Fixed deposits are a low risk investment that guarantees your investment and gives you stable returns. Compare fixed deposit interest rates and promotions from MoneySmart and find the one that gives you the best returns.
If you can't find an answer to your question below, you may MoneySmart Forum.
If you can't find an answer to your question below, you may MoneySmart Forum.
Fixed deposit or time deposit accounts are basically investments that earn you interest over a fixed tenure. When you deposit that money, you can’t withdraw it until the fixed tenure is over. Once it matures, you get back your initial deposit plus interest.
You enjoy significantly higher interest rates compared to typical savings accounts. The interest rates are fixed, and won’t fluctuate based on the market. It is therefore more reliable than investing in stocks or commodities. You are ensured of getting your initial deposit and a fixed sum of interest.
There is a loss of liquidity, as the money is committed for the duration. They are also more vulnerable to currency fluctuations. Though the interest rate is untouchable, you will still lose money if the Singapore dollar drops when it matures. And of course, some may argue that investing it in other instruments (Stocks, bonds etc) may yield you higher returns.
Singaporeans, PRs or foreigners may open a fixed deposit account, but you must be at least 12 years old, though some banks require you to be older.
The minimum deposit is $1,000, though some banks have minimum amounts of $5,000.
Generally, you have to opt for a 1-month fixed deposit tenure at least. Shorter tenures are possible with some banks if you’re planning to deposit larger amounts.
Not usually, but there might be fees for premature termination of the account.
This is generally what you need to open a Fixed Deposit Account:
Your NRIC if you’re a Singaporean or PR. If you’re a foreigner, your passport and an Employment Pass, S-Pass or Student Pass. You may also need to provide a bank statement, phone bill or CPF contribution history statement that indicates your residential address.
Yes, however, the bank reserves the right to only give you a fraction of the full interest or not give you any interest at all.
Banks revise their fixed deposit interest rates from time to time. They may even have promotional interest rates for specific amounts over specific tenures. Check MoneySmart.sg for the latest fixed deposit interest rates across all banks offering fixed deposits.
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Here are some benefits of comparing and applying for a fixed deposit through MoneySmart
We've aggregated the best Fixed Deposit Account rates so you don't have to spend time running around checking different providers
Find the best account suited for your needs by comparing the various options and what they offer
Save yourself time and effort needed to get an account started by applying online through us
