Best Fixed Deposit Rates in Singapore 2023—DBS, UOB, HSBC, and More

·22-min read

If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.

A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.

While fixed deposit rates were rising in Singapore last year and even hit a high of 4% in January 2023, interest rates have taken a dip since then. Having said that, some fixed deposit rates are still very decent and worth giving a shot if you have some money lying around. You don’t even need a large stash of cash—these days, banks are offering fixed deposits starting from as low as $500!

Here’s our round-up of the best fixed deposit rates in Singapore in May 2023 for banks like UOB, DBS, OCBC, and more.

 

Contents

  1. Overview of best fixed deposit rates in Singapore 2023

  2. Best fixed deposit rates by commitment period

    • 3-month commitment period

    • 6-month and 12-month commitment periods

  3. Best fixed deposit rates by minimum deposit amount

    • Deposits $10,000 and under

    • Deposit $20,000-$50,000

    • Deposits $50,000 and above

  4. Overall best fixed deposit rates—highest in Singapore 2023

  5. Fixed deposit vs savings account—what’s the difference?

  6. Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills—which is best?

 

Overview of best fixed deposit rates in Singapore 2023

Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore in May 2023 for various deposit amounts and commitment periods. 

best-fixed-deposit-rates-singapore-may-2023
best-fixed-deposit-rates-singapore-may-2023

Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.

 

Best fixed deposit rates by commitment period

When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for 3, 6 or 12 months, we’ve worked out the best fixed deposit rates for you.

 

Best fixed deposit rates for a 3-month commitment period

Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore 2023 for a 3-month commitment period. Minimum deposits start as low as just $500 for an interest rate of 3.65% p.a.!

  • ICBC (3.65% p.a.—$500 for 3 months)

  • Citibank (4.00% p.a.—$250,000 for 3 months)

  • HSBC (3.75% p.a.—$30,000 for 3 months)

 

ICBC fixed deposit rates

Deposit amount

Period

$20,000 and above (over the counter)

$500 and above (via e-banking)

1 month

2.85% p.a.

2.90% p.a.

3 months

3.60% p.a.

3.65% p.a.

6 months

3.50% p.a.

3.55% p.a.

9 months

3.50% p.a.

3.50% p.a.

12 months

3.50% p.a.

3.50% p.a.

Note: The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC’s website for the latest rates.

There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500—nope, we didn’t miss a zero there!

ICBC’s fixed deposit rates are also slightly above average when compared across the board, especially when you compare small sums. Even if you only invest $500, you still get a rate of 3.50% p.a. with a commitment period of 12 months. You can do this via e-banking or the old school way over the counter, but you’ll have to hit a minimum deposit requirement of $20,000.

If you’re looking to start somewhere, ICBC has a low barrier of entry, a good fixed deposit rate to offer and a low commitment period of only a year.

 

Citibank fixed deposit rates

Deposit amount

Period

$10,000-$249,999 (Citigold / Citigold Private Client customers only)

$250,000-$3,000,000 (Personal Banking / Citigold / Citigold Private Client customers)

3 months

3.8% p.a.

4.00% p.a.

6 months

3.38% p.a.

3.48% p.a.

Note: The promotional rates above are valid until 31 May 2023.  Do check Citibank’s website for the latest rates.

Citibank’s fixed deposit rates are currently one of the most inaccessible—unless you’re a Citigold member, their minimum deposit amount is $250,000. However, if you do have $250,000, Citibank’s 3-month fixed deposit rate is one of the best currently out there.

The best fixed deposit rate that Citibank is currently offering is 4.00% p.a. for a minimum deposit amount of $250,000 and a commitment period of 3 months. That’s a short commitment period, but a large sum of money.

If you’re looking at a short commitment period of 3 months and don’t have $250,000 to spare, you can still get a relatively decent rate of 3.8% p.a. for $10,000 to $249,999.

 

HSBC fixed deposit rates

Period

Deposit amount: $30,000 and above

3 months

3.75% p.a.

6 months

3.55% p.a.

12 months

3.10% p.a.

Promotional rates valid until: 31 May 2023. Do check HSBC’s website for the latest rates.

HSBC’s fixed deposit rates are currently the best for a 3-month commitment period, at 3.75% p.a.. That isn’t too shabby, especially considering the short time you need to park your cash with them. And unlike banks like CIMB and OCBC, you don’t need to be a preferred customer to enjoy this rate. 

The main disadvantage of HSBC’s fixed deposit rates is that the minimum sum to enjoy these promotional rates is on the high side. While their minimum deposit is normally quite low at $5,000, you’ll need to put in at least $30,000 to get the promotional rates in the table above.

 

Best fixed deposit rates for a 6-month and 12-month commitment periods

Looking to stash your cash in a fixed deposit account for 6 months or 1 year? Here’s a summary of the best fixed deposit rates in Singapore 2023 for 6-month and 12-month commitment periods:

Best fixed deposit rates in Singapore for 6 and 12 months (May 2023)

Min. deposit amount

6 months

12 months

$5,000

3.55% p.a. (Bank of China)

3.45% p.a. (Bank of China)

$10,000

3.45% p.a. (UOB); 3.35-3.40% p.a. (CIMB)

3.35-3.40% p.a. (CIMB)

$20,000

3.50% p.a. (RHB)

3.55% p.a. (Maybank); 3.50% p.a. (RHB)

$25,000

3.20-3.40% p.a. (Standard Chartered)

$50,000

3.45% p.a. (Bank of China)

$100,000

3.50% p.a. (HL Bank)

$300,000

3.50% p.a. (Bank of China)

CIMB fixed deposit rates

Deposit amount: $10,000 and above

Period

Personal Banking (For regular CIMB customers)

Preferred Banking

6 months

3.35% p.a.

3.40% p.a.

9 months

3.45% p.a.

3.50% p.a.

12 months

3.35% p.a.

3.40% p.a.

18 months

2.95% p.a.

3.00% p.a.

Promotional rates valid until: 31 May 2023. Do check CIMB’s website for the latest rates.

Malaysian bank CIMB is offering pretty average fixed deposit rates in Singapore this month, at up to 3.45% p.a. for regular CIMB customers and 3.5% p.a. if you signed up for CIMB Preferred.

This promo is for deposits of at least $10,000. To enjoy this rate, you need to lock up your money for 9 months, and must apply and deposit your money online.

If you’re looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB’s board rates are a measly 0.2% to 0.3% p.a.. In this instance, you would be better off placing your money almost anywhere else. ICBC is a good option for small deposit amounts and small time frames, at 3.65% (from $500 for 3 months).

 

RHB fixed deposit rates

Deposit amount: $20,000 and above via online placement

Period

Personal banking

Premier banking

3 months

3.00% p.a.

3.10% p.a.

6 months

3.50% p.a.

3.55% p.a.

12 months

3.50% p.a.

3.55% p.a.

24 months

3.00% p.a.

3.10% p.a.

Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB’s website for the latest rates.

The first thing to know about RHB is that they really want you to use mobile banking. RHB used to list their online placement fixed deposit rates as higher than their offline rates, but now only state online placement rates online. So if you want to invest in a fixed deposit with RHB, be prepared to do it on your phone via the RHB Mobile SG App.

Now let’s look at these rates. At 3.50% p.a. for a commitment period of 6 or 12 months, RHB’s fixed deposit rates are decent this month. 6-month and 12-month periods are also quite doable, compared to the 24-month commitments other banks may ask for to enjoy their highest rates. The only downside? You have to stash away a minimum deposit requirement of $20,000, which is slightly higher than other banks.

Thinking of parking $20,000 in a fixed deposit with RHB for a 12-month period? You might want to consider Maybank instead for a slightly higher rate of 3.55% p.a. for the same amount and deposit period.

 

Bank of China fixed deposit rates

Period

Deposit amount

Fixed deposit interest rates

Over the counter placement

Mobile banking placement

1 month

$5,000 and above

2.80% p.a.

2.90% p.a.

3 months

3.55% p.a.

6 months

9 months

3.50% p.a.

12 months

$5,000 and below S$50,000

3.45% p.a.

$50,000 and below $300,000

$300,000 and above

3.50% p.a.

18 months

$5,000 and above

3.25% p.a.

24 months

3.10% p.a.

The best part about the Bank of China’s fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $5,000 to spare for only 1 month, you can still get a pretty decent interest rate of 2.90% p.a.. Typically, most banks require a minimum deposit of at least $10,000.

If you’re looking to get the best fixed deposit rate of 3.55% p.a. out of the Bank of China, you’ll need to invest at least $5,000 for a period of 3 or 6 months—surprisingly easy in terms of the minimum deposit amount and deposit period.

Do note that the rates in the table above were set on 8 May 2023, but the Bank of China changes their fixed deposit rates every few weeks or so. So before you make any big decisions, do check their latest promotional fixed deposit rates.

 

HL Bank fixed deposit rates

Period

Min. deposit amount of $100,000 

3 months

3.50% p.a.

6 months

Promotion period: Now till 30 Jun 2023.

A member of the Hong Leong group, HL Bank is currently offering a flat fixed deposit rate of 3.50% for 3-month and 6-month periods. Once upon a time, HL Bank was offering much higher interest rates for larger deposit sums—up to 4.10% p.a. for a $500,00 deposit over a 6-month period. However, its current interest rates have a much more flat structure and are average at best.

The biggest drawback to HL Bank’s fixed deposit is the relatively high minimum deposit amount of $100,000. If you don’t have this amount, HL Bank is not even an option for you.

 

UOB fixed deposit rates

Period

Min. deposit amount of $10,000 

6 months

3.45% p.a.

10 months

Promotion valid until: 31 May 2023. Do check UOB’s website for the latest rates.

UOB’s fixed deposit rate structure is currently as flat as HL Bank’s: a single interest rate of 3.45% p.a. for 2 different deposit periods—6 and 10 months. These rates apply as long as you deposit a minimum of $10,000.

Aside from the flat promotional rate above, UOB’s fixed deposit board rates are nothing to shout about. They currently only hit 3% p.a. if you deposit your cash for at least 18 months.

 

Standard Chartered fixed deposit rates

Deposit amount: $25,000 and above

Period

Regular bank customers

Priority banking customers

Priority private banking customers

6 months

3.20% p.a.

3.30% p.a.

3.40% p.a.

Promotional rates valid until: 9 May 2023. Do check the Standard Chartered website for the latest rates.

Standard Chartered’s fixed deposit rates are nothing to scream and shout about. At a maximum of 3.40% p.a. interest rate, Standard Chartered’s ongoing fixed deposit rate promotion is amongst the lowest. And that’s for their priority private banking customers. If you’re a regular customer, you’ll only be able to get a rate of 3.20% p.a.. 

Standard Chartered also has non-promotional fixed deposit rates, but these leave much to be desired. The regular Standard Chartered fixed deposit rates were revised on 28 Apr 2023, and still are only just hitting 3% p.a. for a long deposit period of 60 months.

The only advantage to Standard Chartered’s fixed deposit rates is that the commitment period for the promotional rate is at least relatively short—6 months. Having said that, you’ll get better 6-month rates with Bank of China (3.50% p.a.) for a lower minimum deposit amount of $5,000.

 

Maybank fixed deposit rates

Deposit amount: $20,000 and above

Period

iSAVvy Time Deposit Promotion (Online Placement)

SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch)

3 months

3.00% p.a.

3.00% p.a.

6 months

3.00% p.a.

3.00% p.a.

9 months

3.10% p.a.

3.10% p.a.

12 months

3.55% p.a.

3.55% p.a.

15 months

3.40% p.a.

3.40% p.a.

18 months

3.25% p.a.

3.25% p.a.

24 months

3.00% p.a.

3.00% p.a.

Note: The rates above are promotional rates subject to change at any time by Maybank

The best Maybank fixed deposit rate you can currently get is 3.55% p.a. with a commitment period of 12 months and a minimum deposit amount of $20,000. While Maybank’s fixed deposit rates used to differ based on whether you do the fixed deposit online or in physically in a branch, they are currently the same for both modes.

While 3.55% p.a. is a fairly competitive rate, the downside is that you’ll need to leave your money in for a year. You don’t get a better rate if you leave it in for longer—that’ll yield lower rates of 3.00% to 3.40% p.a.. In the other direction, if you’re looking at a shorter commitment period of 3 or 6 months, Maybank’s fixed deposit rate drops to a meagre 3% p.a. interest rate.

At a max rate of 3.55% p.a., Maybank just edges out RHB’s max rate of 3.50% p.a. for personal banking customers, for the minimum deposit amount of $20,000. So if you have $20,000 you don’t need to touch for a year, Maybank’s is a good fixed deposit option.

If you have selected Maybank savings accounts or current accounts, you can make use of Maybank’s deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into the deposit bundle and enjoy special interest rates of 3.90% p.a. (12 months), 3.75% p.a. (15 months), 3.60% p.a. (18 months), or 3.30% p.a. (24 months).

 

Best fixed deposit rates by minimum deposit amount

Is cash your limiting factor? Good news—the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:

  • $10,000 and under

  • $20,000-$50,000

  • $50,000 and above

 

Best fixed deposit rates for deposits $10,000 and under

These are the best fixed deposit rates in Singapore 2023 for deposits $10,000 and under:

  • ICBC (3.65% p.a.—$500 for 3 months)

  • Bank of China (3.55% p.a.—$5,000 for 3 months)

  • CIMB (3.45% p.a.—$10,000 for 9 months)

  • UOB (3.45% p.a.—$10,000 for 10 months)

  • OCBC (3.30% p.a.—$5,000 for 6 months)

  • DBS (3.20% p.a.—$1,000 for 12 months)

  • State Bank of India (2.85% p.a.—$5,000 for 24 months)

 

OCBC fixed deposit rates

Period

Deposit amount of $5,000 and above

6 months

3.30% p.a.

Note: The rates above are promotional rates subject to change at any time by OCBC. 

OCBC’s fixed deposit rates used to depend a lot on which customer group you fall under—Personal Banking customers, holders of OCBC’s flagship savings account OCBC 360 Account, Premier Banking customers, and Premier Private Clients. The latter 2 refer to priority banking customers who get to enjoy premium banking services if they deposit or invest a certain sum of money with OCBC.

But as of May 2023, OCBC has greatly simplified things. Now, everyone of all banking types is eligible for their 3.30% p.a. promotional fixed deposit rate. All you need is $5,000 (reduced from the previous minimum amount of $20,000) that you can afford to stash away for 6 months. While 3.30% p.a. isn’t the highest, the low minimum sum and deposit period makes it a more accessible fixed deposition option.

 

DBS fixed deposit rates

Deposit amount

Period

$1,000 – $19,999

$20,000-$999,999

1 month

0.30% p.a.

0.05% p.a.

3 months

1.00% p.a.

6 months

2.90% p.a.

9 months

3.10% p.a.

12 months – 60 months

3.20% p.a.

Currently, the best DBS fixed deposit rate is 3.20% p.a. for those who put $1,000 to $19,999 into a fixed deposit for 18, 24, 36, 48 or 60 months. While 3.20% is far from the best rate around, it still beats having your cash parked in a regular savings account!

One good thing about the current DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they’re also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period from 1-11 months. Most other banks limit this to 3-month intervals.

However, if you’re looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05% p.a. for all lock-in periods. You’d be better off investing your money pretty much anywhere else. 

 

State Bank of India Singapore fixed deposit rates

Deposit amount

Period

$5,000 to $1,000,000

1 month

0.35% p.a.

3 months

1.75% p.a.

6 months

2.25% p.a.

12 months

2.45% p.a.

24 months or 36 months

2.85% p.a.

We’ll cut to the chase: The State Bank of India (SBI) Singapore’s fixed deposit rates for SGD aren’t great. The highest rate you’ll get to enjoy is 2.85% p.a., and only if you can afford to stash away your cash for at least 24 months.

The one advantage SBI Singapore fixed deposit rates have is that the minimum deposit sum is low at just $5,000. However, if you’re planning to leave your $5,000 in fixed deposit for less than 24 months, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.55% p.a. for a 3-month period.

 

Best fixed deposit rates for deposits $20,000-$50,000

  • RHB (3.50% p.a.—$20,000 for 6 months)

  • Bank of China (3.45% p.a.—$50,000 for 12 months)

  • HSBC (3.75% p.a.—$30,000 for 3 months)

  • Maybank (3.55% p.a.—$20,000 for 12 months)

 

Best fixed deposit rates for deposits $50,000 and above

Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you’ve got a few good options. Here are the best fixed deposit rates in Singapore 2023 for deposits $50,000 and above:

  • Citibank (4% p.a.—$250,000 for 3 months)

  • HL Bank (3.50% p.a.—$100,000 for 3 or 6 months)

  • Hong Leong Finance (3.50% p.a.—$50,000 for 10 months)

  • Bank of China (3.45% p.a.—$50,000 for 12 months)

 

Hong Leong Finance fixed deposit rates

Deposit amount

Period

$20,000-$49,999

$50,000 and above

5 months

3.25% p.a.

3.30% p.a.

10 months

3.45% p.a.

3.50% p.a.

Besides putting your money with banks, it’s also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don’t get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.

With a lock-in period of 10 months, Hong Leong Finance is currently offering a fixed deposit rate of 3.50% p.a. for a $50,000 minimum deposit. If you don’t have $50,000, you can Hong Leong Finance is also offering a rate of 3.45% p.a. for sums $20,000 and above for the same deposit period of 10 months.

 

Overall best fixed deposit rates—highest in Singapore 2023

Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in May 2023:

  • Citibank (up to 4% p.a.—$250,000 for 3 months)

  • HSBC (up to 3.75% p.a.—$30,000 for 3 months)

  • ICBC (up to 3.65% p.a.—$500 for 3 months)

  • Bank of China (up to 3.55% p.a.—$5,000 for 3 months)

  • Maybank (up to 3.55% p.a.—$20,000 for 12 months)

Most of the highest fixed deposit rates in May 2023 are for short deposit periods of 3 months.

Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what you need to know about fixed deposits.

 

Fixed deposit vs savings account—what’s the difference?

Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05% p.a. interest on a regular savings account, but looking at interest rate alone isn’t enough to compare the two. 

Here are the differences between fixed deposits and savings accounts at a glance:

Fixed deposit

Savings account

Tenure

As low as 1 month, but go for at least 6 months for better rates

None

Interest rate

Usually, the longer the tenure, the better the interest rate

Usually the same regardless of tenure

Deposit amount

Fixed amount, usually at least $5,000, but promotional offers can go as low as $500

Smaller initial deposit and minimum monthly balance ($500 to $3,000)

Currency

SGD by default, but some banks offer higher interest rates for foreign currency

SGD by default. There are a few multi-currency accounts, but no difference in interest rate

Can you withdraw?

Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.

Yes, no impact on interest, but don’t fall below the minimum balance

Interest payments

Quarterly or annually

Monthly

Risk level

Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

 

Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills—which is better?

If you’re looking for a virtually risk-free investment vehicle, you’re bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider.

 

Fixed deposit

SSB

T-bills

Tenure

As low as 1 month, but go for at least 6 months for better rates

10 years

6 months / 1 year

Current interest rate

As high as 4.10% p.a.

2.75% p.a. (Jan 2023 SSB’s average yield) 

3.73% p.a. (benchmark yield for 6-month T-bills as of 9 May 2023)

Deposit amount

Usually at least $5,000, but promotional offers can go as low as $500

$500-$200,000

$1,000, with a cap of $1 million in non-competitive bids at each auction. 

Currency

SGD by default, but some banks offer higher interest rates for foreign currency

SGD

SGD

Can you withdraw?

Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.

Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond.

No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market.

Interest payments

Quarterly or annually

Every 6 months

Upon maturity, full value of T-Bill refunded following initial sale at a discount

Risk level

Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

Virtually risk-free, backed by the Singapore government

Virtually risk-free, backed by the Singapore government

 

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