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Low Risk, Capital Guaranteed Options: Best Fixed Deposit in Singapore (June 2021)

profileJacqueline Yan

There’re a lot of places to park your money.

And sometimes, you just have a huge amount of money lying around that you don’t really wanna risk investing.

After all, there’s no such thing as a guarantee when it comes to investments… So what’s the safest option?

Fixed deposits (or Time deposits as some banks would like to call them)

Source: SpongeBob SquarePants | Giphy

Fixed Deposits are 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 – a suitable investment product for those with low-risk appetites.

So which bank is the best for fixed deposits in Singapore?


TL;DR: What Are the Highest Fixed Deposit Rates in Singapore (June 2021)?

BanksTenor (Months)Minimum AmountRateValid Till
ICBC12$5000.60%Further notice
DBS8$1,000 - $19,9990.60%Further notice
Maybank36$1,000 - $999,9990.60%Further notice
OCBC36$5,000 - $20,0000.50%Further notice
CIMB24$10,000 & above0.70%30 June 2021
Hong Leong Finance36$20,000 & above0.65%Further notice
RHB Bank24 - 36$200,000 & above0.65%Further notice

Do note that rates are subject to change without prior notice. Information is accurate as of 14 June 2021.

For this summary table, we have picked the fixed deposits with the best rates that do not need you to be an existing customer.

Also, we have chosen the fixed deposits with a wide range of minimum deposit amounts as well.

Jump to individual banks:

Do note that the fixed deposit interest rates listed here are promotional interest rates that change monthly.

Some might not even have a specific expiry date…

The banks will just advertise it as “for a limited time only” to feed your FOMO mentality.

These rates are also for new customers to the bank, although some banks like RHB offer better rates for existing customers who are renewing their fixed deposits.

Also, we have listed the regular non-promotional board rates and compared them to find the best deal for you.

Most of the time, the higher fixed deposit interest rates are only for a bank’s premium customers.

Or if you have a huge amount of money, usually $20,000 and above, to commit.

So if you have a lot of assets with a particular bank, make sure to speak with your relationship manager to find out what are ‘special’ rates only available to you.

Alternatively, higher fixed deposit interest rates are also available for foreign currencies (like USD).

So that’s something else to consider if you, for some reason, have huge sums of foreign currency just lying around.

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.


Why Even Consider Fixed Deposits?

I know what you’re thinking.

There’re so many financial instruments out there… why choose fixed deposits when you can only get so little back?

I mean, most fixed deposit board rates are usually under 1.00% p.a.

But given the low-interest-rate environment that we’re in.

Where banks are slashing the interest of their high-interest savings accounts (the ones which require you to credit your salary, spend a certain amount, and buy insurance or investment products).

It makes more sense to look at alternatives that don’t require you to do so much just to get so little. (If you’re keen on this, here are some alternative simple, low risk, capital guaranteed options.)

And should at least give you more than the paltry 0.05% that your regular savings accounts do.

In general, fixed deposits:

  • are a low risk investment
  • are virtually risk-free and give guaranteed returns
  • are 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 that is 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.

Hence, there may be early withdrawal clauses that require you to pay a certain administrative fee.

And you might get paid less interest or lose it altogether if you withdraw your money before the maturity date.

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.


CIMB Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Tenor (Months)PERSONAL BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
PREFERRED BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
Valid Till
CIMB120.50%0.55%30 June 2021
18*0.60%0.65%
240.70%0.75%

*Only for existing CIMB Customers.

CIMB Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Tenor (Months)Deposit Amount (p.a.)
($1,000 - $99,999)
Deposit Amount (p.a.)
($100,000 & above)
Valid Till
CIMB1*0.20% 0.20%Further notice
2*0.25%0.30%
30.30%0.35%
60.30%0.35%
90.30%0.35%
120.30%0.35%
240.30%0.35%

*Do note that a minimum placement of $5,000 is required.

Terms & Conditions:

  • Rates are subject to change without prior notice.

Citibank Fixed Deposit Promotion Interest Rates (June 2021)

Currently, Citibank is not running any promotion for their fixed deposits.

Citibank Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Deposit AmountTenorInterest RateValid Till
Citibank$10,000 - $3,000,0001 Month0.05%Further notice
$10,000 - $3,000,0002 - 3 Months0.08%
$10,000 - $3,000,0006 - 36 Months 0.10%

Citibank is also offering time deposits with a minimum deposit amount of $10,000.

Terms & Conditions:
  • Rates are subject to change without prior notice.

DBS Fixed Deposit Promotion Interest Rates (June 2021)

Currently, DBS is not running any promotion for their fixed deposits

DBS Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Tenor (Month)Interest Rate (p.a.)
$1,000 - $9,999
Interest Rate (p.a.)
$10,000 - $19,999
Interest Rate (p.a.)
$20,000 - $999,999
DBS1 mth0.05%0.05%0.05%
2 mths0.05%0.05%0.05%
3 mths0.15%0.15%0.05%
4 mths0.15%0.15%0.05%
5 mths0.15%0.15%0.05%
6 mths0.20%0.20%0.05%
7 mths0.40%0.40%0.05%
8 mths0.60%0.60%0.05%
Only For Existing Users
9 mths0.95%0.95%0.05%
10 mths1.10%1.10%0.05%
11 mths1.10%1.10%0.05%
12 mths1.15%1.15%0.05%
18 mths1.30%1.30%0.05%
24 mths0.90%0.90%0.05%
36 mths0.85%0.85%0.05%
48 mths0.75%0.75%0.05%
60 mths0.75%0.75%0.05%

Do note that DBS is only accepting new placements for tenors eight months and below. Also, interest rates for tenors of nine months and above are applicable only to rollover of existing placements at the same tenor.

Terms & Conditions:

  • Rates are effective from 14 June 2021 till further notice.
  • Rates are subject to change without prior notice.

Hong Leong Finance Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (Months)Interest RateValid Till
Hong Leong Finance$20,000 and above120.50%Further notice
240.60%
360.65%

Terms & Conditions:

  • Valid till further notice.
  • From now till 31 July 2021, stand a chance to win E-Gadgets worth $1,300 in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit with Hong Leong Finance!

Alternatively, here are Hong Leong’s regular FD interest rates:

Hong Leong Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Tenor (Month)Interest Rate (p.a.)
<= S$50,000
Interest Rate (p.a.)
> S$50,000
Hong Leong Finances1 mth0.05%0.10%
2 mths0.05%0.10%
3 mths0.10%0.15%
4 mths0.10%0.15%
5 mths0.10%0.15%
6 mths0.15%0.25%
8 mths0.15%0.30%
9 mths0.15%0.35%
10 mths0.15%0.35%
12 mths0.25%0.40%
13 mths0.25%0.40%
15 mths0.25%0.45%
18 mths0.30%0.45%
24 mths0.30%0.50%
36 mths0.30%0.55%

HSBC Fixed Deposit Promotion Interest Rates (June 2021)

Currently, HSBC is not running any promotion for their fixed deposits.

HSBC Fixed Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Deposit AmountTenor
1 Month
Tenor
3 Month
Tenor
6 Month
Tenor
12 Month
Tenor
24 Month
HSBC Personal Banking$5,000 & above0.05% p.a.0.05% p.a.0.10% p.a.0.15% p.a.0.25% p.a.*
HSBC Premier Banking$5,000 & above0.05% p.a.0.05% p.a.0.10% p.a.0.15% p.a.0.25% p.a.*
HSBC Jade$5,000 & above0.05% p.a.0.05% p.a.0.10% p.a.0.15% p.a.0.25% p.a.*

Terms & Conditions:

  • *For the 24 Months SGD Time Deposit placement amount of $5,000 – $49,999, each customer will be limited to one placement per banking relationship.
  • Valid until further notice.

ICBC Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Tenor (months)Promotional Rates (For Fresh Funds)Promotional Rates (For Non Fresh Funds)Valid Till
ICBC SGD Fixed DepositOver the CounterVia E-Banking-Further notice
$500 & above$500 & above$500 & above
1 0.15%0.15%0.15%
3 0.20%0.25%0.20%
6 0.25%0.30%0.25%
9 0.45%0.50%0.45%
12 0.55%0.60%0.55%
13-0.55%
24-0.55%

Terms & Conditions:

  • Valid until further notice.
  • Rates are subject to change without prior notice.
  • Fixed deposit with a tenor of 1 month, 3 months, 6 months, 9 months or 12 months will enjoy prevailing E-banking Promotional Rate upon maturity.
    For example, if you place 3 months FD on 29 April 2020, the prevailing E-banking Promotional Rate will automatically apply on renewal.

Maybank Fixed Deposit Promotion Interest Rates (June 2021)

Currently, Maybank is not running any promotion for their fixed deposits.

Maybank Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid Till
Maybank Singapore Dollar Time Deposit$1,000 and above1* | 2 0.10%Further notice
30.20%Further notice
60.25%Further notice
9 | 120.35%Further notice
180.40%Further notice

Terms & Conditions:

  • *Minimum deposit for 1 month is $10,000.
  • Minimum age 16 years old.
  • Initial deposit:
    • $1,000 for tenures from two to 36 months
    • $10,000 for 1-month tenure and Choice Date with flexible tenure
    • $1,000,000 for a 1-week tenure, applicable only to corporate accounts
  • Valid until further notice.
  • Rates are subject to change without prior notice.

OCBC Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid Till
OCBC SGD Time Deposit$20,000 & above120.40%Further notice

Terms & Conditions:

  • Above 18 years old who is a Singaporean, Singapore PR or foreigner with a valid pass.
  • Valid until further notice.
  • Rates are subject to change without prior notice.
  • Promotion is not available for placements via Supplementary Retirement Scheme (SRS) funds and minimum placement of $20,000 for the promotion required.
  • Minimum placement of $5,000 for normal fixed deposit.

OCBC Fixed Deposit Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid TillValid Till
OCBC SGD Time Deposit$5,000 - $999,9991 - 2
0.05%Further notice
3 - 5
0.05%
6 - 8
0.10%
9 - 12
0.10%
$5,000 - $999,99913 - 14
0.15%
15 - 24
0.20%
$5,000 - $20,00036 0.50%
$20,000 - $999,0000.20%
$5,000 - $20,000480.70%
$20,000 - $50,0000.20%

RHB Fixed Deposit Promotion Interest Rates (June 2021)

Currently, RHB is not running any promotion for their fixed deposits.

RHB Fixed Deposit Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid Till
RHB SGD Fixed Deposit Rates $20,000 to $200,0001*0.10%Further notice
$200,000 & above0.10%
$20,000 to $200,0002^0.15%
$200,000 & above0.15%
$20,000 to $200,00030.30%
$200,000 & above0.30%
$20,000 to $200,0006 - 90.375%
$200,000 & above0.40%
$20,000 to $200,000120.40%
$200,000 & above0.55%
$20,000 to $200,000180.40%
$200,000 & above0.60%
$20,000 to $200,00024 - 360.40%
$200,000 & above0.65%

*Note: Rates for 1 month and 2 months are applicable for Commercial and Corporate customers only.

^Note: For balances below $20,000, interest is accorded at 0.00%

Terms & Conditions:

  • Minimum 18 years old.
  • Valid until further notice.
  • Rates are subject to change without prior notice.
  • Minimum placement of $20,000 for tenures of three months and above.

Standard Chartered Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)
Promotional Rate
Interest Rate (p.a.)
Priority Banking Preferential Rate
Valid Till
Standard Chartered Singapore Dollar Time Deposit (Fixed Deposit)$25,000 and above (fresh funds)80.35%0.45%30 June 2021

Do note you need to place a minimum of $25,000 for eight months in fresh funds from your recently matured time deposit.

Standard Charted Fixed Deposit Rates (New Time Deposit Placements and/or Renewals)

New Time Deposit Placements and/or Renewals1 Month3 Months6 Months
<$20,0000.05%0.10%0.15%
$20,000 & above0.05%0.10%0.15%

Standard Charted Fixed Deposit Rates (Existing Time Deposit And For Auto Rollover of Existing Time Deposits of Same Tenor)

Existing Time Deposit*9 Months12 Months15 Months18 Months24 Months36 Months48 Months60 Months
<$20,0000.50%0.55%0.70%0.70%0.70%0.72%0.85%0..95%
$20,000 to $49,9990.50%0.55%0.70%0.70%0.70%0.72%0.85%0..95%
$50,000 to $99,9990.50%0.55%0.70%0.70%0.70%0.72%0.85%0..95%
$100,000 to $499,9990.50%0.55%0.70%0.70%0.70%0.72%0.85%0..95%
>$500,0000.50%0.55%0.70%0.70%0.70%0.72%0.85%0..95%

Terms & Conditions:

UOB Fixed Deposit Promotion Interest Rates (June 2021)

Best Fixed Deposit Promo Interest Rates

Minimum Deposit Amount (Fresh Funds)TenorInterest RateValid Till
UOB SGD Fixed Deposit>$20,00010 months0.50%30 June 2021

UOB Fixed Deposit Interest Rates (June 2021)

Deposit Tenure
(% p.a)
<$50,000$50,000 -
S$249,999
$250,000 -
S$499,999
$500,000 -
S$999,999
1 Mth0.050.050.050.05
2 Mths0.050.050.050.05
3 Mths0.050.050.050.05
4 Mths0.050.050.050.05
5 Mths0.050.050.050.05
6 Mths0.050.050.050.05
7 Mths0.10.10.10.1
8 Mths0.10.10.10.1
9 Mths0.10.10.10.1
10 Mths0.150.150.150.15
11 Mths0.150.150.150.15
12 Mths0.150.150.150.15
13 Mths0.20.20.20.2
14 Mths0.20.20.20.2
15 Mths0.20.20.20.2
18 Mths0.20.20.20.2
24 Mths0.20.20.20.2
36 Mths0.50.50.50.5

Terms & Conditions:

  • Promotional fixed deposit interest rate valid until 30 June 2021.
  • 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 seven days and 14 days.
  • Minimum placement of $1,000,000 for a tenor of less than 7 days Fixed Deposit Rates.
  • Full list of UOB FD rates here

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About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
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