Singapore Fixed Deposit Rates 2026: Best FD Rates from DBS, OCBC, UOB, and Digital Banks
Last updated: 24 September 2026
If you have idle cash sitting in a regular savings account earning a mere 0.05% p.a., you are leaving money on the table. A fixed deposit can earn you between 2.50% and 3.30% p.a. on the same funds – that is up to 60 times more interest. With Singapore’s interest rate environment stabilising after the Federal Reserve’s cautious approach to rate cuts in 2025, fixed deposit rates remain competitive heading into late 2026.
In this comprehensive guide, we compare the best fixed deposit rates from all major banks in Singapore, show you how to pick the right tenure, and walk you through the exact steps to open an FD account today.
Current Best Fixed Deposit Rates in Singapore (September 2026)
The table below compares the latest fixed deposit rates from Singapore’s major banks and digital banks. Rates shown are for Singapore dollar deposits and are quoted on a per annum (p.a.) basis. Promotional rates may change at any time, so always confirm with the bank before placing your deposit.
| Bank | Best Rate (p.a.) | Tenure | Min. Deposit | Notes |
|---|---|---|---|---|
| CIMB Bank | 3.30% | 12 months | $10,000 | Promotional rate for new funds |
| Bank of China | 3.20% | 12 months | $20,000 | New funds placement only |
| ICBC | 3.15% | 12 months | $20,000 | Promotional rate |
| Standard Chartered | 3.05% | 12 months | $25,000 | Priority Banking customers |
| HSBC | 3.00% | 12 months | $20,000 | HSBC Premier customers |
| OCBC | 2.95% | 12 months | $20,000 | Online placement promo |
| UOB | 2.90% | 12 months | $20,000 | Standard rate |
| DBS | 2.85% | 12 months | $1,000 | Lowest min deposit |
| Maybank | 2.80% | 12 months | $10,000 | Standard rate |
| GXS Bank | 2.70% | 6 months | $500 | Digital bank, low min deposit |
| Trust Bank | 2.60% | 12 months | $500 | NTUC members get bonus |
Note: Rates are indicative as of September 2026 and subject to change. Always verify the latest rates directly with your bank.
How Do Singapore Fixed Deposit Rates Compare in 2026?
Singapore’s fixed deposit rate environment in 2026 is shaped by the Monetary Authority of Singapore’s (MAS) monetary policy stance and global interest rate movements. With the Singapore Overnight Rate Average (SORA) hovering around 2.80% to 3.10%, banks are offering competitive but carefully calibrated rates on fixed deposits.
Smaller banks and digital banks such as CIMB, Bank of China, and ICBC tend to offer higher rates to attract new deposits, while the Big Three local banks (DBS, OCBC, and UOB) often set slightly lower rates but compensate with broader branch networks, lower minimum deposits, and seamless digital banking integration.
The best rates in 2026 are typically available on 12-month tenures. Shorter tenures (3 months) generally offer lower rates, while very long tenures (24 to 36 months) may not always yield proportionally higher returns due to the uncertain rate outlook ahead.
How to Choose the Right Fixed Deposit
Choosing the right fixed deposit involves more than just picking the highest rate. Here are the key factors to consider:
1. Interest Rate vs Tenure
While a 12-month fixed deposit might offer 2.90% p.a., a 6-month option could offer 2.50% p.a. The extra 0.40% in annual interest needs to be weighed against the flexibility of having your money locked in for a shorter period. If you anticipate needing the funds sooner, a shorter tenure at a slightly lower rate may be the wiser choice.
2. Minimum Deposit Requirement
Minimum deposit amounts vary significantly across banks. DBS allows you to start with as little as $1,000, while others like Standard Chartered require $25,000 for their best rates. If you have a smaller sum to place, digital banks like GXS and Trust Bank accept deposits from just $500.
3. Early Withdrawal Penalties
Most banks impose an early withdrawal penalty if you need to break your fixed deposit before maturity. This penalty is typically calculated as a reduction from the prevailing board rate, which could mean earning significantly less than you expected. Always check the penalty structure before committing your funds.
4. New Funds vs Renewal Rates
Many banks offer promotional rates only for new funds – money transferred from accounts outside the bank. If you are renewing an existing fixed deposit, you may receive a lower renewal rate. This is an important consideration if you plan to keep rolling over your deposits.
5. Online vs Branch Placement
Some banks offer better rates for fixed deposits placed online or through their mobile app. OCBC, for example, often provides a slight rate premium for digital placements. Placing your FD online also saves you time and eliminates the need to visit a branch.
How to Open a Fixed Deposit in Singapore
Opening a fixed deposit in Singapore is straightforward and can be done entirely online in most cases. Here is a step-by-step guide:
Step 1: Choose Your Bank and Account
Compare the rates from the table above and select a bank that matches your requirements in terms of rate, minimum deposit, and tenure. Make sure you already have a savings or current account with the chosen bank.
Step 2: Ensure Sufficient Funds
Transfer the required amount into your savings account. For example, if you want to place $20,000 in a 12-month fixed deposit at OCBC, ensure that amount is available in your OCBC savings account before proceeding.
Step 3: Place the Fixed Deposit Online
Log in to your bank’s internet banking portal or mobile app. Navigate to the fixed deposit section, select your preferred tenure and interest payment mode (monthly, quarterly, or at maturity), and confirm the placement. The entire process typically takes less than five minutes.
Step 4: Confirm and Track
You will receive a confirmation via email or in-app notification. Keep this confirmation for your records. Your fixed deposit will appear in your account dashboard, and you can track its maturity date and interest earned.
Step 5: Decide at Maturity
When your fixed deposit matures, you can choose to withdraw the funds, renew for another term, or partially withdraw. Some banks auto-renew by default, so check your bank’s policy if you want to avoid this.
Fixed Deposits vs Other Savings Options in Singapore
How do fixed deposits stack up against other popular savings instruments in Singapore?
Fixed Deposits vs High-Yield Savings Accounts
High-yield savings accounts in Singapore can offer up to 3.50% to 4.00% p.a., but these rates typically come with conditions such as salary crediting, card spend requirements, and balance caps. A fixed deposit offers a guaranteed rate with no spending or salary requirements, making it ideal for those who prefer simplicity.
Fixed Deposits vs Singapore Savings Bonds
Singapore Savings Bonds (SSBs) offer step-up interest over 10 years and can be redeemed monthly with no penalty. Fixed deposits offer higher short-term rates but lock your funds for the full tenure. If you value flexibility, SSBs may be more suitable.
Fixed Deposits vs T-Bills
Singapore Treasury bills (T-Bills) are government-issued short-term securities that have recently offered competitive yields of 2.80% to 3.20% for 6-month and 1-year tenures. T-Bills are backed by the Singapore government and may be attractive for risk-averse investors who want a slightly higher return than bank fixed deposits.
Pros and Cons of Fixed Deposits
Pros
- Guaranteed returns – Your interest rate is locked in for the entire tenure, regardless of market movements
- Capital protection – Deposits up to $100,000 are covered under the Deposit Insurance Scheme administered by SDIC
- No market risk – Unlike stocks or bonds, fixed deposits do not fluctuate in value
- Simple and low maintenance – No need to monitor markets or meet spending requirements
- Higher rates than savings accounts – Earn more than the 0.05% p.a. base rate on most savings accounts
Cons
- Funds are locked in – Withdrawing before maturity triggers penalties and reduced interest
- Opportunity cost – If rates rise during your lock-in period, you miss out on higher returns elsewhere
- Inflation risk – If inflation exceeds your FD rate, your real returns could be negative
- Lower returns compared to investments – Fixed deposits will not generate the capital appreciation that equities or funds can offer
- Interest is taxable – Interest earned on fixed deposits held in Singapore is subject to income tax for tax residents
Frequently Asked Questions (FAQs)
Should You Place a Fixed Deposit in 2026?
Fixed deposits remain one of the safest and most straightforward ways to earn a predictable return on your savings. While they will not make you rich, they offer peace of mind and capital protection that few other instruments can match. If you have idle cash earning minimal interest in a regular savings account, moving a portion into a fixed deposit could earn you hundreds or even thousands of dollars more per year.
The key is to shop around, compare rates, and pick a tenure that aligns with your financial goals. If you do not need the funds for at least 12 months, a 12-month fixed deposit at one of the banks offering 2.90% to 3.30% p.a. is a solid choice for conservative savers.
For those with smaller amounts or who value flexibility, consider combining a fixed deposit with a high-yield savings account to maximise your overall returns. You can also explore Singapore Savings Bonds or T-Bills as complementary options in your savings portfolio.
Explore More Singapore Banking Guides
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Interest rates are subject to change. Please verify the latest rates directly with your bank or financial institution before making any decisions. The author is not affiliated with any of the banks mentioned in this article.
External Resources: For the latest information on deposit insurance and regulated financial products in Singapore, visit the Monetary Authority of Singapore (MAS) and the Central Provident Fund Board (CPF).
About the Author
This article was written by the SeaMoneyTips editorial team. We help Singaporeans make smarter financial decisions with up-to-date comparisons, guides, and analysis on banking, savings, investing, and personal finance. Follow us for the latest rates and money tips in Singapore.
Related article: Singapore Treasury Bills (T-Bills) Guide