Best Fixed Deposit Rates for 2025: Up to 2.9%

Looking to supercharge your savings? Fixed deposits (FDs) in Singapore could be your answer, boasting some of the market's most attractive interest rates. Right now, you can snag rates with special promotions pushing even up to 2.9%

FDs help grow your savings, but with some conditions: You deposit a fixed amount for a specified tenure, and in return, you receive a guaranteed interest rate for that duration. And, of course, with higher FD rates, the account can offer better returns compared to regular savings accounts.

Our list features banks and financial institutions in Singapore that SingSaver and our partners have reviewed and that offer nationally available FDs. The selections have competitive interest rates across popular short- and long-term FD tenures.

Bank of China offers up to 2.90% p.a. interest rate with a 3-month tenure if you open an account via mobile placement and make a minimum deposit of S$500.

For over-the-counter transactions, the highest you can earn is 2.80% p.a. for a 3-month placement, with a minimum deposit of S$10,000.

The fixed deposit rates for BOC are updated every few months, and the rates above are based on the promotional rates listed on 20 January 2025
 
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Personal banking: CIMB currently offers fixed deposit rates of up to 2.70% p.a. for fixed deposits with a 3-month tenure. This requires a minimum deposit of S$10,000. The promotion begins on 1 February 2025.

Preferred banking: the best interest rate for CIMB Preferred banking customers is 2.75% p.a. for fixed deposits with a 3-month placement, again with a minimum deposit amount of S$10,000.

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The highest interest rate for DBS fixed deposit is 2.45% p.a. for a 12-month tenure, with a deposit of S$1,000 to S$19,999. You can check out the full DBS fixed deposit rates here.

For applicants of new placements, DBS/POSB is only accepting placements for tenures 12 months and below. This means that new applicants will still be able to enjoy the highest fixed deposit rate.

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ICBC offers one of the lowest minimum deposit requirements for their fixed deposits, at just S$500 via e-banking. If you do the placement over the counter, the minimum deposit is S$20,000.

By applying via e-banking, you can receive 2.85% p.a. for a fixed deposit with a 3-month tenure and below S$200,000. For over-the-counter placement, you'll enjoy an interest of 2.75% p.a. for a 3-month tenure. This promotion is available from now till further notice.

With ICBC, 12 months is the longest tenure that they offer. Upon renewal of your fixed deposit, when it reaches the end of the tenure, the prevailing e-banking promotional rate for fixed deposits will automatically apply.

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For fixed deposits with Maybank (online placement), the highest available interest rate offered is 2.45% p.a. for a 6-month tenure, with a minimum deposit amount of S$20,000.

However, you can enjoy up to 3.15% p.a. interest with the Deposit Bundle Promotion (placement in branch). 

The minimum deposit is S$20,000 and this bundle is available to individual, SME, and commercial banking customers.

The fresh funds required for selected Maybank Current and Savings accounts are as follows:

• Passbook Savings Account

• Privilege Plus Savings Account

• SaveUp Account

• PremierOne Account

• Current Account

• FlexiBiz Account

• PremierBiz Account 

Standard Chartered fixed deposit rates (February 2025)

RHB is offering an interest rate of up to 2.68% p.a. for fixed deposits with Premier Banking online placements.

For personal banking, you can earn 2.58% p.a. for all 3-month to 12-month placements. Note that the promotional rates are subject to change without prior notice.
 
You need to place a minimum deposit of S$20,000 to enjoy the fixed deposit promotional rate and apply via the RHB Mobile SG app. 

UOB fixed deposit rates (February 2025)

For October, UOB's promotional fixed deposit rate has been revised to 2.40% p.a. for a 6-month tenure, with a minimum deposit of S$10,000. The promotional period is from 1 to 28 February 2025.

RHB is offering an interest rate of up to 2.68% p.a. for fixed deposits with Premier Banking online placements.

For personal banking, you can earn 2.58% p.a. for all 3-month to 12-month placements. Note that the promotional rates are subject to change without prior notice.
 
You need to place a minimum deposit of S$20,000 to enjoy the fixed deposit promotional rate and apply via the RHB Mobile SG app. 

For October, UOB's promotional fixed deposit rate has been revised to 2.40% p.a. for a 6-month tenure, with a minimum deposit of S$10,000. The promotional period is from 1 to 28 February 2025.

Think fixed deposits are just for your conservative relatives? Think again. They're a smart way for anyone to grow their savings with minimal risk. Here's the lowdown: you deposit a sum of money for a set period, and in return, you earn a guaranteed interest rate. While rates have been declining, there are still attractive offers available, and you don't need a fortune to get started. In fact, many banks now offer fixed deposits with starting amounts as low as S$500! Plus, the Monetary Authority of Singapore (MAS) announced an increase in deposit insurance coverage in 2024. The coverage limit per depositor rose from S$75,000 to S$100,000, ensuring that a greater proportion of depositors are fully protected under the Deposit Insurance (DI) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). This enhancement provides greater peace of mind for depositors, knowing their funds are better protected in the event of a bank failure.

A fixed deposit is a safe investment where you deposit a lump sum for a set period to earn fixed interest. Interest rates vary based on the amount and duration. 

FDs offer stable, guaranteed returns unaffected by market changes, with minimal risk to your principal. This makes FDs a straightforward choice for secure and predictable financial growth. However, early withdrawals often incur a penalty which depends on the bank’s policy.

When selecting a fixed deposit account in Singapore, it's essential to consider several factors to ensure the investment aligns with your financial goals and circumstances.

Fixed deposit tenures in Singapore can range from as short as one month to several years. Shorter tenures offer more liquidity, allowing quicker access to funds, while longer tenures typically provide higher interest rates.

Banks in Singapore offer various fixed deposit options, including standard fixed deposits, foreign currency deposits, and recurring fixed deposits. Choose the option that best suits your financial goals and preferences.

Interest rates vary among banks and are influenced by factors such as tenure and deposit amount. Comparing rates across different banks is crucial to maximise returns. 

The minimum deposit required to open a fixed deposit account varies by bank and can range from as low as S$500 to S$200,000 or more. Ensure that the minimum deposit aligns with your available funds.

Fixed deposits are designed to be held until maturity. Withdrawing funds before the end of the tenure can result in penalties, such as reduced interest earnings or administrative fees. Therefore, it's important to understand the terms and conditions related to early withdrawal before committing to a fixed deposit.

FDs are a good option when you have a lump sum of money to invest and want to earn a guaranteed return over a set period. This option is suitable for saving towards a specific goal, like a holiday or a big purchase, where you know you won't need access to the funds immediately.

FDs also generally offer higher interest rates than regular savings accounts, helping you maximise your returns.

If you’re considering investing S$10,000 in a fixed deposit account, it’s essential to understand the factors that influence the annual percentage yield and how these figures can vary.

Of course, the annual return on a fixed deposit depends on the interest rate offered by the bank, the tenure of the deposit, and whether the interest is compounded or paid out periodically. For instance, with an interest rate of 3% per annum, a S$10,000 fixed deposit held for one year would yield S$300 in interest at maturity.

While standard fixed deposit (FD) tenures such as one, three, or five years are among the most popular options, there are other types of FDs that may offer unique benefits, such as higher interest rates or greater flexibility.

• Promotional FDs: Typically feature special rates offered for a limited time. These promotions might offer higher returns compared to traditional FDs with standard tenures. However, the rates may change frequently.

• No-Penalty FDs: These FDs allow you to withdraw the full deposit amount before the maturity date without paying any penalties. However, some banks may not give the interest if deposit is withdrawn prematurely.

These options can be suitable depending on your financial goals, liquidity needs, and tolerance for monitoring promotional offers or adjusting to lower returns.

These standout promotional FD rates are based on SingSaver's latest analysis of the fixed deposit market in Singapore. Banks frequently offer promotions to specific terms and may require minimum deposits.

Keep in mind that savvy savers should always check for these deals with the bank to maximise their returns before locking in a fixed deposit.

Need flexibility with your savings? No-penalty FDs might be just the ticket. These accounts offer a unique advantage: you can withdraw your funds before the maturity date without incurring the usual early withdrawal penalties. This can be a lifesaver if you need unexpected access to your cash or find a better investment opportunity.

Some banks in Singapore that offer no-penalty FDs include:

• Hong Leung Finance Fixed Deposit: These accounts offer penalty-free premature withdrawals, however, no interest will be paid if withdrawn early.

• ICBC SGD Fixed Deposit: There is no penalty for early withdrawal of a fixed deposit, but the interest will be paid at the current account rate.

While no-penalty FD accounts offer flexibility, it's crucial to understand the specific terms associated with these accounts, as the treatment of accrued interest upon premature withdrawal can vary. Some banks may adjust the interest rate to the prevailing savings account rate, which is typically lower than the FD rate.

While fixed deposits are a popular option for safe, predictable returns, there are several alternatives in Singapore that offer varying levels of risk and reward. Depending on your financial goals, whether it’s liquidity, a higher return, or long-term growth, there are several low-risk and higher-risk products that can help you grow your savings.

• Singapore Savings Bonds (SSBs): SSBs are backed by the Singapore government and offer step-up interest rates over time. They’re flexible, with no penalties for early withdrawals, but higher returns are only earned in the later years.

• Fixed-Income Products: These include government or corporate bonds and fixed-income funds, which offer steady returns with relatively low risk. They provide more attractive returns compared to traditional FDs, while maintaining diversification.

• High-Interest Savings Accounts: Some of the best high-yield online savings accounts can offer high returns, but often require meeting specific conditions. They also provide high liquidity but have fluctuating interest rates compared to FDs.

• Endowment Plans: Endowment plans combine insurance with savings, offering guaranteed returns over time. They’re low-risk but focus on long-term wealth accumulation, typically with additional fees and penalties.

• Insurance-savings Plans: These plans offer higher interest than regular bank accounts plus insurance coverage, with flexibility to withdraw and top-up funds easily. These plans combine the benefits of saving and insurance in one simple product.

• Cash Management Accounts: Cash management accounts invest in short-term assets like money market funds, offering better returns than regular savings accounts. 

• Brokerage Accounts: A brokerage account allows you to trade stocks or Exchange Traded Funds (ETFs), offering potentially higher returns.

>> See more: How to Beat Inflation

Another popular low-risk investment product you can find in Singapore is the Singapore Savings Bonds (SSB). 

Both fixed deposits and SSBs require you to invest a fixed amount of cash, for a predetermined period of time in order to earn returns. 

For fixed deposits, the tenure can range from one month to three years. For SSBs, you earn higher interest only in the later years. This encourages applicants to hold on to their SSBs for the entire ten-year duration.

Singapore Savings Bonds (SSBs) offer an alternative for one of the best investments in 2025. They are a type of Singapore Government Securities (SGS) issued and backed by the Singapore government. At issuance, interest rates for the entire 10-year term are fixed and locked in for each issue.

This interest rate differs with every month's issue and is fixed based on the average SGS yields the month before.

SSBs allow you to earn step-up interest on your savings. The interest rate starts low, increasing every year until Year 10. The longer you hold onto your SSB, the more interest you receive.

Interest is paid every six months and will be automatically credited into the bank account that is linked to your CDP Securities account.

Supplementary Retirement Scheme (SRS) investors can also use their SRS funds to invest in SSBs. Read more about fixed-income products such as SSBs.

This month's SSB rates:

Source: MAS

Like fixed deposits (FDs) in Singapore, the interest returns for SSBs will differ each month. It is good practice to check the latest rates before investing.

Choose Fixed Deposits If:

• You need a guaranteed return for a specific short-term goal (e.g., a down payment on a house in 1 year).

• You prefer the simplicity of a fixed interest rate and a defined maturity date.

• You have a lump sum to invest and don't plan on adding to it.

• You prioritise knowing the exact amount you'll earn at the end of the term.

Choose SSB If:

• You have a longer-term investment horizon (e.g., retirement savings).

• You want flexibility to withdraw your funds without penalty.

• You prefer a government-backed investment with no risk of default.

• You want to earn a higher interest rate over time with the step-up feature.

However, the current low interest rates have made both savings types less attractive, with insurance savings plans and cash management accounts growing in popularity by offering higher rates of returns.

Besides fixed deposits and SSBs, you can also consider savings accounts to keep your cash liquid. These savings accounts can earn a high interest rate of up to 7.68% p.a. However, many of these accounts require you to jump through hoops to earn the higher interest rates.

Savings accounts allow you to earn interest on the money you keep in the account, with the amount depending on the account's conditions.

Some savings accounts, such as the CIMB FastSaver, do not set any conditions to earn interest, apart from you keeping your money in the account.

Other accounts, such as the DBS Multiplier, OCBC 360 and UOB One, make you work for your money. 

These high-yield savings accounts have a level-up criteria such as crediting your salary, spending on one of the bank's credit cards, purchasing insurance or investment products, or taking up a loan to earn higher interest rates.

Current rates: Savings accounts have more unpredictability. Over the past year, the interest rates of savings accounts have seen downward revisions. 

Unlike fixed deposits or SSBs where the interest rate you earn over the months and years is set in stone from the start, savings accounts can see changes on short notice.

Here's an overview of the interest rates you can potentially get with the various banks in Singapore.gs accounts?

Again, do keep in mind that many of these savings accounts have multiple criteria for you to earn higher interest.

While both fixed deposits and savings accounts are popular saving tools, they have distinct characteristics that cater to different needs. Here's a breakdown of their key differences:

Tenure

• Fixed Deposits: Have a fixed tenure. You commit to keeping your funds deposited for the entire duration.

• Savings Accounts: Have no fixed tenure. You can deposit and withdraw funds as needed.

Minimum deposit

• Fixed Deposits: Often require a minimum deposit amount, which varies between banks.

• Savings Accounts: May have a minimum initial deposit, but typically have no ongoing minimum balance requirements.

Liquidity

• Fixed Deposits: Have lower liquidity. Early withdrawals usually incur penalties.

• Savings Accounts: Offer high liquidity. You can access your funds easily and without penalty.

Interest rate

• Fixed Deposits: Generally offer higher interest rates than savings accounts, especially for longer tenures. The rate is locked in for the entire term.

• Savings Accounts: Provide a lower, variable interest rate. The rate can fluctuate based on market conditions and the bank's policies.

Choose Fixed Deposits If:

• You have a lump sum of money you won't need access to for a specific period.

• You want to earn a guaranteed return with a fixed interest rate.

• You're comfortable with the lower liquidity and potential penalties for early withdrawal.

Choose Savings Accounts If:

• You need frequent access to your funds.

• You want flexibility to deposit and withdraw money as needed.

• You prioritise liquidity over earning the highest possible interest rate.

SingSaver regularly compares fixed deposit rates from a wide range of banks and financial institutions in Singapore to identify the most competitive options. We analyse factors like interest rates, minimum deposit requirements, fees, and the overall customer experience.

This helps us provide up-to-date and reliable information on the best FD rates available, though it's always possible that higher rates may exist elsewhere.