Get The Best Fixed Deposit Interest Rates for 2024 Now!

Compare fixed deposit interest rates and promotions from MoneySmart and find the one that gives you the best returns. read more
Deposit S$100,000 Over
We found 10 Fixed Deposits for you!
Citibank logo

Total Interest Earned

S$850

Total Interest Earned
Min. Deposit
S$10,000
Tenure (Months)
3
Interest Rate (p.a.)
3.4%
Total Interest Earned
S$850
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HSBC logo

Total Interest Earned

S$750

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 24 months
Bonus Interest Rate (p.a.), valid till 31 Dec 2023
Up to 3.65%
Total Interest Earned
S$750
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Bank of East Asia logo

Total Interest Earned

S$850

Total Interest Earned
Min. Deposit
S$100,000
Month Tenure
3
Interest Rate (p.a.)
3.4%
Total Interest Earned
S$850
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SBI logo

Total Interest Earned

S$62.50

Total Interest Earned
Choice of major global currencies for deposit
Min. Deposit
S$1,000
Tenure
1 to 36 months
Interest Rate (p.a.)
0.25%
Total Interest Earned
S$62.50
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DBS logo

Total Interest Earned

S$12.50

Total Interest Earned
Min. Deposit
S$1,000
Tenure
1 to 60 months
Interest Rate (p.a.)
0.05%
Total Interest Earned
S$12.50
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Standard Chartered logo

Total Interest Earned

S$25

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 60 months
Interest Rate (p.a.)
0.1%
Total Interest Earned
S$25
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Maybank logo

Total Interest Earned

S$87.50

Total Interest Earned
Min. Deposit
S$1,000
Tenure
1 to 36 months
Interest Rate (p.a.)
0.35%
Total Interest Earned
S$87.50
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OCBC logo

Total Interest Earned

S$25

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 48 months
Interest Rate (p.a.)
0.1%
Total Interest Earned
S$25
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Bank of China logo

Total Interest Earned

S$75

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 36 months
Interest Rate (p.a.)
0.3%
Total Interest Earned
S$75
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UOB logo

Total Interest Earned

S$25

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 36 months
Interest Rate (p.a.)
0.1%
Total Interest Earned
S$25
Read More

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Best Fixed Deposits in Singapore: Here’s What You Should Know

Fixed deposits are a common and straightforward investment option for those looking to grow their savings in Singapore. They provide a guaranteed return on investment over a fixed tenure, making them a low-risk and secure investment option. Understanding the features, benefits, and limitations of fixed deposits is important before investing, read on to find out what you should know about fixed deposits.

Looking for the best fixed deposit promotions?

Read more about the highest fixed deposit interest rates in Singapore based on banks' current promotions in our blog.

Importance of Fixed Deposits in Singapore

Fixed deposits are an important investment option for investors in Singapore. They provide a guaranteed return on investment and are considered to be a low-risk investment option. Fixed deposits are a type of savings account that allows individuals to earn interest on their deposits over a fixed period of time. This makes them an attractive option for risk-averse investors who are looking for a secure way to grow their money.

Additionally, fixed deposits offer a fixed interest rate for a fixed period of time, which allows investors to plan and manage their finances better.

What Should You Know About Fixed Deposits

Fixed deposits in Singapore are offered by banks and financial institutions. The minimum deposit amount and tenure of fixed deposits may vary from bank to bank. Fixed deposits typically offer higher interest rates than savings accounts, but the interest rate offered may vary depending on the tenure and amount of the deposit. Fixed deposits can be opened either through online banking or by visiting the bank's branch.

Pros and Cons Of Fixed Deposits

Benefits of Fixed Deposits Disadvantages of Fixed Deposits
Guaranteed return on investmentLower returns compared to other investment options
Wide range of tenures to choose fromFixed tenure may not provide flexibility and liquidity
Low-risk investment optionReal returns may be negative after adjusting for inflation
Lower tax rates on interest earnedEarly withdrawal penalties may apply if funds are withdrawn before the end of the tenure
Fixed interest rate provides predictability for financial planning
High level of security with insurance coverage by the Singapore Deposit Insurance Corporation (SDIC)

Fixed Deposits vs Treasury Bills in Singapore

Here are three main differences between fixed deposits and treasury bills in Singapore:

1

Issuer

Fixed deposits are issued by banks, while treasury bills are issued by the government. This means that fixed deposits are essentially loans to the bank, while treasury bills are loans to the government.

2

Maturity period

Fixed deposits typically have a longer maturity period than treasury bills. Fixed deposits can have terms ranging from several months to several years, while treasury bills generally have maturities of less than one year.

3

Risk

Fixed deposits are generally considered to be low-risk investments as they are guaranteed by the bank. Treasury bills are also considered to be very low-risk investments as they are issued by the government and are considered to be one of the safest investments available.

Fixed Deposits vs Savings Account: What’s the difference?

Fixed deposit and savings accounts are two common types of bank accounts available in Singapore. Here are the key differences between the two:

Interest Rates

The interest rate on a fixed deposit account is typically higher than that of a savings account. Fixed deposit accounts provide a fixed interest rate for a specific term, while savings accounts offer a variable interest rate that may change periodically.

Term

A fixed deposit account has a specific term or period, usually ranging from a few months to several years. The interest rate is fixed for the entire term, and there is usually a penalty for early withdrawal. In contrast, savings accounts have no fixed term and allow for unlimited withdrawals.

Minimum Balance

Fixed deposit accounts generally require a higher minimum deposit amount compared to savings accounts.

Liquidity

Savings accounts are more liquid than fixed deposit accounts. You can withdraw money from a savings account at any time without penalty. However, fixed deposit accounts may charge a penalty for early withdrawal, and the money may not be available until the end of the term.

Risk

Fixed deposit accounts are generally considered low-risk investments, as they offer a guaranteed rate of return. Savings accounts are also low-risk, but the interest rates may fluctuate depending on market conditions.

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