Best fixed deposit rates in Singapore 2023: DBS, UOB, HSBC and more

If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.

A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.

While fixed deposit rates were rising in Singapore last year and even hit a high of four per cent in January 2023, interest rates have taken a dip since then. Having said that, some fixed deposit rates are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash-these days, banks are offering fixed deposits starting from as low as $500!

Here's our round-up of the best fixed deposit rates in Singapore in June 2023 for banks like UOB, DBS, OCBC, and more.

Overview of best fixed deposit rates in Singapore 2023 (Aug 2023)

Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore in Aug 2023 for various deposit amounts and commitment periods. 

Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.

Best fixed deposit rates by commitment period

When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you.

Best fixed deposit rates for a 3-month commitment period

Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore 2023 for a three-month commitment period. Minimum deposits start as low as just $500 for an interest rate of 3.30 per cent p.a.!

• ICBC (3.30 per cent p.a.-$500 for three months)
• Citibank (3.20 per cent p.a.-$50,000 for three months)
• HSBC (3.50 per cent p.a.-$30,000 for three months)
• Bank of China (3.50 per cent p.a.-$5,000 for three months)
• HL Bank (3.50 per cent p.a.-$100,000 for three months)

ICBC fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates.

There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500-nope, we didn't miss a zero there!

ICBC's fixed deposit rates are also slightly above average when compared across the board, especially when you compare small sums. Even if you only invest $500, you still get a rate of 3.30 per cent p.a. with a commitment period of 3 months. You can do this via e-banking or the old school way over the counter, but you'll have to hit a minimum deposit requirement of $20,000 if you chose the latter.

If you're looking to start somewhere, ICBC has a low barrier of entry, a good fixed deposit rate to offer and a low commitment period of anywhere between a month to a year.

Citibank fixed deposit rates

Note: The promotional rates above are valid until  Aug 31, 2023. Do check Citibank's fixed deposit promotion page for the latest rates.

The best Citibank fixed deposit rate you can currently get is 3.20 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of three months.

That's a short commitment period, but still a large sum of money. Citibank's fixed deposit rates are generally not one of the most inaccessible. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.

HSBC fixed deposit rates

Promotional rates valid until Aug 31, 2023. Do check HSBC's website for the latest rates.

HSBC's fixed deposit rates are currently the best for a three-month commitment period, at 3.50 per cent p.a. for new customers or 3.45 per cent p.a. for existing ones. That isn't too shabby, especially considering the short time you need to park your cash with them. And unlike banks like CIMB and OCBC, you don't need to be a preferred customer to enjoy this rate. 

The main disadvantage of HSBC's fixed deposit rates is that the minimum sum to enjoy these promotional rates is on the high side. You'll need to put in at least $30,000 to get the promotional rates in the table above.

Bank of China fixed deposit rates

The best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $5,000 to spare for only one month, you can still get a pretty decent interest rate of 3.00 per cent p.a.. Typically, most banks require a minimum deposit of at least $10,000.

If you're looking to get the best fixed deposit rate of 3.50 per cent p.a. out of the Bank of China, you'll need to invest at least $5,000 for a period of three months-surprisingly easy to do, in terms of the minimum deposit amount and deposit period.

Do note that the rates in the table above were set on July 17, 2023, but the Bank of China changes their fixed deposit rates every few weeks or so. So before you make any big decisions, do check their latest promotional fixed deposit rates.

Best fixed deposit rates for a 6-month and 12-month commitment periods

Looking to stash your cash in a fixed deposit account for six months or one year? Here's a summary of the best fixed deposit rates in Singapore 2023 for six-month and 12-month commitment periods:

StashAway Simple Guaranteed rate

If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.

StashAway offers a cash management solution called Simple Guaranteed. It's exactly what it sounds like-a simple and guaranteed way to earn interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with Citibank, and you get an interest rate that's higher than what you'd get with a Citibank fixed deposit.

This month, the StashAway Simple Guaranteed interest is 3.65 per cent p.a. with no minimum or maximum deposits amounts. The only requirement you have to fulfil is locking in that stash of cash for six months.

CIMB fixed deposit rates

Promotional rates valid until: Aug 31, 2023. Do check CIMB's website for the latest rates.

Malaysian bank CIMB is offering pretty average fixed deposit rates in Singapore this month, at up to 3.55 per cent p.a. for regular CIMB customers and 3.60 per cent p.a. if you signed up for CIMB Preferred.

This promo is for deposits of at least $10,000. To enjoy this rate, you need to lock up your money for nine months, and must apply and deposit your money online.

If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates are a measly 0.2 per cent to 0.3 per cent p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC is a good option for small deposit amounts and small time frames, at 3.50 per cent (from $500 for three months).

RHB fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates.

The first thing to know about RHB is that they really want you to use mobile banking. RHB used to list their online placement fixed deposit rates as higher than their offline rates, but now only state online placement rates online. So if you want to invest in a fixed deposit with RHB, be prepared to do it on your phone via the RHB Mobile SG App.

Now let's look at these rates. At 3.40 per cent p.a. for a commitment period of six or 12 months, RHB's fixed deposit rates are decent this month. six-month and 12-month periods are also quite doable, compared to the 24-month commitments other banks may ask for to enjoy their highest rates. The only downside? You have to stash away a minimum deposit requirement of $20,000, which is slightly higher than other banks.

HL Bank fixed deposit rates

Promotion period: Now till Aug 31, 2023. Do check HL Bank's latest fixed deposit rates.

A member of the Hong Leong group, HL Bank is currently offering a flat fixed deposit rate of 3.50 per cent for three-month and six-month periods. Once upon a time, HL Bank was offering much higher interest rates for larger deposit sums-up to 4.10 per cent p.a. for a $500,00 deposit over a six-month period. However, its current interest rates have a much more flat structure.

The biggest drawback to HL Bank's fixed deposit is the relatively high minimum deposit amount of $100,000. If you don't have this amount, HL Bank is not even an option for you.

Standard Chartered fixed deposit rates

Promotional rates valid until: Aug 31, 2023. Do check Standard Chartered's fixed deposit rates for the latest.

At a maximum of 3.40 per cent p.a. interest rate, Standard Chartered's fixed deposit rates aren't terrible, but neither are they particularly worth noting. If you're a regular customer, you'll only be able to get a rate of 3.20 per cent p.a.. 

Standard Chartered also has non-promotional fixed deposit rates, but these leave much to be desired. The regular Standard Chartered fixed deposit rates were revised on April 28, 2023, and still are only just hitting three per cent p.a. for a long deposit period of 60 months.

The only advantage to Standard Chartered's fixed deposit rates is that the commitment period for the promotional rate is at least relatively short-six months. If you're not a priority banking customer, you'll get better six-month rates with RHB (3.40 per cent p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.35 per cent p.a. for $5,000), or CIMB (3.35 per cent p.a. for $10,000).

Maybank fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by Maybank. 

The best Maybank fixed deposit rate you can currently get is three per cent p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000. Maybank's fixed deposit rates used to differ based on whether you do the fixed deposit online or in physically in a branch, but they're currently the same for both modes.

Compared to other banks this month, three per cent p.a. isn't a very competitive rate. Another downside is that you'll need to leave your money in for a year. You don't get a better rate if you leave it in for longer-that'll yield lower rates of 2.90 per cent p.a. or lower. In the other direction, if you're looking at a shorter commitment period of three or six months, Maybank's fixed deposit rates also drop to a 3 per cent p.a. interest rate.

If you have selected Maybank savings accounts or current accounts, you can make use of Maybank's deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into the deposit bundle and enjoy special interest rates of 3.75 per cent p.a. (12 or 15 months), 3.30 per cent p.a. (18 months), or 3.15 per cent p.a. (24 months).

OCBC fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest.

OCBC's only offering one fixed deposit rate right now, and it's pretty dismal compared to other banks — 2.70 per cent p.a. for a six month deposit period.

Their fixed deposit rates used to depend a lot on which customer group you fall under-Personal Banking customers, holders of OCBC's flagship savings account OCBC 360 Account, Premier Banking customers, and Premier Private Clients. The latter 2 refer to priority banking customers who get to enjoy premium banking services if they deposit or invest a certain sum of money with OCBC.

Since then, OCBC has greatly simplified things. Now, everyone of all banking types is eligible for the same promotional fixed deposit rate-if only it was higher.

Best fixed deposit rates by minimum deposit amount

Is cash your limiting factor? Good news—the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:

• $10,000 and under
• $20,000-$50,000
• $50,000 and above

Best fixed deposit rates for deposits $10,000 and under

These are the best fixed deposit rates in Singapore 2023 for deposits $10,000 and under:

• CIMB (3.55 per cent p.a.-$10,000 for 9 months)
• Bank of China (3.50 per cent p.a.-$5,000 for 3 months)
• ICBC (3.30 per cent p.a.-$500 for 3 months)
• DBS (3.20 per cent p.a.-$1,000 for 12 months)
• State Bank of India (2.85 per cent p.a.-$5,000 for 24 months)
• UOB (2.70 per cent p.a.-$10,000 for 6 months)

DBS fixed deposit rates

Currently, the best DBS fixed deposit rate is 3.20 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 18, 24, 36, 48 or 60 months. Anecdotally, we've noticed DBS doesn't change their rates often. Now that other banks have reduced theirs, 3.20 per cent isn't looking too shabby. And besides, it still beats having your cash parked in a regular savings account!

One great thing about the current DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they're also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period from 1-11 months. Most other banks limit this to three-month intervals.

However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money pretty much anywhere else. 

UOB fixed deposit rates

Promotion valid until: Aug 31, 2023. Do check UOB's website for the latest rates.

UOB's fixed deposit rate structure is currently as flat as HL Bank's: a single interest rate for two different deposit periods of six and 10 months. And the rate itself is as dismal as OCBC's this month: 2.70 per cent p.a. for both time periods.

This rate applies as long as you deposit a minimum of $10,000. With $10,000, you'd be better off parking your money with CIMB for nine months to get 3.55 per cent p.a. interest.

Like most other banks, UOB's fixed deposit board rates are also nothing to shout about. They currently only hit three per cent p.a. if you deposit your cash for at least 18 months.

State Bank of India Singapore fixed deposit rates

We'll cut to the chase: The State Bank of India (SBI) Singapore's fixed deposit rates for SGD aren't great. The highest rate you'll get to enjoy is 2.85 per cent p.a., and only if you can afford to stash away your cash for at least 24 months.

The one advantage SBI Singapore fixed deposit rates have is that the minimum deposit sum is low at just $5,000. However, if you're planning to leave your $5,000 in fixed deposit for less than 24 months, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.50 per cent p.a. for a three-month period.

Best fixed deposit rates for deposits $20,000-$50,000

If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:

• HSBC (3.50% p.a.—$30,000 for 3, 6 or 12 months)
• RHB (3.40% p.a.—$20,000 for 6 0r 12 months)=
• Maybank (3.00% p.a.—$20,000 for 12 months)

Best fixed deposit rates for deposits $50,000 and above

Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you’ve got a few good options. Here are the best fixed deposit rates in Singapore 2023 for deposits $50,000 and above:

• Citibank (3.20% p.a.—$50,000 for 3 months)
• HL Bank (3.50% p.a.—$100,000 for 3 or 6 months)
• Hong Leong Finance (3.38% p.a.—$50,000 for 3 months)

Hong Leong Finance fixed deposit rates

Note: The rates above are promotional rates subject to change at any time by Hong Leong Finance. See Hong Leong Finance’s fixed deposit rates for the latest.

Besides putting your money with banks, it’s also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don’t get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.

With a lock-in period of nine months, Hong Leong Finance is currently offering a fixed deposit rate of 3.05% p.a. for a $50,000 minimum deposit. If you don’t have $50,000, you can Hong Leong Finance is also offering a rate of 3.08% p.a. for sums $20,000 and above for the deposit periods of three or eight months.

Overall best fixed deposit rates—highest in Singapore 2023

Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Aug 2023:

• StashAway Simple Guaranteed (3.65 per cent p.a.-6 months with no minimum amount)
• HSBC (up to 3.50 per cent p.a.-$30,000 for 3, 6, or 12 months)
• Bank of China (up to 3.50 per cent p.a.-$5,000 for 3 months)
• RHB (up to 3.40 per cent p.a.-$20,000 for 6 or 12 months)
• ICBC (up to 3.30 per cent p.a.-$500 for 3 months)

Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what you need to know about fixed deposits.

Fixed deposit vs savings account - what's the difference?

Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05% p.a. interest on a regular savings account, but looking at interest rate alone isn’t enough to compare the two. 

Here are the differences between fixed deposits and savings accounts at a glance:

Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills - which is better?

If you’re looking for a virtually risk-free investment vehicle, you’re bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider.