Best Fixed Deposit Rates in Singapore 2021

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If you are planning to save up, fixed deposits are your best option. They are a great way to safely grow your wealth on the bank. Fixed deposits allow you to deposit money into your bank with a higher interest rate than a regular savings account.

Once the money is invested, it cannot be withdrawn before a specific maturity date, unless you are willing to pay the penalty. In this article, you will be guided through the Best Fixed Deposit Rates in Singapore.

Fixed Deposit can be a helpful tool especially for individuals who tend to spend more than what they save. Knowing that your savings cannot be withdrawn can help prevent impulse buying.

After all, once your deposit matures, you are able to withdraw your money with a higher interest after years of waiting. Let’s find out the best-fixed deposit rates in Singapore!

Top 10 Fixed Deposit Rates in Singapore

1. Maybank

Maybank offers some of the most interesting rates specifically for long-tenure fixed deposit rates.

With Maybank, you can deposit online and earn bigger savings through their iSAVvy Time Deposit. You can enjoy 1.45% of interest for a 12-month time deposit, 1.75% of interest for a 24-month period, and 2.05% for 36 months, without even factoring in a promotion.

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Clients can also enjoy the upfront interest of 0.25% on their current savings account on the next business day on the successful placement of the iSAVvy Time Deposit. Maybank imposes a minimum of $50,000 deposit and a maximum of $1 million for the iSAVvy Time Deposit.


On their current promotion, you can get 1.90% of interest if you deposit a minimum of $5000. You can get this high-interest rate only for 12 months!

There is also a lower deposit minimum using fresh funds, which are funds that did not come from any existing account on ICBC. With a minimum of $500, you can receive 1.25% for the first month, and end at 1.60% in a year. A higher interest rate of 1.70% after a year can be received when you deposit a minimum of $20,000.

Recommended Banks for Fixed Deposit

The great thing about this bank is they have no penalty if you choose to withdraw your money even before the end of the timeframe. You will get paid based on your existing current account interest rate.

3. Hong Leong Finance

Hong Leong Finance stated, “Who says you cannot save money and indulge?” Hong Leong Finance’s fixed deposit starts with a minimum of $100, but if you deposit $500 up to $2,000,000, you will be entitled to a base rate of 0.20% interest.

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Next, you can have an additional of 1.70% interest using GIRO transfers. Once you transfer your money on your fixed deposit account monthly, the 1.70% interest would be a bonus interest credited on the corresponding GIRO date in January and July.

4. CIMB Bank

Enjoy shorter tenures with great rates with the CIMB Bank. You can get the privilege of attractive rates when you place your deposits online! Your interest would have a base rate of 1.10% which will be credited on the 3rd, 6th and 12th month of your deposit. This promotion is available until the 31st of March 2020.

Recommended Banks for Fixed Deposit

Take note of the $10,000 minimum deposit in this bank to get the privilege of the promotional interest rates. You are also just a few clicks away in placing your deposits at your own flexible time.

5. UOB

Watch your spare money grow without feeling any worry with UOB. You can have a 1.20% interest with a wide array of tenure. In just 10 months, you can achieve a whopping 1.2% increase on your money with this promotion until March 31st.

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Speaking of wide tenure earlier, you can enjoy 1, to 12, 24 and 36 months of tenure with this bank. With a minimum placement of $5000, you can enjoy the privilege of having a UOB credit card when you pledge your fixed deposit. You can also have a hassle-free automatic renewal of time and fixed deposit with UOB.


Entrust your finances securely with OCBC. Your minimum deposit of $20,000 can earn 1.05% od interest after 12 months. Just like the rest of the banks, your placement should be in fresh funds to avail of the services of a fixed deposit promotion rate.

Recommended Banks for Fixed Deposit

If you happen to have other currencies with you that you want to enroll in the fixed deposit scheme like US dollars (USD), New Zealand dollars (NZD), or Australian dollars (AUD), you can have them under a three-month deposit period and your respective interest rates would be 0.50% for USD, 0.85% for NZD, and 0.80% for AUD. All of these have a minimum placement of $5,000 in line with the Singaporean dollar currency.


HSBC offers a wide variety of fixed deposits and promotions depending on the customer’s banking relationship: Advance, Premier, or Personal Banking. Your $5,000 can go a long way with HSBC in a smart and convenient way to let your money grow with no risk at all.

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With an attractive interest rate of 1.45% in 36 months, new and existing HSBC customers can enjoy the competitive offer of HSBC with its medium and long term tenures.

They also offer an interesting promotion of a 6-month tenure fixed deposit rate. For a minimum of $30,000, you can earn up to 0.75% for your spare money.

8. CitiBank

If you are interested in a large, short-term deposit, CitiBank is the answer. Under their bundle promotion, account owners who can deposit $50,000 for a tenure of only 3 months can earn up to 3% of interest. If you happen to have $500,000 and above, you can earn 4% interest after 3 months.

Recommended Banks for Fixed Deposit

Moving on to the regular time deposit scheme of CitiBank, they offer tenure of at least one week to 48 months. With a minimum deposit of $10,000, you can grow your money under a competitive interest rate. They also have a time deposit calculator for you to know more about how much interest can you earn in a specific tenure and amount of deposit.

9. DBS

Keep your funds secured with the DBS bank and maximize your savings with their time deposits with attractive interest rates. With an affordable minimum placement of $1,000 and a tenure of your choice, you can start your journey with their time deposit scheme.

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DBS does not keep a track of promotional bundles every now and then, but they keep their rates above the industry average. As an account holder, you can earn 1.35% interest for a tenure of 9, 10, and 11 months. Another great offer of this bank is its 1.45% interest rate for 1 to 5 years of tenure.

10. Standard Chartered

Standard Chartered is known for its promotion rates and long tenure options. Across a period of 9 months, account owners can receive a 1.45% interest on their placements with a minimum of $25,000.

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If you are an account holder in Standard Chartered, you can make a deposit for 2, 3, 4 and up to 5 years! Most banks limit their time deposits for 2 to 3 years but Standard Chartered offers a long way to save up your money.

Once you choose to have a fixed deposit for 5 years or 60 months, you can earn up to 1.60% interest without even factoring in a promotion yet. If you are seeking for long-term placement, this bank is for you.

Getting the Best Fixed Deposit Rates

All banks listed above are well-known banks around Singapore. In choosing which bank to trust for your time deposit placement, it is important to know all the terms and conditions a certain bank needs you to follow.

Your flexibility and accessibility are also important. Choose a bank that would perfectly suit your needs in achieving your main goal of making a secured addition to your money without taking any risk.

Your chosen bank should have the deposit placements that are within your budget. In consideration of your budget, any amount of money should be taken with the utmost importance. In selecting a bank, your deposited amount even at its minimum range should have a significant interest rate increase after its maturity.

As an individual living in today’s world, we know how everyone takes money seriously. If you are one of those people who are afraid of taking risks, putting your money in the bank is the best solution.

Banks are readily secured and though it might seem like interests are running for only 4% or less, it does not hurt to invest your spared money into the bank and make it grow a little, right?

Saving is one vital aspect that is sometimes neglected, especially by us, millennials. Knowing that banks offer fixed time deposits can give us an idea that yes, we can keep our money safely without the risk of it being spent on something that we might not use in the long run.

Being money-wise is one of the most important things that we need to learn. Fixed time deposits can give us something to learn about making more money while saving, in the least risky way.

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