With the US interest rate hikes hogging the news headlines, another noteworthy figure is the USD fixed deposit rates. We’ve collated a list of the USD time deposit interest rates of the major banks so you won’t need to.
Whether you’re saving up for a big US trip, or are simply looking to take advantage of the competitive interest rates, foreign currency fixed deposits is one way to safeguard your cash while making it grow.
- What is foreign currency fixed deposits?
- What should I look out for before depositing?
- Comparison of USD fixed deposits
What is foreign currency fixed deposits (FCFD)?
Foreign currency fixed deposits, or time deposits, allow consumers to convert their SGD to a foreign currency and deposit it in the bank for a period of time known as the tenure. The amount is earned with interest at a pre-determined rate and can be taken out only after the maturity date. Doing so will result in a penalty or the loss of any interest that you’ve earned, so be sure that you have enough liquid cash on hand before depositing the amount.
Consumers usually put their foreign currency into time deposits for future use like having cash for when they’re travelling, or paying for overseas purchases with their foreign currency to avoid conversion fees.
Some investors also turn to FCFDs to hedge against foreign currency fluctuation.
What should I look out for before depositing?
Before depositing your money, it is best to give the bank a call and inquire about their interest rates, since the interest rates are always changing and may not be the most updated on the website.
You should also choose a tenure that you can commit to, which can range from one week to five years. The longer the tenure, the higher the interest rate. On top of that, the amount invested and the foreign currency exchange rate also play a part and affect the final amount that you withdraw after the maturity date.
When you decide to open a foreign currency fixed deposit account, you should check with your bank whether they have a prevailing inter-bank transfer fee that is charged when you deposit your money into the account. At present, banks like Standard Chartered, The Bank of East Asia and HSBC offer free transfer services, while others may charge a handling fee.
Comparison of USD fixed deposits
Here are the respective US dollar fixed deposit rates in Singapore:
| Tenure | Best interest rate available (p.a.) | Minimum deposit | |
| Bank of China | 1, 3, 6, 9, or 12 months | 4.9% | US$5000 |
| CIMB | 1, 3, 6 or 12 months | 5% | US$10,000 |
| Citibank | 3 months | 6.5% | US$10,000 |
| DBS / POSB | 1 - 12 months | 4.58% | S$5,000 |
| Hong Leong Bank | 1 - 12 months | 5.08% | US$50,000 |
| HSBC | 3 months | 4.44% | US$30,000 |
| ICBC | 1 week, 1, 3, 6 or 12 months | 4.45% | US$500 |
| Maybank | 1, 2, 3, 6 and 12 months | 4.44% | US$10,000 |
| OCBC | 8 months | 4.88% | US$5,000 |
| State Bank of India Singapore | 12 months | 5% | US$5,000 |
| Standard Chartered | 3 and 6 months | 4.58%-4.98% | US$25,000 |
| UOB | 12 months | 4.62% | US$5,000 |
*The annual interest rate is for reference only. The bank's interest rates will be adjusted from time to time according to market changes.
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Bank of China USD fixed deposit (January 2023)
| Interest rate | 3.8% | 4.5% | 4.75% | 4.8% | 4.9% |
| Tenure | 1 month | 3 months | 6 months | 9 months | 12 months |
| Minimum deposit amount | US$5,000 | US$5,000 | US$5,000 | US$5,000 | US$5,000 |
With tenures ranging from one to 12 months, you’ll be able to choose a tenure that you’re comfortable with. Bank of China offers a spread of competitive interest rates depending on the stipulated period that you choose, from 3.8% p.a. to 4.9% p.a.
A good option if you have some spare funds to grow.
With a fairly low minimum deposit of US$5,000, you won’t require much to enjoy the high-interest rates, though lower deposits will subject you to a lower interest rate.
CIMB USD fixed deposit (January 2023)
| Interest rate | 3.9% | 4% | 4.7% | 5% |
| Tenure | 1 month | 3 months | 6 months | 12 months |
| Minimum deposit amount | US$10,000 | US$10,000 | US$10,000 | US$10,000 |
With CIMB, you’ll realise that the interest rates are much higher than those of savings accounts, making it worth your while to store US dollars there. Tenures range from one to 12 months, allowing you to reap up to 0.25% p.a..
However, the minimum deposit amount of US$10,000 is relatively high compared to the rest, making it less attractive for those who do not have sufficient funds.
Citibank USD fixed deposit (January 2023)
| Interest rate | 6.5% |
| Tenure | 3 months |
| Minimum deposit amount | US$10,000 |
Citibank is now offering a promotional interest rate for their USD fixed deposits at a solid 6.5% p.a., and the highest rate at present. The tenure is at three months, making it an extremely worthwhile deal, with the minimum deposit at US$10,000.
Do note that the promotional rates are applicable till 31 January 2023, subject to terms and conditions.
DBS/POSB USD fixed deposit (January 2023)
| Interest rate | 3.93% | 4.26% | 4.5% | 4.58% |
| Tenure | 1 month | 3 months | 6 months | 12 months |
| Minimum deposit amount | S$5,000 | S$5,000 | S$5,000 | S$5,000 |
DBS/POSB ranks as one of the top banks in Singapore, and their USD fixed deposit interest rates have also increased lately.
While attractive, the rates don't vary too much whether you're putting in S$5,000 or S$500,000 so you can consider putting your funds in multi-currency savings account or with a robo-advisor too.
Hong Leong Bank USD fixed deposit (January 2023)
| Interest rate | 4.13% | 4.56% | 4.81% | 5.08% |
| Tenure | 1 month | 3 months | 6 months | 12 months |
| Minimum deposit amount | US$50,000 | US$50,000 | US$50,000 | US$50,000 |
Hong Leong Bank offers flexible tenures, so you can take your pick from a period of as short as 1 month up to 12 months. This lets you choose a specific number of months that you prefer, without having to commit to the standard three-, six-, nine- and 12-month tenures.
Interest rates are quite competitive, allowing you to reap up to 5.08% p.a. if you opt for a tenure of 12 months and more. The minimum deposit is US$50,000.
HSBC USD fixed deposit (January 2023)
| Interest rate | 2.95% | 3.55% | 4.15% | 4.40% |
| Tenure | 1 month | 3 months | 6 months | 12 months |
| Minimum deposit amount | US$25,000 | US$25,000 | US$25,000 | US$25,000 |
HSBC foreign currency deposit rates are among the top 3 highest based on the short tenures, although their SGD fixed deposit promotional rates are definitely higher.
The interest rate increases with the tenure, with a minimum deposit of US$25,000 and a tenure of three months.
ICBC USD fixed deposit (January 2023)
| Interest rate | 3.20% | 3.85% | 4.35% | 4.45% |
| Tenure | 1 month | 3 months | 6 months | 12 months |
| Minimum deposit amount | US$500 | US$500 | US$500 | US$500 |
ICBC is now having a USD fixed deposit promotion with competitive interest rates. You can choose a tenure of one month, three months, six months or one year, allowing you to enjoy the same promo rates for counter placement and e-banking.
The minimum deposit required for counter placement is US$20,000 and US$500 for e-banking, comparably lower than the others on the list.
Maybank USD fixed deposit (January 2023)
| Interest rate | 3.55% | 3.85% | 4.05% | 4.44% |
| Tenure | 1 month | 2 months | 3 months | 6 months |
| Minimum deposit amount | US$10,000 | US$10,000 | US$10,000 | US$10,000 |
For foreign currency fixed deposits, Maybank offers decent rates with US$10,000 minimum deposit. The USD time deposit rate for US$50,000 is 3.75% for 1 month.
Alternatively, robo-advisors that accept USD can also do a good job of growing your funds for you, from as low as S$50.
OCBC USD fixed deposit (January 2023)
| Interest rate | 4.88% (5.08% for OCBC 360 members) |
| Tenure | 8 months |
| Minimum deposit amount | US$5,000 |
OCBC currently has a CNY promotion for both SGD and USD fixed deposits.
For eight months, OCBC 360 members get to enjoy 5.08% p.a. (non-360 members get 4.88% a year) with a minimum deposit of US$5,000. The placement can be done online.
State Bank of India Singapore USD fixed deposit (January 2023)
| Interest rate | 3.5% | 3.5% | 4% | 4.5% | 5% |
| Tenure | 1 month | 2 months | 3 months | 6 months | 12 months |
| Minimum deposit amount | US$5,000 | US$5,000 | US$5,000 | US$5,000 | US$5,000 |
State Bank of India Singapore (an Indian bank with an offshore banking license in Singapore) is offering a high interest rate at 5% p.a. for 12 months They also boast a relatively low minimum deposit at US$5,000 that’s affordable for most.
Standard Chartered USD fixed deposit (January 2023)
| Best Interest rate | 4.58% p.a. | 4.98% p.a. |
| Tenure | 3 months | 6 months |
| Minimum deposit amount | US$25,000 | US$25,000 |
Standard Chartered is having a promotion from 9-31 January 2023: the bank is offering a guaranteed 4.98% p.a. on a six-month tenure, and 5.08% under priority banking preferential rate, with a minimum fresh funds deposit of US$25,000.
For renewal promotion, it's 4.88% p.a for personal banking and 4.98% p.a. for priority and priority private banking preferential rate.
Do note that the promotional interest rates are not applicable for online placements, so you’ll have to personally head down to the branch to enjoy the special rates.
UOB USD fixed deposit (January 2023)
| Best Interest rate | 4.62% |
| Tenure | 12 months |
| Minimum deposit amount | US$5,000 |
UOB is offering an interest rate of 2.77% p.a. for a 1-week placement, which goes up to 4.62% p.a. for 12 months. It is amongst one of the better interest rates that you can earn. The tenure stretches from 1 week to 12 months, with a minimum deposit amount of US$5,000. An online placement can be made via UOB personal internet banking.
Which bank is best for USD fixed deposits in Singapore?
Citibank has the highest USD fixed deposit rate at 6.5% p.a. with a minimum deposit of US$10,000 and a decent three-month tenure that you’ll have to commit to.
Both ICBC and Bank of China offer the lowest deposit amount at US$500. Despite this, Bank of China's interest rate can go up to 4.9% p.a., the longer the tenure and higher the deposit, compared to ICBC’s 4.45% p.a..
For flexibility, Hong Leong Bank has the highest number of tenure options – from as low as two weeks, to one to 12 months. This allows you to choose a specific period to accommodate your financial needs, lowering the chances of you withdrawing the funds before the maturity date.
Alternatively, you can opt to stash your cash in multi-currency accounts (with base rates of 0.05% p.a.) that offer a variety of foreign currencies, or park your funds with a robo-advisor to invest on your behalf. Both options typically offer higher returns.
Ready to level up? Find out how you can make your money work harder and smarter for you. Enjoy your own dedicated relationship manager and privileged access to a whole suite of preferential rates with Priority Banking. Compare your options.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Read these next:
Best Fixed Deposits in Singapore: 2021 Guide - SingSaver
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Guide To Digital Multi Currency Accounts (2021)
Why Multi-Currency Accounts Are Essential
Robo Advisors Singapore: Complete 2021 Guide
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