The Best Fixed Deposit Rate Singapore Smart Guide 2023
Compare and Find the Best Fixed Deposit Rates
(Updated: 4 May 2023)
The Best Fixed Deposit Rates in Singapore Dollar (SGD)
Are you looking for ways on how to get more interest in your money especially in this time of inflation? Investing with the best fixed deposit rates in Singapore can be an ideal option for you.
Below is our summary of the best fixed deposits with the highest interest rates in Singapore. Please take note that rates may change at any time. Also, these rates are based on fresh funds deposits.
Why Open a Fixed Deposit Account in Singapore?
You might be tired of seeing the low interest you can gain from your regular savings account. Since banks are giving out interest of as low as 0.05%. At this moment, we know that you are thinking to make a shift. But, let’s discover why opening for a fixed deposit account can be right for you.
One thing that you will like about opening a fixed deposit account in Singapore is that it offers a much higher interest rate compared to a regular savings account. It is a financial instrument offered by banks and considered as a low-risk investment.
Also known as time deposit account, the money you saved here must stay for a fixed period of time. The longer its stays (at least 12 months) on the bank the higher interest you can gain. An easy and secure way to earn more from your money.
Did you know that the first S$75,000 you allot for fixed deposits at any banks is risk free?
Yes, it’s totally risk-free since all deposits are insured by Singapore Deposit Insurance Corporation. You are also assured that your money safe in commercial banks or financial companies in Singapore since they are subject to strict capital requirements.
What You Need to Consider When Opening a Fixed Deposit Account?
When your goal is to earn more interest, you must consider staying your money for a longer period of time which is over 12 months where you can earn over 1% per annum. Banks or financial companies will reward those depositors who can commit for a longer time frame. Also, you can take advantage of fixed deposit rates promotion where they offer a much higher interest rate for certain tenure.
Aside from longer tenure, the higher amount you deposit the higher interest you can earn. You have to watch out also for fixed deposit rate promotions, banks or financial companies may offer it based on a certain amount where you can earn higher interest rates. Also, there are times where banks or financial companies give promotional gifts if certain deposit amount is met.
But, we know that you’ve come to this page since you are looking for the best-fixed deposit rate in Singapore. We’ve made it an easier and smarter way to find for the best-fixed deposit rate. No need to spend another day to shop around for other sources.
Best Fixed Deposit Rates in Singapore (2023)
We have chosen best fixed deposit with the highest rates in SGD and for fresh funds only. Please take note that these rates may change at any time.
1. DBS Fixed Deposit
If you want to try fixed deposits and only have $1000, DBS FD is best to start with. It’s among the banks with competitive rates.
By opening at least $1000 and staying it for a period of 12 months, you can earn up to 4.1% – this is the highest rate in the market in terms of the lowest minimum deposit for a tenure of a year.
But remember, if you choose for a shorter tenure which is less than 12 months, you will also earn a lower interest rate.
Also, another key feature of this DBS fixed deposit, if you are short on money and need to take a loan, you can use this as collateral.
DBS Fixed Deposit Rates & Tenure Highlights:
Minimum Deposit: S$1,000
Tenure: 1 to 60 months
Highest Interest to Earn: 4.1% per annum
2. ICBC Fixed Deposit
Are you looking for a shorter tenure at a lower deposit amount? ICBC fixed deposit rate is an ideal option for you. As featured on the table above, even with at least 3 months of tenure for at least S$500, you can earn 3.85%.
In addition to shorter tenure, it also offers a promotion where you can earn 3.70% per annum if you will deposit at least S$5,000 for 1 year by using E-banking.
But, what if you are planning to withdraw your deposit before its maturity? You don’t have to worry, with ICBC Fixed Deposit, you don’t have a penalty if you have withdrawn it before maturity.
ICBC Fixed Deposit Rates & Tenure Highlights:
Minimum Deposit: S$500
Tenure: 1 to 12 months
Highest Interest to Earn: 3.75%
per annum via E-banking
3. Hong Leong Fixed Deposit
If you want to open an account of at least S$500 you may opt for Hong Leong. You can also use their promotional offer where you can earn at least 3.5% per annum for at least $20,000 deposit fresh funds for a year using their Online Instruction Form & PayNow.
When you have decided to withdraw it within 3-month tenure and haven’t yet reached its maturity, you can still do so without penalty.
Hong Leong Fixed Deposit Rates & Tenure Highlights:
Minimum Deposit: S$500
Tenure: 1 to 10 months
Highest Interest to Earn: 3.5% per 10 months via Online Instruction Form & PayNow (latest promotion)
4. UOB Fixed Deposit
UOB offers a fixed deposit promotion rate of 3.95% for a period of 12-month with at least S$20,000 fresh funds. This latest promotion offer is valid until 28 February 2023. You may also choose from 15 months tenor. The lowest minimum deposit you can make is S$5,000.
There are no fees required to maintain the account. You can also enjoy the privileges of a UOB credit card (which is also one of the best credit cards in Singapore) when you pledge your UOB fixed deposit account.
UOB Fixed Deposit Rates & Tenure Highlights:
Minimum Deposit: S$20,000
Tenure: 12 months
Highest Interest to Earn: 3.95% per annum
5. Maybank Fixed Deposit
Recently with at least S$25,000 fresh funds deposit for a year, you can get 3.90%. Maybank offers a competitive interest rate for a tenor of 24 months or more.
One big move created by Maybank for fixed deposit is by opening deposits online which is through their iSAVvy.
Maybank Fixed Deposit Rates & Tenure Highlights:
Minimum Deposit: S$1,000
Tenure: 24 months
Highest Interest to Earn: 3.90% per annum