Best Fixed Deposit Promotions in Singapore 2019

Fixed deposit interest rates can change dramatically with promotional offers, which can make it difficult to keep up with the best rates currently available. We've identified the best fixed deposit interest rate promotions currently in the market to help you quickly find the option best suited to your needs.

Best SGD Fixed Deposit Interest Rate Promotions
CitibankUp to 3.80% (3mo, S$50,000 min deposit)
HSBC
  • Advance: Up to 1.70% (12mo, S$30,000 min deposit)
  • Premier: Up to 1.75% (12mo, S$30,000 min deposit)
Standard CharteredUp to 1.80% (12mo, S$25,000 min deposit)
OCBCUp to 1.70% (12mo, S$20,000 min deposit)
UOBUp to 1.70% (10mo, S$20,000 min deposit)
Maybank
  • SGD Time Deposit: Up to 2.00% (12mo, S$20,000 min deposit)
  • iSAVvy: Up to 2.00% (24mo, S$50,000 min deposit)
CIMBUp to 1.90% (12mo, S$10,000 min deposit)
ICBCUp to 1.95% (12mo, S$20,000 min deposit)
Hong Leong FinanceUp to 1.85% (12mo, S$20,000 min deposit)
Promotions with highest interest rates shown; lower rates available for shorter tenures and/or smaller deposit sizes. Please see below for further details

Best for Short Term Large Deposits: Citibank SGD Fixed Deposit

Consider this if you're interested in a large, short-term deposit

Minimum Deposit S$10,000
Available Tenures 1, 2 Weeks; 1, 2, 3, 6, 12, 24, 36, 48 Months
Promotions:
  • Up to 3.80% (3mo, S$50,000 min deposit)

If you're looking to invest a large sum of money for just a short amount of time, you might want to consider Citibank Singapore Dollar Time Deposit. Under the current Bundle Promotion, account holders who deposit at least S$50,000 for a tenure of 3 months earn an incredible 3.80% p.a. on their investment. This means, at the very least, account holders are set to earn S$468 in interest. Citi's current promotional rate is–by far–the highest on the market, though it also has one of the highest required minimum deposits to qualify.

Beyond its promotion, Citibank's Time Deposit offers a broad range of tenures and rates fairly consistent regardless of deposit size. Account holders can set deposits for as little as 1-2 weeks or for as long as 48 months. Few other banks offer such range. Board rates also do not change according to deposit size, which isn't always the case; some other banks heavily favor larger deposits. Nonetheless, Citibank's Time Deposit board rates are much lower than the market standard, ranging from 0.05%–0.10%. The best method to maximise your earnings is to watch out for Citi's excellent promotions and take advantage whenever possible.

Citi Board Interest Rates (% p.a.), Tenure by Deposit Size
S$1,000–S$3,000,000
1, 2 Week0.05%
1 Month0.05%
2, 3 Month0.08%
6, 12, 24, 36 Month0.10%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
Citi Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthN/AS$3.95S$9.86S$19.73
6 MonthN/AS$9.86S$24.66S$49.32
12 MonthN/AS$19.73S$49.32S$98.63
24 MonthN/AS$39.45S$98.63S$197.26
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference. Citi Fixed Deposits require a S$10,000 minimum deposit

Best HSBC Singapore Dollar Fixed Deposit Promotions

HSBC offers a variety of SGD fixed deposits and promotions according to account holder's banking relationship: Advance, Premier, or Personal banking.

Best for Advance Account Holders: HSBC Advance SGD Time Deposit

Consider this if you're open to an HSBC Advance banking relationship

Minimum Deposit S$5,000
Available Tenures 1, 3, 6, 12, 24 Months
Promotions:
  • Up to 1.70% (12mo, S$30,000 min deposit)

If you're open to considering an Advance banking account with HSBC, you'll have access to great interest rates and promotions with HSBC Advance Time Deposit. As mentioned, this account is only open to consumers with an Advance banking relationship, which also comes with a preferential savings rate and one of the best flat rebate credit cards on the market. In terms of the time deposit promotion, consumers who deposit at least S$30,000 can earn up to 1.60% interest for a 3 month tenure, or 1.70% for a 12 month tenure. While this minimum deposit may seem high, it also means consumers will earn at least S$119 or S$510 in interest, respectively–a quite competitive amount.

Overall, HSBC Advance Time Deposit is fairly accessible, with just an S$5,000 minimum to place a deposit of any tenure at standard rates. Interest rates do not vary by deposit size, though rates jump substantially for longer tenures. In fact, board rates from 1 to12 months range from 0.05% to 0.25%, but a 24 month tenure earns an impressive 1.45% p.a. This is one of the highest 24 month rates on the market, making the HSBC Advance Fixed Deposit excellent for long-term deposits.

HSBC Advance Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$1,000,000+
1 Month0.05%
3 Month0.10%
6 Month0.15%
12 Month0.25%
24 Month1.45%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
HSBC Advance Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.23S$4.93S$12.33S$24.66
6 MonthS$3.70S$14.80S$36.99S$73.97
12 MonthS$12.33S$49.32S$123.29S$246.58
24 MonthS$143.01S$572.08S$1,430.17S$2,860.27
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Best for Premier Account Holders: HSBC Premier SGD Time Deposit

Consider this if you're able to maintain a large savings balance or have a sizeable property loan

Minimum Deposit S$5,000
Available Tenures 1, 3, 6, 12, 24 Months
Promotions:
  • Up to 1.75% (12mo, S$30,000 min deposit)

Consumers with an HSBC Premier banking relationship have access to top interest rates with HSBC Premier SGD Time Deposit. It's worth mentioning that this account is a bit challenging to qualify for (consumers must maintain a S$200,000 balance, S$15,000 monthly salary credit, or have a property loan of at least S$800,000). The Premier deposit comes with a promotion offering up to 1.65% interest for 3 months or 1.75% for 12 months, with a S$30,000 minimum deposit. This means consumers will earn at least S$123 or S$525 in interest, respectively (slightly higher than that offered to HSBC Advance account holders).

HSBC Premier SGD Time Deposit also offers a similar board rates to the HSBC Advance equivalent. Shorter tenures, ranging from 1 to 12 months, earn 0.08%–0.28% p.a., and a 24 month deposit earns an impressive 1.50% p.a–again, just slightly higher than with HSBC Advance. The difference adds up for larger deposit sizes, however. Depositing S$200,000 for 6 months would earn about S$150 with Advance, but earn S$180 with Premier. Ultimately, you'll earn more with the Premier account, though the Advance equivalent is still competitive and is easier to qualify for.

HSBC Premier Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$1,000,000+
1 Month0.08%
3 Month0.13%
6 Month0.18%
12 Month0.28%
24 Month1.50%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
HSBC Premier Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.60S$6.41S$16.03S$32.05
6 MonthS$4.44S$17.75S$44.38S$88.77
12 MonthS$13.81S$55.24S$138.08S$276.16
24 MonthS$147.95S$591.81S$1,479.48S$2,958.90
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Accessible High Rates for Long Tenures: HSBC SGD Time Deposit

Consider this if you're planning to opt for a long-tenure deposit

Minimum Deposit S$5,000
Available Tenures 1, 3, 6, 12, 24 Months

HSBC Singapore Dollar Time Deposit is the most accessible variant, and comes with impressive rates. It's worth mentioning that promotions are often limited to the Advance and Premier variants, which require banking relationships with HSBC. Nonetheless, HSBC SGD Time Deposit offers some of the best board rates for long tenure deposits. While shorter tenures, ranging from 1 to 12 months, earn at just 0.05% to 0.25% p.a. (equivalent to an Advance account's board rates), a 24 month tenure earns an impressive 1.40%. Even better, there's only a S$5,000 minimum deposit requirement. Overall, this makes HSBC SGD Time Deposit one of the best and most accessible options for long-tenure deposits, even without standing promotions.

HSBC Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$1,000,000+
1 Month0.05%
3 Month0.10%
6 Month0.15%
12 Month0.25%
24 Month1.40%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
HSBC Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.23S$4.93S$12.33S$24.66
6 MonthS$3.70S$14.80S$36.99S$73.97
12 MonthS$12.33S$49.32S$123.29S$246.58
24 MonthS$138.08S$552.36S$1,380.85S$2,761.64
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Best for Very Long Tenures: Standard Chartered SGD Time Deposit

Consider this if you're seeking a deposit tenure of 4–5 years

Minimum Deposit S$5,000
Available Tenures 1, 3, 6, 9, 12, 15, 18, 24, 36, 48, 60 Months
Promotions:
  • Up to 1.80% (12mo, S$25,000 min deposit)

Standard Chartered Singapore Dollar Time Deposit stands out as one of the only accounts offering both promotion rates as well as especially long tenure options. Consumers receive a respectable 1.80% p.a. on a deposit of at least S$25,000 across 12 months, which equals at least S$793 in interest earnings. This is reasonably competitive with other promotions currently on the market. However, SC SGD Time Deposits at board rates are also worth considering, especially if you're looking to deposit funds for a prolonged period of time. Consumers can make deposits for as long as 2, 3, 4, and even 5 years (60 months)–most banks limit deposits to 2 or 3 years at the most. Given that a 5 year deposit earns 1.60% interest without even factoring in a promotion, this is a great option for those seeking long-term placements.

SC Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$500,000+
1 Month0.25%
3 Month0.30%
6 Month0.35%
9 Month0.90%
12 Month0.95%
15, 18, 24 Month1.10%
36 Month1.22%
48 Month1.35%
60 Month1.60%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
SC Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$3.70S$14.80S$36.99S$73.97
6 MonthS$8.63S$34.52S$86.30S$172.60
12 MonthS$46.85S$187.41S$468.50S$936.99
24 MonthS$108.49S$433.99S$1,084.95S$2,169.86
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Wide Range of Available Tenures: OCBC SGD Time Deposit

Consider this if you have a very specific deposit tenure in mind

Minimum Deposit S$5,000
Available Tenures 1-24 (each available separately), 36, 48 Months
Promotions:
  • Up to 1.70% (12mo, S$20,000 min deposit)

If you have a very specific deposit tenure in mind, it's definitely worth considering OCBC SGD Time Deposit. While many banks only offer deposits with milestone tenures (3, 6, or 12 months for example), OCBC FD allows consumers to select tenure by the month. In other words, this is one of the few accounts where tenure can be set for unique terms such as 4, 7, 13 months or others. There's also only a S$5,000 minimum deposit requirement.

Even better, OCBC SGD Time Deposit has a promotion available with quite attractive rates–consumers can earn 1.55% interest across 6 months or 1.70% across 12 months with just S$20,000 minimum deposit. In other words, those taking advantage of this offer will earn at least S$154 or S$340, respectively–earnings that make this deposit definitely worth considering.

OCBC Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5k–S$50kS$50,001–S$999,999
1, 2 Month0.10%0.10%
3, 4, 5 Month0.15%0.15%
6, 7, 8 Month0.20%0.20%
9, 10, 11, 12 Month0.25%0.25%
13 Month0.50%0.50%
14 Month0.80%0.80%
15, 16, 17, 18, 19 Month1.25%1.25%
20, 21, 22, 23, 24 Month1.25%1.25%
36 Month1.55%1.55%
48 Month1.75%N/A
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
OCBC Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.85S$7.40S$18.49S$36.99
6 MonthS$4.93S$19.73S$49.32S$98.63
12 MonthS$12.33S$49.32S$123.29S$246.58
24 MonthS$123.29S$493.18S$1,232.90S$2,465.75
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Long Tenure, Smaller Deposits: UOB Singapore Dollar Fixed Deposit

Consider this if you're interested in a long tenure for a medium deposit

Minimum Deposit S$5,000
Available Tenures 1-15 (each available separately),18, 24, 36 Months
Promotions:
  • Up to 1.70% (10mo, S$20,000 min deposit)

UOB Singapore Dollar Fixed Deposit offers some of the market's highest interest rates for small-to-moderate (< S$50k) sized deposits with longer tenures, and also comes with an attractive promotion. Currently, consumers can earn 1.70% p.a. with just S$20,000 minimum deposit for a 10 month tenure. It's worth mentioning that most banks only offer promotions at milestone tenures (3, 6, 9, or 12 months), so this is a remarkable fit if 10 months is closer to your desired length. If you do follow up on this offer, you'll earn at least S$283 in interest.

This account is also especially competitive, as mentioned, for long-term tenures with small-to-moderate deposits. In fact, deposits placed for 15 to 36 months earn from 1.40% to 1.65% interest; consumers looking to invest less than S$50k will have a hard time finding higher rates elsewhere. Competitors' corresponding rates tend to range from just 0.10% to 1.55%. As a result, UOB Singapore Dollar Fixed Deposit is stands out as a top pick for investments within this space.

UOB Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$999,999
1, 2, 3 Month0.30%
4, 5, 6 Month0.35%
7, 8, 9 Month0.40%
10 Month0.45%
11 Month0.55%
12 Month0.70%
13 Month0.90%
14 Month1.15%
15 Month1.40%
18 Month1.50%
24 Month1.60%
36 Month1.65%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
UOB Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$3.70S$14.80S$36.99S$73.97
6 MonthS$8.63S$34.52S$86.30S$172.60
12 MonthS$34.52S$138.09S$345.21S$690.41
24 MonthS$157.81S$631.26S$1,578.11S$3,156.16
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Best Maybank Singapore Dollar Time Deposit Promotions

Maybank offers competitive interest rates for time deposits that are traditionally structured as well as those centered on e-banking.

High Rates for Very Long Tenures: Maybank SGD Time Deposit

Consider this if you're open to or already have a savings account with Maybank

Minimum Deposit S$10,000 for 1 Mo, S$1,000 for 2+ Mo
Available Tenures 1, 2, 3, 6, 9, 12, 18, 24, 36 Months
Promotions:
  • Up to 2.00% (12mo, S$20,000 min deposit)

Maybank Singapore Dollar Time Deposit offers some of the most accessible high rates for very long-tenure deposits. In fact, with just S$1,000 minimum deposit, consumers can earn a market-leading 2.05% p.a. for a 36 month tenure–without even factoring in a promotion. The fact that the minimum requirement is so low and the interest rate is so high makes Maybank SGD Time Deposit the best option for those with small deposits looking for a long-term investment, considering the deposit board rates alone.

This account also comes with a promotion, however, making it even more competitive. Consumers can earn 2.00% p.a. after a S$20,000 minimum deposit for a tenure of 12 months. This is one of the highest 1-year rates on the market. However, this promotion does come with a few requirements. First, the consumer must also have a savings account with Maybank. Next, they must deposit S$2,000 into their savings account just do "unlock" the promotion. After making this deposit into the savings account, the consumer must then submit the S$20,000 minimum. As a result, to truly take advantage of this offer, you'd need to have a current banking relationship and have S$22,000 on hand.

Maybank Board Interest Rates (% p.a.), Tenure by Deposit Size
S$1k–S$99,999S$100k–S$249,999S$250k–S$999,999
1 Month0.20%0.20%0.20%
2 Month0.30%0.30%0.30%
3 Month0.35%0.35%0.35%
6 Month0.40%0.45%0.50%
9 Month0.55%0.60%0.60%
12 Month0.70%0.70%0.75%
18 Month0.90%0.90%0.95%
24 Month1.00%1.00%1.10%
36 Month2.05%2.05%2.05%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
Maybank Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 Month$4.32S$17.26S$43.15S$86.30
6 MonthS$9.86S$39.45S$98.63S$221.92
12 MonthS$34.52S$138.09S$345.21S$690.41
24 MonthS$98.63S$394.54S$986.32S$1,972.60
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Best Long-Tenure Rates for Online Banking: Maybank iSAVvy Time Deposit

Consider this if you're familiar with online banking and want a longer tenure

Minimum Deposit S$5,000 for 3 & 6 Mo, S$25,000 for 12+ Mo
Available Tenures 3, 6, 12, 24, 36 Months
Promotions:
  • Up to 2.00% (24mo, S$50,000 min deposit)

If you're already a Maybank customer and feel comfortable with online banking, your long-term deposit could earn a great deal through Maybank iSAVvy Time Deposit. Consumers receive up to 2.05% interest for deposits of 36 month tenure, though there's a S$25,000 minimum deposit requirement for tenures of 1+ years. Board rates also increase for larger deposit sizes–unlike with several other banks, whose rates remain constant–which ultimately favors big deposits with longer tenures.

The ability to make a big deposit is also key to accessing the Maybank iSAVvvy promotion. With a minimum deposit of S$50,001, consumers can earn 1.70% for a 12 month tenure or 2.00% for a 24 month tenure. This translates to an interest earnings of at least S$850 or S$2,020, respectively. These are amongst the highest promotional rates on the market, but consumers must already have a banking relationship with Maybank to qualify, and deposits must be made online (in fact, over-the-counter transactions incur fees).

MB iSAVvy Board Interest Rates (% p.a.), Tenure by Deposit Size
S$500–S$24,999S$25,000–S$50,000S$50,001–S$1,000,000
3 Month0.45%0.45%0.45%
6 Month0.55%0.55%0.55%
12 MonthN/A0.85%1.70%
24 MonthN/A1.20%2.00%
36 MonthN/A2.05%2.05%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
MB iSAVvy Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$5.55S$22.19S$55.48S$110.96
6 MonthS$13.56S$54.25S$135.62S$271.23
12 MonthN/AN/AS$838.37S$1,676.71
24 MonthN/AN/AS$1,972.64S$3,945.21
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

High & Easy-to-Access Promotional Rates: CIMB SGD Fixed Deposit

Consider this if you want top promotional rates for a smaller deposit size

Minimum Deposit S$5,000 for 1 & 2 Mo, S$1,000 for 3+ Mo
Available Tenures 3, 6, 9, 12, 24 Months
Promotions:
  • Up to 1.90% (12mo, S$10,000 min deposit)

CIMB SGD Fixed Deposit is, by far, one of the best options on the market for small and medium tenure deposits of any size, further improved by market-leading promotions. In fact, consumers can access CIMB SGD FD promotions with just S$10,000 minimum deposit; competitors require S$20,000 to S$50,000+ to access special interest rates. With this S$10,000 minimum, CIMB SGD FD account holders can earn 1.55% for a 3 month tenure, 1.70% for 6 months, or 1.90% for 12 months. This translates to an earnings of at least S$39, S$85, and S$190, respectively.

CIMB SGD Fixed Deposit also offers top board rates, making investment attractive beyond its promotions. Terms from 3 to 24 months long only require a S$1,000 minimum deposit, which is extremely accessible and one of the lowest on the market. Rates do increase slightly for investments above S$100,000, as well as for longer tenures, though consumers making very large deposits across long tenures can achieve higher rates elsewhere. Overall, CIMB SGD Fixed Deposit is an excellent match for promotion access with lower deposit requirements.

CIMB Board Interest Rates (% p.a.), Tenure by Deposit Size
S$1k–S$99,999S$100k+
1 Month0.20%0.20%
2 Month0.30%0.30%
3 Month0.35%0.35%
6 Month0.40%0.50%
9 Month0.55%0.60%
12 Month0.70%0.75%
24 Month1.00%1.10%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
CIMB Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$4.32S$17.26S$43.15S$86.30
6 MonthS$9.86S$39.45S$98.63S$246.58
12 MonthS$34.52S$138.09S$345.21S$739.73
24 MonthS$98.63S$394.54S$986.32S$2,169.86
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Best ICBC Singapore Dollar Time Deposit Promotions

ICBC offers some of the best fixed deposit interest rates on the market, both in terms of promotional and board rates.

Most Accessible Promo Interest Rates: ICBC SGD Fixed Deposit

Consider this if you're seeking top promotional rates for as little as S$500 deposit

Minimum Deposit S$500
Available Tenures 1, 3, 6, 9, 12, 13, 24 Months
Promotions:
  • Up to 1.95% (12mo, S$20,000 min deposit)

If you're looking to invest less than S$1,000, you'll have a very hard time qualifying for a fixed deposit account with most banks. With ICBC SGD Fixed Deposit, however, you can access top board rates as well as market-leading promotional offers with just a S$500 minimum deposit. In fact, no other bank provides access to promotions for less than S$10,000 minimum investment, and most require S$20,000.

In terms of ICBC's current promotions, spend of S$500 and above in fresh funds earns up to 1.80% for 12 month tenure, or 1.85% if conducted through e-Banking. Deposits of S$20,000+ earn 1.90% for 12 month tenure, or 1.95% through e-Banking. ICBC offers promotional rates for 1,3,6, and 9 month tenures as well, which is far more flexible than any other banks' promotional schema. In addition, these rates are some of the highest on the market regardless of deposit size, big or small.

ICBC's board rates apply to non-fresh funds, or those transferred from an existing ICBC account (rather than deposited from an outside source). These rates are more competitive than some alternatives, ranging from as little as 0.30% up to 0.80% depending on deposit size and tenure. However, given the accessibility and high rates of the promotional offers, it's far better to deposit fresh funds when possible.

ICBC Board Interest Rates (% p.a.), Tenure by Deposit Size
S$500–S$4,999S$5,000–S$199,999S$200,000+
1 Month0.30%0.40%0.50%
3 Month0.35%0.45%0.55%
6 Month0.40%0.50%0.60%
9 Month0.45%0.55%0.65%
12 Month0.50%0.60%0.70%
13 Month0.55%0.65%0.75%
24 Month0.60%0.70%0.80%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
ICBC Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$5.55S$22.19S$55.48S$110.96
6 MonthS$12.33S$49.32S$123.29S$246.58
12 MonthS$29.59S$118.36S$295.90S$591.78
24 MonthS$69.04S$276.18S$690.42S$1,380.82
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Incrementally Increasing Interest Rates: ICBC Step-Up Fixed Deposit

Consider this if you want to make a deposit with greater flexibility for withdrawal

Minimum Deposit S$5,000
Available Tenures 1, 2 years (incrementally compounded)

While ICBC Step-Up Fixed Deposit may not often have live promotions, it's definitely worth considering given it's one of the few accounts out there that compounds interest at increments, rather than annually. To clarify, most banks allow consumers to withdraw funds before their tenure ends; however, in doing so, interest is usually docked or fully forfeited. This can be frustrating if you're interested in making a time deposit and want access to attractive rates, but aren't sure you can commit to a full 1 or 2 years. With ICBC Step-Up Fixed Deposit, interest is earned in cycles, and won't be forfeited if you keep your deposit until the end of that cycle. To incentivise keeping the deposit for the full tenure, interest rates increase substantially for each subsequent cycle.

ICBC Step-Up Fixed Deposit offers two tenure options: 1 or 2 years. For a 1 year tenure, interest is compounded quarterly, or every 3 months. In the first quarter, consumers will earn 1.60% p.a. on their investment. If they continue on, they'll earn 1.80% in the second quarter, 1.85% in the third quarter, and 2.15% in the fourth and final quarter. A S$5,000 deposit will yield S$92.50 in interest by the end of the 1 year tenure. Even taking promotions into mind, this level of earnings leads the market for a small deposit. The 2 year tenure compounds every 6 months, and has slightly lower rates.

1-Year Step-Up Plan

ICBC Step-Up Board Interest Rates (% per cycle), Tenure by Deposit Size
S$5,000+
Cycle 1 (Months 1–3)1.60%
Cycle 2 (Months 4–6)1.80%
Cycle 3 (Months 7–9)1.85%
Cycle 4 (Months 10–12)2.15%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs

2-Year Step-Up Plan

ICBC Step-Up Board Interest Rates (% per cycle), Tenure by Deposit Size
S$5,000+
Cycle 1 (Months 1–6)0.40%
Cycle 2 (Months 7–12)0.80%
Cycle 3 (Months 13–18)1.30%
Cycle 4 (Months 19–24)2.10%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs

Top Promotional Rates for Medium-Length Tenures: Hong Leong Finance Fixed Deposit

Consider this if you're interested in making a 6 to12 month long deposit

Minimum Deposit S$10,000 for 1 & 2 Mo, S$500 for 3+ Mo
Available Tenures 1, 2, 3, 4, 5, 6, 8, 9, 10, 12, 13, 15, 18, 24, 36 Months
Promotions:
  • Up to 1.85% (12mo, S$20,000 min deposit)

Hong Leong Finance Fixed Deposit offers highly competitive promotional rates for deposits of medium-length tenure, making it a great option if you're considering investing across a 6 to 12 month period. Consumers earn 1.70% for 6 month tenure, 1.80% for 9 months, and 1.85% for 12 months with a S$20,000 minimum deposit. This translates to an interest earnings of at least S$169, S$269, and S$370, respectively. Higher spenders who make a deposit of S$100,000+ earn an additional 0.05% at each tenure level.

These high rates make HLF Fixed Deposits a strong option for those investing at least S$20,000; nonetheless, consumers can access HLF board rates with just a S$500 minimum deposit–one of the lowest on the market. Board rates range from 0.10% to 1.15%, increasing with tenure and deposit size. However, those who qualify for HLF's promotional rates will find these offers far more competitive compared to market standard.

HLF Board Interest Rates (% p.a.), Tenure by Deposit Size
S$500–S$50,000S$50,001–S$249,999S$250,000–S$999,999
1, 2 Month0.10%0.35%0.40%
3, 4, 5 Month0.15%0.60%0.65%
6, 8 Month0.25%0.75%0.80%
9, 10 Month0.30%0.80%0.85%
12, 13 Month0.45%0.88%0.90%
15 Month0.45%0.90%0.95%
18 Month0.60%0.90%0.95%
24 Month0.70%1.00%1.05%
36 Month0.70%1.10%1.15%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
HLF Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.85S$7.40S$18.49S$160.27
6 MonthS$6.16S$24.66S$61.65S$394.52
12 MonthS$22.19S$88.77S$221.92S$887.67
24 MonthS$69.04S$276.18S$690.42S$2,071.23
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Great Pre-Promo Rates for Long Tenures: DBS SGD Time Deposit

Consider this if you're making a small deposit of medium to long-tenure

Minimum Deposit S$1,000
Available Tenures 1-12 (each available separately),18, 24, 36, 48, 60 Months

DBS SGD Time Deposit does not always have promotional offers. Nonetheless, its interest rates for long-term deposits are notably above the industry average. Account holders earn 1.35% p.a. on deposits of any size for 9, 10, or 11 month tenures, and 1.40% for tenures spanning from 1 to 5 years. It's worth mentioning that other banks' promotions often boost rates for medium size deposits of 6 to 12 month tenure, which can compromise DBS SGD Time Deposit's competitiveness in this range. Rates for shorter tenures are also below the market average. As a result, small deposits (as little as S$1,000) of lengthy tenure are best situated to provide competitive gains to account holders.

DBS Board Interest Rates (% p.a.), Tenure by Deposit Size
S$1,000–S$999,999
1, 2 Month0.05%
3, 4, 5 Month0.15%
6 Month0.20%
7, 8 Month0.95%
9, 10, 11 Month1.35%
12, 18, 24, 36, 48, 60 Month1.40%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
DBS Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$1.85S$7.40S$18.49S$36.99
6 MonthS$4.93S$19.73S$49.32S$98.63
12 MonthS$69.04S$276.18S$690.42S$1,380.82
24 MonthS$138.08S$552.36S$1,380.85S$2,761.64
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

Respectable Rates for Short-Term Deposits: Bank of China SGD Time Deposit

Consider this if you're considering a short-term deposit

Minimum Deposit S$5,000
Available Tenures 1, 3, 6, 9, 12, 24, 36 Months

While there aren't always promotional interest rates, Bank of China SGD Time Deposit offers board rates for tenures of 1 to 36 months, which only slightly vary according to deposit size. There is variation by tenure, with longer terms earning higher interest, but these long-term rates aren't competitive compared to market standards. Instead, BOC Time Deposit's short-term rates–which range from 0.1750% to 0.40% for tenures of 6 months and below–are a better fit to standard expectations.

BOC Board Interest Rates (% p.a.), Tenure by Deposit Size
S$5,000–S$19,999S$20k–S$499,999S$500k+
1 Month0.175%0.1875%0.1875%
3 Month0.30%0.35%0.375%
6 Month0.40%0.45%0.50%
9 Month0.45%0.50%0.625%
12 Month0.60%0.60%0.6875%
24 Month0.70%0.725%0.76%
36 Month0.70%0.725%0.95%
Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs
BOC Interest Rate Earnings by Select Tenures and Deposit Sizes
S$5,000S$20,001S$50,001S$100,000
3 MonthS$3.70S$17.26S$43.15S$86.30
6 MonthS$9.86S$44.39S$110.96S$221.92
12 MonthS$29.59S$118.36S$295.90S$591.78
24 MonthS$69.04S$286.04S$715.08S$1,430.14
Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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