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Singapore Fixed Deposit Rates Comparison 2026: Best Banks for Your Savings
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Last updated: July 2026 | SeaMoneyTips
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Looking for the best fixed deposit rates in Singapore for 2026? Comparing Singapore fixed deposit rates across banks is essential to maximize your returns in 2026. With interest rates fluctuating, choosing the right bank for your fixed deposit can mean the difference between earning 2.5% and 3.5% per year on your savings. This comprehensive guide compares all major Singapore banks and their current fixed deposit offerings to help you maximize your returns.
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What Is a Fixed Deposit and Why Consider One in 2026?
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A fixed deposit (FD) is a savings instrument where you lock in a lump sum for a predetermined period at a guaranteed interest rate. Unlike regular savings accounts where rates can change monthly, fixed deposits offer rate certainty for the full tenor.
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In Singapore’s current economic environment, fixed deposits remain attractive for conservative investors who want predictable returns without market risk. The Monetary Authority of Singapore (MAS) has maintained a measured approach to interest rate policy, and banks are competing for deposits by offering competitive FD rates.
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Key advantages of fixed deposits in Singapore:
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- Guaranteed returns regardless of market conditions
- Deposit insurance coverage up to S$100,000 per depositor per scheme member under SDIC
- No market risk or principal loss
- Simple and straightforward product with no hidden fees
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Current Fixed Deposit Rates Comparison: July 2026
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Here is a comparison of fixed deposit rates offered by major Singapore banks as of July 2026. Rates are subject to change and may vary based on deposit amount and tenor selected.
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| Bank | 3-Month Rate | 6-Month Rate | 12-Month Rate | Min Deposit |
|---|---|---|---|---|
| DBS Bank | 2.80% p.a. | 3.10% p.a. | 3.20% p.a. | S$1,000 |
| OCBC Bank | 2.75% p.a. | 3.05% p.a. | 3.15% p.a. | S$5,000 |
| UOB Bank | 2.85% p.a. | 3.15% p.a. | 3.25% p.a. | S$10,000 |
| Standard Chartered | 2.90% p.a. | 3.20% p.a. | 3.30% p.a. | S$25,000 |
| Maybank | 2.70% p.a. | 3.00% p.a. | 3.10% p.a. | S$1,000 |
| CIMB Bank | 3.00% p.a. | 3.25% p.a. | 3.35% p.a. | S$10,000 |
| Bank of China | 2.95% p.a. | 3.18% p.a. | 3.28% p.a. | S$20,000 |
| HSBC | 2.65% p.a. | 2.95% p.a. | 3.05% p.a. | S$20,000 |
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Note: These are indicative rates. For the latest rates, check the Monetary Authority of Singapore (MAS) website. Always verify current rates directly with each bank before committing your funds. Digital banks and promotional rates may offer higher rates for limited periods.
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Best Fixed Deposit Rates by Tenor
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Short-Term Fixed Deposits (3 to 6 Months)
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If you need flexibility and want to keep your money accessible, short-term fixed deposits offer reasonable returns with shorter lock-in periods. As of July 2026, CIMB Bank leads the pack for 3-month deposits at 3.00% p.a., followed by Standard Chartered at 2.90% p.a.
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Short-term FDs are ideal if you anticipate needing your funds within the next year or want to take advantage of potentially rising rates in the near future. The trade-off is a slightly lower interest rate compared to longer tenors.
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Medium-Term Fixed Deposits (6 to 12 Months)
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The 12-month tenor typically offers the highest interest rates among standard fixed deposits. CIMB Bank again leads with 3.35% p.a. for 12-month deposits, while Standard Chartered offers 3.30% p.a.
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For investors who can commit funds for a full year, the 12-month tenor provides the best balance between return and liquidity. With S$10,000 deposited at 3.35% p.a. for 12 months, you would earn approximately S$335 in interest before tax.
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Digital Bank Fixed Deposits: Worth Considering?
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Digital banks in Singapore, including Trust Bank (Standard Chartered and FairPrice Group) and GXS Bank, have disrupted the traditional fixed deposit market. These banks often offer promotional rates that exceed traditional bank offerings, but with certain conditions.
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Digital banks may require you to open a new account or maintain a minimum balance in their savings account to qualify for the promotional FD rate. Some digital banks also offer higher rates for shorter tenors, making them attractive for short-term parking of funds.
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Key considerations when comparing digital bank fixed deposits:
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- Check if the promotional rate requires a new account opening
- Verify minimum deposit requirements
- Understand early withdrawal penalties
- Confirm SDIC coverage applies to the digital bank
- Review any conditions on maintaining the rate for the full tenor
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How to Choose the Best Fixed Deposit for Your Needs
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Step 1: Determine Your Investment Horizon
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Before selecting a fixed deposit, decide how long you can afford to lock up your funds. If you have an emergency fund and do not need the money for at least 12 months, a longer tenor will generally earn you a higher rate. If you might need the funds sooner, opt for a shorter tenor to avoid early withdrawal penalties.
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Step 2: Compare Total Returns, Not Just Interest Rates
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A bank offering 3.35% p.a. may seem better than one offering 3.20% p.a., but the difference on a S$10,000 deposit over 12 months is only S$15. Consider other factors such as minimum deposit requirements, convenience of banking, and whether you already have a relationship with the bank.
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Step 3: Factor in Early Withdrawal Penalties
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Most banks impose a penalty for early withdrawal from a fixed deposit. This penalty typically involves forfeiting a portion of the accrued interest. Before committing, understand the exact penalty structure so you can make an informed decision.
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Step 4: Consider the Singapore Deposit Insurance Scheme
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All fixed deposits in Singapore are covered under the Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). and Policy Owners Protection Schemes Act, administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage is up to S$100,000 per depositor per scheme member. If you have significant savings, spreading deposits across multiple banks ensures full coverage.
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Fixed Deposit vs Other Savings Options in Singapore
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Fixed deposits are not the only option for growing your savings in Singapore. Here is how they compare to alternatives:
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| Product | Typical Rate | Liquidity | Risk |
|---|---|---|---|
| Fixed Deposit | 2.8-3.3% p.a. | Low (locked tenor) | Very Low |
| High-Yield Savings Account | 2.0-4.0% p.a. | High | Very Low |
| Singapore Savings Bonds | 2.5-3.0% p.a. | Medium (10-year tenor) | Very Low |
| T-Bills | 2.8-3.2% p.a. | Low (until maturity) | Very Low |
| Money Market Funds | 2.5-3.5% p.a. | High | Low |
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High-yield savings accounts from digital banks can sometimes match or exceed fixed deposit rates while offering greater flexibility. However, these rates may be conditional on meeting certain requirements such as minimum spending or salary crediting.
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Tax Implications of Fixed Deposit Interest in Singapore
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Good news for Singapore residents: interest earned on fixed deposits is not taxable in Singapore. Singapore does not impose personal income tax on interest earned from bank deposits, fixed deposits, or savings accounts. This makes fixed deposits an even more attractive option for growing your wealth after accounting for taxes.
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However, if you are a tax resident of another country, you may be subject to tax on your Singapore-sourced interest income in your home jurisdiction. Consult a tax professional if you are unsure about your tax obligations.
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FAQ: Singapore Fixed Deposit Rates 2026
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Related article: Singapore Treasury Bills Guide 2026
Latest article: How to Invest SRS in T-Bills Singapore 2026
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What is the highest fixed deposit rate in Singapore for 2026?
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As of July 2026, CIMB Bank offers one of the highest fixed deposit rates at 3.35% p.a. for a 12-month tenor with a minimum deposit of S$10,000. However, rates change frequently, so always check the latest offerings from all banks before committing.
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How much do I need to open a fixed deposit in Singapore?
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Minimum deposits vary by bank, ranging from S$1,000 (DBS, Maybank) to S$25,000 (Standard Chartered). Some digital banks may have lower minimums. Check with your preferred bank for their specific requirements.
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Is fixed deposit interest taxable in Singapore?
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No. Interest earned on fixed deposits in Singapore is not subject to personal income tax. This makes fixed deposits a tax-efficient way to grow your savings.
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What happens if I withdraw my fixed deposit early?
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Early withdrawal typically results in a penalty where you forfeit some or all of the accrued interest. The exact penalty varies by bank and may also depend on how early you withdraw. Always check the terms before committing to a fixed deposit.
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Are fixed deposits covered by deposit insurance in Singapore?
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Yes. Fixed deposits are covered under the Deposit Insurance Scheme administered by SDIC. Coverage is up to S$100,000 per depositor per scheme member (bank). If you have more than S$100,000, consider spreading your deposits across multiple banks for full coverage.
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Should I choose a 6-month or 12-month fixed deposit?
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If you do not need the funds for at least a year, a 12-month fixed deposit generally offers a higher interest rate. However, if you anticipate needing the money sooner or want to take advantage of potentially higher rates in the future, a 6-month tenor provides more flexibility.
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Key Takeaways
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- Fixed deposit rates in Singapore range from 2.65% to 3.35% p.a. as of July 2026, depending on the bank and tenor
- CIMB Bank and Standard Chartered currently offer the most competitive rates for 12-month deposits
- Minimum deposit requirements range from S$1,000 to S$25,000 across different banks
- All fixed deposits are covered by SDIC deposit insurance up to S$100,000 per depositor per bank
- Interest earned on fixed deposits is not taxable in Singapore
- Compare total returns and early withdrawal penalties, not just headline interest rates
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Conclusion
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Fixed deposits remain a reliable and low-risk savings option in Singapore for 2026. By comparing Singapore fixed deposit rates across multiple banks, you can find the best deal for your financial goals. While they may not offer the highest returns compared to equities or real estate, they provide guaranteed income and capital preservation that is hard to beat for conservative investors. Shop around, compare rates across multiple banks, and consider your personal financial situation before committing your funds.
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For more ways to grow your savings in Singapore, check out our guides on Singapore Savings Bonds, T-Bills, and emergency fund planning.
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184|This article was written by the SeaMoneyTips Editorial Team, focused on personal finance education for Indonesia and Singapore readers. For inquiries, please contact us.
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