Looking for the Best Bank Fixed Deposit Rates in April 2023? The interest rate of the latest issue of Singapore Savings Bond (SBMAY23) is only 3.07% per annum. Thus you may probably wish to explore parking your spare cash in short term fixed deposits.
Few months ago, a few local banks have caused snaking long queues over their crazy high fixed deposit rates. Thus, I will focus on the local banks (OCBC, UOB and DBS) fixed deposit rates first before exploring what interest rates the other banks offer.
Now, let us take a look if they still offer unbeatable attractive interest rates!
OCBC Fixed Deposit Rates
Let us first take a look at OCBC bank’s fixed deposit rates. The minimum placement for the below promotion is S$20,000.
Thus, if you do a placement of S$20,000 for 6 months, the interest you will receive upon maturity is S$350.
| Tenor | Interest Rate (p.a.) | Minimum Deposit (Fresh Funds) | Banking Type |
| 6 months | 3.50% | S$20,000 | All |
UOB Fixed Deposit Rates
UOB bank offer slightly higher interest rates than OCBC Bank at 3.55% p.a.. On top of that, UOB bank also offer an additional option of tenor period of 10 months.
A placement of S$10,000 at 3.55% p.a. for 6 months will give you an interest of S$177.50 upon maturity. If you place S$20,000 at 3.55% p.a. for 6 months, the interest you will receive upon maturity is S$355. That is S$5 more than OCBC bank for the same placement period at a slightly higher interest rate.
| Tenor | Interest Rate (p.a.) | Minimum Deposit (Fresh Funds) |
| 6 months | 3.55% | S$10,000 |
| 10 months | 3.55% | S$10,000 |
DBS Fixed Deposit Rates
I took the following fixed deposit rates from DBS bank website. The interest rate for a 6 months placement is a mere 2.90% which is lower than what OCBC bank and UOB bank has offered.
A 6 months placement of S$20,000 at 2.90% p.a. will give you an interest of S$290 upon maturity.
Even if you looked at a 12 months placement, the interest rate is only 3.20% p.a.. A 12 months placement of S$20,000 at 3.20% p.a. will give you an interest of S$640 upon maturity.
| Tenor | Interest Rate (p.a.) |
| 6 months | 2.90% |
| 10 months | 3.15% |
| 12 months | 3.20% |
Maybank Fixed Deposit Rates
It is amazing Maybank has 3 fixed deposit promotions. They are:
- Deposit Bundle Promotion (Placement in Branch)
- iSAVvy Time Deposit Promotion (Online Placement)
- Term Deposit-i (Placement in Branch)
All the 3 promotions have a minimum placement of S$20,000.
Deposit Bundle Promotion (Placement in Branch)
This promotion seems to offer the highest interest rate among the other two below but you have to do the placement physically at the bank.
A 12 months placement over the counter at Maybank branch of S$20,000 at 3.90% p.a. will give you an interest of S$780 upon maturity.
| Tenor | Interest Rate (p.a.) |
| 12 months | 3.90% |
| 15 months | 3.75% |
| 18 months | 3.60% |
| 24 months | 3.30% |
iSAVvy Time Deposit Promotion (Online Placement)
The 12 months placement gives you the highest interest rate per annum at 3.55% p.a.
A 12 months placement of S$20,000 done online at 3.55% p.a. will give you an interest of S$710 upon maturity.
| Tenor | Interest Rate (p.a.) |
| 3 months | 3.00% |
| 6 months | 3.00% |
| 9 months | 3.10% |
| 12 months | 3.55% |
| 15 months | 3.40% |
| 18 months | 3.25% |
| 24 months | 3.00% |
Term Deposit-i (Placement in Branch)
The interest rate for this promotion is the same with the above iSAVvy Time Deposit promotion and you can to do it physically at Maybank branch. Doesn’t really make sense to me as it is more convenient to do an online placement.
| Tenor | Interest Rate (p.a.) |
| 3 months | 3.00% |
| 6 months | 3.00% |
| 9 months | 3.10% |
| 12 months | 3.55% |
| 15 months | 3.40% |
| 18 months | 3.25% |
| 24 months | 3.00% |
CIMB Fixed Deposit Rates
CIMB bank is offering a interest rate of 3.45% p.a. for personal banking and 3.50% p.a. for preferred banking customers. The minimum placement is S$5,000 for 1 or 2-month tenures and S$1,000 for other board rates.
A 12 months placement of S$20,000 at 3.45% p.a. will give you an interest of S$690 upon maturity.
| Tenor | PERSONAL BANKING ONLINE PROMO INTEREST RATE (%P.A.) $10,000 AND ABOVE | PREFERRED BANKING ONLINE PROMO INTEREST RATE (%P.A.) $10,000 AND ABOVE |
| 6 months | 3.45% | 3.50% |
| 9 months | 3.45% | 3.50% |
| 12 months | 3.45% | 3.50% |
| 18 months | 3.45% | 3.50% |
Hong Leong Finance Fixed Deposit Rates
Hong Leong Finance is offering an interest rate of 3.30% and 3.40% for a 5 months and 10 months fixed deposit placement of S$20,000 to S$50,000 respectively.
| Deposit Amount | 5 months Tenor | 10 months Tenor |
| S$20,000 to < S$50,000 | 3.30% | 3.40% |
| S$50,000 to < S$500,000 | 3.50% | 3.60% |
| S$500,000 and above | 3.55% | 3.65% |
RHB Bank Fixed Deposit Rates
This is the first time I am writing about RHB Bank. They are offering a interest rate of 3.80% p.a. for a 12 months fixed deposit placement. If you are a premier banking customer, you can enjoy an additional percentage at 3.90% p.a. The minimum placement is S$20,000.
This is comparable to the Maybank’s fixed deposit promotion that I have shared above. A 12 months placement of S$20,000 with RHB at 3.90% p.a. will give you an interest of S$780 upon maturity.
| Tenor | Personal Banking (p.a.) | Premier Banking or Online Placement (p.a.) |
| 3 months | 3.30% | 3.40% |
| 6 months | 3.50% | 3.60% |
| 12 months | 3.80% | 3.90% |
| 24 months | 3.80% | 3.90% |
Conclusion of The Best Bank Fixed Deposit Rates in April 2023
In my opinion, the winner of the best bank fixed deposit rates in April 2023 is Maybank’s Deposit Bundle Promotion (Placement in Branch). Even though you have to do the placement at Maybank’s branch, the bank offers you the highest interest rate of 3.90% for 12 months.
| Tenor | Interest Rate (p.a.) |
| 12 months | 3.90% |
Of course you may argue that RHB is offering the same interest rate at 3.90% p.a. but that is only for their premier banking customers.
Like you, I am finding the best place to park my money. The links in this post have no affiliates with the banks and solely are based on my own research and opinion.
If you know of any fixed deposits that offer even higher interest rates, please post them in the comments below.
Thank you!
UOB branch in Plaza Singapura opening special 3.88% FD rate for 8 months. Only in person at branch on Saturday 8 and 15 April only.
RHB of 3.9% is for Premier Banking or Online Placement, hence it saves the hassles to go down to do it over the counter