Singapore's major banks offer varying fixed deposit interest rates for 12-month terms on deposits between S$10k and S$50k, with rates ranging from as low as 0.10% to 0.65% per annum.
KEY POINTS
IN SIMPLE TERMS
A fixed deposit is when you lock your money in a bank for a set period (like one year) and the bank pays you a guaranteed interest rate in return. This article shows you what interest rates different Singapore banks are offering for money you leave with them for 12 months.
WHY IT MATTERS
WHERE DO YOU STAND?
Should you prioritize the highest interest rate offered, or are other factors like bank stability and accessibility equally important when choosing a fixed deposit?
👍 👎 Vote ↓Basically, the Singapore Dollar Fixed Deposit (also known as Time Deposit) holds your money for a fixed amount of time and in return, you are promised a FIXED deposit interest rate. Upon maturity, you will receive your initial deposit plus interest earned.
As there is a myriad of fixed deposit interest rates available for various tenor/period as well as deposit amount, we shall concentrate on the most common combination:
Tenor/Period: 12mths
Deposit Amount: less than S$10k to S$50k
Based on the above tenor and deposit amounts, the following is a comparison of the Fixed Deposit Interest Rate (% p.a.) offered by the local banks and full banks in Singapore.
Note: For other periods & deposit amounts, click “View” below for their latest rates.
Rates collated on 3 March 2022
Disclaimer: Fixed Deposit Interest Rates found above are purely for reference only and are subject to change without notice. Please click on “View” for the latest rates.
Deposit-Related Telephone Numbers
To check the latest promotional rates and rates for deposits greater than S$1 million, you can call the following telephone numbers:
Citibank: 6225 5225
DBS: 1800 111 1111
HSBC: 1800 4722 669
MayBank: 1800 629 2265
OCBC: 1800 438 3333
RHB Bank: 1800 323 0100
Standard Chartered: 1800 747 7000
UOB: 1800 222 2121
Should you prioritize the highest interest rate offered, or are other factors like bank stability and accessibility equally important when choosing a fixed deposit?
Be the first to weigh in.
