Best Fixed Deposit in October 2025

Which bank offers the best fixed deposit in October 2025? Our favourite Singapore banks are DBS, OCBC and UOB. Do you know what is UOB fixed deposit rates in October 2025? Is DBS fixed deposit rates still the highest among the 3 local Singapore Banks? What about OCBC fixed deposit rates? Every month, I will look for the best fixed deposit rates in Singapore so that I can park my spare cash and grow them using the highest fixed deposit rates. With falling interest rates, I understand it can be difficult to find a bank that gives you the highest interest rates. I have made it easy for you by sharing the information I found below.

Do you know what are fixed deposits and why should you invest in them? Fixed deposits are sometimes also termed as time deposits. Fixed deposits or time deposits are a type of investment offered by banks and financial institutions where an individual deposits a sum of money for a fixed period of time at a pre-determined interest rate. The money is locked in for the specified period, which can range from a few months to several years.

Fixed deposits are considered a safe investment option as they offer guaranteed returns and are not subject to market fluctuations. The interest earned on a fixed deposit is usually higher than that earned on a regular savings account, making it an attractive choice for individuals looking to grow their savings in a secure manner.

As shared, SORA has been on the downtrend over the past few months. While SORA is a key benchmark, I wanted to reiterate that fixed deposit rates are not directly pegged to it in a simple way. Banks determine their own base interest rates, which may be influenced by overall market interest rate trends that SORA reflects.

Despite not directly related, Singapore fixed deposit rates are closely linked to global monetary trends. This month, investors are expecting an interest rate cut. Thus, Singapore banks are also adjusting their interest rates lower in anticipation of the rate cuts.

Which Bank Offer the Best Fixed Deposit in Singapore?

Let us take a look at the interest rates offered by most of the Singapore Banks listed below. To help you make the best decision, I have compiled the best fixed deposit rates in Singapore. Below, I highlighted those fixed deposit rates in green whereby I think they offered the best value from each bank.

First, let us take a look at the fixed deposit rates offered by Singapore three major banks UOB, OCBC and DBS.

In June, I made a fixed deposit placement of 12 months with DBS Bank as they offered the best fixed deposit rates in Singapore. As you can see below, DBS had reduced the interest rates across all tiers.

Tenure: 6 months
Interest Rate: 1.40% p.a.
Minimum Amount: S$1,000 to $$19,999

Tenure: 7 months
Interest Rate: 1.55% p.a.
Minimum Amount: S$1,000 to $$19,999

Tenure: 8 to 12 months
Interest Rate: 1.60% p.a.
Minimum Amount: S$1,000 to $$19,999

CIMB Bank Fixed Deposit Rates

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

Tenure: 6 months
Interest Rate: 1.25% p.a. (Personal Banking) / 1.30% 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

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

Tenure: 9 months or 12 months
Interest Rate: 1.05% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 15 months
Interest Rate: 0.90% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 9 months or 12 months
Interest Rate: 1.10% p.a.
Minimum Amount: S$20,000 and above

Tenure: 15 months
Interest Rate: 0.95% p.a.
Minimum Amount: S$20,000 and above

RHB Bank Fixed Deposit Rates

Tenure: 3 months
Interest Rate: 1.40% p.a. (Personal Banking) / 1.50% p.a. (Premier Banking)
Minimum Amount: S$20,000

Tenure: 6 months
Interest Rate: 1.30% p.a. (Personal Banking) / 1.40% p.a. (Premier Banking)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 1.15% p.a. (Personal Banking) / 1.25% p.a. (Premier Banking)
Minimum Amount: S$20,000

MayBank2u Singapore Fixed Deposit Rates

Tenure: 6 months
Interest Rate: 1.20% p.a. (Placement online, via Maybank2u Online Banking, Maybank2u SG app)
Minimum Amount: S$20,000

Tenure: 9 months or 12 months
Interest Rate: 1.10% p.a. (Placement online, via Maybank2u Online Banking, Maybank2u SG app)
Minimum Amount: S$20,000

Bank of China Fixed Deposit Rates

The fixed deposit rates offered by Bank of China is complicated as the interest rates varies based on the tenure and whether you do the fixed deposit placement over the counter or via mobile banking.

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

Tenure: 3 months and 5 months
Interest Rate: 1.30% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 6 months
Interest Rate: 1.35% p.a. (via Mobile Banking)
Minimum Amount: S$40,000 and above (via Mobile Banking)

Tenure: 6 months
Interest Rate: 1.30% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 9 months
Interest Rate: 1.25% p.a. (via Mobile Banking)
Minimum Amount: S$40,000 and above (via Mobile Banking)

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

Tenure: 12 months
Interest Rate: 1.20% p.a. (via Mobile Banking)
Minimum Amount: S$40,000 and above (via Mobile Banking)

Tenure: 12 months
Interest Rate: 1.15% 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 October 2025

As you can see from the list above, most of the banks continue to reduce the interest rates of their fixed deposits. The interest rates for shorter term fixed deposits continue to be more favourable than longer term fixed deposits. This makes sense as the current market is volatile, and interest rates are unpredictable. Banks would offer higher interest rates for short term deposits.

DBS Bank continued to offer the best fixed deposit in Singapore. DBS Singapore offers the highest fixed deposit interest rate at 1.60% per annum for an 8 to 12-months tenure. RHB continued to be the next best bank to place your fixed deposit at 1.40% per annum for a 3-months fixed deposit placement.

If you want to compare the fixed deposit rates offered by the 3 Singapore banks (DBS, OCBC or UOB), UOB fixed deposit rate is offering 1.20% per annum for a 6-month fixed deposit placement while OCBC is offering 1.10% per annum for a 9-month placement. DBS is offering 1.40% per annum for a 6-month fixed deposit placement.

Where is the best place to park your money? I will stash 20K into DBS Singapore 12-month Fixed Deposit at 1.60% per annum. If I have 100K, I will stash them into UOB Stash Account to earn 2.04% per annum.

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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.