Compare Fixed-Rate Deposits in Singapore

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32 live offers compared from 15 providers, from S$1 /month. Updated daily.

What are fixed deposits in Singapore?

A fixed deposit, also called a time deposit, is a savings product where you lock a lump sum with a bank for an agreed term in exchange for a guaranteed interest rate. It is one of the safest ways to grow idle cash in Singapore, favoured by savers who want certainty over market risk. Tenures typically range from one month to two or three years, and the rate is fixed for the whole period regardless of what happens to market rates.

How the Singapore market works

Banks compete openly on promotional fixed-deposit rates, which move with global interest-rate cycles and the banks' own funding needs. Rates are usually tiered by tenure and minimum placement amount, with popular promotions clustering around 6, 9 and 12 months. Foreign and smaller banks often post the most competitive board rates to attract deposits, while the large local banks reserve their best pricing for fresh funds or online placements. Promotions change frequently, sometimes monthly.

Benefits

Guaranteed returns — The interest rate is fixed at placement, so you know your exact payout at maturity.

Capital safety — Your principal does not fluctuate with markets, making it suitable for near-term goals and emergency reserves.

Deposit insurance — Singapore-dollar deposits are protected up to S 00,000 per depositor per bank under the SDIC scheme.

Simplicity — No monitoring or trading; you place funds, wait, and collect principal plus interest.

How to choose

Compare the effective annual rate for the exact tenure and amount you can commit, and check the minimum placement, which often starts at S$5,000 to S$20,000 for the best rates. Decide on a tenure you will not need to break early, since early withdrawal usually forfeits some or all interest. Look at whether the promotion needs fresh funds and how interest is paid. Laddering placements across several maturities can balance liquidity and yield.

Leading providers in Singapore

Active banks include DBS, OCBC and UOB, alongside Standard Chartered, Maybank, HSBC, Citibank and CIMB. Foreign and regional banks such as Maybank, CIMB and Standard Chartered frequently lead the promotional tables, while the local banks offer scale and convenience. Because pricing shifts constantly, the best value depends on the specific month, tenure and placement size rather than any single bank being consistently top.

What it costs

Fixed deposits carry no direct fees; the cost is the opportunity cost of locking your money away. Minimum placements commonly range from around S ,000 for standard rates up to S$20,000 or more for the best promotions, and the illustrative amounts on comparison pages reflect entry points rather than caps. The main risk is breaking the deposit early, which typically forfeits interest, so only commit funds you can leave untouched for the full term.

Protections and regulation

Deposit-taking banks are licensed and supervised by the Monetary Authority of Singapore (MAS). Eligible Singapore-dollar deposits, including those in current, savings and fixed-deposit accounts and under the Supplementary Retirement Scheme, are insured up to S 00,000 per depositor per Scheme member by the Singapore Deposit Insurance Corporation (SDIC). Coverage is automatic and free. Foreign-currency deposits and investment products are not covered by the scheme, so keep this in mind if you hold balances in US dollars or other currencies for higher yields.

Common questions

Can I withdraw early? — Usually yes, but you typically lose accrued interest and may face a small charge, so treat the tenure as a commitment.

Are they better than savings accounts? — Fixed deposits offer certainty; high-interest savings accounts can pay more if you meet spending and salary conditions, but rates there can change any time.

Is the interest taxable? — Interest from Singapore bank deposits for individuals is generally not taxable.

Fixed-Rate Deposits in Singapore — FAQ