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Highest Fixed Deposit Interest Rates Promotion in Singapore 2024

Highest Fixed Deposit Interest Rates Promotion in Singapore
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Rating: 4 Stars4.5/5.0 (17 Reviews)

Last updated on 2024-03-15

1. Where Can I Save My Money?

2. Fixed Deposit Minimum Amount and Minimum Period

3. Best Fixed Deposit Rates in Singapore 2024

4. Which Bank has Highest Fixed Deposit Rate?

5. Search for Fixed Deposit

 

Where Can I Save My Money?

You can save your money in either regular current or savings deposit accounts or fixed deposit accounts in Singapore. Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit accounts. The difference has narrowed in recent months as fixed deposit interest rates dropped somewhat in 2024. Both rates are expected to ease off in the coming year as inflation wanes off.

Contrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.

Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.

 

Fixed Deposit Minimum Amount and Minimum Period

The minimum amount and period for fixed deposits differs from bank to bank. As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.

For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $75,000 (Risk-free since insured by SDIC). Rates are based on the assumption of new fresh funds deposit and a depositor doesn't have any privilege or preferred relationship with the bank.  We have also include the current Money Lobang Average Fixed Deposit Rates and latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison for depositors.

 

Best Fixed Deposit Rates in Singapore 2024

Financial Institution Interest Rate

Bank of China

3.40%

ICBC

3.35%

CIMB

3.35%

Citibank

3.30%

RHB

3.25%

State Bank of India

3.20%

DBS

3.20%

Singapura Finance

3.20%

Sing Investments and Finance

3.10%

Hong Leong Finance

3.05%

Standard Chartered

3.00%

Bank of East Asia

3.00%

HSBC

3.00%

Average Fixed Deposit Rates

2.96%

Singapore Savings Bonds

2.95%

UOB

2.90%

OCBC

2.90%

ICICI

2.80%

Maybank

2.60%

HL Bank

0.40%

* Interest Rate based on maximum deposit amount of $75,000 and tenures ranging from 3 to 18 months

 

Which Bank has Highest Fixed Deposit Rate?

The highest interest rate is by Bank of China which offers an interest rate of 3.40% p.a. for 3 months tenure for funds of $500 and above. Similarly, ICBC offers an interest rate of 3.35% p.a. for 3 months tenure but for funds of $500 and above. The highest rate is 0.44% or about 14% higher than Money Lobang's National Average Fixed Deposit Rates for March 2024 is 2.96% p.a.

 

Search for Fixed Deposit

Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Smart Search which will narrow your choices down to a list of deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.

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