Last updated: October 2026 | SeaMoneyTips
Best Fixed Deposits in Singapore at a Glance
The table below summarises indicative fixed deposit promotions offered by major Singapore banks in October 2026. Rates change frequently, and promotional rates often require fresh funds placed online, so always confirm the latest board rate on the bank website before you commit.
| Bank | Indicative 6-Month Rate (p.a.) | Indicative 12-Month Rate (p.a.) | Minimum Deposit |
|---|---|---|---|
| DBS / POSB | 2.60% to 2.90% (promo) | 2.70% to 3.00% (promo) | S$1,000 |
| OCBC | 2.65% to 2.95% (promo) | 2.75% to 3.05% (promo) | S$20,000 (online), S$50,000 (branch) |
| UOB | 2.60% to 2.90% (promo) | 2.70% to 3.00% (promo) | S$10,000 |
| Maybank Singapore | 2.70% to 3.00% (promo) | 2.80% to 3.10% (promo) | S$25,000 |
| RHB Singapore | 2.75% to 3.05% (promo) | 2.80% to 3.10% (promo) | S$20,000 |
| Standard Chartered SG | 2.55% to 2.85% (promo) | 2.65% to 2.95% (promo) | S$25,000 |
Key statistics:
- Deposit insurance covers up to S$100,000 per depositor per scheme member under the Singapore Deposit Insurance Corporation (sdic.org.sg)
- Promotional fixed deposit rates in Singapore generally range from about 2.5% to 3.1% p.a. for 6 to 12 month tenures as of October 2026
- The Monetary Authority of Singapore (MAS) regulates all Singapore banks offering fixed deposits (mas.gov.sg)
What Is a Fixed Deposit and How Does It Work?
A fixed deposit is one of the simplest banking products in Singapore. You place a lump sum with a bank for a fixed period, known as the tenure. The bank guarantees your interest rate for the entire tenure, no matter what happens to market rates. When the tenure ends, you receive your principal plus the agreed interest.
This certainty is the main reason Singapore savers choose fixed deposits. Unlike stocks, bonds or unit trusts, the final payout is known on day one. If you place S$50,000 in a 12-month fixed deposit at 2.90% p.a., you know you will receive about S$1,450 in interest at maturity.
How Interest Is Calculated
Most Singapore fixed deposits pay simple interest based on the annual rate and the actual tenure length. A 6-month deposit at 2.80% p.a. earns roughly half of the annual rate, or about 1.40% for the period. Some banks compound monthly, which adds a small extra amount. Always ask whether the quoted rate is simple or compounded, because the effective return differs slightly.
Fixed Deposit vs Savings Account vs SSB
A fixed deposit usually beats a regular savings account on rate, but savings accounts with salary crediting and bill payment bonuses can sometimes match or exceed fixed deposit rates. The best high yield savings accounts in Singapore can pay effective rates above 3% p.a. when you meet several conditions, while a fixed deposit has no conditions beyond parking the money.
Against Singapore Savings Bonds, fixed deposits win on tenure flexibility. Savings Bonds lock you into a 10-year product with step-up interest, although you can redeem early with a small fee. If you want a guaranteed rate for exactly 6 or 12 months, a fixed deposit or a T-bill is usually the cleaner choice. Our SSB ladder strategy guide explains how savers combine both.
Current Fixed Deposit Rates in Singapore by Tenure
Tenure selection matters as much as the bank you choose. Promotional rates are usually strongest at 6 and 12 months. Here is how the main tenures compare in the current environment.
3-Month Fixed Deposits
Short 3-month tenures pay the lowest rates, typically 2.3% to 2.7% p.a. in promotional form. They suit savers who expect to need the money soon but still want a guaranteed return. Because the money is locked for only one quarter, reinvestment risk is low.
6-Month Fixed Deposits
The 6-month tenure is the most popular in Singapore. Promotional rates generally sit between 2.6% and 3.0% p.a. It is long enough to earn meaningful interest but short enough that you are not stuck if rates rise. Many savers run rolling 6-month deposits so that one tranche matures every month or two.
12-Month Fixed Deposits
Twelve-month promotional rates usually range from 2.7% to 3.1% p.a. This tenure suits money you are certain you will not touch, such as a wedding fund or an emergency reserve above your target. Locking 12 months gives rate certainty through any near-term rate cuts.
24-Month and Longer
Longer tenures sometimes carry promotional rates, but banks price them cautiously because predicting interest rates two years out is difficult. Unless the offered rate clearly exceeds the 12-month rate, most savers are better off staying short and reinvesting at maturity.
How to Open a Fixed Deposit in Singapore
Opening a fixed deposit takes minutes if you already bank online. The steps below apply to the three local banks and most foreign full banks.
- Compare current promotional rates - Check the bank websites and apps for the latest fresh-funds promotion. Rates differ between online and branch placement.
- Prepare fresh funds - Most promotional rates apply only to money that is new to the bank, not existing balances. Transfer the amount in from another bank before applying.
- Choose the tenure and placement channel - Select 3, 6, 12 or another tenure. Online placements usually earn a small rate bonus over branch placements.
- Place the deposit - Complete the application in internet banking or at a branch. You will receive a fixed deposit advice stating the principal, rate and maturity date.
- Set your maturity instruction - Choose whether the deposit should auto-renew or credit to your account at maturity. If you do nothing, most banks auto-renew for the same tenure at the prevailing board rate, which is usually lower than the promo rate.
Placing a Fixed Deposit Using CPF Money
Members who want to invest CPF Ordinary Account savings can place them in fixed deposits under the CPF Investment Scheme, subject to eligibility rules and minimum amounts. This is a niche option because CPF OA already earns a risk-free 2.5% p.a., so the fixed deposit must beat that rate to make sense. Full rules are published by CPF at cpf.gov.sg.
Fixed Deposit vs T-Bills vs Singapore Savings Bonds
Singapore savers have three main options for parking money at a guaranteed rate. The right choice depends on the amount, the horizon and how much admin you want.
| Feature | Fixed Deposit | Treasury Bills (T-Bills) | Singapore Savings Bonds |
|---|---|---|---|
| Typical 1-year return | 2.7% to 3.1% p.a. (promo) | Auction yield, roughly 2.5% to 3.0% | Step-up, about 2.7% to 3.0% first year |
| Minimum amount | S$1,000 to S$25,000 by bank | S$1,000 | S$500 |
| Liquidity | Locked; early exit forfeits interest | Locked to maturity (6 or 12 months); can sell on secondary market | Redeem anytime with a small fee |
| Where to buy | Bank app or branch | ATM, internet banking or broker (DBS, OCBC, UOB) | ATM, internet banking or DBS/OCBC/UOB app |
| Insurance protection | SDIC up to S$100,000 per bank | Singapore Government credit | Singapore Government credit |
| Best for | Simplicity and promo rates | Larger amounts and yield hunting | Small amounts and flexibility |
If you are weighing these three products in detail, the term deposit vs SSB vs T-bills comparison breaks down the yields and admin differences. For a deeper dive into the government securities side, see the Savings Bonds vs T-bills guide.
Things to Watch Before You Lock Your Money
Fresh Funds Requirement
The headline promotional rate almost always requires fresh funds. Money moved between accounts within the same bank does not qualify. If you place existing balances, the bank pays the much lower board rate instead. Move the money from another bank first, or ask the branch to confirm eligibility.
Early Withdrawal Penalty
Breaking a fixed deposit early usually means forfeiting all interest, and some banks pay zero interest or charge an admin fee. Never lock money you might need for rent, school fees or an emergency. Your emergency fund belongs in liquid accounts; the guide to money market funds in Singapore covers options that pay near deposit rates while remaining accessible.
Auto-Renewal at Board Rates
If your maturity instruction is left at auto-renew, the deposit rolls into the same tenure at the prevailing board rate, which is typically far below the promotional rate you originally received. Diarise the maturity date and actively re-shop the market every cycle.
Deposit Insurance Limits
SDIC protects up to S$100,000 of combined deposits per depositor per scheme member, including fixed deposits. If you hold more than S$100,000 in cash, split it across different banks so every dollar stays inside the insurance limit. Joint accounts count toward each account holder, which is why many couples coordinate where they park large sums.
Rate Direction Risk
Locking 12 months protects you if rates fall, but it costs you if rates rise. A laddering approach, where you split your money across several tenures, smooths this risk. For example, instead of placing S$60,000 in one 12-month deposit, place S$20,000 each in 6, 12 and 24-month tenures, then reinvest maturing tranches at the longest tenure.
Who Should Choose a Fixed Deposit?
Fixed deposits fit savers who value certainty over optimisation. You are a good fit if you have a known expense at a known date, such as school fees or a home renovation payment, and you cannot accept even a small dip in value. They also suit conservative savers who find T-bill auctions and bond platforms intimidating.
If you are building long-term wealth instead, a fixed deposit should be only one small piece of the plan. Guaranteed products rarely beat inflation after tax over long horizons. A balanced approach keeps your emergency reserve and near-term goals in deposits and directs longer-horizon money into diversified investments.
Frequently Asked Questions About Fixed Deposits in Singapore
Related: Best Cash Management Accounts Singapore 2026 for money you may need within days without locking it up.
Which bank has the best fixed deposit rate in Singapore right now?
Promotional leaders change every few weeks among DBS, OCBC, UOB, Maybank and RHB, with 6 to 12 month promo rates generally in the 2.6% to 3.1% p.a. range as of October 2026. Compare the current fresh-funds promos on each bank website before placing, since online placements often pay more than branch placements.
Is a fixed deposit safe in Singapore?
Yes. Deposits at full banks are covered up to S$100,000 per depositor per bank by the Singapore Deposit Insurance Corporation. Placing money across several banks keeps large balances fully insured. T-bills and Savings Bonds carry the Singapore Government credit instead.
Can I withdraw my fixed deposit early?
You can, but the cost is steep. Most banks forfeit the promised interest entirely, and some apply an admin fee. Only lock money you are certain you will not need during the tenure, and keep your emergency fund in a savings account or money market fund instead.
How much interest will I earn on S$50,000?
At a 12-month promotional rate of 2.90% p.a., S$50,000 earns about S$1,450 before tax. Interest earned by individuals on bank deposits in Singapore is generally not taxable, so the payout is clean.
Are fixed deposit interest earnings taxed in Singapore?
No. Interest paid by banks in Singapore on deposits placed by individuals is generally exempt from income tax. This is one reason deposit products remain popular with Singapore savers and retirees.
What happens when my fixed deposit matures?
The principal plus earned interest credits to your linked account, unless your instruction was set to auto-renew. Auto-renewal re-locks the money for the same tenure at the prevailing board rate, which is usually much lower than the promo rate. Set a maturity reminder and actively choose your next placement.
Is a fixed deposit better than Singapore Savings Bonds?
For a fixed 6 to 12 month horizon with a guaranteed rate, fixed deposits are usually better because Savings Bonds pay their higher step-up rates only in later years. For flexibility and very small minimums of S$500, Savings Bonds win since you can redeem anytime with a small fee.
Key Takeaways
- Promotional fixed deposit rates at major Singapore banks generally run 2.6% to 3.1% p.a. for 6 to 12 month tenures as of October 2026
- Most promo rates require fresh funds placed online, and auto-renewal renews at much lower board rates, so diarise maturity dates
- SDIC insurance covers up to S$100,000 per depositor per bank, so split large cash amounts across banks
- Compare against T-bills and Savings Bonds before committing, since auctions sometimes beat the best deposit promos
- Never lock emergency money; early withdrawal usually forfeits all interest
Conclusion
Fixed deposits remain the simplest guaranteed-return product in Singapore. Compare fresh-funds promotions across banks, keep each balance within the S$100,000 SDIC limit, ladder tenures to manage rate risk, and re-shop the market at every maturity instead of letting deposits auto-renew at low board rates.
This article was written by the SeaMoneyTips Editorial Team, focused on personal finance education for Indonesia and Singapore readers. For inquiries, please contact us.
Related reading: Best High-Interest Savings Accounts Australia 2026