Best fixed deposit rates in Singapore (January 2024): Rates up to 3.8%, minimum deposits from $500

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 hit a high of four per cent in Jan 2023, they've taken a dip since then and fixed deposit alternatives are looking ever more enticing.
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 January 2024 for banks like UOB, DBS, OCBC, and more.
Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore in Jan 2024 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.
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 Jan 2024:
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.
Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a three-month commitment period.
Period | Syfe Cash+ Guaranteed rate (no min. or max, deposit amount) |
3 months | 3.70% p.a. |
6 months | 3.60% p.a. |
12 months | 3.50% p.a. |
Rates accurate as of Jan 4, 2024. Do check the Syfe Cash+ Guaranteed page for the latest rates.
If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.
Syfe Cash+ Guaranteed isn't a traditional fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are higher than traditional banks, and there's also no minimum or maximum amount.
As of Jan 4, 2024, Syfe Cash+ Guaranteed is offering up to 3.7 per cent p.a. with a three-month tenure. That's a fall from the four per cent rate we saw in Dec 2023, but is still a relatively good rate on our list this month.
Syfe Cash+ Guaranteed
Period | StashAway Simple Guaranteed rate (no min. or max, deposit amount) |
1 month | 3.60% p.a. |
3 months | 3.80% p.a. |
6 months | 3.60% p.a. |
12 months | 3.30% p.a. |
Rates accurate as of Jan 4, 2024. Do check StashAway's Simple Guaranteed page for the latest rates.
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 MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank.
As of Jan 4, 2024, the highest StashAway Simple Guaranteed interest is 3.80 per cent p.a. for a three-month period, with no minimum or maximum deposit amounts. StashAway has maintained this highest rate from Dec 2023 when we last checked their rates. And now as of Jan 2024, it's the highest rate in town.
StashAway Simple Guaranteed
Deposit amount | ||
Period | $20,000 and above (over the counter) | $500 and above (via e-banking) |
1 month | 2.85% p.a. | 2.90% p.a. |
3 months | 3.30% p.a. | 3.35% p.a. |
6 months | 3.15% p.a. | 3.20% p.a. |
9 months | 3.05% p.a. | 3.10% p.a. |
12 months | 3.05% p.a. | 3.10% p.a. |
Rates accurate as of Jan 4, 2024. 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 3.35 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate.
Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.30 per cent p.a. for a three-month period.
ICBC fixed deposit
Deposit amount | |
Period | $50,000 to $3 million |
3 months | 3.50% p.a. |
6 months | 3.30% p.a. |
Note: The promotional rates above are stated as valid until Jan 31, 2024. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes.
The best Citibank fixed deposit rate you can currently get is 3.50 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 accessible for this reason. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.
Citibank fixed deposit
Period / deposit amount | $30,000 to <$200,000 | $200,000 to $2 million |
3 months | 3.00% p.a. | 3.65% p.a. |
6 months | 3.00% p.a. | 3.50% p.a. |
12 months | 3.00% p.a. | 3.20% p.a. |
Promotional rates valid until Jan 31, 2024. 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 3.65 per cent p.a. That's among the highest fixed deposit rates this month, and for a pretty short tenure too. HSBC's fixed deposit is also advantageous because unlike banks like CIMB, you don't need to be a preferred customer to enjoy this rate.
However, there's a big disadvantage of HSBC's highest fixed deposit rates — the minimum sum you have to put in to enjoy the highest rate is a hefty $200,000. Yikes. To even get a rate of three per cent p.a., you need to stash a minimum of $30,000 with HSBC. It's a large sum for an average at best fixed deposit interest rate.
HSBC fixed deposit
Period | Fixed deposit interest rates ($5,000 and above) | |
Over the counter placement | Mobile banking placement | |
1 month | 2.85% p.a. | 2.90% p.a. |
3 months | 3.55% p.a. | 3.60% p.a. |
6 months | 3.40% p.a. | 3.45% p.a. |
9 months | 3.30% p.a. | 3.35% p.a. |
12 months | 3.25% p.a. | 3.30% p.a. |
18 months | 2.90% p.a. | 2.95% p.a. |
24 months | 2.65% p.a. | 2.70% p.a. |
The rates above were set on Jan 1, 2024 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest 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 2.95 per cent p.a.. Usually, many banks require a minimum deposit of at least $10,000.
If you're looking to get the best fixed deposit rate of 3.60 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 you need to make this deposit via mobile banking to enjoy this rate.
Bank of China fixed deposit
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 in 2024 for six-month and 12-month commitment periods:
Best fixed deposit rates in Singapore for 6 and 12 months (Jan 2024) | ||
Min. deposit amount | 6 months | 12 months |
No minimum | 3.60% p.a. (Syfe); 3.60% p.a. (StashAway) | 3.50% p.a. (Syfe); 3.30% p.a. (StashAway) |
$5,000 | 3.45% p.a. (Bank of China) | 3.30% p.a. (Bank of China) |
$10,000 | 3.50-3.55% p.a. (CIMB) | 3.15-3.20% p.a. (CIMB) |
$20,000 | 3.40-3.45% p.a. (RHB) | 3.30-3.35% p.a. (RHB); 2.65% p.a. (Maybank) |
$25,000 | 3.10% p.a. (Standard Chartered) | – |
$30,000 | 3.10% p.a. (OCBC) | – |
Deposit amount: $10,000 and above | ||
Period | Personal Banking (For regular CIMB customers) | Preferred Banking |
3 months | 3.45% p.a. | 3.50% p.a. |
6 months | 3.50% p.a. | 3.55% p.a. |
9 months | 3.35% p.a. | 3.40% p.a. |
12 months | 3.15% p.a. | 3.20% p.a. |
Promotional rates valid until: Jan 31, 2024. 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 3.50 per cent p.a. for regular CIMB customers and 3.55 per cent p.a. if you're a CIMB Preferred Banking customer.
This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for six 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 3.35 per cent p.a. (minimum deposit of $500 for three months).
CIMB fixed deposit rates
Deposit amount: $20,000 and above via online placement | ||
Period | Personal banking | Premier banking |
3 months | 3.00% p.a. | 3.10% p.a. |
6 months | 3.40% p.a. | 3.45% p.a. |
12 months | 3.30% p.a. | 3.35% p.a. |
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 both their online placement rates and offline rates, but now only publish the former. 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. Unfortunately, they've taken a tumble since we crossed into 2024. We used to see rates of up to 3.60 per cent p.a. for a commitment period of six or 12 months in Dec 2023, but are now looking at a maximum of 3.40 per cent p.a. for a six-month period.
On the plus side, six months is quite doable compared to the 18-month commitments other banks may ask for you to enjoy their highest rates. The only downside? You have to stash away a minimum deposit requirement of $20,000, which is slightly on the high side compared to other banks.
RHB fixed deposit
Period | Board rates |
1 month | 0.10% p.a. |
3 months | 0.20% p.a. |
6 month | 0.30% p.a. |
12 months | 0.40% p.a. |
Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion.
A member of the Hong Leong group, HL Bank currently doesn't have any ongoing fixed deposit promotions right now as of Jan 4, 2024. Trust me — I called them to double check. This spells bad news for their interest rates, because we're left with their measly board rates between 0.1 per cent to 0.4 per cent p.a..
HL Bank just ended a Christmas promotion on Dec 31, 2023, and I'm positive they'll be back with another promotion soon with better rates. If their Christmas campaign is anything to go by, they may be good rates too — in Dec 2023, you could enjoy up to 3.65 per cent p.a. on a 12-month fixed deposit with HL Bank.
When it comes to their promotional fixed deposit rates, HL Bank usually has one big drawback — a high minimum deposit amount, usually $100,000. If you don't have this amount, HL Bank is not even an option for you.
HL Bank fixed deposit
What we like: High promotional fixed deposit rates — we've seen HL Bank hit four per cent p.a. at its peak in 2023.
What we don't like: Their promotional rates usually require an ultra high minimum deposit amount of $100,000.
Deposit amount: $20,000 and above | ||
Period | iSAVvy Time Deposit Promotion (Online Placement) | SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch) |
9 months | 2.55% p.a. | 2.55% p.a. |
12 months | 2.65% p.a. | 2.65% p.a. |
15 months | 2.65% p.a. | 2.65% p.a. |
18 months | 2.35% p.a. | 2.35% p.a. |
24 months | 2.35% p.a. | 2.35% p.a. |
Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates.
Maybank's fixed deposit rates are some of the poorest rates this month. The best you can currently get is 2.65 per cent p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000.
Another downside is that you'll need to leave your money in for at least a year. You don't get a better rate if you leave it in for longer — that'll yield lower rates of 2.35 per cent p.a.. 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 2.55 per cent p.a. interest rate.
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.
The only way a Maybank fixed deposit might be worth it is if you also have selected Maybank savings accounts or current accounts and can make use of Maybank's deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put money (in sets of $10,000; minimum $20,000) into the deposit bundle and enjoy special interest rates of 3.35 per cent p.a. (12 or 15 months) or 2.80 per cent p.a. (18 months or 24 months).
Maybank fixed deposit
Period | Deposit amount of $30,000 and above |
6 months | 2.70% p.a. (placement in branch) / 3.10% p.a. (online banking) |
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 not very impressive compared to other banks — 3.10 per cent p.a. for a six-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield a lower rate of 2.70 per cent p.a..
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 two 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.
OCBC fixed deposit
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:
These are the best fixed deposit rates in Singapore 2024 for deposits $10,000 and under:
Deposit amount | ||
Period | $1,000 – $19,999 | $20,000-$999,999 |
1 month | 0.30% p.a. | 0.05% p.a. |
3 months | 1.00% p.a. | |
6 months | 2.90% p.a. | |
9 months | 3.10% p.a. | |
12 months – 60 months | 3.20% p.a. |
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 12, 18, 24, 36, 48 or 60 months.
Anecdotally, we've noticed DBS hardly ever changes their rates. 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 I like about the 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 at one-month intervals, from 1-12 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. RHB is a good option this month, offering 3.60 per cent p.a. for a $20,000 deposit, with a six- or 12-month deposit period.
DBS fixed deposit
Period | Min. deposit amount of $10,000 |
6 months | 3.10% p.a. |
10 months | |
12 months |
Promotion valid until: Jan 31, 2024. Do check UOB's website for the latest rates.
UOB's fixed deposit rate structure is currently flat, with just one single interest rate of 3.10 per cent p.a. for two different deposit periods of six and 10 months. This rate applies as long as you deposit a minimum of $10,000. But with $10,000, you'd be better off parking your money with CIMB for six months to get 3.40 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.
UOB fixed deposit
If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:
Deposit amount: $25,000 and above | |||
Period | Regular bank customers | Priority banking customers | Priority private banking customers |
6 months | 3.10% p.a. | 3.20% p.a. | 3.30% p.a. |
Promotional rates valid until: Jan 31, 2024. Do check Standard Chartered's fixed deposit rates for the latest figures.
At a maximum of 3.30 per cent p.a. interest rate, Standard Chartered's fixed deposit rates aren't impressive this month. You only get 3.30 per cent if you're a priority private banking customer, i.e. with a certain net worth. If you're a regular customer, you'll only be able to get a rate of 3.10 per cent p.a..
Standard Chartered's fixed deposit rates haven't changed since last month (Dec 2023), but the tenure has gone down from eight months to six months. The rates are still below average compared to other banks. For example, you can 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 (3.45 per cent p.a. for $5,000), or CIMB (3.50 per cent p.a. for $10,000).
Standard Chartered also has non-promotional fixed deposit rates, but these leave even more to be desired. The regular Standard Chartered fixed deposit rates were revised on April, 2023, and still are only just hitting three per cent p.a. for a long deposit period of 60 months.
Standard Chartered fixed deposit
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 2024 for deposits $50,000 and above:
SBI Singapore promotional fixed deposit rates | |
Period | Minimum deposit amount: $50,000 |
6 months | 3.65% p.a. |
The State Bank of India (SBI) Singapore has a great promotional fixed deposit rate this month of 3.65 per cent p.a.. To enjoy this rate, you need to put at least $50,000 with SBI for a period of six months — a pretty large amount, but at least the time frame isn't too long. Moreover, 3.65 per cent p.a. is one of the highest fixed deposit rates this month among banks in Singapore.
SBI Singapore's SGD fixed deposit board rates don't come out strong, but we're mentioning them here because they aren't as terrible as the sub-1 per cent rates at some other banks. The highest board 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.
SBI Singapore board rates | |
Period | Deposit amount: $5,000 to $1,000,000 |
1 month | 0.35% p.a. |
3 months | 1.75% p.a. |
6 months | 2.25% p.a. |
12 months | 2.45% p.a. |
24 months or 36 months | 2.85% p.a. |
The one advantage SBI Singapore board 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 a fixed deposit, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.60 per cent p.a. for a three-month period.
State Bank of India Singapore fixed deposit
Hong Leong Finance fixed deposit rates | |
Period | Deposit amount: $20,000 and above |
6 months | 3.30% p.a. |
9 months | 3.30% p.a. |
12 months | 3.25% p.a. |
Note: The rates above are promotional rates stated as valid till Jan 4, 2024, but 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 six or nine months, Hong Leong Finance is currently offering a fixed deposit rate of 3.30 per cent p.a. for a $20,000 minimum deposit. They're calling it their Christmas fixed deposit promotion, but these rate are actually lowered by 0.05 per cent since Nov 2023. Just saying.
Hong Leong Finance fixed deposit
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.
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 per cent 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 | Savings account | |
Tenure | As low as 1 month, but go for at least 6 months for better rates | None |
Interest rate | Usually, the longer the tenure, the better the interest rate | Usually the same regardless of tenure |
Deposit amount | Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 | Smaller initial deposit and minimum monthly balance ($500 to $3,000) |
Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD by default. There are a few multi-currency accounts, but no difference in interest rate |
Can you withdraw? | Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, no impact on interest, but don’t fall below the minimum balance |
Interest payments | Quarterly or annually | Monthly |
Risk level | Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) |
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.
Fixed deposit | SSB | T-bills | |
Tenure | As low as one month, but go for at least six months for better rates | 10 years | 6 months / 1 year |
Current interest rate | Up to 3.65% p.a. | 2.81% p.a. (Jan 2024 SSB’s 10-year average return) | 3.74% p.a. (cut-off yield for 4 Jan 2024 6-month T-bill) |
Deposit amount | Usually at least $5,000, but promotional offers can go as low as $500 | $500-$200,000 | $1,000, with a cap of $1 million in non-competitive bids at each auction. |
Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD | SGD |
Can you withdraw? | Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. | No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. |
Interest payments | Quarterly or annually | Every 6 months | Upon maturity, full value of T-Bill refunded following initial sale at a discount |
Risk level | Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) | Virtually risk-free, backed by the Singapore government | Virtually risk-free, backed by the Singapore government |
ALSO READ: Should I invest in Singapore T-bills? (December 2023 to January 2024)
This article was first published in MoneySmart.