Savings
Guide to best fixed deposit rate in Singapore [September 2023]
26 Sep 2023
Get the latest information on the highest fixed deposit rates in Singapore with this comprehensive guide. Stay ahead of the game and secure your savings today!

TL;DR
- After months of cutting fixed deposit interest rates, some banks in Singapore have raised their interest rates on fixed deposit accounts in September 2023.
- For example, RHB has raised its 6-month and 12-month fixed deposit rates to 3.60% per annum (p.a.). HL Bank also raised its 12-month fixed deposit rate to 3.58% per annum.
- The best 12-month fixed deposit rate we found was 3.60% p.a. offered by RHB, and the best 3-month fixed deposit rate we found was 3.40% p.a. offered by Bank of China.
- The best 6-month fixed deposit rate we found was 3.60% p.a., which is below the cut-off yield of the latest 6-month T-bill auction.
The Telegram community has shown keen interest in a few instruments instruments – fixed deposit accounts, regular deposit accounts, T-Bill and Singapore Savings Bond (SSB).
If you are struggling to choose where to park your money, then you should continue to read on.
I will share with you my strategy and thoughts. (it’s free to read on so why not!)
The best fixed deposit rate in Singapore (September 2023)
Let’s start by talking a little more about fixed deposits.
Fixed deposits earn you a guaranteed amount of interest for the money you put in over a specific period of time.
Typically, you will lock in a sum of money (usually a minimum of $10,000) and the bank will pay you interest after a fixed period.
The downside to a fixed deposit is that you will have to pay a penalty fee if you want withdraw your money early.
However, what we noticed for the latest fixed deposit rate in Singapore for August 2023 is that after several months of constant downward adjustments, some banks have started to raise their fixed deposit rates again.
For example, RHB has raised its 6-month and 12-month fixed deposit rates to 3.60% per annum (p.a.). HL Bank also raised its 12-month fixed deposit rate to 3.58% per annum.
- The best 3-month fixed deposit rate we found was 3.40% p.a. offered by Bank of China.
- The best 6-month fixed deposit rate we found was 3.60% p.a. offered by RHB.
- The best 9-month fixed deposit rate we found was 3.35% p.a. offered by CIMB.
- The best 12-month fixed deposit rate we found was 3.60% p.a. offered by RHB.
- Amongst the local banks, DBS is offering a fixed deposit interest rate of 3.20% p.a. for 12-month fixed deposit, with a maximum deposit amount of S$19,999.
As an incentive for you to read this article, I’ve compiled a list of the fixed deposit interest rates offered by banks in Singapore.
Bank | Interest rate per annum | Tenure | Minimum amount |
RHB | 3.60% (mobile placement) | 6/12 months | S$20,000 |
3.20% | 3 months | S$20,000 | |
HL Bank | 3.58% | 12 months | S$100,000 |
3.40% | 6 months | S$100,000 | |
3.30% | 3 months | S$100,000 | |
SBI | 3.55% | 12 months | S$50,000 |
Bank of China | 3.40% (mobile placement) | 3 months | S$5,000 |
3.35% (mobile placement) | 6 months | S$5,000 | |
3.25% (mobile placement) | 9 months | S$5,000 | |
3.20% (mobile placement) | 12 months | S$5,000 | |
CIMB | 3.40% | 6 months | S$10,000 |
3.35% | 9 months | S$10,000 | |
3.15% | 12 months | S$10,000 | |
Maybank | 3.3% (deposit bundle promotion) | 12 months | S$22,000 |
HSBC | 3.30% | 4-months | S$30,000 |
ICBC | 3.30% (mobile placement) | 3 months | S$500 |
3.20% (mobile placement) | 6 months | S$500 | |
DBS/POSB | 3.20% | 12 months | S$1,000 (max S$19,999) |
Standard Chartered | 3.20% | 6 months | S$25,000 |
Citibank | 3.20% | 3 months | S$50,000 |
Hong Leong Finance | 3.00% | 8 months | S$50,000 |
UOB | 2.70% | 6/10 months | S$10,000 |
OCBC | 2.70% | 6 months | S$30,000 |
Source: Various bank websites as of 26 September 2023 |
Read also: Cash management accounts offer an an alternative to bank deposits for investors looking to earn a high interest rate with no lock-up period. Learn more here
[Last few days] Get up to US$1000 of free shares and a S$20 Grab voucher and when you open a Webull account and deposit any amount! Promo ends 28 Sep. Learn how you can receive welcome rewards with no trading required here.
Join the Beansprout Telegram group or Facebook group to get the latest updates on the best fixed deposit rates.
How do fixed deposit rates compare to Singapore treasury bill (T-bill) and Singapore Savings Bonds?
Beansprout has written enough on the Singapore treasury bill and the Singapore Savings Bond, so I will not be going into too much detail on them.
The yield for the most recent 6-month Singapore T-bill auction was 3.73%, higher than the best 6-month fixed deposit rate offered by banks.
The yield for the most recent 1-year Singapore T-bill auction was 3.74%, higher than the best 12-month fixed deposit rate offered by the banks.
The 1-year return on the most recent issuance of the Singapore Savings Bonds (SSB) is 3.05%, lower than than the best 12-month fixed deposit rate offered by the banks.
What is also important to note is that fixed deposits are covered under the Deposit Insurance Scheme.
This means that in the event that the bank faces problems repaying your money, all your insured deposits will be insured up to S$75,000 by the Singapore Deposit Insurance Corporation Limited (SDIC).
The Singapore T-bill and SSB are backed by the Singapore Government, but this does not make them entirely risk free.
For example, you may lose part of your capital if you decide to sell your T-bill before six months. In this case, it might not just be the interest rates you are losing out on!
Also, the interest rate in the recent T-bill auctions has been falling, and there is no guarantee that it will remain at current levels.
Let me try to summarize my thoughts in the table below –
What I like | What I do not like | |
Singapore 6-month T- bill | Principal sum is locked up for 6 months only Low risk of default Minimum investment of S$1000 | May not be liquid in the secondary market |
Singapore Savings Bond | Step-up interest rate of up to 10 years Redeemable at any point but have to wait for up to a month for payment Low risk of default Minimum investment of S$500 | 1-year return is lower than both Singapore T-bill and Fixed Deposits |
Fixed Deposits | Low risk of default | Principal sum is locked up for at least 6-12 months Potential penalty for early withdrawal Usually higher deposit amount |
How do fixed deposit accounts compare to best savings accounts in Singapore?
As seen from the Telegram group, many people are also interested in the best savings accounts apart from fixed deposit accounts.
However, do note that the interest rates offered by savings accounts are subject to change, and you are not able to ‘lock-in’ the interest rates like for fixed deposits.
The highest maximum effective interest rate offered by savings accounts currently is 7.88%, above the best fixed deposit rate.
You can compare the best fixed deposit rate and the best interest rates on savings accounts using our Interest Maximiser Tool.
How do fixed deposit rates compare to best foreign currency fixed deposit rates in Singapore?
Some of you may have noticed that foreign currency fixed deposit accounts are now offering a higher interest rate compared to Singapore dollar fixed deposit accounts.
This is because banks in Singapore have raised their foreign currency fixed deposit rates in with higher US interest rates.
The best 6-month US Dollar fixed deposit rate we found was 5.24% p.a. offered by UOB, for a minimum deposit of US$50,000. The best 12-month US Dollar fixed deposit rate we found was 5.19% p.a. offered by UOB, for a minimum deposit of US$50,000.
While USD fixed deposit rates are higher compared to Singapore dollar fixed deposit rates, you should beware of foreign currency risk. Also, foreign currency fixed deposits are not covered by the Singapore Deposit Insurance Scheme
How do fixed deposit rates compare to cash management accounts in Singapore?
You might have heard of Moomoo Cash Plus or Webull Moneybull discussed amongst investors in recent months. These are all cash management accounts that are seen as relatively safe and highly liquid alternatives to cash in the bank.
By putting your money in a cash management account, you will be investing in money market funds or bond funds. These professionally managed funds will put your cash in instruments such as bank deposits or short-term debt to earn higher interest rates.
In recent months, we have seen some cash management accounts offering a return of close to 3.8% p.a. for Singapore dollar funds and 4.5% p.a. for US dollar funds.
Compared to fixed deposits, cash management accounts offer more flexibility as they can be redeemed at short notice, usually in a few days.
Unlike fixed deposits, cash management accounts are not capital guaranteed and are not insured under Singapore Deposit Insurance Corporation (SDIC).
Click here to learn more about cash management accounts and how to choose the best one.
What are the fixed deposit rates offered by banks in Singapore?
🌱 RHB fixed deposit rates
Tenure | Personal Banking Online Placement | Premier Banking Online Placement |
Interest rate per annum | Interest rate per annum | |
3-Month | 3.00% | 3.10% |
6-Month | 3.60% | 3.68% |
12-Month | 3.60% | 3.68% |
Source: RHB website as of 19 September 2023 |
RHB currently offers the best 6-month and 12-month fixed deposit interest rate of 3.60% p.a. Premier banking customers of RHB can earn an even higher rate of 3.68% p.a. for a 6-month and 12-month fixed deposit.
The minimum deposit amount to enjoy the RHB promotional fixed deposit rate is S$20,000. However, do note that the fixed deposit rates offered by RHB are promotional rates that are subject to change without prior notice. You can find out the latest fixed deposit rate offered by RHB here
🌱 HL Bank fixed deposit rates
Tenure | Promotional interest rate per annum |
3-months | 3.30% |
6-months | 3.40% |
12-months | 3.58% |
Source: HL Bank website as of 7 September 2023 |
HL Bank offers the best 12-month fixed deposit rate of 3.58% p.a. and 6-month fixed deposit rate of 3.40%. However, the minimum deposit amount required is higher than other banks at S$100,000.
The promotional fixed deposit interest rates offered by HL Bank are valid until 30th September 2023. You can find out more about the fixed deposit rate offered by HL Bank here.
🌱 SBI fixed deposit rates
SBI offers one the highest 12-month fixed deposit rate amongst Singapore banks in September 2023, with a rate of 3.55% p.a. for a 12-month fixed deposit.
The minimum deposit required to earn this promotional interest rate is S$50,000.
Find out more about the promo here. T&Cs apply.
🌱Bank of China fixed deposit rates
Tenor | Over the Counter Placement | Via Mobile Banking Placement |
Interest rate per annum (%) | Interest rate per annum (%) | |
1 month | 2.95 | 3.00 |
3 months | 3.35 | 3.40 |
6 months | 3.30 | 3.35 |
9 months | 3.20 | 3.25 |
12 months | 3.10 | 3.20 |
18 months | 2.95 | 3.00 |
24 months | 2.75 | 2.80 |
Source: Bank of China website as of 19 September 2023 |
Bank of China offers the best 3-month fixed deposit rate of 3.40% p.a. amongst Singapore banks. It also offers a fairly competitive 6-month fixed deposit rate of 3.35% p.a.
The other advantage of placing your fixed deposit with Bank of China is that the minimum deposit amount is relatively low at just S$5,000.
However, Bank of China adjusts its fixed deposit rate fairly regularly, and you can find out the latest fixed deposit rate offered by Bank of China here.
🌱 CIMB fixed deposit rates
Tenure | Personal Banking | Preferred Banking |
Interest rate per annum (%) | Interest rate per annum (%) | |
6 Months | 3.40 | 3.45 |
9 Months | 3.35 | 3.40 |
12 Months | 3.15 | 3.20 |
Source: CIMB website as of 7 September 2023 |
CIMB has cut its promotional 9-month fixed deposit interest rate to 3.35% p.a. However, CIMB still offers a decent 6-month fixed deposit rate of 3.40% p.a. Preferred banking customers of CIMB can earn an even higher rate of 3.45% p.a. for a 6-month fixed deposit.
To earn the promotional interest rate, the minimum deposit required is S$10,000. The promotional rate is available until 30 September 2023, and you can find out more here.
If you are looking to set up an account with CIMB, SingSaver is running a credit card promotion for new CIMB cardmembers who sign up for the CIMB World MasterCard via this link. You can receive a Nintendo Swith OLED (worth S$549) or Sony WH-1000XM5 (worth S$575) or upsized S$350 cash via PayNow with a minimum spend of S$988 on eligible goods and services within 60 days following card approval is required.
Find out more about the promo here. T&Cs apply.
🌱 HSBC fixed deposit rates
Types of customers | Tenure | Interest rate per annum |
Personal banking | 4-month | 3.30% p.a. |
Premier | 4-month | 3.45% p.a. |
Source: HSBC website as of 7 September 2023 |
HSBC is offering a 4-month fixed deposit rate of 3.30% p.a. HSBC Premier customers can enjoy a higher 4-month fixed deposit rate of 3.45% p.a. You can find out more about the fixed deposit rate offered by HSBC here.
🌱 Maybank fixed deposit rate
Tenure | Promotional Rate (p.a.) |
12-month | 3.65% |
15-month | 3.65% |
18-month | 3.10% |
24-month | 3.10% |
Source: Maybank website as of 19 September 2023 |
While Maybank has an attractive headline 3.65% interest rate for a 12-month and 15-month fixed deposit, it comes with additional requirements which will make your effective interest rate earned lower.
For every S$1,000 deposited into selected Maybank Current or Savings accounts with a minimum deposit of S$2,000, you can deposit S$10,000 into the deposit bundle promotion. As the deposits into their current or savings accounts which comes with a lower interest rate, this would lower the effective interest rate for a 12-month deposit to about 3.3% p.a.
You can find out the full terms and conditions of the Maybank fixed deposit bundle promotion here.
🌱 ICBC fixed deposit rate
Over the Counter | Via E-banking | |
SGD20,000 and above | SGD500 and above | |
Tenor | Promotion Rates per annum | Promotion Rates per annum |
1 month | 2.85% | 2.90% |
3 months | 3.25% | 3.30% |
6 months | 3.15% | 3.20% |
9 months | 3.15% | 3.20% |
1 year | 3.15% | 3.20% |
Source: ICBC website as of 7 September 2023 |
ICBC offers a 3-month fixed deposit rate of 3.30% p.a. and a 6-month fixed deposit rate of 3.20% p.a. While these rates are lower than the fixed deposit rates offered by other banks in SIngapore, the good news is that you will be able to enjoy these promotional rates with a minimum deposit of S$500 when you apply via e-banking.
If you decide to apply over-the-counter, the promotional fixed deposit rates are slightly lower at just 3.25% p.a. for a 3-month fixed deposit. The minimum deposit amount is also much higher at S$20,000.
ICBC adjusts its fixed deposit rate fairly regularly, and you can find out the latest fixed deposit rate offered by ICBC here.
🌱 DBS fixed deposit rate
Interest rate per annum (%) | |||||||
Tenure | $1,000 - $9,999 | $10,000 - $19,999 | $20,000 - $49,999 | $50,000 - $99,999 | $100,000 - $249,999 | $250,000 - $499,999 | $500,000 - $999,999 |
1 mth | 0.3 | 0.3 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
2 mths | 0.5 | 0.5 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
3 mths | 1 | 1 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
4 mths | 1.85 | 1.85 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
5 mths | 2.35 | 2.35 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
6 mths | 2.9 | 2.9 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
7 mths | 2.95 | 2.95 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
8 mths | 3 | 3 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
9 mths | 3.1 | 3.1 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
10 mths | 3.15 | 3.15 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
11 mths | 3.15 | 3.15 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
12 mths | 3.2 | 3.2 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
Source: DBS website as of 7 September 2023 |
DBS offers the highest fixed deposit interest rate amongst the Singapore banks. You can earn an interest rate of 3.20% p.a. for 12-month fixed deposit, with a maximum deposit amount of S$19,999.
Unlike other banks, DBS offers a higher fixed deposit interest rate for smaller deposit amounts. For example, the interest rate you would earn falls to just 0.05% for deposits of S$20,000 and above.
You can find the latest fixed deposit rate offered by DBS here.
🌱 UOB fixed deposit rate
Tenure | Promotional Interest rate (p.a.) |
6-month | 2.70% |
10-month | 2.70% |
Source: UOB website as of 7 September 2023 |
UOB recently cut its fixed deposit rate sharply, and is now offering a promotional interest rate of 2.70% p.a. for a 6-month and 10-month fixed deposit.
In addition, the promotional interest rate can only be earned on fresh funds deposited into the savings account. You can find the terms and conditions of the fixed deposit rate offered by UOB here.
The fixed deposit rate will be sharply lower compared to the highest effective interest rate that can be earned on the UOB One account of 5.0%.
🌱 OCBC fixed deposit rate
Tenure | Promotional Interest rate (p.a.) |
6-month | 2.70% |
Source: OCBC website as of 7 September 2023 |
Like UOB, OCBC also recently cut its fixed deposit rate sharply, and is now offering a promotional interest rate of 2.70% p.a. for a 6-month fixed deposit. Compared to UOB, the minimum deposit amount required is higher at S$30,000. You can find the terms and conditions of the OCBC fixed deposit here.
OCBC allows you to earn this fixed deposit rate with your CPF Ordinary Account (OA) funds. However, you will need to apply at a OCBC branch. With the low fixed deposit rate of 2.70% p.a., you may also consider investing your CPF OA funds in T-bills.
Alternatively, the OCBC 360 savings account also offers a higher maximum effective interest rate of 7.65% p.a.
🌱 Citi fixed deposit rate
Tenure | Promotional Rate (p.a.) |
3-month | 3.20% |
Source: Citi website as of 7 September 2023 |
Citi offers a 3-month and 6-month fixed deposit rate of 3.20% p.a. The minimum deposit amount required is S$50,000. You can find the latest fixed deposit rates offered by Citi here.
🌱 Standard Chartered fixed deposit rate
Tensure | Promotional Rate | Priority Banking Preferential Rate | Priority Private Banking Preferential Rate |
6 months | 3.20% p.a. | 3.30% p.a. | 3.40% p.a. |
Source: Standard Chartered website as of 7 September 2023 |
Standard Charted offers a 6-month fixed deposit rate of 3.20% p.a. If you are a priority banking client of Standard Chartered, you can earn a preferential fixed deposit rate of 3.30% per annum. If you are a priority private banking client of Standard Chartered, you can earn a preferential fixed deposit rate of 3.40% per annum.
To earn the promotional rates, you will need to deposit fresh funds of at least S$25,000. You can find the latest fixed deposit rates offered by Standard Chartered here.
🌱 Hong Leong Finance fixed deposit rate
Deposit amount | 5-Month | 8-Month |
S$20,000 to <S$50,000 | 2.90% | 2.95% |
S$50,000 and above | 2.95% | 3.00% |
Source: Hong Leong Finance website as of 20 September 2023 |
.Hong Leong Finance is offering a Mid-Autumn Festival fixed deposit promotion with an interest rate of 2.95% per annum for a 5-month fixed deposit , and an interest rate of 3.00% for a 8-month fixed deposit. The minimum deposit required is S$50,000.
Hong Leong Finance adjusts its fixed deposit rate fairly regularly, and you can find out the latest fixed deposit rate offered by Hong Leong Finance here.
Final thoughts on fixed deposit
After many months of competing for the highest fixed deposit rate in Singapore, it is worthwhile to note that some have now started to lower their interest rates once again.
It will be interesting to see whether other banks will follow suit in bringing down the interest rates on fixed deposit accounts in the next few months.
As usual, you can get updates on the best fixed deposit rates on Beansprout's Telegram group.
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