With so much uncertainty about, it’s nice to have a sure thing, especially when it comes to money.
An investment tool worth considering is the humble fixed deposit, which – due to the high interest rate environment – is now delivering sweeter returns, making it one of the more attractive available options.
When you make a fixed deposit, you lock away a chunk of your change in the bank for a specific duration.
In exchange for that flexibility, you earn a higher interest rate than if you’d left it in a regular savings account.
This type of investment is practically risk-free too, as both your initial capital and returns are guaranteed. The only catch?
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An early withdrawal usually means some, or even all the extra interest you’ve earned is forfeited – you might even have to pay a penalty.
But with proper budgeting, fixed deposits can be quite lucrative – especially nowadays, with fixed deposit rates hovering between 3–4% per annum (p.a.).
Some banks even offer bonus rates for senior citizens. After all, this type of stable, safe investment is well-suited for the silver dollar.
Other bonuses that exist include preferential rates for customers with certain savings accounts with the bank, as well as customers who opt to place the fixed deposit via mobile banking.
Here is our round-up of the best fixed deposit rates in Singapore.
While many of the banks listed below require large deposits to achieve their absolute highest interest rates, most offer comparable rates for far less cash. Hong Leong Finance, for example, offers 3.80% for deposits between $50,000 and $500,000, versus 3.88% for sums above $1 million.
We’ve also highlighted the banks that are offering higher fixed deposit rates for senior citizens.
Unfortunately, these only apply to board rates (i.e. non-promotional fixed deposit rates), which means you would opt for the higher promotional rates most of the time.
1. Bank of China
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.90 (via e-banking), 3.85 (over counter) | 12 | 300,000 | - |
Find out more here.
2. CIMB
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.60 (preferred banking), 3.55 (regular) | 6 | 1,000 | - |
Find out more here.
3. Citibank
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.88 | 3 | 250,000 | - |
Find out more here.
4. DBS/POSB
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.20 | 12 | 1,000 | - |
Find out more here.
5. HL Bank
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 4.10 | 6 | 500,000 | - |
Find out more here.
6. Hong Leong Finance
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.88 | 15 | 1,000,000 | Senior citizens above 55 qualify for bonus rate of 0.125% p.a. above board rates for deposits 12 months or longer (more here) |
Find out more here.
7. HSBC
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 4.00 | 7 | 30,000 | - |
Find out more here.
8. ICBC
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.75 (via e-banking), 3.70 (over counter) | 3 | 500 (via e-banking), 20,000 (over counter) | - |
Find out more here.
9. Maybank
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.90 | 12 | 20,000 | Senior citizens above 55 qualify for bonus rate of 0.10% p.a. above board rates |
Find out more here.
10. OCBC
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.55 | 5 | 5,000 | - |
Find out more here.
11. RHB
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.90 (preferred banking or e-banking), 3.80 (regular) | 12 | 20,000 | - |
Find out more here.
12. Sing Investments & Finance Ltd
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.80 | 12 | 20,000 | Senior citizens above 55 qualify for bonus rate of 0.125% p.a. above board rates for deposits 12 months or longer |
Find out more here.
13. Standard Chartered
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.90 (private banking), 3.80 (preferred banking), 3.70 (regular) | 9 | 25,000 | - |
Find out more here.
14. UOB
| Best rates / % p.a | Tenor / months | Deposit / S$ | Senior bonus rates |
|---|---|---|---|
| 3.95 | 6 | 1,000,000 | Senior citizens above 55 qualify for bonus rate of 0.125% p.a. above board rates for deposits 9 months or longer |
Find out more here.
Tip: Many of these are promotional rates and can change at any time, so remember to check with the bank’s website for the latest fixed deposit rates.
Best Deal
At a glance, one of the best deals available now as of 3 Mar 2023 is HSBC’s fixed deposit, yielding 4 per cent p.a. for a tenor of seven months on any sum above $30,000 (up to $1.2 million).
If you’d like to lock in your money for a longer period at current interest rates, both Maybank and RHB offer a 12-month fixed deposit at 3.90 per cent p.a. – none too shabby.
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