Best fixed deposit rates in Singapore for Dec 2023

SINGAPORE: Interest rates ebb and flow like a financial tide, however, for individuals looking for reliable and “stable” returns on their savings, fixed deposits have been a reliable choice. A fixed deposit, also known as a time deposit, is a type of bank account offering a fixed interest rate in exchange for depositing a specific sum for a predetermined period. While fixed deposit rates in Singapore experienced a peak of 4% in Jan 2023, they have since seen a decline, prompting individuals to explore other options. However, according to MoneySmart, here are the best fixed-deposit rates in Singapore for Dec 2023 that are worth taking a shot at if you have money to spare.

Best Fixed Deposit Rates in Singapore for Dec 2023

Highest fixed deposit rates

For those seeking the highest fixed deposit rates regardless of deposit amount or commitment period:

1. Syfe Cash+ Guaranteed: 4.00% p.a, 3 months with no minimum amount
2. StashAway Simple Guaranteed: 3.80% p.a., 3 months with no minimum amount
3. RHB: up to 3.60% p.a., min. S$20,000 for 6 or 12 months
4. HL Bank: 3.65% p.a., S$500,000 for 12 months
5. State Bank of India: 3.65% p.a., min. S$50,000 for 6 months
6. HSBC: 3.65% p.a., S$200,000 for 3 months
7. CIMB: 3.50% p.a., min. S$10,000 for 6 months
8. Bank of China: up to 3.60% p.a., min. S$5,000 for 3 months
9. ICBC: up to 3.30% p.a., min. S$500 for 3 months

By Commitment Period

3-Month commitment period:

Here are the top picks for a 3-month commitment period:

1. Syfe Cash+ Guaranteed:
   • Interest Rate: 4.00% p.a.
   • Minimum Deposit: No minimum amount
2. StashAway Simple Guaranteed:
   • Interest Rate: 3.80% p.a.
   • Minimum Deposit: No minimum amount
3. HSBC:
   • Interest Rate: 3.65% p.a.
   • Minimum Deposit: S$200,000 for 3 months
4. HL Bank:
   • Interest Rate: 3.40% p.a.
   • Minimum Deposit: S$100,000 for 3 months
5. ICBC:
   • Interest Rate: 3.35% p.a.
   • Minimum Deposit: S$500 for 3 months
6. Bank of China:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$5,000 for 3 months
7. Citibank:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$50,000 for 3 months

6-Month commitment period:

Here are the top picks for a 6-month commitment period:

1. Syfe:
   • Interest Rate: 3.90% p.a.
   • Minimum Deposit: No minimum amount
2. StashAway:
   • Interest Rate: 3.70% p.a.
   • Minimum Deposit: No minimum amount
3. Bank of China:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$5,000
4. CIMB:
   • Interest Rate: 3.50-3.55% p.a.
   • Minimum Deposit: S$10,000
5. RHB:
   • Interest Rate: 3.60-3.68% p.a.
   • Minimum Deposit: S$20,000
6. OCBC:
   • Interest Rate: 3.10% p.a.
   • Minimum Deposit: S$30,000
7. HL Bank:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$100,000
8. Maybank:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$500,000

12-Month commitment period:

Here are the top picks for a 12-month commitment period:

1. Syfe:
   • Interest Rate: 3.70% p.a.
   • Minimum Deposit: No minimum amount
2. StashAway:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: No minimum amount
3. Bank of China:
   • Interest Rate: 3.30% p.a.
   • Minimum Deposit: S$5,000
4. CIMB:
   • Interest Rate: 3.15-3.20% p.a.
   • Minimum Deposit: S$10,000
5. RHB:
   • Interest Rate: 3.60-3.68% p.a.
   • Minimum Deposit: S$20,000
6. HL Bank:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$100,000
7. Maybank:
   • Interest Rate: 2.65% p.a.
   • Minimum Deposit: S$20,000

By Minimum Deposit:

Deposits S$10,000 and under:

1. CIMB:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$10,000 for a 6-month commitment period
2. Bank of China:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$5,000 for a 3-month commitment period
3. ICBC:
   • Interest Rate: 3.35% p.a.
   • Minimum Deposit: S$500 for a 3-month commitment period
4. DBS:
   • Interest Rate: 3.20% p.a.
   • Minimum Deposit: S$1,000 for a 12-month commitment period
5. UOB:
   • Interest Rate: 3.10% p.a.
   • Minimum Deposit: S$10,000 for 6, 10, or 12 months

Deposit S$20,000 – S$50,000:

1. RHB:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$20,000 for commitment periods of 6 or 12 months
2. CIMB:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$10,000 for a 6-month commitment period
3. Bank of China:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$5,000 for a 3-month commitment period
4. ICBC:
   • Interest Rate: 3.35% p.a.
   • Minimum Deposit: S$500 for a 3-month commitment period
5. Standard Chartered:
   • Interest Rate: 3.10% p.a.
   • Minimum Deposit: S$25,000 for an 8-month commitment period

Deposits S$50,000 and above:

1. RHB:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$20,000 for commitment periods of 6 or 12 months
2. HL Bank:
   • Interest Rate: 3.65% p.a.
   • Minimum Deposit: S$500,000 for a 12-month period
3. CIMB:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$10,000 for a 9-month commitment period
4. State Bank of India:
   • Interest Rate: 3.65% p.a.
   • Minimum Deposit: S$50,000 for a 6-month commitment period
5. HSBC:
   • Interest Rate: 3.65% p.a.
   • Minimum Deposit: S$200,000 for a 3-month commitment period
6. Bank of China:
   • Interest Rate: 3.60% p.a.
   • Minimum Deposit: S$5,000 for a 3-month commitment period
7. ICBC:
   • Interest Rate: 3.35% p.a.
   • Minimum Deposit: S$500 for a 3-month commitment period
8. DBS:
   • Interest Rate: 3.20% p.a.
   • Minimum Deposit: S$1,000 for a 12-month commitment period
9. Citibank:
   • Interest Rate: 3.50% p.a.
   • Minimum Deposit: S$50,000 for a 3-month commitment period
10. Hong Leong Finance:
    • Interest Rate: 2.95% p.a.
    • Minimum Deposit: S$50,000 for 5 or 12 months

MoneySmart also noted about two banks with unconventional fixed deposit offerings:

Syfe Cash+ Guaranteed:

• Interest Rates: 4.00% p.a. for 3 months, 3.90% p.a. for 6 months, 3.70% p.a. for 12 months.
• Unique Feature: Invests funds into fixed deposits with MAS-regulated banks, offering higher rates with no minimum or maximum deposit amount.

StashAway Simple Guaranteed:

• Interest Rates:70% p.a. for 1 month, 3.80% p.a. for 3 months, 3.70% p.a. for 6 months, 3.50% p.a. for 12 months.
• Unique Feature: A cash management solution placing funds in fixed deposits with MAS-regulated banks, providing slightly higher interest than traditional fixed deposits.

There’s no one-size-fits-all solution, so it is up to investors to weigh what minimum deposit amount or commitment period they want. Overall, individual preferences are the best way to identify the option aligned with each person’s financial goals./TISG