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

As of 27 July 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 3.65% p.a.)
2. Best Fresh Funds Promotions (Up to 3.60% p.a.)
3. Best High-Yield Bank Accounts (Up to 5% p.a.)
4. Best Debit Cards For Overseas Usage

Best Fixed Deposit Promotions (Up to 3.65% 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. New entries at the bottom

1. ICICI Bank S’pore offering up to 3.25% p.a. with latest SGD Fixed Deposit Interest rates HIGHEST 12-mth (3.25%)
2. DBS/POSB Singapore Offers Up to 3.2% p.a. on Fixed Deposits (max 20k)
3. Bank of China (Singapore) Offers Up To 3.50% p.a. Time Deposit Rates From 3 June 2024 HIGHEST 1-mth (3.00%) / 3-mth (3.50%)
4. State Bank of India Singapore Offers Time Deposit Rates Of Up to 3.40% p.a. as of 25 June 2024 HIGHEST 6-mth (3.40%)
5. UOB Extends Competitive Fixed Deposit Promotion with Up to 2.70% p.a. for July
6. CIMB Singapore New Fixed Deposit Rates Offers Up to 3.40% p.a. From 1 July
7. Singapore Savings Bonds Offers Up to 3.22% p.a. in Latest Issue, Apply by 26 July 2024 *SSB*
8. Maybank S’pore Offering Up to 3% p.a. with Latest Time Deposit Promotion Rates from 1 July 2024
9. Standard Chartered SG Offers 2.90% p.a. 6-Month Time Deposit Rates for July 2024
10. OCBC Offers Up To 2.9% p.a. In Latest Fixed Deposit Rates
11. RHB Bank Singapore Offers Up to 3.40% p.a. Fixed Deposit Promotion Starting 8 July 2024 HIGHEST 12-mth (3.25%)
12. ICBC Singapore New Fixed Deposit Rates Up to 3.35% p.a. Effective 19 July 2024
13. Citibank Singapore Increases Time Deposit Rates to 2.65% p.a. Until 31 Aug 2024

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

1. Syfe Cash+ Guaranteed up to 3.65% p.a.
2. Stashaway Simple Guaranteed up to 3.7% p.a.

Best Fresh Funds Promotions (Up to 3.60% 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 Singapore Offers 3.55% p.a. for Fresh Funds in e$aver Savings Accounts till 31 July
2. CIMB Singapore offers flat 3.50% p.a. on incremental fresh funds till 31 July
3. Maybank Fresh Funds Top-up Promotion Offers up to 3.60% p.a. till 31 Aug

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 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 3.5% with FastSaver on first $75k
2. CIMB: Earn up to 3.5% with StarSaver
3. MariBank Mari Savings Account flat 2.70% p.a. on first $100k (Use code MCCNDP24 for up to $18 Shopee voucher)
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)

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

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 (Best exchange rates, funds do not earn interest)
3. Wise Debit (Hold over 40 currencies to convert and send money, funds can earn at-risk interest)
4. Revolut Debit (1% currency conversion fees on weekends, use this link for free 3-mth Premium trial)

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