(Updated 23 Dec 2024) Earn Up to 5% p.a.! Best Singapore Fixed Deposit Rates and Savings Accounts UPDATED 23 Dec 2024

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Maximise Your Earnings: Top Bank Savings and Deposit Rates in Singapore

As of 23 Dec 2024, individuals in Singapore have the opportunity to earn up to 5% per annum with select bank savings and fixed or time deposit accounts. This guide provides an in-depth look at the most competitive rates available.

Understanding the inherent stability of deposits is crucial. Unlike other financial instruments that are subject to market fluctuations, fixed deposits offer a secure option with significantly lower risk. They ensure that your capital remains intact, providing peace of mind and a reliable safety net for your hard-earned money.

Please note that all promotional offers mentioned herein are subject to specific terms and conditions and may change anytime. You are advised to thoroughly review these stipulations prior to engagement. Mistakes and typos may happen, please do your due diligence and verify before committing

Deposits are categorised into two primary types:

• Fixed/Time Deposits: These require the allocation of funds – typically fresh funds – in an account for a predetermined duration.
• Incremental Balance Promotions: These promotions necessitate an increase in the average balance of your account over a set period, using fresh funds

The term ‘fresh funds’ refers to money transferred into the bank account from outside-the-bank sources.

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1. Best Fixed Deposit Promotions (Up to 3.1% p.a.)
2. Best Fresh Funds Promotions (Up to 3.40% p.a.)
3. Best High-Yield Savings Accounts (Up to 5% p.a.)
4. Best Debit Cards For Overseas Usage
5. Revision History

Best Fixed Deposit Promotions (Up to 3.1% p.a.)

These fixed deposit schemes may require fresh funds to qualify for the advertised rates. These promotions offer the overall best interest rate if you don’t have the need to access your funds for the specified terms.

FAQ: Which bank is offering the very best fixed deposit rate? It depends on the tenure, amount and fund freshness. The highest rate for 1-mth, 3-mth, 6-mth and 12-mth tenures are indicated below for your convenience.

1. SingFinance Latest Fixed Deposit Rates Offers Up to 2.70% p.a. from 20 Sep
2. CIMB Singapore Latest Fixed Deposit Rates Offers Up to 2.8% p.a. from 21 Sep
3. HL Bank S’pore offering up to 3.20% p.a. with the latest SGD fixed deposit promo from 21 Oct HIGHEST 3-mth (3.2%) / 6-mth (3.20%)
4. Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3% p.a. from 18 Nov HIGHEST 1-mth (2.70%)
5. ICBC Singapore Latest Fixed Deposit Rates Offers Up to 3% p.a. as of 25 Nov 2024
6. RHB Bank Offers Up to 3% p.a. Fixed Deposit Promotion from 1 Dec HIGHEST 12-mth (3%)
7. Standard Chartered Offers Up To 2.75% p.a. for 6-Month Time Deposits until 31 Dec
8. UOB Offers Up to 2.50% p.a. Fixed Deposit Promotion until 31 Dec
9. Singapore Savings Bonds Offers Up to 2.86% p.a. in Latest Issue, Apply by 26 Dec *SSB*
10. State Bank of India New Time Deposit Rates of Up to 2.65% p.a. from 6 Dec
11. OCBC Offers Up To 2.45% p.a. In Fixed Deposit Rates From 6 Dec
12. DBS/POSB S’pore Offers Up to 2.45% p.a. on Fixed Deposits from 10 Dec (max 20k)
13. Maybank Singapore New Time Deposit Rates Up to 2.7% from 23 Dec

The following offers may not support FAST transfers and may have other restrictions

1. Bank of East Asia 3% p.a. 3 months, 2.75% p.a. 12 months , min $100K fresh funds
2. ICICI Bank Singapore Up To 2.70%
3. Singapura Finance Vivid Fixed Deposit 12 Months @ 2.65% and 15 Months @ 2.60%p.a.

The following offers are not SDIC insured (subject to underlying bank risk)

1. Syfe Cash+ Guaranteed up to 3.1% p.a. (as of 2 Dec )
2. Stashaway Simple Guaranteed up to 3% p.a. (as of 2 Dec)

Best Fresh Funds Promotions (Up to 3.40% p.a.)

Such promotions offer flexibility, allowing you to access your funds without the restrictions commonly associated with fixed deposits. These promotions offer the second best interest rate and also allow you to withdraw the funds anytime, even partially.

1. Maybank Fresh Funds Top-up Promo Offers Interest Rates up to 3.40% p.a. till 31 Jan
2. CIMB Offers Up To 3.30% p.a. Interest on Fresh Funds Till 31 Dec
3. Standard Chartered Offers Up To 2.85% p.a. for Fresh Funds in e$aver Savings Accounts till 31 Jan
4. Standard Chartered Offers Up To 3.05% p.a. Marathon $aver Promotion till 31 Dec

Best High-Yield Savings Accounts (Up to 5% p.a.)

These accounts DO NOT have these requirements – salary crediting, GIRO payments, bill payments, purchase of investment / insurance / wealth products and/or minimum card spending to enjoy the interest rates.

They MAY have conditions such as minimum balance requirement to achieve max interest rate (most accounts except MariBank), tiered interest rates (most accounts except MariBank) and maintaining the monthly average balance (UOB Stash).

These usually offer the third best effective interest rate, allowing you to withdraw the funds anytime and do not require any regular action from your end to earn the interest.

1. CIMB: Earn up to 3.3% with FastSaver on first $75k
2. CIMB: Earn up to 3.3% with StarSaver
3. MariBank Mari Savings Account flat 2.70% p.a. on first $100k (Use code 8ZEF70CP for $10 cash credit, T&Cs apply)
4. Trust Bank Savings Account up to 2% p.a, (Free $10 FairPrice E-Voucher with referral code QP4KSSYY )
5. RHB High Yield Savings Plus Account up to 2% p.a.
6. UOB Stash Account earn up to 5% p.a. interest on first $100k (Monthly Average Balance must not decrease)
7. HL Bank iSavings Account earn up to 3.28%
8. Sing Investments & Finance Gosavers Account up to 3.50% p.a.
9. Standard Chartered JumpStart Account 2% p.a. on first S$50,000 (age 18 – 26 at sign-up)
10. BOC SuperSaver up to 3.60% p.a. (Account must be linked to PayNow to earn bonus interest)
11. Singapura Finance Vivid Savings Account up to 2.58% on first $200k

Best Debit Cards For Overseas Usage

These cards provide savings of up to 3.25% when used overseas as compared to using common debit cards such as DBS debit cards that are not linked to a multi currency account or using an unsupported currency.

1. Trust Debit/Credit *Recommended* (Local bank with good exchange rates and funds earn interest) (Free $10 FairPrice E-Voucher with referral code [ QP4KSSYY ])
2. Youtrip Debit (No fee and best exchange rates, funds do not earn interest, use this referral link to get $5)
3. Wise Debit (Fees apply, hold over 40 currencies to convert and send money, funds can earn at-risk interest)
4. Revolut Debit (Fees apply, 1% currency conversion fees on weekends, use this link for free 3-mth Premium trial)

Revision History

Here are the last few changes by most recent first

23 Dec 2024

• Fixed Deposit Promotions: Maybank (decrease)

10 Dec 2024

• Fixed Deposit Promotions: DBS/POSB (decrease)

6 Dec 2024

• Fixed Deposit Promotions: OCBC (decrease), State Bank of India (decrease), Bank of East Asia (3-mth increase)

2 Dec 2024

• Fixed Deposit Promotions: Maybank (reductions up to 0.2% across all tenures), SSB (increase by 0.05%), UOB (same), Standard Chartered (same)

1 Dec 2024

• Fixed Deposit Promotions: RHB (increase up to 0.35%),
• Fresh Funds: CIMB (reduced), Standard Chartered (reduced)

25 Nov 2024

• Fixed Deposit Promotions: ICBC (increase for 3-mth under 200k tenure)

23 Nov 2024

• Fixed Deposit Promotions: UOB (flat decrease of 0.1%)

18 Nov 2024

• Fixed Deposit Promotions: Bank of China (12-mth increase by 0.1%)

16 Nov 2024

• Fixed Deposit Promotions: RHB (flat increase of 0.05%)

12 Nov 2024

• Fixed Deposit Promotions: Bank of China (3-mth reduced by 0.05%)

7 Nov 2024

• Fixed Deposit Promotions: SBI offer no longer available

1 Nov 2024

• Fixed Deposit Promotions: Maybank, Standard Chartered, SSB (increase)
• Fresh Funds Promotions: Standard Chartered Marathon, CIMB, Maybank

30 Oct 2024

• Fixed Deposit Promotions: UOB (reduced)

28 Oct 2024

• Fixed Deposit Promotions: Bank of China (reduced)

23 Oct 2024

• Fixed Deposit Promotions: HL Bank S’pore

17 Oct 2024

• Fixed Deposit Promotions: RHB (all increase), OCBC (12-mth increase)

14 Oct 2024

• Fixed Deposit Promotions: Bank of China (increase for 3-mth rates)

8 Oct 2024

• Fixed Deposit Promotions: Singapura Finance (reduced)

7 Oct 2024

• Fixed Deposit Promotions: Bank of China (increases for 3-mth and 4-mth rates)

1 Oct 2024

• Fixed Deposit Promotions: UOB, Standard Chartered, SSB, State Bank of India, Singapura Finance Vivid
• High-Yield Savings Accounts: CIMB FastSaver StarSaver accounts rates revised, SingSaver GoSaver rates revised
• Fresh Funds Promotions: Standard Chartered, Standard Chartered Marathon, CIMB

30 Sep 2024

• Fixed Deposit Promotions: Bank of China (reduced)

27 Sep 2024

• Fixed Deposit Promotions: OCBC (reductions, new 1yr tenure offer)

26 Sep 2024

• Fixed Deposit Promotions: Maybank (reductions), RHB (reductions)

24 Sep 2024

• Fixed Deposit Promotions: Bank of East Asia (reduced), OCBC (reduced)

23 Sep 2024

• Fixed Deposit Promotions: New Bank of China rates (reduced)

21 Sep 2024

• Fixed Deposit Promotions: New CIMB rates (reduced), New ICBC rates (reduced)

20 Sep 2024

• Fixed Deposit Promotions: New SingFinance rates (reduced)

18 Sep 2024

• Fixed Deposit Promotions: New ICBC rates, Syfe and Stashaway rates updated

14 Sep 2024

• Fixed Deposit Promotions: Bank of East Asia reduces rates by 0.25%, Syfe and Stashaway rates updated

12 Sep 2024

• Fixed Deposit Promotions: New ICBC rates

10 Sep 2024

• Fixed Deposit Promotions: BOC rates reduced by up to 0.1%

9 Sep 2024

• Fixed Deposit Promotions: ICBC latest rates reduced by up to 0.2% (selected tenures), Added ICICI, Bank of East Asia. Updated Syfe and Stashaway rates.

6 Sep 2024

• Fixed Deposit Promotions: RHB latest rates reduced by 0.15%

3 Sep 2024

• Fixed Deposit Promotions: Added SingFinance

2 Sep 2024

• Fixed Deposit Promotions: Added “Standard Chartered Singapore Offers 3% – 3.20% p.a. for 3-Month Time Deposits”, “ICBC Up to 3.25% p.a. from 2 September 2024”, SSB, Bank of China, State Bank of India
• Best High-Yield Bank Accounts: Added CIMB revising rates from 1 Oct.

1 Sep 2024

• Fixed Deposit Promotions: Removed expired entries. Added UOB, CIMB, Citibank
• Fresh Funds Promotion: Removed expired entries. Added CIMB and Maybank offers

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