Highest Fixed Deposit Interest Rates
Promotion in Singapore 2018


Highest Fixed Deposit Interest Rates Promotion in Singapore

Fixed Deposit Accounts in Singapore

Fixed deposit accounts in Singapore offer a much higher interest rate (at least a 1.00% p.a. difference) as compared to your basic savings deposit account. Contrary to belief that certain foreign banks might be more risky, the first $50,000 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 $50,000.

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.

Tenure and Deposit Amount

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 $50,000 (Risk-free since insured by SDIC). We have also included the latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison of Singapore Savings Bonds vs Singapore Fixed Deposits.

Fixed Deposit Comparison Table

Financial Institution Interest Rate

Singapore Savings Bonds


State Bank of India




Sing Investments and Finance




Hong Leong Finance




Standard Chartered










Bank of East Asia


Singapura Finance






Bank of China


HL Bank




* Interest Rate based on deposit amount of $50,000 and tenures ranging from 6 to 18 months

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Best Highest Fixed Deposit Interest Rates in Singapore

ICBC Fixed Deposit currently offers the highest fixed deposit rate of 1.42% p.a. with a tenure of 12 months for funds of $200,000. This is a limited time Chinese New Year promotion.

This is followed by State Bank of India Fixed Deposit which offers a high interest rate of 1.40% p.a. with a tenure of 12 months for funds of $50,000 and above.

Maybank Fixed Deposit offers an interesting fixed deposit and deposit account bundle which reward depositors with an interest of 1.40% p.a. for a tenure of 18 months for $50,000 deposit. However, depositors must place $5,000 deposit into a designated Maybank savings account to qualify for this promotion. This lowers the effective interest rate to around 1.29% p.a. for a $55,000 deposit into the deposit bundle.


Smart Search for Fixed Deposit Account

Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Lobangs Smart Search which will narrow your choices down to 3 deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.


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Reviews or Comments (1)

Ave. Rating:
4/5 (2)
Topic: Highest Fixed Deposit Interest Rates Promotion in Singapore
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Huixin Lee
Sep 2014
First Poster
Huixin Lee says...

Rates are very low as compared to few years ago when it was hitting 2% p.a. Interesting that Singapore Savings Bonds rank highly as compared to fixed deposits.



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