile App. The Investment purchase must also be made within the Promotion Period. The Time Deposit will be valued only upon the Investment settlement date. Time Deposit must be effected by 31 January 2024. Also, “Investment” refers to a Citi-distributed investment product with a minimum net sales charge of 1%.

DBS USD Fixed Deposit Rates

DBS USD FD Rates (Online)

DBS USD Fixed Deposit Rates	Rates (% p.a.)
Amount	1 Months	2 Months	3 Months	6 Months	12 Months
< US$10,000	4.99	5.01	4.88	4.54	4.28
< US$25,000	4.99	5.01	4.88	4.54	4.28
< US$50,000	4.99	5.01	4.88	4.54	4.28
< US$100,000	4.99	5.01	4.88	4.54	4.28
< US$250,000	5.09	5.11	5.03	4.84	4.58
<= US$500,000	5.09	5.11	5.03	4.84	4.58

Minimum amount of S$5,000 equivalent.

Hong Leong Bank USD Fixed Deposit Rates

Hong Leong Bank USD FD Rate: Board Rates

Hong Leong Bank USD Fixed Deposit Rates	Rate (% p.a.)
Minimum amount	1 Month	3 Months	6 Months	12 Months
US$50,000	4.6738	4.8776	4.8266	4.6847

HSBC USD Fixed Deposit Rates

HSBC USD FD Rates: Board Rates

HSBC USD Fixed Deposit Rates	Rates (% p.a.)
Placement Amount	1 Month	3 Month	6 Month	12 Month
US$25,000 to US$49,999	3.65	3.75	3.75	3.75
US$50,000 to US$99,999	3.65	3.75	3.75	3.75
US$100,000 to US$249,999	3.75	3.85	3.85	3.85
US$250,000 to US$499,999	3.85	3.95	3.95	3.95
US$500,000 to US$999,999	3.85	3.95	3.95	3.95
US$1,000,000 and above	3.85	3.95	3.95	3.95

ICBC USD Fixed Deposit Rates

ICBC USD FD Rates: Promotion Rates

ICBC USD Fixed Deposit Promotional Rates	Online Rates (% p.a.)
Minimum	1 Week	1 Month	3 Months	6 Months	12 Months	12 Months (via e-Banking)
US$500	0.01	4.30	4.85	4.85	4.80	4.85

*Deposit over the counter requires a minimum amount of US$20,000 while a deposit via E-banking requires a minimum amount of US$500.

ICBC USD FD Rates: Board Rates

Amount (USD)	1 Month	3 Months	6 Months	12 Months
< US$100,000 (exclusive)	4.20%	4.75%	4.75%	4.70%
US$100,000 and above	4.30%	4.85%	4.83%	4.80%

Maybank USD Fixed Deposit Rates

Maybank USD FD Rate: iSAVvy Foreign Currency Time Deposit

Maybank iSAVvy USD Fixed Deposit Rates	Online Rates (% p.a.)
Minimum	1 Month	2 Months	3 Months	6 Months
US$10,000	4.85	5.00	5.05	5.20

Maybank USD FD Rate: Tier Rates

Maybank USD Fixed Deposit Rates	Online Rates (% p.a.)
Minimum	1 Month	2 Months	3 Months	6 Months
US$10,000	4.65	4.80	4.85	5.00
US$50,000	4.70	4.85	4.90	5.05
US$100,000	4.85	5.00	5.05	5.20

RHB USD Fixed Deposit Rates

RHB USD FD Rates: Promo Rates

Minimum Placement Amount	6 Months (% p.a.)	12 Months (% p.a.)
US$5,000	5.25	5.25

RHB USD FD Rates: Board Rates

RHB USD Fixed Deposit Rates	Online Rates (% p.a.)
Amount	1 Week	1 Month	2 Months	3 Months	6 Months	9 Months	12 Months	24 Months
Up to US$99,999	0.01	4.36	4.45	4.54	4.59	4.54	4.44	4.44
US$100,000 to US$499,999	0.02	4.37	4.46	4.56	4.61	4.56	4.46	4.46
US$500,000 to US$999,999	0.03	4.38	4.48	4.58	4.63	4.58	4.48	4.48
US$1,000,000 & above	0.05	4.40	4.50	4.60	4.65	4.60	4.50	4.50

Minimum amount of US$5,000.

Standard Chartered USD Fixed Deposit Rates

SC USD Fixed D Rates: Promo Rates

Minimum Placement	Tenor	Promotional Rate	Priority Banking Preferential Rate	Priority Private Banking Preferential Rate
US$25,000	8 months	4.60%	4.70%	4.80%

SC USD Fixed D Rates: Board Rates

Standard Chartered USD Fixed Deposit Rates	Online Rates (% p.a.)
Amount	1 Week	2 Weeks	1 Month	2 Months	3 Months	6 Months	12 Months
US$5,000 to US$24,999	3.93	3.93	3.8959	3.9406	3.9752	4.1409	4.0684
US$25,000 to US$49,999	3.93	3.93	3.8959	3.9406	3.9752	4.1409	4.0684
US$50,000 to US$99,999	3.93	3.93	3.8959	3.9406	3.9752	4.1409	4.0684
US$100,000 to US$249,999	4.03	4.03	3.9959	4.0406	4.0752	4.2409	4.1684
US$250,000 to US$499,999	4.13	4.13	4.0959	4.1406	4.1752	4.3409	4.2684
US$500,000 and above	4.18	4.18	4.1459	4.1906	4.2252	4.3409	4.3184

State Bank of India USD Fixed Deposit Rates

State Bank of India USD Fixed D Rates: Board Rates

State Bank of India USD Fixed Deposit Rates	Online Rates (% p.a.)
Amount	1 Week	1 Month	2 Months	3 Months	6 Months	12 Months	18 Months	24 Months
US$5,000 to < US$1,000,000	-	3.50	3.50	4.75	5.00	5.00	3.25	3.00

OCBC USD Fixed Deposit Rates

OCBC USD Fixed D Rates: Board Rates

OCBC USD Fixed Deposit Rates	Online Rates (% p.a.)
Amount	1 Month	2 Months	3 Months	6 Months	8 Months	9 Months	12 Months
First US$49,999	4.99	4.82	4.80	4.55	4.69	4.71	4.34
US$50,000 to US$99,999	5.09	4.92	4.88	4.55	4.72	4.74	4.34
US$100,000 to US$249,999	5.09	4.92	4.90	4.85	4.83	4.85	4.64
US$250,000 to US$499,999	5.19	5.02	5.00	4.85	4.86	4.88	4.64
Above US$500,000	5.19	5.02	5.00	4.85	4.86	4.88	4.85

Minimum deposit of US$5,000.

UOB USD Fixed Deposit Rates

UOB Fixed D Rates: Board Rates

UOB USD Fixed Deposit Rates	Online Rates (% p.a.)
Amount	1 Week	2 Weeks	1 Month	2 Months	3 Months	6 Months	12 Months
First US$49,999	3.86	3.88	4.89	4.90	4.91	4.66	4.42
US$50,000 to US$99,999	3.86	3.88	4.99	5.00	5.01	4.66	4.42
US$100,000 to US$249,999	4.36	4.38	4.99	5.00	5.01	4.94	4.72
US$250,000 to US$499,999	4.36	4.38	5.09	5.10	5.11	4.94	4.72

Minimum deposit of US$5,000 for one to 12-month tenor and US$25,000 for one to two-week tenor.

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