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Fixed Deposits aka Time Deposits are interest generating bank accounts with a pre-determined maturity. They let you grow your money at a fixed rate over a period of time (referred to as ‘tenure’ or ‘tenor’).
Fixed deposits interest rates tend to depend on the current market’s interest rate. Given that interest rates are rising in the current markets, you might be wondering if fixed deposits are a good place to store your money in the near future.
For years, they have been dissed at because rates were low.
But in the current rising interest rate environment, we’re seeing a change in the narrative. Here’re the:
A few caveats to note.
I’ve considered only personal banking rates on fresh funds* in this article. If you have access to preferred or premium banking, check with your bank for better rates.
*fresh funds usually means that it is not already being banked with the bank that’s offering the fixed deposit account.
Do refer to the updated individual fixed deposit rates listed under each bank below. You can use the table of content to navigate quickly:
Citibank offers a range of tenure on their SGD fixed deposit accounts. At the point of writing, the board rate is as follows for deposits. You can use their calculator to see their latest interest rates.
Citibank offers the highest rates currently, however you’ll need to have at least $250,000:
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
Early termination is possible but you will not earn any interest and you’ll need to pay an admin fee.
How to open a Citibank fixed deposit account?
You can set up a fixed deposit account via online banking, phone banking or visit their branch.
RHB offers fixed deposits on amounts from S$20,000 and more, you can find their latest interest rates here:
RHB Apr 23 Fixed Deposit Promo Rate
In the month of April, RHB is offering promotional rates for their 3-, 6-, 12- and 24-month fixed deposit accounts on minimum deposits of S$20,000:
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$20,000
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
How to open a RHB fixed deposit account?
You can apply via RHB’s mobile app, fill up the contact form on their website or visit their branch with your NRIC, passport and supporting documents.
Maybank offers fixed deposits on amounts from S$1,000 and more, you can find their latest interest rates here:
In the month of April, Maybank is offering promotional rates on their 12, 15, 18 and 24 months fixed deposit accounts on minimum deposits of S$20,000. Do note that you need to visit a Maybank branch to get these rates:
Online placement rates are as follows (iSAVvy Time Deposit Promo):
Eligibility
You need to be at least 16 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
There may be an account set up fee of S$10.
How to open a Maybank fixed deposit account?
Existing customers can apply via the Maybank2u online banking platform.
HSBC provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest time deposit interest rates here:
In the month of April, HSBC is offering promotional rates on their 3-, 6- and 12-month fixed deposit accounts on minimum deposits of S$30,000 (only applicable to fresh funds placements):
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
There may be an account set up fee of S$10.
Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early.
There will be premature withdrawal fees.
How to open a HSBC fixed deposit account?
You can set up a fixed deposit account via online banking or by setting up an online banking account using Singpass.
You can also choose to visit their branch with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
ICBC offers an ongoing promotion on their fixed deposit rates. The minimum deposit amount is only S$500 and you get higher rates if you deposit via their e-banking service.
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$500 (via e-banking)
Additional Costs / Terms to note
Early termination is possible. Interest payments will be calculated by the bank at prevailing rates.
How to open an ICBC fixed deposit account?
You can choose to apply via ICBC’s internet banking platform or visit their branches with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
Bank of China offers fixed deposits across 10 different currencies including SGD. Here’s the latest board rates as of 10 April 2023:
As of 10 Apr 2023, you can earn up to 3.7% p.a. if you lock up $5,000 or more with them for at least 3 months.
Eligibility
You need to be at least 18 years old to set up a fixed deposit with Bank of China. Rates in the table above are for Mobile Banking Placement.
Minimum Initial Deposit
S$5,000
Additional Costs / Fees to note
Premature withdrawal is possible however, you may not get any interest and may need to pay an early withdrawal fee.
How to open a BOC time deposit account?
You can get more information at BOC’s branches. Bring along your ID. Foreigners will need to bring their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.
Hong Leong Finance provides fixed deposits on amounts as low as S$500. You can find their latest rates here.
Senior Citizen Bonus Rate
It is interesting to note that they offer a “senior citizen bonus rate”.
Folks aged 55 and above looking to deposit their cash for 12 months and more are entitled to an additional 0.125% p.a. on top of the board interest rates in the table above.
Hong Leong Finance’s promotional rates are as follows:
Eligibility
You need to be at least 15 years old to set up a fixed deposit with Hong Leong Finance.
Senior citizens aged 55 years old can qualify for a bonus rate on longer tenures.
Minimum Initial Deposit
Additional Costs / Terms to note
Early termination is possible but you will not earn any interest.
How to open a Hong Leong Fixed deposit account?
Existing customers can apply for the account online. New customers will have to visit a branch with their NRIC (for Singaporeans and PR) or Passport with Proof of employment, dependency or student pass (for foreigners).
UOB offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:
In the month of April, UOB is offering the following rates with a minimum deposit of S$10,000:
Eligibility
You need to be at least 15 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
Interest ceases to be payable after maturity unless the time deposit is renewed.
How to open a UOB fixed deposit account?
You can apply online via the UOB Personal Internet Banking platform or visit their branch with your NRIC, passport and supporting documents.
OCBC offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:
In the month of April, OCBC is offering promotional rates on their 6-months fixed deposit accounts on minimum deposits of S$5,000.
You can also choose to use your CPF Ordinary Account Funds to lock in their 6-month rates. This will need to be done at an OCBC branch.
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$5,000
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
How to open a OCBC fixed deposit account?
You can apply for an OCBC SGD fixed deposit account via OCBC’s internet banking platform or visit their branch.
If you’re visiting their branch, you’ll need to bring your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
New customers can visit their branch with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early. You may be charged an early withdrawal fee.
CIMB offer board rates of up to 0.3% on deposits as low as $1,000. You can check CIMB’s latest fixed deposit rates here.
For the month of April, CIMB is offering the following Fixed deposit rates:
Eligibility
You need to be at least 18 years old to set up a fixed deposit with CIMB.
Minimum Initial Deposit
Additional Costs / Terms to note
Early termination may result in lesser or no interest.
How to open a CIMB Fixed deposit account?
If you’re an existing customer, you can set it up via the CIMB Internet Banking platform where you also have the option to change your maturity and renew your deposit automatically.
New customers can either apply for the account online or visit a branch. You’ll need to prepare a copy of their NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.
DBS only accepts fresh funds for tenures 12 months and below. You can find the latest board rates here:
Eligibility
You need to be at least 12 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
Early termination is possible but you will not earn any interest and you’ll need to pay an early withdrawal fee.
Currently DBS is only accepting fresh funds for fixed deposits with tenures of 12 months or less. Only existing funds can roll over (and at a higher rate).
How to open a DBS fixed deposit account?
Existing customers can set up a fixed deposit account via DBS’ online banking platform or digibank mobile app. New customers will need to visit a branch with your NRIC or passport (foreigners and PR) and supporting documents.
Standard Chartered Bank offers fixed deposits on amounts from S$20,000 and more, you can find their latest interest rates here:
In the month of April, Standard Chartered is offering the following rates with a minimum deposit of S$25,000:
Priority banking and Priority Private Banking clients get a better preferential rate of up to 3.1% – 3.2%.
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$25,000 for promotional rate.
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
Interest ceases to be payable after maturity unless the time deposit is renewed.
How to open a Standard Chartered Bank fixed deposit account?
You can apply online via their online banking portal or visit their branch with your NRIC, passport and supporting documents.
In the month of April 2023, Citibank’s fixed deposits offer the highest rates at 4% for a 3-month fixed deposit of at least S$250,000.
If you do not have $250,000 on hand, RHB and Maybank are offering a sweet 3.9% for their 12-month fixed deposit with a minimum deposit of $20,000.
When picking the best fixed deposit accounts, there’re a couple of key considerations:
Here, we’ll use Xiao Qiang as an example:
Xiao Qiang had saved up $20,000 and is considering if he should put his savings into a fixed deposit for the next 12 months. These three banks offer similar rates :
In Singapore, licensed banks and finance companies are supervised by MAS. By law, all SGD deposits we make are insured by the Singapore Deposit Insurance Corporation, up to S$75,000 in aggregate per depositor per bank or finance companies recognized as Scheme members.
If locking up your capital for years in return for ~4% interest rates doesn’t sound enticing enough for you, you may want to look beyond fixed deposit accounts.
Some other vehicles you can consider include:
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