Best Fixed Deposit Rates in Singapore [May 2025]

Fixed deposit interest rates in Singapore have been on the decline recently.

Several banks including UOB, OCBC and CIMB have lowered their fixed deposit rates in May.

This has sparked discussions in the Beansprout Telegram community about whether the era of high interest rates is coming to an end.

If you're figuring out where to park your spare cash, I’ve put together a roundup of the latest fixed deposit rates to help you compare your options. 

We’ll keep this list updated, so be sure to check back regularly!

The best fixed deposit rate in Singapore (As of 2 May 2025)

• The best 3-month fixed deposit rate we found was 2.40% p.a. offered by the Bank of China.
• The best 6-month fixed deposit rate we found was 2.40% p.a. offered by Bank of China.
• The best 9-month fixed deposit rate we found was 2.35% p.a. offered by the Bank of China and DBS/POSB.
• The best 1 year fixed deposit rate we found was 2.45% p.a. offered by DBS.

Join the Beansprout Telegram Community to stay updated on the latest fixed deposit rates.

What are the fixed deposit rates offered by banks in Singapore?

🌱 Maybank fixed deposit rate

Maybank is currently offering a top interest rate of 2.05% per annum for a 6-month fixed deposit when placed online, with a minimum deposit of S$20,000.

You can find out the full terms and conditions of the Maybank fixed deposit promotion here.

🌱 SBI fixed deposit rates

SBI offers a promotional rate of 2.25% p.a. and 2.00% p.a. for a 6-month and 12-month respectively fixed deposit. The minimum deposit required to earn this interest rate is S$5,000. 

You can find the latest fixed deposit rates offered by SBI here.

🌱Bank of China fixed deposit rates

Bank of China offers the best 3-month, 6-month and 9-month fixed deposit rate of 2.40%, 2.40% and 2.35% p.a. respectively with the lowest minimum deposit amount.

The advantage of placing your fixed deposit with Bank of China is that the minimum deposit amount is relatively low at just S$500.

To earn the promotional fixed deposit rate, you will need a new placement with the bank.

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.

🌱 DBS fixed deposit rate

You can earn an interest rate of 2.35% p.a. for 9-month fixed deposit and 2.45% p.a. for 12-month fixed deposit with a maximum deposit amount of S$19,999.

I also noticed some sharing in the Beansprout community about the senior citizen fixed deposit rate offered by DBS.

If you 55 years and above, you can earn an additional 0.10% p.a. interest on your fixed deposit for tenors of at least six months with the Premier Income Account (PIA).

This means that you can get a 1-year fixed deposit rate of 2.55% p.a. instead of 2.45% p.a. for deposits of S$1,000 to S$19,999 with DBS.

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. 

🌱 ICBC fixed deposit rate

ICBC is currently offering a promotional 3-month fixed deposit rate of 2.30% p.a. The promotional rate is only applicable via online banking deposits. The minimum deposit amount is S$500.

ICBC adjusts its fixed deposit rate fairly regularly, and you can find out the latest fixed deposit rate offered by ICBC here.

🌱 Hong Leong Finance fixed deposit rate

New customers can earn an attractive 2.15% p.a. interest when they open their first Fixed Deposit and Premium SAVER Account with fresh funds.

Plus, receive an additional $10 cash bonus when you register via HLF Digital.

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.

🌱 RHB fixed deposit rates

RHB offers a 3-month and 6-month fixed deposit rate of 2.20% p.a. Premier banking customers of RHB can earn an even higher rate of 2.30% p.a. 

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.

🌱 CIMB fixed deposit rates

CIMB is offering a 3-month fixed deposit rate of 2.25% p.a. for online placements. Preferred banking customers can enjoy a higher rate of 2.30% p.a. for the same tenure.

To earn the promotional interest rate, the minimum deposit required is S$10,000. You can find out more here.

🌱 Citibank fixed deposit rate

Citibank is now offering a promotional fixed deposit rate of 2.20% p.a. for both 3-month and 6-month tenures. 

The minimum deposit required is S$50,000, up to a maximum of S$3 million. You can find the latest fixed deposit rates offered by Citi here.

🌱 UOB fixed deposit rate

UOB is offering a promotional interest rate of 2.00% p.a. for a 6-month fixed deposit using fresh funds until 31 May 2025. 

You can find the latest fixed deposit rate offered by UOB here. 

The fixed deposit rate of 2.00% p.a. is still lower than the highest effective interest rate that can be earned on the UOB One account of 4.0%.

🌱 Standard Chartered fixed deposit rate

Standard Chartered offers a 5-month fixed deposit rate of 2.05% p.a. for both priority and private banking customers. Personal banking customers can enjoy a 2.00% rate.

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.

🌱 OCBC fixed deposit rate

OCBC is now offering a promotional interest rate of 1.90% p.a. for 9-month fixed deposit for internet banking customers.

You can find the terms and conditions of the OCBC fixed deposit here.

🌱 HSBC fixed deposit rates

HSBC is offering a 3-month, 6-month and 12-month fixed deposit rate 1.55%, 1.50% and 1.35% p.a. with a minimum deposit of S$30,000.  You can find out more about the fixed deposit rate offered by HSBC here. 

What are 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.

How do fixed deposit accounts compare to best savings accounts?

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 7.68%, above the best fixed deposit rate.  

Check out the best savings accounts with the highest interest rates here. 

How do fixed deposit rates compare to Singapore T-bill?

Beansprout has written enough on the Singapore treasury bill (T-bill) , 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 2.38%, slightly below the 6-month fixed deposit rate of 2.40%. 

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$100,000 by the Singapore Deposit Insurance Corporation Limited (SDIC).

The Singapore T-bill is 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! 

Let me try to summarise my thoughts comparing fixed deposit rates with the Singapore T-bills below.

Learn more about the Singapore T-bill here.

How do fixed deposit rates compare to Singapore Savings Bonds (SSBs)?

The Singapore Savings Bond (SSB) provides you with a simple and low-cost way to generate safe returns. Backed by the Singapore government, the SSB allows you to lock in long-term interest rates while offering flexibility of redeeming with no penalty. 

The 1-year average return on the most recent issuance of the Singapore Savings Bonds (SSB) is 2.69%, higher than than the best 12-month fixed deposit rate offered by the banks.

The minimum investment amount for the SSB is S$500, while the minimum fixed deposit amount is typically S$5,000 and above.

Learn more about Singapore Savings Bonds here.

How do fixed deposit rates compare to cash management accounts?

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. 

Cash management accounts offer a relatively low-risk option for us to earn a potentially higher return on our cash.

For example, the indicative 7-day annualised yield of the Fullerton SGD Cash Fund was about 2.8% as of 19 April 2025.

Learn more about the Fullerton SGD Cash Fund here. 

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).

Check out our comprehensive guide to cash management accounts in Singapore to select the best cash management account for your portfolio. 

Some robo-advisors have also introduced cash management solutions that offer guaranteed rates. They generate the returns by investing your funds into fixed deposits products provided by banks in Singapore.

For example, Syfe Cash+ Guaranteed is the cash management solution offered by Syfe which offers investors guaranteed rates for their idle cash. 

Learn more about Syfe Cash+ Guaranteed with our review of Syfe here. 

In addition, StashAway Simple Guaranteed also offers a cash management solution for 1 month and 3 months.

Learn more about StashAway Simple Guaranteed with our StashAway review here. 

How do fixed deposit rates compare to best USD fixed deposit rates?

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.  

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.

Check out our guide to the best USD fixed deposit rates in Singapore to get the latest foreign currency fixed deposit rates.

Are there better fixed deposit rates for priority banking accounts?

Some banks may also offer priority banking customers a higher interest rate for fixed deposit accounts.

For example, CIMB offers preferred banking customers a promotional interest rate of 2.15% p.a. for a 6-month fixed deposit, above its normal fixed deposit rate of 2.10% p.a.

To find out the best fixed deposit interest rates for priority banking accounts, check out our comprehensive guide to priority banking accounts in Singapore.

What would Beansprout do?

After many months of competing for the highest fixed deposit rate, it is worthwhile to note that some have now started to lower their interest rates once again.

We would also explore money market funds to earn a higher yield compared to fixed deposits, while maintaining the flexibility to redeem anytime. Learn more about money market funds in Singapore here.

As usual, you can get updates on the best fixed deposit rates in Beansprout's Telegram group.