Best Fixed Deposit Rates & Promotions in Singapore

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 tenor. 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 Singapore Dollar fixed deposits and promotions according to the account holder's banking relationship: Personal banking, Premier and Advance. Find out the best HSBC fixed deposit rates in Singapore below.

Accessible High Rates for Long Tenures: HSBC SGD Time Deposit

HSBC Singapore Dollar Time Deposit is the most accessible variant, comes with impressive rates and currently offers a promotion that has preferential interest rates for fixed deposits. Valid until 31 March 2023, this promotion offers promotional interest rates of 3.80% p.a. , 3.60% p.a. and 3.10% p.a. interest rates respectively for 3-month, 6-month and 12-month fixed deposits tenures. The minimum fresh funds deposit required for the promotional rates is S$S$30,000

Best for Premier Account Holders: HSBC Premier Time 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 fixed deposit 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.

Best for Advance Account Holders: HSBC Advanced Time Deposit

Here is why HSBC Advanced Time Deposit is the best fixed deposit account in Singapore for HSBC Advance Account Holders.

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.

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

Here is why Hong Leong Finance Fixed Deposit is one of the best fixed deposit account in Singapore for getting top promotional rates for Medium-Length Tenures.

Hong Leong Finance Fixed Deposit offers competitive promotional rates for deposits of medium-length tenure, making it a great fixed deposit option in Singapore if you're considering investing for up to 1 year. In fact, consumers can earn up to 3.60% p.a. for 5 months tenure and 3.80% p.a. for 12 months tenure when they renew or deposit fresh funds via an online form or PayNow with a S$20,000 minimum deposit.

These high rates make HLF Fixed Deposits a strong option for those investing for at least 12 months with board rates ranging from 0.30% for deposits of up to S$50,000, to 0.50% for deposits greater than S$50,000. In addition, if investing for longer than 2 months, the minimum deposit is only S$500, making it far more accessible than the competitor fixed deposits.

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. We have recommended the best ICBC fixed deposit rates in Singapore.

Most Accessible Promo Interest Rates: ICBC SGD Fixed Deposit

Here is why ICBC SGD Fixed Deposit is the best fixed deposit account for having the most accessible promotion rates in Singapore.

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 3.75% 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 3.05% up to 3.70% depending on deposit size and tenure. While this is only marginally lower than the E-Banking promotional rates, given the accessibility and high rates of the promotional offers, you are still better off depositing fresh funds when possible.

Incrementally Increasing Interest Rates: ICBC Step-Up Fixed Deposit

Here is why ICBC Step-Up Fixed Deposit is the best fixed deposit account in Singapore if you are looking for incremental increasing interest rates.

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 0.15%, 0.30%, 0.50% and 1.05% 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 0.20%, 0.40% during the first year and 0.60% and 0.75% 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 fixed deposit accounts out there in Singapore 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.

Long Tenure, Smaller Deposits: UOB Singapore Dollar Fixed Deposit

Here is why UOB Singapore Dollar Fixed Deposit is the best fixed deposit account in Singapore for small deposits and long tenures.

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 3.55% p.a. with just a S$10,000 minimum deposit for a 6 months tenure.

Wide Range of Available Tenures: OCBC SGD Time Deposit

Here is why OCBC SGD Time Deposit is the best fixed deposit account in Singapore for the most amount of available tenures.

If you have a very specific deposit tenure in mind, it's definitely worth considering OCBC SGD Time Deposit. While many banks only offer fixed 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 fixed deposit accounts in Singapore 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 3.40% p.a. across 12 months with just S$50,000 minimum deposit. In other words, those taking advantage of this offer will earn at least S$1700 in earnings, which makes this deposit definitely worth considering.

Best for Very Long Tenures: Standard Chartered SGD Time Deposit

Here is why Standard Chartered SGD Time Deposit is the best fixed deposit account in Singapore for the very long tenures.

Standard Chartered Singapore Dollar Time Deposit stands out as one of the only fixed deposit accounts in Singapore offering both promotion rates as well as particularly long tenure options. With a current promotion, consumers receive p.a. on a deposit of at least across , or earn a preferred rate of 3.40% p.a. if they're a Priority Private 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 for existing customers earns 0.95% interest without even factoring in a promotion, this is a great option for those seeking long-term placements.

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

Here is why DBS SGD Time Deposit is the best fixed deposit account in Singapore for great pre-promotion rates for long tenures.

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 1.45% p.a. to 1.70% 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.

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. Discover the best Maybank fixed deposit rates in Singapore.

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

Here is why Maybank iSAVvy Time Deposit is the best fixed deposit account in Singapore for the long tenor rates in online banking.

Maybank is currently running a promotion where consumers receive up to 3.20% interest for deposits of 24 month tenor, though there's a S$20,000 minimum deposit requirement.

The ability to make a big deposit is also key to accessing the Maybank iSAVvy promotion. With a minimum deposit of S$20,000 consumers can earn 3.00% p.a. for 12 months tenor or 3.20% p.a. for 24 months tenor. This translates to an interest earnings per year of at least S$600 or S$1,280, 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).

High Rates for Very Long Tenures: Maybank SGD Time Deposit

Here is why Maybank SGD Time Deposit is the best fixed deposit account in Singapore for high rates for very long tenures.

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 2.85% p.a. for a 36-month tenure. 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.

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

Here is why CIMB SGD Fixed Deposit is the best fixed deposit account in Singapore for high rates for high and easy to access promotional rates.

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 up to 4.00% for 6 month tenure and 4.10% p.a. for 9 months tenure with a minimum placement of S$10,000. Tenors of both the 12 and 18 months offer a set rate of up to 4.20% p.a. with a minimum deposit of just S$10,000

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

Here is why Bank of China SGD Time Deposit is the best fixed deposit account in Singapore for respectable rates for short-term deposits.

With a current promotion in place, a minimum deposit of only S$20,000 can earn anywhere 2.85% p.a. for 1 months, 3.80% p.a. for 3 months, 4.00% p.a. for 6-9 months and up to 4.10% 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 2.85% to 4.00% for tenures of 6 months and below, are a better fit to standard expectations.

FAQs

Read More: