The Ultimate Guide To Best Fixed Deposit Rates In Singapore
 
177
shares

The Ultimate Guide To Best Fixed Deposit Rates In Singapore

Ming Feng
177
shares

Fixed Deposit: Our Parents’ Favourite Financial Product

Beating inflation is not as difficult as it sounds if you understand some of the investment products available.

The core inflation in Singapore hovers around 1.9% (average for the past 10 years).

Meanwhile, the banks are giving out interest as low as 0.05% on your deposits and savings…

And frankly that is quite pathetic.

So what if you have money that is just lying around and you don’t want to risk investing it?

Why not look at fixed deposit accounts? An low-risk way to grow your money or at least beat inflation

What Is A Fixed Deposit Account?

Fixed deposit – 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.

Pros And Cons Of Fixed Deposit

Advantages Of Fixed Deposit

Fixed deposit is 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 certain 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, in order 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 deposit amount of anywhere between $1,000 to $5,000

TL;DR: Which Is The Best Fixed Deposit In Singapore?

To simplify things, we’ve split our comparison into short-term tenors (1, 3 and 12 months) and longer-term tenors (24 months, and 24 months or more), based on investment amounts.

Note: The below figures are based on interest rates for SGD fixed deposits only – and not foreign currencies. We’ve also excluded all ongoing promotions.

Also, the longer you park your fixed deposit with the bank, the more interest you’ll receive (duh!).

Fixed Deposit Best Interest Rates

Best interest rate for Fixed Deposit below S$20,000:

  • 1 Month: UOB at 0.3% per annum; Standard Chartered at 0.25% per annum
  • 3 Months: CIMB at 0.35% per annum
  • 12 Months: DBS at 1.4% per annum; Standard Chartered at 1.1% per annum
  • 24 Months: UOB at 1.6% per annum; DBS and HSBC at 1.4% per annum
  • More than 24 Months: OCBC at 1.95% per annum for a tenor of 48 months

Best interest rate for Fixed Deposit below S$50,000:

  • 1 Month: UOB at 0.3% per annum; Standard Chartered at 0.25% per annum
  • 3 Months: Bank of China and CIMB at 0.35% per annum
  • 12 Months: DBS at 1.4% per annum; CIMB and Maybank at 0.7% per annum
  • 24 Months: UOB at 1.6% per annum; DBS and HSBC at 1.4% per annum
  • More than 24 Months: Maybank at 2.05% per annum for a tenor of 36 months

Best interest rate for Fixed Deposit below S$100,000:

  • 1 Month: UOB at 0.3% per annum; Standard Chartered at 0.25% per annum
  • 3 Months: Bank of China and CIMB at 0.35% per annum
  • 12 Months: DBS at 1.4% per annum; Maybank at 0.7% per annum; CIMB at 0.75% per annum
  • 24 Months: UOB at 1.6% per annum; DBS and HSBC at 1.4% per annum
  • More than 24 Months: Maybank at 2.05% per annum for a tenor of 36 months

Best interest rate for Fixed Deposit below S$500,000:

  • 1 Month: UOB at 0.3% per annum
  • 3 Months: Bank of China and CIMB at 0.35% per annum
  • 12 Months: DBS at 1.4% per annum; CIMB and Maybank at 0.75% per annum
  • 24 Months: UOB at 1.6% per annum; DBS and HSBC at 1.4% per annum
  • More than 24 Months: Maybank at 2.05% per annum for a tenor of 36 months

Best interest rate for Fixed Deposit S$500,000 and above:

  • 1 Month: UOB at 0.3% per annum; Standard Chartered at 0.25% per annum
  • 3 Months: Bank of China at 0.375% per annum
  • 12 Months: DBS at 1.4% per annum; CIMB at 0.75% per annum
  • 24 Months: UOB at 1.6% per annum; DBS and HSBC at 1.4% per annum
  • More than 24 Months: Maybank at 2.05% per annum for a tenor of 36 Months

Individual Banks And Their Fixed Deposit Interest Rates In Singapore

 

Bank of China (BOC) Time Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - below 20K20K - below 50K50K - below 100K100K - below 300K300K - below 500K500K and above
1 Month0.175%0.1875%
3 Months0.3%0.35%0.375%
6 Months0.4%0.45%0.5%
9 Months0.45%0.5%0.625%
12 Months0.6%0.6%0.6875%
24 Months0.7%0.725%0.76%
36 Months0.7%0.725%0.95%

CIMB Singapore Dollar Fixed Deposit Interest Rates

  • Minimum Initial deposit: S$1,000
  • S$5,000 for 1 or 2-month tenture

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - below 100K100K and above
1 Month0.2%
2 Months0.3%
3 Months0.35%
6 Months0.40%0.50%
9 Months0.55%0.60%
12 Months0.7%0.75%
24 Months1%1.1%


Citibank Singapore Dollar Time Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
10K - 50K50K - 100K100K - 250K250K - 500K500K - 750K750K - 1 Million1 Million - 3 Million
1 Week
2 Weeks
1 Month
0.05%
2 Months
3 Months
0.08%
6 Months
12 Months
24 Months
36 Months
0.1%


DBS Singapore Dollar Fixed Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
Any amount below S$1,000,000
1 Month
2 Months
0.05%
3 Months
4 Months
5 Months
0.15%
6 Months0.2%
7 Months
8 Months
0.95%
9 Months
10 Months
11 Months
1.35%
12 Months
18 Months
24 Months
36 Months
48 Months
60 Months
1.4%

HSBC Singapore Dollar Fixed Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - 50K50K - 100K100K - 200K200K - 500K500K - 1 MillionAbove 1 Million
1 Month0.05%

0.08%
(HSBC Premier)
3 Months0.1%

0.13%
(HSBC Premier)
6 Months0.15%

0.18%
(HSBC Premier)
12 Months0.25%

0.28%
(HSBC Premier)
24 Months1.4%

1.45%
(HSBC Advance)

1.5%
(HSBC Premier)

Maybank Singapore Dollar Time Deposit Interest Rates

  • The minimum deposit for one month is S$10,000

Tenor
(Lock-in period)
Placement Amount
(S$)
1K - 50K50K - below 100K100K - below 250K250K - 999,999
1 Month0.2%
2 Months0.3%
3 Months0.35%
6 Months0.4%0.45%0.5%
9 Months0.55%0.6%
12 Months0.7%0.75%
18 Months0.9%0.95%
24 Months1%1.1%
36 Months2.05%

OCBC Singapore Dollar Time Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - 20K20K - 50K50K - 100K100K - 250K250K - 500K500K - 1 Million
1 - 2 Months0.1%
3 - 5 Months0.15%
6 - 8 Months0.2%
9 - 12 Months0.25%
13 Months0.5%
14 Months0.8%
15 - 24 Months1.25%
36 Months1.55%
48 Months1.95%-----


Standard Chartered Singapore Dollar Time Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - below 20K20K - below 50K50K - below 100K100K - below 500K500K and above
1 Month0.25%
3 Months0.3%
6 Months0.35%
9 Months1.05%
12 Months1.1%
15 Months
18 Months
24 Months
1.25%
36 Months1.37%
48 Months1.5%
60 Months1.6%


UOB Singapore Dollar Fixed Deposit Interest Rates

Tenor
(Lock-in period)
Placement Amount
(S$)
5K - below 50K50K - below 250K250K - below 500K500K - below 1 Million
1-3 Months0.3%
4 - 6 Months0.35%
7 - 9 Months0.4%
10 Months0.45%
11 Months0.55%
12 Months0.7%
13 Months0.9%
14 Months1.15%
15 Months1.4%
18 Months1.5%
24 Months1.6%
36 Months1.65%

 

Have a question about which fixed deposit account to open? Why not ask our friendly Seedly Community on the Seedly Q&A? If you’re shy, you can even ask anonymously!

What’s The Best Fixed Deposit Available?

 

Follow our Seedly communities, be active, and win a 3D2N All-Expense-Paid Trip to Bali for 2!

About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
You can contribute your thoughts like Ming Feng here.

Still have more questions after reading the article? Fret not, ask our community here!

Stay updated with the latest finance tips!
Receive bite-sized finance on Telegram here.

What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
Comments
177
shares

What's Popular

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

Still have more questions after reading the article? Fret not, ask our community here!