Best Fixed Deposit Rates Singapore
Last updated October 11, 2026
- The best 1-month fixed deposit rate is 1.10% from Bank of China.
- The best 3-month fixed deposit rate is 1.75% from Bank of China.
- The best 6-month fixed deposit rate is 2.05% from Bank of China.
- The best 9-month fixed deposit rate is 2.00% from Bank of China.
- The best 12-month fixed deposit rate is 2.10% from RHB.
- The best 24-month fixed deposit rate is 1.55% from Bank of China.
- Some rates may be promotional and only available for a limited period.
- Some offers require a higher minimum deposit than the standard rates.
- Certain promotional rates may only apply to fresh funds deposited with the bank.
- Preferential rates available only to premier banking customers are generally excluded.
Contents
Fixed Deposit Explained
A fixed deposit account is a financial instrument banks offer that provides a fixed interest rate typically higher than a regular savings account. You need to keep the money in the account for a fixed term, which usually ranges from several months to several years. You will get the principal back plus the interest at the end of the term.
Advantages of Fixed Deposit
Guaranteed Fixed Returns
The returns are fixed and guaranteed, so we know how much we will earn before investing in a fixed deposit account. There is no volatility risk to both the principal and the interest. You can see the best fixed deposit rates in Singapore above for the rates across banks.
Almost Risk-Free
The issuing bank guarantees your principal and interest. The Singapore Deposit Insurance Corporation (SDIC) also guarantees up to $100,000. In the case of banking failure, SDIC will guarantee up to $100,000 of your deposit per bank. To minimize the risk further, spread your fixed deposits across banks if they exceed the insured amount.
Tax-Exempt
The interest payout from your fixed deposit is generally not subject to Singapore income tax.
Disadvantages of Fixed Deposit
Less Flexible
Once you deposit money in a fixed deposit account, you cannot access it without penalty until the end of the fixed term. Depending on the banks, you may be able to break the fixed deposit earlier by contacting them if you urgently need the money. This early termination will usually trigger penalties and administrative fees.
Minimum Deposit
There is usually a minimum amount to deposit into a fixed deposit account, though some are as low as $500. For promotional rates, the minimum deposit can be even higher, reaching more than $10,000.
Relatively Lower Interest Rate
The interest rate from a fixed deposit is usually lower than that from other instruments such as stocks or real estate. The return may be unable to keep pace with inflation, which can erode our purchasing power over time.
Fixed Deposit Alternatives
T-Bills
The most popular alternative to fixed deposits is T-bills. T-bills are short-term Singapore government bonds with guaranteed principal and interest payout. This is very similar to fixed deposits, except the one guaranteeing your money is the Singapore government, not the bank. T-bills have a maturity duration of six months or twelve months. T-bills usually have competitive rates compared to fixed deposits, so it's worth checking their latest yield to see which offers the better return on your money.
You may check our coverage on the latest and historical Singapore T-bills interest rates.
To learn more about T-bills, you may refer to our comprehensive guide about T-bills and how to buy T-bills.
Singapore Savings Bonds
Singapore Savings Bond (SSB) is a long-term 10-year Singapore government bond that allows monthly redemption (partially or in full) without any penalty. You even earn the accrued interest. Although SSB is a long-term bond, because it provides monthly redemption, investors can utilize it for short-term investment, similar to fixed deposits. If you plan to use SSB as a short-term solution, compare its first-year rate with other alternatives like fixed deposits. You may refer to our SSB interest rates coverage for its historical rates and latest offering.
If you are interested in applying for SSB, you may follow our guide on how to buy SSB.
Cash Management Accounts
Cash management accounts offer several different alternatives to fixed deposits. For example, Syfe Cash+ Guaranteed and StashAway Simple Guaranteed offer guaranteed payouts by locking your money for a specific duration, which is very similar to fixed deposits.
Other cash management accounts do not offer guaranteed payouts but may provide higher returns and liquidity in exchange for higher volatility. You may follow our coverage of some of the best cash management accounts in Singapore.
The fixed deposit interest rate offered depends on the market rate at the time of the placement. In a normal economic condition, the longer the fixed deposit duration, the higher the interest rate. However, in times of uncertainty, the shorter tenure may offer a higher return. Before deciding how long you want to commit to the fixed deposit, you can check the various duration offerings to ensure you get the best offers for the time horizon you are comfortable with.