Best Fixed Deposit Rates in Singapore [Dec 2024]

I’ve noticed that Singapore banks have been adjusting their fixed deposit rates quite frequently lately.

Just yesterday, someone in our Beansprout Telegram community mentioned that DBS has lowered its fixed deposit rate and is no longer offering the 1-year rate of 3.2%.

At the same time, some other banks, like HL Bank, have raised their fixed deposit rates this month.

This has sparked requests from investors for more frequent updates on the best fixed deposit rates.

To help you stay informed, I’ve compiled the latest fixed deposit rates below. Make sure to check back often—we’ll update the rates as they change!

The best fixed deposit rate in Singapore (As of 11 December 2024)

• The best 3-month fixed deposit rate we found was 3.20% p.a. offered by HL Bank.
• The best 6-month fixed deposit rate we found was 3.20% p.a. offered by HL Bank.
• The best 9-month fixed deposit rate we found was 2.55% p.a. offered by the Bank of China, Maybank and CIMB.
• The best 1 year fixed deposit rate we found was 2.90% p.a. offered by RHB.

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?

🌱 HL Bank

HL Bank currently offers the best 3-month and 6-month fixed deposit rate at 3.20% p.a.

The minimum deposit amount to enjoy the RHB promotional fixed deposit rate is  at S$100,000, suitable for investors with larger amounts of spare cash to park.

You can find out the latest fixed deposit rate offered by HL Bank here.

🌱Bank of China fixed deposit rates

Bank of China offers the best 9-month fixed deposit rate of 2.55% p.a. 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.

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.

🌱 ICBC fixed deposit rate

ICBC is currently offering a promotional 3-month fixed deposit rate of 3.00% 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.

🌱 RHB fixed deposit rates

RHB currently the best 12-month fixed deposit rate of 2.90% p.a. Premier banking customers of RHB can earn an even higher rate of 3.00% 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.

🌱 Maybank fixed deposit rate

Maybank is offering a iSAVvy promotional rate of 2.80% p.a. for a 6-month fixed deposit. The minimum placement for the iSAVvy fixed deposit is S$20,000

Receive a welcome gift of up to S$50 when you open a Maybank account. Learn more here.

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

🌱 Hong Leong Finance fixed deposit rate

Hong Leong Finance is offering a fixed deposit promotion with an interest rate of 2.75% per annum for a 7-month or 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.

🌱 CIMB fixed deposit rates

CIMB is offering a 3-month and 6-month fixed deposit rate of 2.75% p.a.. Preferred banking customers of CIMB can earn and even higher rate of 2.80% p.a. for a 3-month and 6-month fixed deposit.

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

🌱 SBI fixed deposit rates

SBI offers a promotional rate of 2.65% p.a. for a 6-month fixed deposit. The minimum deposit required to earn this interest rate is S$50,000. 

Outside the promotion, SBI also offers an interest rate of 2.00% p.a. for a 12-month 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.

🌱 Standard Chartered fixed deposit rate

Standard Charted offers a 6-month fixed deposit rate of 2.55% p.a. If you are a priority banking client of Standard Chartered, you can earn a preferential fixed deposit rate of 2.65% per annum. If you are a priority private banking client of Standard Chartered, you can earn a preferential fixed deposit rate of 2.75% 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.

🌱 UOB fixed deposit rate

UOB is offering a promotional interest rate of 2.50% p.a. for a 6-month fixed deposit using fresh funds until 30 November 2024. You can find the latest fixed deposit rate offered by UOB here. 

The fixed deposit rate of 2.50% p.a. is still lower than the highest effective interest rate that can be earned on the UOB One account of 4.0%.

🌱 DBS fixed deposit rate

DBS has lowered their interest rates significantly and no longer offers the best 9-month and 12-month fixed deposit rates. 

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. 

🌱 OCBC fixed deposit rate

OCBC is now offering a promotional interest rate of 2.45% p.a. for 6-month fixed deposit for internet banking customers.

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 3.10% 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.

🌱 HSBC fixed deposit rates

HSBC is offering a 3-month fixed deposit rate of 2.45% p.a. and a 6-month fixed deposit rate of 2.35%.  You can find out more about the fixed deposit rate offered by HSBC here. 

🌱 Citibank fixed deposit rate

Citibank offers a 3-month and 6-month fixed deposit rate of 2.40% p.a. The minimum deposit amount required is S$50,000. You can find the latest fixed deposit rates offered by Citi 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 3%, below the best 6-month fixed deposit rate of 3.20% offered by HL Bank.

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 2.66%, lower 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 Fullerton SGD Cash Fund offers a yield of around 3.0% as of 10 December 2024.

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, 

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, RHB offers priority banking customers a promotional interest rate of 2.85% p.a. for a 6-month fixed deposit, above its normal fixed deposit rate of 2.80% p.a.

CIMB is offering a 3-month and 6-month fixed deposit rate of 2.80% p.a.  for preferred banking customers.

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 cash management accounts to earn a higher yield compared to fixed deposits, while maintaining the flexibility to redeem anytime.

With falling interest rates, check out how we’re optimising our savings this month with T-bills and more!

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