Fixed deposits have long been a preferred investment choice for many Singaporeans. A safe and secure way to grow their savings in Singapore. Thus, it is crucial to identify the best fixed deposit rates in Singapore. To maximize your returns while preserving capital with that extra stack of cash laying around. Today, we will explore the top fixed deposit options available in Singapore. We hope to help you make informed decisions about where to park your funds for the best returns.
TL;DR
What is a Fixed Deposit Account?
By definition: banks offer a product known as a fixed deposit, also referred to as a time deposit. When a depositor places money in a fixed deposit account, the bank fixes the amount of interest or profit paid on the investment. Typically, the fixed deposit’s interest rate is set based on prevailing low-risk market standards, such as the London Inter-bank Offered Rate (LIBOR). In Singapore, we utilise the Singapore Interbank Offered Rate (SIBOR).
Advantages
- Guaranteed Rate of Return – It will be fixed at the rate where you locked in your funds
- Risk-Free – In Singapore, our deposits are insured up to S$75,000 by the Singapore Deposit Insurance Corporation (SDIC).
Disadvantages
- Lack of Liquidity – The funds will be lock-in during the tenure of the fixed deposit period
- Early Withdrawal Fees – Early withdrawal of your deposit tend to incur extra charges
- Minimum deposit amount required – These amount ranges anywhere from $1,000 ~ $5,000
Hence, which bank has the Highest Fixed Deposit Interest? (In Sep 2023)
Bank Of China (BOC)’s Interest Rate – Fixed Deposit
Highest Interest Rate: 3.50%
Tenor: 3 months
Amount: S$5,000 and above
Terms: Via Mobile Banking Placement
Promotion Validity: Valid until further noticeCIMB’s Interest Rate
Highest Interest Rate: 3.40%
Tenor: 6 months
Amount: S$10,000 and above
Terms: Via Personal Banking Online
Promotion Validity: Valid until 30 Sep 2023RHB’s Interest Rate
Highest Interest Rate: 3.40%
Tenor: 6 months and 12 months
Amount: S$20,000 and above
Terms: -
Promotion Validity: Valid until further noticeICBC’s Interest Rate
Highest Interest Rate: 3.30%
Tenor: 3 months
Amount: S$500 and above
Terms: Via E-Banking
Promotion Validity: Valid until further noticeHSBC’s Interest Rate
Highest Interest Rate: 3.30%
Tenor: 4 months
Amount: S$30,000 and above
Terms: Personal Banking
Promotion Validity: Valid until 30 September 2023Citibank’s Interest Rate
Highest Interest Rate: 3.20%
Tenor: 3 months
Amount: S$50,000 to S$3 million
Terms: -
Promotion Validity: Valid until further noticeStandard Chartered’s Interest Rate
Highest Interest Rate: 3.20%
Tenor: 6 months
Amount: S$25,000 and above
Terms: -
Promotion Validity: Valid until further noticeDBS’ Interest Rate
Highest Interest Rate: 3.20%
Tenor: 12 months
Amount: S$1,000 to S$19,999
Terms: -
Promotion Validity: Valid until further noticeHong Leong Finance’s Interest Rate
Highest Interest Rate: 3.10%
Tenor: 8 months
Amount: S$62,000 and above
Terms: -
Promotion Validity: Valid until 31 October 2023Maybank’s Interest Rate
Highest Interest Rate: 3.00%
Tenor: 12 months and 15 months
Amount: S$20,000 and above
Terms: -
Promotion Validity: Valid until further noticeOCBC’s Interest Rate – Fixed Deposit
Highest Interest Rate: 2.70%
Tenor: 6 months
Amount: S$30,000 and above
Terms: -
Promotion Validity: Valid until further noticeUOB’s Interest Rate – Fixed Deposit
Highest Interest Rate: 2.70%
Tenor: 6 months and 10 months
Amount: S$10,000 and above
Terms: -
Promotion Validity: Valid until 30 Sep 2023Our Stand
All in all, Bank of China seems to offer the most lucrative interest rate at the point of writing. When choosing a fixed deposit account, consider factors such as your investment amount, preferred tenure, and the promotional validity period. The bank with the highest interest rate may vary depending on your specific financial situation and investment goals. It’s essential to compare these options and choose the one that best suits your needs for maximizing returns while preserving capital. Additionally, keep in mind that fixed deposits have advantages such as guaranteed returns and deposit insurance but also come with disadvantages like limited liquidity and early withdrawal fees. Make an informed decision based on your financial objectives and risk tolerance.
In addition, do check out our other latest articles. If you are keen, check out our articles on other analysis: Trust Bank Referral, Sep 2023 Great Credit Card Deals and Key CPF Contributions changes from Sep 2023.
Free USD18 with just a simple deposit of $1.
Lastly, looking for some good credit card deals, make sure to check back next week. We’ll be sharing some great offers that you won’t want to miss. In the meantime, if you have any questions about credit cards or how to use them wisely, feel free to leave a comment below and we’ll be happy to help.
Disclaimer: The information provided by LearnToInvest serves as an educational piece and is not intended to be personalised investment advice. Readers should always do their own due diligence and consider their financial goals before the usage of these products. We do not offer any warranty or assurance regarding the quality of these services or goods.