Best Fixed Deposit Promotions in Singapore 2020

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 promotions currently on the market, clarifying key factors that may influence your decision–deposit tenure, size requirement (placement amount), and interest rate per annum.

Bank
  • Interest Rate (Per Annum)
TenorMinimum Placement
Maybank (iSAVvy)1.40%24 MonthsS$25,000
Standard Chartered0.50%6 MonthsS$25,000
HSBC (Advance)0.40%3 MonthsS$30,000
HSBC (Premier)0.40%3 MonthsS$30,000
OCBC0.85%12 MonthsS$20,000
UOB0.90%10 MonthsS$20,000
ICBC1.25%12 MonthsS$500
Hong Leong Finance0.95%10 MonthsS$100,000
Promotions with highest interest rates shown; lower rates available for shorter tenures and/or smaller deposit placement amounts. Please see below for further details
Maybank (SGD Time Deposit):
Maybank (iSAVvy):
  • Up to 1.40% (24mo, S$25,000 min deposit)
Standard Chartered:
  • Up to 0.50% (6mo, S$25,000 min deposit, priority banking preferential rate)
HSBC (Advance):
  • Up to 0.40% (3mo, S$30,000 min deposit)
HSBC (Premier):
  • Up to 0.40% (3mo, S$30,000 min deposit)
OCBC:
  • Up to 0.85% (12mo, S$20,000 min deposit)
UOB:
  • Up to 0.90% (10mo, S$20,000 min deposit)
ICBC:
  • Up to 1.25% (12mo, S$500 min deposit)
Hong Leong Finance:
  • Up to 0.95% (10mo, S$100,000 min deposit)

Fixed deposit accounts are a low-risk form of investment that allow consumers to earn interest on funds placed with the bank for a predetermined–or fixed–amount of time. They're one of the easiest forms of investing as you simply make your deposit, wait for the set period of time, and then reclaim your funds plus interest. Every bank offers different promotional interest rates, which typically vary according to minimum deposit amount and agreed upon tenure. These promotions change every month or so and can determine just how competitive a fixed deposit investment is. We monitor all fixed deposit promotions across Singapore on a weekly basis to ensure you can select the best option for your current needs.

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.

Best Long-Tenor 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 1.40% (24mo, S$25,000 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 tenor, though there's a S$25,000 minimum deposit requirement for tenors 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 tenors.

The ability to make a big deposit is also key to accessing the Maybank iSAVvvy promotion. With a minimum deposit of S$25,000, consumers can earn 1.20% p.a. for a 12 Months tenor or 1.40% p.a. for a 24 Months tenor. This translates to an interest earnings of at least S$300 or S$350, respectively. These are quite high promotional rates compared to the current overall 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.), Tenor 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 Tenors 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 tenuors and deposit sizes are featured for reference

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

While it currently does not offer any promotional rates, Maybank Singapore Dollar Time Deposit still offers some of the most accessible high board 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.

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

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:
  • Returning Soon

CIMB SGD Fixed Deposit is, by far, one of the best options on the market for small and medium tenure deposits of any size, and is often further improved by market-leading promotions (though none are currently offered). In fact, the product's top board rates make 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 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 0.50% (6mo, S$25,000 min deposit, priority banking preferential rate)

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 currently receive 0.40% p.a. on a deposit of at least S$25,000 across 6 Months, or earn a preferred rate of 0.50% p.a. if they're a Priority Banking client. These rates are 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

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 0.40% (3mo, 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 0.40% p.a. interest for a 3 Months tenure. While this minimum deposit may seem high, it also means consumers will earn at least S$30 in interest, respectively–reasonably competitive amount given the tenor length.

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 to 12 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 0.40% (3mo, 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 0.40% interest for 3 Months with a S$30,000 minimum deposit. This means consumers will earn at least S$30 in interest, respectively.

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
Promotions:
  • Up to 0.40% (3mo, S$30,000 min deposit)

HSBC Singapore Dollar Time Deposit is the most accessible variant, and comes with impressive rates. Under the current promotion, consumers can earn 0.40% p.a. interest on a minimum deposit of S$30,000 with a 3 Months tenure. It's worth mentioning, however, that promotions are often limited to the Advance and Premier variants, which require banking relationships with HSBC. Even so, 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

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 0.85% (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 attractive rates–consumers can earn 0.85% p.a. across 12 Months with just S$20,000 minimum deposit. In other words, those taking advantage of this offer will earn at least S$170 in earnings, which makes 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 0.90% (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 a respectable 0.90% p.a. with just a S$20,000 minimum deposit for a 10 Months 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.

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 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 1.25% (12mo, S$500 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, depositing at least S$500 in fresh funds earns up to 1.25% p.a. for 12 Months month tenure if conducted 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 just 0.30% p.a. on their investment. If they continue on, they'll earn 0.75% in the second quarter, 1.35% in the third quarter, and 2.00% in the fourth and final quarter. The 2 year tenure compounds every 6 months, and has slightly higher 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)0.30%
Cycle 2 (Months 4–6)0.75%
Cycle 3 (Months 7–9)1.35%
Cycle 4 (Months 10–12)2.00%
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

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 4% (3mo, S$500k min deposit + S$500k investment)

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 Bundle Promotion, current account holders who make a minimum deposit of S$50k + S$50k Invest. with Citi for a tenure of 3 Months earn an impressive 3% p.a. on their deposit. This means, at the very least, account holders are set to earn an incredible S$437.5 in interest. Those who are capable of making a higher deposit of S$500k + S$500k Invest. (also for 3 Months tenure) earn an incredible 4% p.a.. Both of Citi's current promotional rates are clearly amongst the highest on the market, though they both have amongst 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

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

Consider this if you're interested in making an 8 to 12 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 0.95% (10mo, S$100,000 min deposit)

Hong Leong Finance Fixed Deposit offers competitive promotional rates for deposits of medium-length tenure, making it a great option if you're considering investing across about 1 year. In fact, consumers earn 0.90% p.a. for 10 Months tenure with a S$20,000 minimum deposit. This translates to an interest earnings of at least S$150. For reference, higher spenders who make a deposit of at least S$100,000 currently earn 0.95% p.a. at the 10 Months level.

These high rates make HLF Fixed Deposits a strong option for those investing at least 10 Months; 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 moderately long deposits are notably above the industry average. Account holders who deposit less than S$50,000 will earn from 1.10% p.a. to 1.30% p.a. for tenures between 10–18 months. 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 moderately long 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$49,999S$50,000–S$999,999
1, 2 Month0.05%0.05%
3, 4, 5 Month0.15%0.15%
6 Month0.20%0.20%
7 Month0.40%0.40%
8 Month0.60%0.60%
9 Month0.95%0.75%
10, 11 Month1.10%0.75%
12 Month1.15%0.75%
18 Month1.30%0.90%
24 Month0.90%0.90%
36 Month0.85%0.85%
48, 60 Month0.75%0.75%
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$1.88S$7.50S$18.75S$37.50
6 MonthS$5.00S$20.00S$50.00S$100.00
12 MonthS$57.50S$230.01S$375.01S$750.00
24 MonthS$90.00S$360.02S$900.02S$1,800.00
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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