(Updated 15 May 2025) 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 15 May 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 2.5% 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 2.5% 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. ICBC Latest Fixed Deposit Rates Offers Up to 2.3% p.a. as of 15 Apr HIGHEST 3-mth (2.3%), 12-mth (2.25%)
3. SingFinance Latest Fixed Deposit Rates Offers Up to 2.2% p.a. from 21 Apr
4. OCBC Bank Offers Up To 1.85% p.a. In Latest Fixed Deposit Rates From 24 Apr
5. Maybank Cuts Time Deposit Rates, Offers Up to 2.05% p.a. from 28 Apr
6. SingFinance Latest Fixed Deposit Rates Offers Up to 2.2% p.a. from 21 Apr
7. Singapore Savings Bonds Offers Up to 2.56% p.a. in Latest Issue, Apply by 27 May *SSB*
8. UOB Offers Up to 2% p.a. Fixed Deposit Promotion until 31 May
9. RHB Bank Singapore Cuts Fixed Deposit Rates from 7 May 2025, Offers Up to 2.1% p.a.
10. State Bank of India Revises Time Deposit Rates to Offer Up to 2.35% p.a. From 7 May HIGHEST 6-mth (2.35%), 12-mth (2.25%)
11. Standard Chartered Offers Up To 2.05% p.a. for 5-Month Time Deposits Starting 9 May
12. Bank of China Updates Fixed Deposit Promotions with Peak Rate of 2.3% p.a. from 12 May HIGHEST 1-mth (2.25%), 3-mth (2.3%)
13. CIMB lowers fixed deposit interest rates to up to 2.25% p.a. from 14 May

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

1. Bank of East Asia 2.50% p.a. 3 months; 2.40% p.a. For 12 months SGD Fixed Deposit; min $100K fresh funds
2. ICICI Bank Singapore Up To 2.20%
3. Singapura Finance Vivid Fixed Deposit 3 Months @ 2.10% p.a. & 6 Months @ 2.05% p.a.

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

1. Syfe Cash+ Guaranteed up to 2.5% p.a. (as of 1 May)
2. Stashaway Simple Guaranteed up to 2.45% p.a. (as of 1 May)

Best Fresh Funds Promotions (Up to 2.9% 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 Offers Up to 2.5% p.a. Interest for Fresh Funds in e$aver Accounts Until 31 May
2. Maybank Fresh Funds Top-up Promo Offers Interest Rates up to 2.9% p.a. till 30 Jun

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

These High-Yield Savings Accounts(HYSA) 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 2.7% with FastSaver on first $75k
2. CIMB: Earn up to 2.7% with StarSaver
3. MariBank Mari Savings Account flat 2.28% p.a. on first $100k
   • Use referral code 8ZEF70CP when signing up to enjoy additional rewards. More info here
4. Trust Bank Savings Account up to 2% p.a,
   • Use referral code QP4KSSYY when signing up to get guaranteed cashback reward ranging from a minimum of S$5 to S$1,000 (as of May 2025)
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 2.28% p.a.
9. Standard Chartered JumpStart Account 2% p.a. on first S$50,000
   • Must be age 18 – 26 at sign-up
   • Account won’t be closed after you get older than 26
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 2.08% 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
   • Cashback credit card offers up to 15% cashback, see T&Cs for details (no annual fee)
   • Use referral code QP4KSSYY when signing up to get guaranteed cashback reward ranging from a minimum of S$5 to S$1,000 (as of May 2025)
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 for each transaction
   • Hold over 40 currencies to convert and send money
   • Funds can earn at-risk interest (but will be locked)
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

15 May 2025

• High-Yield Savings: Sing Investments & Finance Gosavers Account (decrease)

14 May 2025

• Fixed Deposit: CIMB (decrease)

12 May 2025

• Fixed Deposit: Bank of China (decrease)

9 May 2025

• Fixed Deposit: Standard Chartered (decrease)

7 May 2025

• Fixed Deposit: RHB (decrease), State Bank of India (decrease)

5 May 2025

• Fixed Deposit: Bank of China (decrease), Singapura Finance Vivid Fixed Deposit (decrease)

1 May 2025

• Fixed Deposit: UOB (decrease), SSB (decrease), CIMB (decrease), Bank of East Asia (decrease)

30 Apr 2025

• High-Yield Savings: Singapura Finance Vivid Savings Account (decrease)

29 Apr 2025

• Fixed Deposit: SingFinance (decrease)

25 Apr 2025

• Fixed Deposit: Maybank (decrease), Bank of China (decrease)

25 Apr 2025

• Fixed Deposit: Maybank 36-mth removal

24 Apr 2025

• Fixed Deposit: OCBC (decrease)

22 Apr 2025

• Fixed Deposit: Singapura Finance Vivid (decrease), Standard Chartered (decrease)

21 Apr 2025

• Fixed Deposit: Bank of China (decrease), SingFinance (decrease)

17 Apr 2025

• Fixed Deposit: ICICI (decrease)

16 Apr 2025

• Fixed Deposit: Singapura Finance Vivid (decrease)

15 Apr 2025

• High-Yield Savings: Gosavers Account (decrease)
• Fixed Deposit: ICBC (decrease), OCBC (decrease)

11 Apr 2025

• Fixed Deposit: UOB (decrease)

10 Apr 2025

• Fixed Deposit: Bank of East Asia (decrease)

7 Apr 2025

• Fixed Deposit: SingFinance Special Fixed Deposit (decrease)

4 Apr 2025

• Fixed Deposit: Singapura Finance Vivid Fixed Deposit (decrease), Standard Chartered 5-mth (decrease)

2 Apr 2025

• Fixed Deposit: RHB (decrease), Standard Chartered 12-mth

1 Apr 2025

• Fixed Deposit: Standard Chartered (same), CIMB (decrease), UOB (decrease), SSB (decrease)
• High-Yield Savings: MariBank (decrease), CIMB FastSaver (decrease), CIMB StarSaver (decrease)
• Fresh Funds: Standard Chartered (decrease), Maybank (increase)

24 Mar 2025

• Fixed Deposit: Standard Chartered

21 Mar 2025

• Fixed Deposit: Added Maybank 2.85% 36-mth online offer

17 Mar 2025

• Fixed Deposit: UOB (decrease), State Bank of India SBI (decrease)

12 Mar 2025

• Fixed Deposit: Bank of China (decrease)

12 Mar 2025

• Fixed Deposit: Standard Chartered (decrease)

11 Mar 2025

• Fixed Deposit: RHB (decrease), OCBC (decrease), Bank of East Asia (decrease)

10 Mar 2025

• Fixed Deposit: CIMB (decrease), Bank of China (decrease)

7 Mar 2025

• Fixed Deposit: OCBC (decrease)
• High-Yield Savings Accounts: Vivid (decrease)

6 Mar 2025

• Fixed Deposit: Standard Chartered (decrease)

4 Mar 2025

• Fixed Deposit: HL Bank FD offer no longer available

3 Mar 2025

• Fixed Deposit: SSB (decrease)

1 Mar 2025

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

If you’ve discovered an attractive banking offer, share it in the comments section below.

The information contained in this article is for informational purposes only and does not constitute financial advice. We are not a licensed or accredited financial advisor. Before making any financial decisions, including those involving fixed deposits, please consult with a qualified financial professional and refer to the latest guidelines issued by the Monetary Authority of Singapore (MAS). The views expressed here are solely our own and do not represent the opinions of any regulated financial institution. We accept no liability for any loss or damage incurred as a result of the use of this information.

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