(Updated 2 May 2024) Earn Up to 5% p.a.! Best Singapore Fixed Deposit Rates and Savings Accounts

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

As of 2 May 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 3.75% p.a.)
2. Best Fresh Funds Promotions (Up to 4% p.a.)
3. Best High-Yield Bank Accounts (Up to 5% p.a.)

Best Fixed Deposit Promotions (Up to 3.75% p.a.)

It’s important to note that 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

1. ICBC S’pore offering up to 3.35% p.a. with latest Fixed Deposit Promotion HIGHEST 1-mth (2.90%) / 3-mth (3.35%)
2. ICICI Bank S’pore offering up to 3.25% p.a. with latest SGD Fixed Deposit Interest rates
3. DBS/POSB Singapore Offers Up to 3.2% p.a. on Fixed Deposits (max 20k)
4. Maybank S’pore offering up to 2.60% p.a. with their latest time deposit rates
5. RHB Bank Singapore Offers Up to 3.25% p.a. Fixed Deposit Promotion
6. OCBC Bank Singapore Offers Up to 2.8% p.a. Fixed Deposit Promotion
7. State Bank of India S’pore Offers Up To 3.35% p.a. SGD Time Deposit Rates HIGHEST 6-mth (3.35%)
8. Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3.30% p.a. HIGHEST 1-mth (2.90%)
9. Singapore Savings Bonds Offers Up to 3.3% in Latest Issue, apply by 28 May *SSB GOVT BONDS* HIGHEST 12-mth (3.26%)
10. Standard Chartered Singapore offers 3% p.a. 6-mth Time Deposit (Fixed Deposit) Rates
11. UOB Singapore’s Fixed Deposit Promotion Offers Up to 2.70% p.a.
12. Citibank Singapore Offers 2.50% p.a. with Latest Time Deposit Rates
13. CIMB Singapore Offers Up to 3.25% p.a. Fixed Deposit Rates

Not SDIC insured subject to underlying bank risk

1. Syfe Cash+ Guaranteed up to 3.75% p.a.
2. Stashaway Simple Guaranteed Up to 3.75% p.a.

Best Fresh Funds Promotions (Up to 4% 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. Standard Chartered in Singapore Offers 3.45% Interest Rate Offer for e$aver Fresh Funds
2. CIMB S’pore offers up to 4% p.a. incremental fresh funds deposit promo
3. Maybank S’pore Fresh Funds Deposit Promo Offers Up to 3.50% p.a.

Best High-Yield Bank 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 monthly average balance (UOB Stash).

These promotions usually offer the third best interest rate, allow 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 3.5% with FastSaver on first $75k
2. CIMB: Earn up to 3.5% with StarSaver
3. MariBank Mari Savings Account flat 2.88% p.a. on first $100k
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 (must be 18 – 26 of age at point of sign-up)
10. BOC SuperSaver up to 3.60% p.a.

For the most current fixed and time deposit rates and promotions, please follow the provided links to Fixed Deposit and Time Deposit information.

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