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Best fixed deposit 2022

Best Fixed Deposit Rates in Singapore (2022 May): DBS, UOB, OCBC, Maybank, CIMB Etc.

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

Every bank offers different promotional interest rates, which typically vary according to minimum deposit amount and agreed upon tenor.

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 offers the best fixed deposit promotion in Singapore?


TL;DR: Best Fixed Deposit Rate Promotions in Singapore (May 2022)

BanksTenure
(months)
Promotion's Minimum/Qualifying Amount (SGD)Promotional Interest Rate (% p.a.)Valid Till
ICBC12 months$5001.10% (via E-banking)Further notice
DBS18 months
$1,000 to $9,9990.60% (new placements)

1.30% (for rollover of existing placements)
Further notice
CIMB SGD Exclusive Online Fixed Deposit18 months$10,0001.30%31 May 2022
Hong Leong Finance15 months$20,0001.33%Further notice
OCBC24 months$20,000 fresh funds1.28%Further notice
RHB12 months$20,000 fresh funds1.15% (Retail Customer)

1.20% (RHB Premier Clients
31 May 2022
UOB15 months$20,000 fresh funds0.90%31 May 2022
Maybank36 monthsSGD Time Deposit: $20,000 and above

iSAVvy Time Deposit: $25,000 and above
1.40%Further notice
Standard Chartered12 months$25,0000.90%

1.00% (for priority banking)
31 May 2022
HSBC3 months$30,0000.60%31 May 2022
Citibank SGD Time Deposit Investment Bundle2 months$50,000 investment purchase from Citibank1.00% 31 May 2022

Note that rates are subject to change without prior notice. Information is accurate as of 8 May 2022. All figures are in SGD.

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 fixed deposits with a wide range of minimum deposit amounts as well.

Jump to individual banks:

A few things to note about Fixed Deposit Rates:

  • Fixed deposit interest rates listed here are promotional interest rates that change monthly. 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 huge amount of money, usually $20,000 and above, to commit.
  • Higher fixed deposit interest rates are also available for foreign currencies (like USD) – you can consider this alternative if you, for some reason, have huge sums of foreign currency just lying around.

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. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product.


What Is A Fixed Deposit Account?

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.

Pros And Cons Of Fixed Deposit

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 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.

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 to get for salary transactions, and to have a fixed deposit account with board interest rates of a similar level to a savings account might not make a difference.

But, it could be a good time now to consider because banks in Singapore have launched a series of fixed deposit promotions since April, with rates going up to 1.4 per cent for 36-month tenures.

With better interest rates, should we start looking at fixed deposits then?

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 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 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 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 (May 2022)

Best Fixed Deposit Promo Interest Rates

Tenure (months)PERSONAL BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
PREFERRED BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
Valid Till
CIMB9 months0.65%0.70%31 May 2022
12 months1.15%1.20%
18 months1.25%1.30%

You will need to make the following initial deposit:

  • $5,000 for 1 or 2-month tenures.
  • $1,000 for other board rates.

To participate in the Promotion, applicants must open an Eligible Account and/or place a minimum amount of $10,000 for the specific tenures.

CIMB Fixed Deposit Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Tenure (months)PERSONAL BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
PREFERRED BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
CIMB1 month*0.20%0.20%
2 months*0.75%0.80%
3 months0.30%0.35%
6 months0.30%0.35%
9 months0.30%0.35%
12 months0.30%0.35%
24 months0.30%0.35%

*Minimum placement of $5,000 is required.

Terms & Conditions:

  • Rates are subject to change without prior notice.

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Citibank Fixed Deposit Promotion Interest Rates (May 2022)

Currently, Citibank is only running promotions for eligible customers.

Source: Citibank

Best Fixed Deposit Promo Interest Rates

Tenure (months)Promo Rate (% p.a.)Valid Till
Citibank SGD Time Deposit2 months1.00% 31 May 2022

To qualify for the promotion, you must have made an investment purchase of at least $50,000, with Citibank through a Relationship Manager or Personal Banker.

“Investment” refers to a Citi-distributed investment product with a minimum net sales charge of 1 per cent.

Citibank Fixed Deposit Interest Rates (May 2022)

Best Fixed Deposit Interest Rates

Deposit AmountTenureInterest Rate (% p.a.)
Citibank$10,000 - $3,000,0001 week0.05%
$10,000 - $3,000,0001 weeks0.05%
$10,000 - $3,000,0001 month0.05%
$10,000 - $3,000,0002 - 3 months0.08%
$10,000 - $3,000,0006 - 36 months 0.10%

Terms & Conditions:

  • Citibank is also offering time deposits with a minimum deposit amount of $10,000
  • Rates are subject to change without prior notice.

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DBS Fixed Deposit Promotion Interest Rates (May 2022)

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

DBS Fixed Deposit Interest Rates (May 2022)

Best Fixed Deposit Interest Rates

Tenure (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
DBS1 month0.05%0.05%0.05%
2 months0.05%0.05%0.05%
3 months0.15%0.15%0.05%
4 months0.15%0.15%0.05%
5 months0.15%0.15%0.05%
6 months0.20%0.20%0.05%
7 months0.40%0.40%0.05%
8 months0.60%0.60%0.05%
9 months0.95%0.95%0.05%
10 months1.10%1.10%0.05%
11 months1.10%1.10%0.05%
12 months1.15%1.15%0.05%
18 months1.30%1.30%0.05%
24 months0.90%0.90%0.05%
36 months0.85%0.85%0.05%
48 months0.75%0.75%0.05%
60 months0.75%0.75%0.05%

Note that DBS is only accepting new placements for tenures 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 tenure.

Terms & Conditions:

  • Rates are effective till further notice
  • Rates are subject to change without prior notice.

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Hong Leong Finance Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid Till
Hong Leong Finance$20,000 and above8 months1.00%Further notice
12 months1.10%
15 months1.33%

Terms & Conditions:

  • Minimum deposit of $20,000 and above.
  • Valid till further notice.

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

Hong Leong Fixed Deposit Interest Rates (May 2022)

Best Fixed Deposit Interest Rates

Tenor (Month)Interest Rate (p.a.)
≤ $50,000*
Interest Rate (p.a.)
> $50,000
Hong Leong Finance1 month*0.05%0.10%
2 months*0.05%0.10%
3 months0.10%0.15%
4 months0.10%0.15%
5 months0.10%0.15%
6 months0.15%0.20%
8 months0.15%0.25%
9 months0.15%0.30%
10 months0.15%0.30%
12 months0.25%0.35%
13 months0.25%0.35%
15 months0.25%0.40%
18 months0.30%0.40%
24 months0.30%0.45%
36 months0.30%0.50%

*The minimum placement sum for 1-month or 2-months deposits is $10,000, and for longer terms, it’s $500.

If you are aged 55 and above and your placement of fixed deposit is for 12 months and above, you enjoy an additional 0.125% p.a.! 

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HSBC Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Tenure (months)Interest Rate (% p.a.)Minimum to Maximum Placement for HSBC Personal BankingMinimum to Maximum Placement for
HSBC Premier
Minimum placement
HSBC Jade
Valid Till
HSBC3 months0.40%$30,000 - $1,200,000$30,000 to $1,200,000$30,000 and above31 May 2022
9 months0.60%$30,000 to $1,200,000$30,000 to $1,200,000$30,000 and above31 May 2022

Promotion is eligible for new and existing Personal Banking, Premier and Jade customers.

Also, the promotion’s minimum and maximum fresh funds placement amounts for HSBC Personal Banking & Premier customers only, are $30,000 and $1,200,000 respectively.

HSBC Fixed Interest Rates (May 2022)

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.*

*For the 24-Month SGD Time Deposit placement amount of $5,000 to $49,999, each customer will be limited to one placement per banking relationship.

Terms & Conditions:

  • Valid till further notice.

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ICBC Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid Till
ICBC$500 and above1 monthOver the counter: 0.15%

E-banking: 0.15%
Further notice
3 monthsOver the counter: 0.40%

E-banking: 0.45%
6 monthsOver the counter: 0.50%

E-banking: 0.45%
9 monthsOver the counter: 0.70%

E-banking: 0.75%
12 monthsOver the counter: 1.05%

E-banking: 1.10%
ICBC SGD Step-Up Fixed Deposit (12 months tenure)
Minimum Deposit1st - 3rd month4th - 6th month7th - 9th month10th - 12th month
$5,000 and above0.15%0.30%0.50%1.05%

Terms & Conditions:

  • Rates are subject to change without prior notice.
  • Fixed deposits with tenures of 1 month, 3 months, 6 months, 9 months or 12 months will enjoy the prevailing e-banking promotional rate upon maturity.
  • For SGD Step-Up Fixed Deposit (12-month tenure), customers can enjoy the following promotional interest rates corresponding to each cycle of the Tenure. The minimum deposit is $5,000 and above.
  • Valid until further notice. 

ICBC Fixed Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Tenure (1 month) / Interest Rate (% p.a.)
Tenure (3 months) / Interest Rate (% p.a.)Tenure (6 months) / Interest Rate (% p.a.)Tenure (9 months) / Interest Rate (% p.a.)Tenure (12 months) / Interest Rate (% p.a.)Tenure (13 months) / Interest Rate (% p.a.)Tenure (24 months) / Interest Rate (% p.a.)
$500 - $5,0000.15%0.40%0.50%0.70%1.05%0.55%0.55%
$5,000 - $200,0000.15%0.40%0.50%0.70%1.05%0.55%0.55%
$200,000 and above0.15%0.40%0.50%0.70%1.05%0.55%0.55%

Terms & Conditions:

  • Valid till further notice

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Maybank Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Interest Rates

Placement AmountTenure (months)Interest Rate (p.a.)Valid Till
SGD Time Deposit/Term Deposit-i promotion$20,000 and above12 months0.90%Further notice
24 months1.25%
36 months1.40%
iSAVvy Time Deposit$25,000 and above12 months0.90%
24 months1.25%
36 months1.40%

Terms and Conditions:

  • SGD Time Deposit/Term Deposit-i 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 Fixed Deposit Interest Rates (May 2022)

Best Fixed Deposit Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid Till
Maybank Singapore Dollar Time Deposit$1,000 and above1* | 2 months0.10%Further notice
3 months0.20%
6 months0.25%
9 | 12 months0.35%
18 months0.40%
24 months0.50%
36 months0.60%
iSAVvy Time Deposit$5,000 and above3 months0.25%
6 months0.30%
$25,000 and above12 months0.90%
$25,000 and above24 months1.25%
$25,000 and above36 months1.40%

*Minimum deposit for 1 month is $10,000.

Terms & Conditions:

  • Minimum age 16 years old.
  • SGD Time Deposit’s 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
  • iSAVy Time’s Minimum deposit:
    • $5,000 for 3 and 6 months tenure
    • $25,000 for 12, 24 and 36 months tenure
  • Valid until further notice.
  • Rates are subject to change without prior notice.

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OCBC Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid Till
OCBC SGD Time Deposit$20,000 & above12 months0.55%Further notice
24 months1.28%

There is a minimum placement of $20,000 for the promotion required.

OCBC Fixed Deposit Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid 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%
13 - 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%

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.
  • Minimum placement of $5,000 for normal fixed deposit.

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RHB Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenure (months)Interest Rate (% p.a.)Valid Till
RHB SGD Fixed Deposit Rates$20,000 and above12 months1.15% (Retail Customer)

1.20% (RHB Premier Clients)
31 May 2022

To enjoy the promotional rate, you will need a deposit amount of at least $100,000.

RHB Fixed Deposit Interest Rates (May 2022)

RHB SGD Deposit Rates (% p.a.) / Tenure (months)1 month*2 months*3 months6 months9 months12 months18 months24 months36 months
$20,000 to $200,0000.10%0.15%0.30%0.375%0.40%0.40%0.40%0.40%0.40%
$200,000 & above0.10%0.15%0.30%0.40%0.40%0.55%0.60%0.65%0.65%

Terms & Conditions:

  • Rates for 1-month* and 2-month* are applicable for Commercial and Corporate customers only
  • Minimum 18 years old.
  • Valid until further notice.
  • Rates are subject to change without prior notice.
  • Minimum placement of $20,000 in fresh funds for tenures of three months and above.

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Standard Chartered Fixed Deposit Promotion Interest Rates (May 2022)

May 2022 Fresh Funds Promotion
Deposit AmountTenure (months)Interest Rate (% p.a.)
Promotional Rate
Interest Rate (% p.a.)
Priority Banking Preferential Rate
Valid Till
$25,000 and above (fresh funds)9 months0.70%0.80%31 May 2022
12 months0.90% 1.00%
SGD Time Deposit Renewal Promotion
Deposit AmountTenure (months)Interest Rate (% p.a.)
Promotional Rate
Interest Rate (% p.a.)
Priority Banking Preferential Rate
Valid Till
$25,0009 months0.70%0.80%31 May 2022

For Standard Chartered’s Fresh Funds promotions, you need to place a minimum of $25,000 in fresh funds.

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 & above

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

Existing Time Deposit9 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 and above

Terms & Conditions:

  • Rates are subject to change without prior notice

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UOB Fixed Deposit Promotion Interest Rates (May 2022)

Best Fixed Deposit Promo Interest Rates

Minimum Deposit Amount (Fresh Funds)Tenure (months)Interest Rate (% p.a.)Valid Till
UOB SGD Fixed Deposit$20,00010 months0.70%31 May 2022
15 months0.90%

For those with a fixed deposit account with UOB, you will need to commit to a 10-month tenure to enjoy the promotional interest rate.

UOB Fixed Deposit Interest Rates (May 2022)

Deposit Tenure
(% p.a)
<$50,000$50,000 -
$249,999
$250,000 -
$499,999
$500,000 -
$999,999
1 month0.05%0.05%0.05%0.05%
2 months0.05%0.05%0.05%0.05%
3 months0.05%0.05%0.05%0.05%
4 months0.05%0.05%0.05%0.05%
5 months0.05%0.05%0.05%0.05%
6 months0.05%0.05%0.05%0.05%
7 months0.10%0.10%0.10%0.10%
8 months0.10%0.10%0.10%0.10%
9 months0.10%0.10%0.10%0.10%
10 months0.15%0.15%0.15%0.15%
11 months0.15%0.15%0.15%0.15%
12 months0.15%0.15%0.15%0.15%
13 months0.20%0.20%0.20%0.20%
14 months0.20%0.20%0.20%0.20%
15 months0.20%0.20%0.20%0.20%
18 months0.20%0.20%0.20%0.20%
24 months0.20%0.20%0.20%0.20%
36 months0.50%0.50%0.50%0.50%

Terms & Conditions:

  • You must be at least 15 years old
  • Minimum placement of $5,000 for tenures of one month and above
  • Minimum placement of $250,000 for a tenure of between seven days and 14 days
  • Minimum placement of $1,000,000 for a tenure of less than 7 days

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Should I Choose Fixed Deposit? What About Other Safer Investment Options?

If you’re thinking about other low-risk investment options, there are options such as the Singapore Saving Bonds (SSB).

SSB may offer a higher return than a fixed deposit, each SSB tranche’s interest rate will be different every month.

That said, we’ve noticed that recent SSB rates are inching up slowly.

Regardless of your option and how promising a certain investment may sound…

Always, ALWAYS do your own due diligence when you’re investing.

When in doubt, don’t be shy to ask our friendly Seedly Community for their opinions, or hop over to our product review page to read personal experiences!

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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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