Low Risk, Capital Guaranteed Options: Best Fixed Deposit Rates in Singapore (2020)
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.
All you want is a simple, low risk, capital guaranteed option.
Where you can leave your money, forget about it, and come back later to collect the interest.
Your best bet?
Fixed deposits.
An extremely low-risk way to grow your money without losing your capital.
Sounds good?
Let’s find out what are the highest fixed deposit interest rates, shall we?
TL;DR: What Are the Highest Fixed Deposit Interest Rates in Singapore (2020)?
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| CIMB | $1,000 - $99,999 | 3 - 24 months | 0.30% | Further notice |
| $100,000 and above | 3 - 24 months | 0.35% | Further notice | |
| Citibank | $10,000 - $50,000 | 6 - 36 months | 0.1% | Further notice |
| DBS | $1,000 - $9,999 | 10 - 11 months | 1.10% | Further notice |
| $1,000 - $9,999 | 12 months | 1.15% | Further notice | |
| $1,000 - $9,999 | 18 months | 1.30% | Further notice | |
| Hong Leong Finance | $20,000 and above | 12 months | 0.55% | 1 Mar 2021 |
| $20,000 and above | 18 months | 0.58% | ||
| $20,000 and above | 24 months | 0.60% | ||
| HSBC | $30,000 and above | 3 months | 0.30% | 31 Dec 2020 |
| 6 months | 0.35% | |||
| 12 months | 0.55% | |||
| ICBC (via e-banking) | $500 and above | 6 months | 0.30% | Further notice |
| $500 and above | 9 months | 0.65% | Further notice | |
| $500 and above | 12 months | 0.70% | Further notice | |
| Maybank | $5,000 and above | 3 months | 0.35% | Further notice |
| $5,000 and above | 6 months | 0.40% | Further notice | |
| $25,000 and above | 12 months | 0.50% | Further notice | |
| $25,000 and above | 24 months | 0.65% | Further notice | |
| $25,000 and above | 36 months | 1.00% | Further notice | |
| OCBC | $20,000 and above | 12 months | 0.45% | Limited time |
| RHB | $1,000 - $49,999 | 3 months | 0.31% | Further notice |
| $1,000 - $49,999 | 6 months | 0.37% | Further notice | |
| $1,000 - $49,999 | 9 months | 0.40% | Further notice | |
| $1,000 - $49,999 | 12 months | 0.45% | Further notice | |
| Standard Chartered | $20,000 and below | 15 - 24 months | 0.70% | Further notice |
| UOB | $20,000 and above | 10 months | 0.50% | 31 Dec 2020 |
Note: the fixed deposit interest rates listed here promotional rates which 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.
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 the ‘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.
Best Fixed Deposit Promotions For Deposits Below $10,000
Fixed Deposit Promo Rates for Deposits Below $10k | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| CIMB | $1,000 and above | 3 - 24 months | 0.30% | Further notice |
| Citibank | $10,000 | 6 - 36 months | 0.1% | Further notice |
| DBS | $1,000 - $9,999 | 10 - 11 months | 1.10% | Further notice |
| $1,000 - $9,999 | 12 months | 1.15% | Further notice | |
| $1,000 - $9,999 | 18 months | 1.30% | Further notice | |
| HSBC | $5,000 and above | 24 months | 1.10% | Further notice |
| ICBC (via e-banking) | $500 and above | 6 months | 0.30% | Further notice |
| $500 and above | 9 months | 0.65% | Further notice | |
| $500 and above | 12 months | 0.70% | Further notice | |
| Maybank | $5,000 and above | 3 months | 0.35% | Further notice |
| $5,000 and above | 6 months | 0.40% | Further notice | |
| RHB | $1,000 - $49,999 | 3 months | 0.31% | Further notice |
| $1,000 - $49,999 | 6 months | 0.37% | Further notice | |
| $1,000 - $49,999 | 9 months | 0.40% | Further notice | |
| $1,000 - $49,999 | 12 months | 0.45% | Further notice |
Overall, DBS has the best option with a minimum deposit of $1,000, for at least 18 months to secure an interest rate of 1.30% p.a.
That’s not too bad since you’re not locking your money up for too long.
Even if you went with a shorter tenor of 10 to 11 months, you’d still get 1.10% p.a.
Best Fixed Deposit Promotions For Deposits From $20,000 and Above
Fixed Deposit Promo Rates for Deposits Above $20k | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| CIMB | $1,000 - $99,999 | 3 - 24 months | 0.30% | Further notice |
| $100,000 and above | 3 - 24 months | 0.35% | Further notice | |
| Citibank | $10,000 to $50,000 | 6 - 36 months | 0.10% | Further notice |
| Hong Leong Finance | $20,000 and above | 12 months | 0.55% | 1 Mar 2021 |
| 18 months | 0.58% | 1 Mar 2021 | ||
| 24 months | 0.60% | 1 Mar 2021 | ||
| HSBC | $30,000 and above | 3 months | 0.30% | 31 Dec 2020 |
| 6 months | 0.35% | 31 Dec 2020 | ||
| 12 months | 0.55% | 31 Dec 2020 | ||
| ICBC (via e-banking) | $500 and above | 6 months | 0.30% | Further notice |
| $500 and above | 9 months | 0.65% | Further notice | |
| $500 and above | 12 months | 0.70% | Further notice | |
| Maybank | $5,000 and above | 3 months | 0.35% | Further notice |
| $5,000 and above | 6 months | 0.40% | Further notice | |
| $25,000 and above | 12 months | 0.50% | Further notice | |
| $25,000 and above | 24 months | 0.65% | Further notice | |
| $25,000 and above | 36 months | 1.00% | Further notice | |
| OCBC | $20,000 and above | 12 months | 0.45% | Limited time |
| RHB | $1,000 - $49,999 | 3 months | 0.31% | Further notice |
| $1,000 - $49,999 | 6 months | 0.37% | Further notice | |
| $1,000 - $49,999 | 9 months | 0.40% | Further notice | |
| $1,000 - $49,999 | 12 months | 0.45% | Further notice | |
| Standard Chartered | $20,000 and above | 18 - 24 months | 0.70% | Further notice |
| 36 months | 0.72% | Further notice | ||
| 48 months | 0.85% | Further notice | ||
| UOB | $20,000 and above | 10 months | 0.50% | 31 Dec 2020 |
If you’ve got $25,000 to spare.
Both Maybank is the best options but you’ll need to commit for at least 36 months to secure an interest rate of 1.00% p.a..
However, if you are an existing RHB Bank fixed deposit customer, you can also commit for at least 36 months to secure an interest rate of 1.00% p.a..
3 years is a pretty long time.
And if you’re considering that time frame, you might want to look at endowment plans if you’re for higher interest rates (plus a little insurance on the side).
Alternatively, for a $20,000 deposit, ICBC gives you 0.65% (9 months) and 0.70% (12 months) p.a..
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 account (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 which don’t require you to do so much just to get so little.
And should at least give you more than the paltry 0.05% which your regular savings account does.
In general, fixed deposits:
- 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.
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.
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.
CIMB Fixed Deposit Promotion Interest Rates
CIMB Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| CIMB | $1,000 - $99,999 | 3 - 24 months | 0.30% | Further notice |
| $100,000 and above | 3 - 24 months | 0.35% | Further notice |
Terms & Conditions:
- Valid till further notice
- Rates are subject to change without prior notice
Citibank Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| Citibank | $10,000 | 6 - 36 months | 0.10% | Further notice |
Citibank is also offering time deposits with a minimum deposit of $10,000.
- Rates are subject to change without prior notice
DBS Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| DBS | $1,000 - $9,999 | 10 - 11 months | 1.10% | Further notice |
| $1,000 - $9,999 | 12 months | 1.15% | Further notice | |
| $1,000 - $9,999 | 18 months | 1.30% | Further notice |
Terms & Conditions:
- Rates are effective 4 December 2020 till further notice
- Rates are subject to change without prior notice
Hong Leong Finance Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| Hong Leong Finance | $20,000 and above | 12 months | 0.55% | Limited time |
| 18 months | 0.58% | Limited time | ||
| 24 months | 0.60% | Limited time |
Terms & Conditions:
- Valid till 1 Mar 2021
- Stand a chance to win in the PayNow Monthly E-Gadget Draw when you use PayNow to deposit
HSBC Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| HSBC | $5,000 and above | 24 months | 1.10% | Further notice |
| $30,000 and above | 3 months | 0.30% | Further notice | |
| 6 months | 0.35% | Further notice | ||
| 12 months | 0.55% | Further notice |
Terms & Conditions:
- Valid until 31 December 2020
- The minimum and maximum placement amounts are $30,000 and $1,200,000 respectively
ICBC Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| ICBC (via e-banking) | $500 and above | 6 months | 0.30% | Further notice |
| $500 and above | 9 months | 0.65% | Further notice | |
| $500 and above | 12 months | 0.70% | Further notice |
Terms & Conditions:
- Valid until further notice
- Rates are subject to change without prior notice
Maybank Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| Maybank | $5,000 and above | 3 months | 0.35% | Further notice |
| $5,000 and above | 6 months | 0.40% | Further notice | |
| $25,000 and above | 12 months | 0.50% | Further notice | |
| $25,000 and above | 24 months | 0.65% | Further notice | |
| $25,000 and above | 36 months | 1.00% | Further notice |
Terms & Conditions:
- Minimum age 16 years old
- Valid until further notice
- Rates are subject to change without prior notice
OCBC Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| OCBC | $20,000 and above | 12 months | 0.45% | Limited time |
Terms & Conditions:
- Above 18 years old
- Valid until further notice
- Rates are subject to change without prior notice
- Minimum placement of $20,000
- Not available for placements via Supplementary Retirement Scheme (SRS) funds
RHB Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| RHB | $1,000 - $49,999 | 1 month | 0.20%* | Further notice |
| 2 months | 0.30%* | Further notice | ||
| 3 months | 0.31% | Further notice | ||
| 6 months | 0.37% | Further notice | ||
| 9 months | 0.40% | Further notice | ||
| 12 months | 0.45% | Further notice | ||
| 18 months** | 0.75% | Further notice | ||
| 24 months** | 0.85% | Further notice | ||
| 36 months** | 1.00% | Further notice |
*Note: Rates for 1 month and 2 months are applicable for Commercial and Corporate customers only.
**Note: Rates above 12 months are for existing auto-renew customers only.
Terms & Conditions:
- Minimum 18 years old
- Valid until further notice
- Rates are subject to change without prior notice
- Minimum placement of $1,000 for 3 months
Standard Chartered Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| Standard Chartered | $20,000 and above | 18 - 24 months | 0.70% | Further notice |
| 36 months | 0.72% | Further notice | ||
| 48 months | 0.85% | Further notice |
Terms & Conditions:
- Rates are subject to change without prior notice
- Minimum placement of $25,000 for 6 months
UOB Fixed Deposit Promotion Interest Rates
Best Fixed Deposit Promo Interest Rates | Deposit Amount | Tenor | Interest Rate | Valid Till |
|---|---|---|---|---|
| UOB | $20,000 and above | 10 months | 0.50% | 31 Dec 2020 |
Terms & Conditions:
- Valid until 31 December 2020
- Rates are subject to change without prior notice
- Minimum placement of $20,000 for 10 months
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