Best Fixed Deposit Rates & Promotions in SG, Oct 2021

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
CIMB (SGD)0.75%24 monthsS$10,000
Hong Leong Finance0.70%36 monthsS$20,000
HSBC Premier16.88%3 monthsS$5,000
ICBC SGD Step-Up1.05%12 monthsS$5,000
OCBC0.40%12 monthsS$20,000
Standard Chartered0.35%8 monthsS$25,000
UOB0.45%10 monthsS$20,000
Promotions with highest interest rates shown; lower rates available for shorter tenures and/or smaller deposit placement amounts. Please see below for further details

Tenor

Bank with Best Rate
  • Interest Rate (Per Annum)
Deposit Range
1 mo.Bank of China0.275% p.a.<S$20,000
2 mo.CIMB0.25% p.a.S$1,000-S$99,999
3 mo.Maybank iSAVvy0.35% p.a.S$5,000-S$25,000
6 mo.Bank of China0.40% p.a.<S$20,000
6 mo.Maybank iSAVvy0.40% p.a.S$5,000-S$50,000
9 mo.DBS0.95% p.a.S$1,000-S$19,999
12 mo.DBS1.15% p.a.S$1,000-S$19,999
18 mo.Standard Chartered0.70% p.a.S$5,000-S$500,000
24 mo.DBS0.90% p.a.S$1,000-S$19,999
36 mo.Maybank iSAVvy1.00% p.a.S$25,000-250,000
48 mo.Standard Chartered0.85% p.a.S$5,000-S$500,000
60 mo.Standard Chartered0.95% p.a.S$5,000-S$500,000
Banks with highest interest rates displayed for each given tenor.
Maybank (SGD Time Deposit):
  • No current promotions available.
Maybank (iSAVvy):
  • No current promotions available.
Standard Chartered:
  • New customers can earn up to 0.35% p.a. on 8-months deposit of S$25,000 (until May 31,2021)
HSBC (Advance):
  • No current promotions available.
HSBC (Premier):
  • Earn up to 16.88% p.a. on 3-month time deposit when purchase an insurance plan (until June 30,2021)
OCBC:
  • Earn up to 0.40% for 12 months tenor, with a minimum deposit of S$20,000
UOB:
  • Earn up to 0.45% for a 10-month tenor, with a minimum deposit of S$20,000 (until May 31,2021)
ICBC:
  • Earn 0.60% for depositing fresh funds via e-banking, 12 months tenor with a minimum deposit of S$500
Hong Leong Finance:
  • Rates up to 0.70% p.a. for 36 months on fresh funds deposit of S$20,000 and up, through online form or PayNow (until July 31, 2021)

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 HSBC Singapore Dollar Fixed Deposit Promotions

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

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:
      • Earn up to 16.88% p.a. on 3-month time deposit when purchase an insurance plan (until June 30,2021)
      • Earn up to 0.25% p.a.on 6-month SDG deposit, for new and existing customers (until May 31, 2021)

      HSBC Singapore Dollar Time Deposit is the most accessible variant, comes with impressive rates and currently offers two promotions. The first one, valid until 31st of December 2020, offers preferential rates of up to 16.88% p.a. on a 3-month time deposit when you purchase an insurance plan. The rates of course depend on the type of insurance product selected, divided into three tiers, with the lowest being 4.88% p.a. The second promotion, valid until January 31, offers a promotional rate for both new and existing HSBC Premier and Personal Banking Customers of 0.25 % p.a. on a 3-month time deposit with a minimum funds placement of S$30,000.

      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 Month1.10%
      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$1.25S$5S$12.50S$25
      6 MonthS$3.75S$15S$37.50S$75
      12 MonthS$12.50S$50S$125S$250
      24 MonthS$110S$440.02S$1,100.02S$2,200
      Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

      Best for Premier Account Holders: HSBC Premier 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:
          • Earn up to 16.88% p.a. on 3-month time deposit when purchase an insurance plan (until June 30,2021)

          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 offers a welcome gift for new customers who deposit fresh funds into their accounts. Salary crediting or recurring monthly deposit of S$15,000 will earn a S$100 cash credit, S$200,000 will come with a S$200 cash credit and a deposit or investment of S$200,000 will come with a S$500 cash credit reward.

          HSBC Premier Board Interest Rates (% p.a.), Tenure by Deposit Size
          S$5,000–S$49,999S$50,000–S$1,000,000+**
          1 Month0.04%0.04%
          3 Month0.13%0.13%
          6 Month0.18%0.18%
          12 Month0.13%0.13%
          24 Month1.10%0.25%
          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$1.63S$6.50S$16.25S$32.50
          6 MonthS$4.5S$18S$45S$90
          12 MonthS$14S$56S$140S$280
          24 MonthS$110S$440.02S$250S$500
          Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

          Best for Advance Account Holders: HSBC Advanced 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

              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, consumers who deposit at least S$5,000 can earn up to 0.10% p.a. interest for a 3 months tenure.

              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 from 1 to 2 year 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 1.10% 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 Month0.70%
              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$20,000S$50,000S$100,000
              3 MonthS$1.25S$5S$12.50S$25
              6 MonthS$3.75S$15S$37.50S$75
              12 MonthS$12.50S$50S$125S$250
              24 MonthS$70S$280S$700S$1,400
              Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

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

              Consider this if you're interested in making a 12 to 18 month long deposit
              • Minimum Deposit
                • S$100,000 for 1 week, S$10,000 for 1 to 2 months, S $500 for 3 to 36 months
                • Available Tenures
                  • 1, 2, 3, 4, 5, 6, 8, 9, 10, 12, 13, 15, 18, 24, 36 Months
                  Promotions:
                  • Rates up to 0.70% p.a. for 36 months on fresh funds deposit of S$20,000 and up, through online form or PayNow (until July 31, 2021)
                  • Rates up to 0.65% p.a. for 24 months on fresh funds deposit of S$20,000 and up, through online form or PayNow (until July 31, 2021)

                  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 for about 1 year. In fact, consumers can earn up to 0.65% p.a. for 24 months tenure and 0.70% p.a. for 36 months tenure when they renew or deposit fresh funds via online form or PayNow with a S$20,000 minimum deposit. This translates to an interest earnings of at least S$130 and S$150.

                  These high rates make HLF Fixed Deposits a strong option for those investing for at least 12 months with board rates ranging from 0.25% for deposits of up to S$50,000, to 0.45% for deposits above S$50,000. In addition, if investing for longer than 2 months, the minimum deposit is only S$500, making these rates far more competitive compared to the market standard.

                  HLF Board Interest Rates (% p.a.), Tenure by Deposit Size
                  S$500–S$50,000S$50,001–S$249,999
                  1, 2 Month0.05%0.10%
                  3, 4, 5 Month0.10%0.20%
                  6 Month0.15%0.30%
                  8 Month0.15%0.35%
                  9, 10 Month0.15%0.40%
                  12, 13 Month0.25%0.45%
                  15 Month0.25%0.50%
                  18 Month0.30%0.50%
                  24 Month0.30%0.55%
                  36 Month0.30%0.60%
                  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$1.25S$5S$37.50S$75
                  6 MonthS$3.75S$15S$100S$200
                  12 MonthS$12.50S$50S$250S$500
                  24 MonthS$30S$120S$600S$1,200
                  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:
                      • Earn 0.60% for depositing fresh funds via e-banking, 12 months tenor with a minimum deposit of S$500

                      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 0.60% p.a. for 12 months if deposited via e-Banking. You can also make over-the-counter deposits for fresh funds for this promotion, although rates are 0.05% lower than via e-Banking for each tenor. ICBC offers promotional rates for 1,3,6, and 9 month tenors 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 0.15% up to 0.55% 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 Month0.15%0.15%0.15%
                      3 Month0.20%0.20%0.20%
                      6 Month0.25%0.25%0.25%
                      9 Month0.45%0.45%0.45%
                      12 Month0.55%0.55%0.55%
                      13 Month0.55%0.55%0.55%
                      24 Month0.55%0.55%0.55%
                      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$3.13S$12.50S$31.25S$60.50
                      6 MonthS$6.25S$25S$62.50S$125
                      12 MonthS$35S$140S$350S$700
                      24 MonthS$70S$280S$700S$1,600
                      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, 4 times/year)
                          Promotions:
                          • S$5,000 deposit for 12 months tenor, qualifies for quarterly promo rates of 0.15%, 0.30%, 0.50% and 1.05% for quarters 1, 2, 3 and 4 respectively.
                          • S$5,000 deposit for 24 months tenor, qualifies for semi-annual promo rates of 0.20%, 0.45%, 0.60% and 0.75%.

                          ICBC Step-Up Fixed Deposit is currently offering two promotions to all customers with fresh funds fixed deposit placement in SGD, one for 12 months and the other for 24 months tenor. The 12 months tenor offers promotional compound interest of 1.5%, 1.7%, 1.9% and 2.1% for each quarter, 1-4 respectively, with a minimum deposit of S$5,000. The second promotion applies to a 24 month tenor, and interest is compounded every six months at 0.4%, 0.8% during the first year and 1.3% and 2.1% during the second, with a minimum deposit of S$5,000.

                          Another reason to consider banking with ICBC Step-Up is due to the fact that it's one of the few accounts out there that compounds interest at increments, rather than annually. 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 0.15% p.a. on their investment. If they continue on, they'll earn 0.30% in the second quarter, 0.50% in the third quarter, and 1.05% in the fourth and final quarter. The 2 year tenure compounds every 6 months, with rates of 0.20% for the first cycle, 0.45% for the second, 0.60% for the third and 0.75% for the 4th.

                          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)0.15%
                          Cycle 2 (Months 4–6)0.30%
                          Cycle 3 (Months 7–9)0.50%
                          Cycle 4 (Months 10–12)1.05%
                          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)0.20%
                          Cycle 2 (Months 7–12)0.45%
                          Cycle 3 (Months 13–18)0.60%
                          Cycle 4 (Months 19–24)0.75%
                          Board rates only, promotions are not displayed. Tenures and deposit size ranges are nested where overlap occurs

                          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:
                              • Earn up to 0.45% for a 10-month tenor, with a minimum deposit of S$20,000 (until May 31,2021)
                              0.45%

                              UOB Singapore Dollar Fixed Deposit offers some of the market's highest interest rates for small-to-moderate (< S$50,000) sized deposits with longer tenures, and also comes with an attractive promotion. Currently, consumers can earn a respectable 0.45% 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 14 to 24 months earn 0.20% interest while 36 months will earn an impressive 0.50% p.a.; consumers looking to invest less than S$50,000 will have a hard time finding higher rates elsewhere.

                              UOB Board Interest Rates (% p.a.), Tenure by Deposit Size
                              <S$50,000–S$999,999
                              1, 2, 3 Month0.05%
                              4, 5, 6 Month0.05%
                              7, 8, 9 Month0.10%
                              10, 11, 12 Month0.15%
                              13, 14, 15, 18, 24 Month0.20%
                              36 Month0.50%
                              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$0.63S$2.50S$6.25S$12.50
                              6 MonthS$1.25S$5.00S$12.50S$25
                              12 MonthS$7.50S$30S$75S$150
                              24 MonthS$115S$460S$1,150S$2,300
                              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:
                                  • Earn up to 0.40% for 12 months tenor, with a minimum deposit of S$20,000

                                  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 0.50% 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$80 in earnings, which makes this deposit definitely worth considering.

                                  OCBC Board Interest Rates (% p.a.), Tenure by Deposit Size
                                  S$5,000–S$20,000S$20,001-S$50,000S$50,001–S$999,999
                                  1, 2 Month0.05%0.05%0.05%
                                  3, 4, 5 Month0.05%0.05%0.05%
                                  6, 7, 8 Month0.10%0.10%0.10%
                                  9, 10, 11, 12 Month0.10%0.10%0.10%
                                  13, 14 Month0.15%0.15%0.15%
                                  15, 16, 17, 18, 19 Month0.20%0.20%0.20%
                                  20, 21, 22, 23, 24 Month0.20%0.20%0.20%
                                  36 Month0.50%0.20%0.20%
                                  48 Month0.70%0.20%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$0.63S$2.50S$6.25S$12.50
                                  6 MonthS$2.50S$10S$25S$50
                                  12 MonthS$5S$20S$50S$100
                                  24 MonthS$20S$80.18S$200S$400
                                  36 MonthS$75S$120S$300S$600
                                  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:
                                      • New customers can earn up to 0.35% p.a. on 8-months deposit of S$25,000 (until May 31,2021)
                                      • Existing customers can earn up to 0.45% p.a. interest on 8-months deposit of S$25,000 (until May 31,2021)

                                      Standard Chartered Singapore Dollar Time Deposit stands out as one of the only accounts offering both promotion rates as well as particularly long tenure options. With a current promotion, consumers receive 0.45% p.a. on a deposit of at least S$25,000 across 8 months, or earn a preferred rate of 0.35% 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 0.95% 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 Month0.05%
                                      3 Month0.10%
                                      6 Month0.15%
                                      9 Month0.50%
                                      12 Month0.55%
                                      15, 18, 24 Month0.70%
                                      36 Month0.72%
                                      48 Month0.85%
                                      60 Month0.95%
                                      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$1.25S$5S$12.50S$25
                                      6 MonthS$3.75S$15S$37.50S$75
                                      12 MonthS$27.50S$110S$275S$936.99
                                      24 MonthS$70S$280S$700S$1,400
                                      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$20,000 will earn from 1.10% p.a. to 1.30% p.a. for tenures between 10–18 months.

                                          Making a deposit above S$20,000 may not be beneficial with current rates set to 0.05% irrespective of the tenure. 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$19,999S$20,000–S$999,999
                                          1, 2 Month0.05%0.05%
                                          3, 4, 5 Month0.15%0.05%
                                          6 Month0.20%0.05%
                                          7 Month0.40%0.05%
                                          8 Month0.60%0.05%
                                          9 Month0.95%0.05%
                                          10, 11 Month1.10%0.05%
                                          12 Month1.15%0.05%
                                          18 Month1.30%0.05%
                                          24 Month0.90%0.05%
                                          36 Month0.85%0.05%
                                          48, 60 Month0.75%0.05%
                                          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$2.50S$6.25S$12.50
                                          6 MonthS$5.00S$5S$12.50S$25
                                          12 MonthS$57.50S$10S$25S$50
                                          24 MonthS$90.00S$20S$50S$100
                                          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.

                                          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 months, S$25,000 for 12, 24, 36 months
                                            • Available Tenures
                                              • 3, 6, 12, 24, 36 Months

                                              While there are no promotions currently offered, 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 1.00% interest for deposits of 36 month tenor, though there's a S$25,000 minimum deposit requirement for tenors longer than 12 months.

                                              The ability to make a big deposit is also key to accessing the Maybank iSAVvy promotion. With a minimum deposit of S$25,000 consumers can earn 0.50% p.a. for 12 months tenor or 0.65% p.a. for 24 months tenor. This translates to an interest earnings per year of at least S$125 or S$162.50, 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$5,000–S$24,999S$25,000–S$50,000S$50,001–S$1,000,000
                                              3 Month0.35%0.35%0.35%
                                              6 Month0.40%0.40%0.40%
                                              12 MonthN/A0.50%0.50%
                                              24 MonthN/A0.65%0.65%
                                              36 MonthN/A1.00%1.00%
                                              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$4.38S$17.5S$43.75S$87.5
                                              6 MonthS$10S$40S$100.01S$200
                                              12 MonthN/AN/AS$250.01S$500
                                              24 MonthN/AN/AS$1,000.04S$2,000
                                              Board rates only, promotions are not displayed. Only select tenors 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 months, S$1,000 for 2 to 36 months
                                                • 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 1.00% 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$1,000–S$99,999S$100,000–S$249,999S$250,000–S$999,999
                                                  1 Month0.20%0.20%0.20%
                                                  2 Month0.20%0.20%0.20%
                                                  3 Month0.30%0.30%0.30%
                                                  6 Month0.35%0.35%0.35%
                                                  9 Month0.45%0.45%0.45%
                                                  12 Month0.45%0.45%0.45%
                                                  18 Month0.50%0.50%0.50%
                                                  24 Month0.60%0.60%0.60%
                                                  36 Month1.00%1.00%1.00%
                                                  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$3.75S$15S$37.50S$75
                                                  6 MonthS$8.75S$35S$87.50S$175
                                                  12 MonthS$22.50S$90S$225S$450
                                                  24 MonthS$60S$240.01S$600.01S$1,200
                                                  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
                                                      • 1, 2, 3, 6, 9, 12, 24 Months
                                                      Promotions:
                                                      • Get up to 0.75% p.a. on your 24-month deposit of S$10,000 (until May 31,2021)

                                                      CIMB SGD Fixed Deposit is, by far, one of the best options on the market for small and medium tenure deposits of any size. Currently, you can earn an interest rate of 0.20% for 1 month tenure and 0.25% p.a. for 2 months tenure with a minimum placement of S$5,000. Tenors of 3 to 24 months offer a set rate of 0.30% p.a. with a minimum deposit of just S$1,000

                                                      CIMB Board Interest Rates (% p.a.), Tenure by Deposit Size
                                                      S$1,000–S$99,999S$100,000+
                                                      1 Month0.20%0.20%
                                                      2 Month0.25%0.30%
                                                      3 Month0.30%0.35%
                                                      6 Month0.30%0.35%
                                                      9 Month0.30%0.35%
                                                      12 Month0.30%0.35%
                                                      24 Month0.30%0.35%
                                                      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$20,000S$50,000S$100,000
                                                      3 MonthS$3.75S$15S$37.50S$87.50
                                                      6 MonthS$7.50S$30S$75S$175
                                                      12 MonthS$15S$60S$150S$350
                                                      24 MonthS$30S$120S$300S$700
                                                      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
                                                          Promotions:
                                                          • No current promotions available.

                                                          With a current promotion in place, a minimum deposit of only S$20,000 can earn anywhere 0.45% p.a. for 3 months, 0.65% p.a. for 6 months, 0.70% p.a. for 9 months and 0.75% for a 12-month tenure. 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 0.275% to 0.45% 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 Month0.275%0.275%0.325%
                                                          3 Month0.30%0.30%0.35%
                                                          6 Month0.40%0.40%0.45%
                                                          9 Month0.50%0.50%0.55%
                                                          12 Month0.60%0.60%0.65%
                                                          24 Month0.65%0.65%0.70%
                                                          36 Month0.70%0.70%0.75%
                                                          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$3.75S$15S$37.50S$75
                                                          6 MonthS$10S$40S$100S$200
                                                          12 MonthS$30S$120S$300S$600
                                                          24 MonthS$65S$260S$650S$1,300
                                                          Board rates only, promotions are not displayed. Only select tenures and deposit sizes are featured for reference

                                                          FAQs

                                                          A fixed deposit (also known as a time deposit or term deposit) is a type of investment which gives you a higher interest rate than a regular savings account. When you open a fixed deposit account, you agree to deposit money into an account at a financial institution for a fixed time period and interest rate.

                                                          You can choose a bank to invest a certain amount of money with, called a deposit. You will also have to agree on the length of your investment, called tenor or tenure, and the interest rate that will be paid upon maturity. Unlike a savings account, you cannot withdraw a fixed deposit before the date of maturity. In return, you receive a higher interest rate on a fixed deposit than you would on your savings account.

                                                          No. What distinguishes fixed deposits from savings accounts is the limitation on withdrawing money from the fixed deposit account. Your money is locked in until it reaches maturity. That is why interest rates on fixed deposits tend to be higher than on savings accounts. If you are looking for more flexibility regarding your investment, then a savings account might be the right choice for you.

                                                          That depends. If you are looking for a low-risk investment with a guaranteed rate of return, then it is a good investment.

                                                          The answer depends on several factors: the deposit amount, the length of the initial deposit and the current promotions offered by the bank. For a more detailed analysis of the best options, consider our guide.

                                                          Zoryana Melesh

                                                          Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.