Best Fixed Deposit in January 2026

Below are the best fixed deposit rates in Singapore in January 2026. In January, the effective interest rates of Singapore T Bills and Singapore Savings Bond had slightly recovered from its downtrend. The latest issue of Singapore Savings Bond (SBFEB26) gives you 1.35% per annum if you hold it for only 1 year. Can the best fixed deposit rates in January 2026 beat the returns from Singapore Savings Bond? Let us find out more below.

As interest rates continue to trend downward, finding competitive returns for your savings has become increasingly challenging. That is exactly why I track and compare Singapore fixed deposit rates every month, to help you make informed decisions and maximise your savings with the best options available.

Fixed deposits (also known as time deposits) are one of the simplest and safest ways to grow your money. You place a fixed sum with a bank for a set tenure ranging from a few months to several years and earn a guaranteed interest rate. Your funds are locked in for the duration, but in exchange, you enjoy stable, predictable returns that are shielded from market volatility. This makes fixed deposits ideal for conservative investors or anyone looking to park idle cash securely while earning more than a regular savings account.

Although the Singapore Overnight Rate Average (SORA) has been declining recently, it is important to understand that fixed deposit rates are not directly pegged to SORA. Banks set their own board rates, which may be influenced by broader economic conditions that SORA reflects. While the relationship isn’t one‑to‑one, there is still a noticeable correlation.

With global markets expecting rate cuts this month, many Singapore banks have already started lowering their fixed deposit rates. This makes it a timely moment to lock in a good rate before they fall further.

If you are looking for a safe and reliable way to grow your savings, fixed deposits remain a strong choice. I will continue updating the latest and best fixed deposit rates in Singapore each month so you can stay ahead and make the most of your money.

Which Bank Offer the Best Fixed Deposit in Singapore?

When it comes to fixed deposits, the three major local banks DBS, OCBC, and UOB are often top of mind. But which one currently offers the most competitive rate? Is DBS still leading the pack, or have UOB and OCBC adjusted their offerings to stay in the race?

Each month, I review the latest fixed deposit rates across Singapore’s banks to identify the best options for growing spare cash securely. With interest rates fluctuating, it is more important than ever to compare offers and lock in favourable returns.

To help you make an informed decision, I have compiled the latest fixed deposit rates from DBS, OCBC, and UOB. In the comparison below, I have highlighted the rates that offer the best value from each bank so you can quickly spot the most attractive choices.

In December 2025, UOB maintained their fixed deposit interest rates at 1.20% per annum for a 6-months tenure with a minimum deposit of $10,000. OCBC’s rate stands at 1.10% per annum for either 9 or 12 months, requiring a minimum of $20,000. DBS slashed its fixed deposit interest rates to 1.00% per annum for 8 to 12 months placement. Among the 3 local banks, I would say that UOB offers the highest fixed deposit interest rates.

In December 2025, DBS reduced its 8 to 12 months fixed deposit interest rates drastically to 1.00% per annum.

Tenure: 6 months
Interest Rate: 0.80% p.a.
Minimum Amount: S$1,000 to $$19,999

Tenure: 7 months
Interest Rate: 0.95% p.a.
Minimum Amount: S$1,000 to $$19,999

Tenure: 8 to 12 months
Interest Rate: 1.00% p.a.
Minimum Amount: S$1,000 to $$19,999

CIMB Bank Fixed Deposit Rates

Tenure: 3 months or 6 months
Interest Rate: 1.30% p.a. (Personal Banking) / 1.35% p.a. (Preferred Banking)
Minimum Amount: S$10,000

Tenure: 9 months or 12 months
Interest Rate: 1.10% p.a. (Personal Banking) / 1.15% p.a. (Preferred Banking)
Minimum Amount: S$10,000

Hong Leong Finance Fixed Deposit Rates

Hong Leong Finance is offering a Special Fixed Deposit Promotion. Hong Leong Finance is offering an interest rate of 1.30% per annum for 3-months or 5-months placement of minimum 60k in fresh funds.

Tenure: 3 months or 5 months
Interest Rate: 1.30% p.a.
Minimum Amount: S$60,000 and above

Below are Hong Leong Finance’s interest rates if you make a Fixed Deposit placement ONLINE via HLF Digital.

Tenure: 3 months, 5 months, 8 months or 13 months
Interest Rate: 1.20% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 3 months, 5 months, 8 months or 13 months
Interest Rate: 1.25% p.a.
Minimum Amount: S$20,000 and above

RHB Bank Fixed Deposit Rates

Tenure: 3 months or 6 months
Interest Rate: 1.45% p.a. (Personal Banking) / 1.55% p.a. (Premier Banking)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 1.20% p.a. (Personal Banking) / 1.30% p.a. (Premier Banking)
Minimum Amount: S$20,000

MayBank2u Singapore Fixed Deposit Rates

Tenure: 6 months
Interest Rate: 1.55% p.a. (Deposits Bundle Promotion: Placement at branch and online.)
Minimum Amount: S$20,000

Tenure: 3 months
Interest Rate: 1.30% p.a. Standalone Time Deposit and Term Deposit-i (at branches and online)
Minimum Amount: S$20,000

Tenure: 9 months
Interest Rate: 1.10% p.a. Standalone Time Deposit and Term Deposit-i (at branches and online)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 1.15% p.a. Standalone Time Deposit and Term Deposit-i (at branches and online)
Minimum Amount: S$20,000

Bank of China Fixed Deposit Rates

For short-term savers, Bank of China provides a 1.40% per annum interest rate for a 3-months fixed deposit tenure, with a minimum deposit of just $500, making it accessible to most individuals.

Tenure: 1 month, 2 months, 9 months, 12 months
Interest Rate: 1.20% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 3 months
Interest Rate: 1.40% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 5 months or 6 months
Interest Rate: 1.35% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Citibank Fixed Deposit Interest Rates

Tenure: 3 months
Interest Rate: 1.00% p.a.
Minimum Amount: S$10,000 to S$3,000,000

Best Fixed Deposit in January 2026

As I can see from the above, most banks kept the interest rates of their fixed deposit promotions the same as December 2025. Short-term deposits continue to favour over long-term deposits.

Similarly to 2025, short-term fixed deposits in 2026 continue to offer more attractive interest rates than longer-term options, a trend that mirrors previous months. This is understandable given the current market volatility and uncertainty around future rate movements. Banks are incentivized to offer higher yields for shorter commitments, allowing them to stay agile in a shifting rate environment.

Despite this month’s issue of Singapore Savings Bond (SBFEB26) giving investors a return of 1.35% per annum if you hold it for one year, RHB offers a higher return of 1.45% per annum for a 3-months or 6-months fixed deposit placement.

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Disclaimer: This is Not a sponsored post, and the opinions are solely based on My Sweet Retirement’s own research and opinion.