Best fixed deposit rates in Singapore for Feb 2024

SINGAPORE: With the festive spirit of the Chinese New Year, it’s not just red envelopes that offer potential rewards. Fixed deposits, typically associated with stability and predictability, also provide financial growth during this celebratory season.

While the fixed deposit rates experienced a peak of 4% in Jan 2023, subsequent fluctuations have led many to explore alternative investment avenues. However, MoneySmart reports that several banks continue to offer competitive rates, with some requiring minimum deposits as low as S$500.

This Year of the Dragon, consider these best-fixed deposit rates in Singapore for Feb 2024 to secure your financial future.

Feb 2024 Highest Fixed Deposit Rates

For the highest fixed deposit rates, check out:

1. Syfe Cash+ Guaranteed
   • Interest Rate: 3.90% p.a.
   • Commitment Period: 3 months
   • Minimum Amount: No minimum
2. StashAway Simple Guaranteed
   • Interest Rate: 3.80% p.a.
   • Commitment Period: 3 months
   • Minimum Amount: No minimum
3. State Bank of India
   • Interest Rate: 3.55% p.a.
   • Commitment Period: 6 months
   • Minimum Amount: S$50,000
4. HSBC
   • Interest Rate: 3.50% p.a.
   • Commitment Period: 3 months
   • Minimum Amount: S$200,000
5. CIMB
   • Interest Rate: 3.50% p.a.
   • Commitment Period: 6 months
   • Minimum Amount: S$10,000
6. Bank of China
   • Interest Rate: 3.45% p.a.
   • Commitment Period: 3 months
   • Minimum Amount: S$5,000
7. ICBC
   • Interest Rate: 3.30% p.a.
   • Commitment Period: 3 months
   • Minimum Amount: S$500
8. RHB
   • Interest Rate: 3.25-3.30% p.a.
   • Commitment Period: 6 months
   • Minimum Amount: S$20,000

Feb 2024 Best fixed deposit rates by commitment period

3-Month commitment period:

Here are the top fixed deposit rates for a 3-month term:

• Syfe Cash+ Guaranteed
  • Interest Rate: 3.90% p.a.
  • Minimum Amount: No minimum
• StashAway Simple Guaranteed
  • Interest Rate: 3.80% p.a.
  • Minimum Amount: No minimum
• Citibank
  • Interest Rate: 3.50% p.a.
  • Minimum Amount: S$50,000
• HSBC
  • Interest Rate: 3.50% p.a.
  • Minimum Amount: S$200,000
• Bank of China
  • Interest Rate: 3.45% p.a.
  • Minimum Amount: S$5000
• ICBC
  • Interest Rate: 3.35% p.a.
  • Minimum Amount: S$500

6-Month commitment period:

Here are the top fixed deposit rates for a 6-month term:

• Syfe Cash+ Guaranteed
  • Interest Rate: 3.60% p.a.
  • Minimum Deposit: No minimum
• StashAway Simple Guaranteed
  • Interest Rate: 3.60% p.a.
  • Minimum Deposit: No minimum
• Bank of China
  • Interest Rate: 3.35% p.a.
  • Minimum Deposit: S$5,000
• CIMB
  • Interest Rate: 3.50-3.55% p.a.
  • Minimum Deposit: S$10,000
• RHB
  • Interest Rate: 3.25-3.30% p.a.
  • Minimum Deposit: S$20,000
• Standard Chartered
  • Interest Rate: 3.10% p.a.
  • Minimum Deposit: S$25,000
• OCBC
  • Interest Rate: 3.00% p.a.(internet banking)
  • Minimum Deposit: S$30,000

12-Month commitment period:

Here are the top fixed deposit rates for a 12-month term:

• Syfe Cash+ Guaranteed
  • Interest Rate: 3.50% p.a.
  • Minimum Deposit: No minimum
• StashAway Simple Guaranteed
  • Interest Rate: 3.30% p.a.
  • Minimum Deposit: No minimum
• Bank of China
  • Interest Rate: 3.15% p.a.
  • Minimum Deposit: S$5,000
• CIMB
  • Interest Rate: 3.15-3.20% p.a.
  • Minimum Deposit: S$10,000
• RHB
  • Interest Rate: 3.15-3.20% p.a.
  • Minimum Deposit: S$20,000
• Maybank
  • Interest Rate: 2.65% p.a.
  • Minimum Deposit: S$20,000

Feb 2024 Best fixed deposit rates by minimum deposit

Deposits $10,000 and under:

For those with deposits S$10,000 and under, here are the top fixed deposit rates available:

• CIMB
  • Interest Rate: 3.50% p.a.
  • Commitment Period: 6 months
  • Minimum Amount: S$10,000
• Bank of China
  • Interest Rate: 3.45% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$5,000
• ICBC
  • Interest Rate: 3.35% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$500
• DBS
  • Interest Rate: 3.20% p.a.
  • Commitment Period: 12 months
  • Minimum Amount: S$1,000
• UOB
  • Interest Rate: 3.10% p.a.
  • Commitment Period: 6, 10, or 12 months
  • Minimum Amount: S$10,000

Deposits $20,000–$49,999:

For those with deposits S$20,000 – S$49,999, here are the top fixed deposit rates available:

• CIMB
  • Interest Rate: 3.50% p.a.
  • Commitment Period: 6 months
  • Minimum Amount: S$10,000
• Bank of China
  • Interest Rate: 3.45% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$5,000
• ICBC
  • Interest Rate: 3.35% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$500
• RHB
  • Interest Rate: 3.25% p.a.
  • Commitment Period: 6 months
  • Minimum Amount: S$20,000
• Standard Chartered
  • Interest Rate: 3.18% p.a.
  • Commitment Period: 8 months
  • Minimum Amount: S$25,000

Deposits $50,000 and Above:

For those with deposits S$50,000 and above, here are the top fixed deposit rates available:

• State Bank of India
  • Interest Rate: 3.55% p.a.(6 months) or 3.30% p.a.(12 months)
  • Commitment Period: 6 months or 12 months
  • Minimum Amount: S$50,000
• CIMB
  • Interest Rate: 3.50% p.a.
  • Commitment Period: 9 months
  • Minimum Amount: S$10,000
• Citibank
  • Interest Rate: 3.50% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$50,000
• HSBC
  • Interest Rate: 3.50% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$200,000
• Bank of China
  • Interest Rate: 3.45% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$5,000
• ICBC
  • Interest Rate: 3.35% p.a.
  • Commitment Period: 3 months
  • Minimum Amount: S$500
• RHB
  • Interest Rate: 3.25% p.a.
  • Commitment Period: 6 months
  • Minimum Amount: S$20,000
• DBS
  • Interest Rate: 3.20% p.a.
  • Commitment Period: 12 months
  • Minimum Amount: S$1,000
• Hong Leong Finance
  • Interest Rate: 3.05% p.a.
  • Commitment Period: 5 or 6 months
  • Minimum Amount: S$20,000

Choose Singapore’s best-fixed deposit rates for a financially secure future. /TISG

Read related: Best fixed deposit rates in Singapore for Jan 2024