(Updated 1 Mar 2025) Earn Up to 5% p.a.! Best Singapore Fixed Deposit Rates and Savings Accounts UPDATED 1 Mar 2025

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

As of 1 Mar 2025, 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 2.9% p.a.)
2. Best Fresh Funds Promotions (Up to 2.90% 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 2.9% 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. DBS/POSB S’pore Offers Up to 2.45% p.a. on Fixed Deposits from 10 Dec (max 20k)
2. RHB Bank S’pore Offers Up to 2.68% p.a. Fixed Deposit Promotional Rates from 10 Jan
3. Maybank Latest Time Deposit Rates Offers Up to 2.45% p.a. From 24 Jan
4. Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 2.80% p.a. from 27 Jan 2025 HIGHEST 1-mth (2.60%), 3-mth (2.80%), 12-mth (2.70%)
5. Singapore Savings Bonds Offers Up to 2.97% p.a. in Latest Issue, Apply by 25 Feb 2025 *SSB* HIGHEST 12-mth (2.83%)
6. OCBC Bank S’pore Offers Up To 2.45% p.a. In Latest Fixed Deposit From 7 Feb 2025
7. RHB Bank S’pore Offers Up to 2.8% p.a. Fixed Deposit Promotional Rates from 13 Feb HIGHEST 6-mth (2.80%)
8. ICBC Latest Fixed Deposit Rates Offers Up to 2.75% p.a. as of 15 Feb
9. Bank of China Latest Time Deposit Rates Offers Up to 2.75% p.a. from 17 Feb HIGHEST 1-mth (2.60%)
10. SingFinance Latest Fixed Deposit Rates Offers Up to 2.65% p.a. from 19 Feb
11. State Bank of India (Singapore) Offers Time Deposit Rates of Up to 2.85% p.a. as of 20 Feb HIGHEST 6-mth (2.85%), 12-mth (2.75%)
12. HL Bank S’pore offering 2.80% p.a. with the latest SGD 6-mth fixed deposit promo from 24 Feb HIGHEST 6-mth (2.80%)
13. Standard Chartered Offers Up To 2.50% p.a. for 6-Month Time Deposits until 5 Mar 2025
14. CIMB Latest Fixed Deposit Rates Offers Up to 2.60% p.a. from 1 Mar
15. UOB Offers Up to 2.40% p.a. Fixed Deposit Promotion until 31 Mar

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

1. Bank of East Asia 2.90% p.a. For 3 months; 2.70% p.a.* For 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 2.8% p.a. (as of 1 Mar)
2. Stashaway Simple Guaranteed up to 2.8% p.a. (as of 1 Mar)

Best Fresh Funds Promotions (Up to 2.90% 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 2.85% p.a. till 31 Mar
2. Standard Chartered Offers Up to 2.9% p.a. Interest for e$aver Accounts Until 31 Mar

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 2.50% p.a. on first $100k (2.28% p.a. from 1 Apr, Use code 8ZEF70CP for S$3.80 cash credit, T&Cs apply)
4. Trust Bank Savings Account up to 2% p.a, (Free $5 – $1K cashback 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% 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 $5 – $1K cashback 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, Extra 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

1 Mar 2025

• High-Yield Savings: GoSaver (reduced)
• Fixed Deposit: CIMB (reduced), UOB (same)

27 Feb 2025

• Fixed Deposit Promotions: Standard Chartered

24 Feb 2025

• Fixed Deposit Promotions: HL Bank

20 Feb 2025

• Fixed Deposit Promotions: State Bank of India (Singapore) (increase)

19 Feb 2025

• Fixed Deposit Promotions: SingFinance (0.05% decrease)

17 Feb 2025

• Fixed Deposit Promotions: BOC (decrease)

15 Feb 2025

• Fixed Deposit Promotions: ICBC (decrease)

14 Feb 2025

• Fixed Deposit Promotions: Standard Chartered (decrease)

13 Feb 2025

• Fixed Deposit Promotions: RHB (increase)

10 Feb 2025

• Fixed Deposit Promotions: BOC (decreased 6-mth rates)

7 Feb 2025

• Fixed Deposit Promotions: OCBC (increased 12-mth rates)

6 Feb 2025

• Fixed Deposit Promotions: State Bank of India (new 12-mth tenure)

3 Feb 2025

• Fixed Deposit Promotions: Standard Chartered (decrease), SSB (increase)

1 Feb 2025

• Fixed Deposit Promotions: CIMB (decrease except for 3-mth), UOB (same)
• Fresh Funds: Standard Chartered (decrease), Maybank (decrease)

28 Jan 2025

• Fixed Deposit Promotions: ICBC (3-mth rates decrease)

27 Jan 2025

• Fixed Deposit Promotions: Bank of China (decreased by up to 0.1%)

24 Jan 2025

• Fixed Deposit Promotions: Maybank (reductions)

20 Jan 2025

• Fixed Deposit Promotions: Bank of China (3-mth rates decrease by 0.05%), Standard Chartered (increase by up to 0.28%)

15 Jan 2025

• Fixed Deposit Promotions: ICBC (3-mth rates decrease)

10 Jan 2025

• Fixed Deposit Promotions: RHB (decrease)

3 Jan 2025

• Fixed Deposit Promotions: SingFinance (decrease)

2 Jan 2025

• Fixed Deposit Promotions: UOB (decrease), Standard Chartered (decrease), SSB (decrease)
• Fresh Funds: Standard Chartered Marathon (decrease)

1 Jan 2025

• Fixed Deposit Promotions: CIMB (decrease)
• Fresh Funds: CIMB (same)
• High-Yield Savings Accounts: Maribank Savings Account 2.5% (reduced from 2.7%)

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)

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