Business man with a suitcase jumping high with a cloud forming an arrow up.

SINGAPORE: To grow your savings through fixed deposits in Singapore, you’ll want to find banks offering the best interest rates. Here are the best-fixed deposit rates for May 2024, according to MoneySmart.

May 2024 Highest Fixed Deposit Rates

For those seeking the highest fixed deposit rates regardless of deposit amount or commitment period, check these out:

  • Syfe Cash+ Guaranteed
    • Interest Rate: 3.75% p.a.
    • Commitment Period: 3 months or 6 months
    • Minimum Amount: No minimum
  • StashAway Simple Guaranteed
    • Interest Rate: 3.75% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: No minimum
  • State Bank of India
    • Interest Rate: 3.35% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$50,000
  • ICBC
    • Interest Rate: 3.50% p.a.(for new customers via branch deposit)
    • Commitment Period: 3 months
    • Minimum Amount: S$50,000
  • Bank of China
    • Interest Rate: 3.30% p.a. (via mobile banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • CIMB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$10,000
  • RHB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months or 6 months or 12 months
    • Minimum Amount: S$20,000
  • HSBC
    • Interest Rate: 3.20% p.a.
    • Commitment Period: 3 months or 6 months
    • Minimum Amount: S$200,000

May 2024 Best fixed deposit rates by commitment period

3-Month commitment period:

  • Syfe Cash+ Guaranteed
    • Interest Rate: 3.75% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: No minimum
  • StashAway Simple Guaranteed
    • Interest Rate: 3.75% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: No minimum
  • ICBC
    • Interest Rate: 3.40% p.a.(via e-banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • Bank of China
    • Interest Rate: 3.30% p.a.(via mobile banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • CIMB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$10,000
  • HSBC
    • Interest Rate: 3.20% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$100,000
  • Hong Leong Finance
    • Interest Rate: 2.90% p.a.
    • Commitment Period: 3 months or 4 months
    • Minimum Amount: S$50,000
  • Citibank
    • Interest Rate: 2.50% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$50,000
See also  4 Singapore stocks you should keep your eyes on in May

6-Month commitment period:

  • Syfe Cash+ Guaranteed
    • Interest Rate: 3.75% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: No minimum
  • StashAway Simple Guaranteed
    • Interest Rate: 3.60% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: No minimum
  • Bank of China
    • Interest Rate: 3.20% p.a.(via mobile banking)
    • Commitment Period: 6 months
    • Minimum Amount: S$500
  • ICBC
    • Interest Rate: 3.15% p.a.(via e-banking)
    • Commitment Period: 6 months
    • Minimum Amount: S$500
  • CIMB
    • Interest Rate: 3.20-3.25% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$10,000
  • RHB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$20,000
  • Standard Chartered
    • Interest Rate: 3.00-3.20% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$25,000
  • OCBC
    • Interest Rate: 2.80% p.a.(internet banking)
    • Commitment Period: 6 months
    • Minimum Amount: S$30,000
  • State Bank of India
    • Interest Rate: 3.35% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$50,000

12-Month commitment period:

  • Syfe Cash+ Guaranteed
    • Interest Rate: 3.60% p.a.
    • Commitment Period: 12 months
    • Minimum Amount: No minimum
  • StashAway Simple Guaranteed
    • Interest Rate: 3.50% p.a.
    • Commitment Period: 12 months
    • Minimum Amount: No minimum
  • Bank of China
    • Interest Rate: 3.05% p.a.(via mobile banking)
    • Commitment Period: 12 months
    • Minimum Amount: S$500
  • ICBC
    • Interest Rate: 3.05% p.a.(via e-banking)
    • Commitment Period: 12 months
    • Minimum Amount: S$500
  • CIMB
    • Interest Rate: 2.95-3.00% p.a.
    • Commitment Period: 12 months
    • Minimum Amount: S$10,000
  • RHB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 12 months
    • Minimum Amount: S$20,000
  • Maybank
    • Interest Rate: 2.60% p.a.(online placement)
    • Commitment Period: 12 months
    • Minimum Amount: S$20,000
  • OCBC
    • Interest Rate: 2.80% p.a.(internet banking)
    • Commitment Period: 6 months
    • Minimum Amount: S$30,000
  • State Bank of India
    • Interest Rate: 3.05% p.a.
    • Commitment Period: 12 months
    • Minimum Amount: S$50,000
See also  Why invest in Singapore T-Bills?

May 2024 Best fixed deposit rates by minimum deposit

Deposits $10,000 and under:

  • CIMB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$10,000
  • Bank of China
    • Interest Rate: 3.30% p.a.(via mobile banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • ICBC
    • Interest Rate: 3.40% p.a.(via e-banking)
    • 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: 2.70% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$10,000

Deposits $20,000–$49,999:

  • CIMB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$10,000
  • Bank of China
    • Interest Rate: 3.30% p.a.(via mobile banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • ICBC
    • Interest Rate: 3.40% p.a.(via e-banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • RHB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months or 6 months or 12 months
    • Minimum Amount: S$20,000
  • Standard Chartered
    • Interest Rate: 3.00-3.20% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$25,000

Deposits $50,000 and above:

  • State Bank of India
    • Interest Rate: 3.35% p.a.
    • Commitment Period: 6 months
    • Minimum Amount: S$50,000
  • CIMB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$10,000
  • Citibank
    • Interest Rate: 2.50% p.a.
    • Commitment Period: 3 months
    • Minimum Amount: S$50,000
  • HSBC
    • Interest Rate: 3.20% p.a.
    • Commitment Period: 3 months or 6 months
    • Minimum Amount: S$100,000
  • Bank of China
    • Interest Rate: 3.30% p.a.(via mobile banking)
    • Commitment Period: 3 months
    • Minimum Amount: S$500
  • ICBC
    • Interest Rate: 3.50% p.a.(for new customers via branch deposit)
    • Commitment Period: 3 months
    • Minimum Amount: S$50,000
  • RHB
    • Interest Rate: 3.25-3.30% p.a.
    • Commitment Period: 3 months or 6 months or 12 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: 2.90% p.a.
    • Commitment Period: 3 months or 4 months
    • Minimum Amount: S$50,000
See also  4 Singapore stocks to keep an eye on this March

Disclaimer: Rates are promotional and subject to change by banks. For the most current rates, visit the respective bank websites. /TISG

Read also: Best fixed deposit rates in Singapore for May 2024

Featured image by Depositphotos