Are you looking for the best fixed deposit rates in February 2025 that can beat the latest issue of Singapore Savings Bond and SGS T Bills? The latest issue of SSB (SBMAR25 GX25030N) is 2.97% if you held it for 10 years and 2.83% per annum if you hold it for only one year. The latest closed issue of SGS T Bill (BS25102Z) offered a cut off yield of 3.04% per annum. To find out if the best fixed deposit rates in February 2025, I polled the fixed deposit rates offered by the usual banks in Singapore to share them with you further below.
Before you scroll down further, do you know what are fixed deposits? 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.
Which Bank Offer the Best Fixed Deposit Rate?
As usual, let us take a look at the interest rates offered by several Singapore Banks below. I have highlighted those rates in green whereby I think they offered the best value from each bank.
CIMB Bank
Tenure: 3 months
Interest Rate: 2.70% p.a. (Personal Banking) / 2.75% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 6 months
Interest Rate: 2.55% p.a. (Personal Banking) / 2.60% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 9 months or 12 months
Interest Rate: 2.40% p.a. (Personal Banking) / 2.45% p.a. (Preferred Banking)
Minimum Amount: S$10,000
UOB Fixed Deposit Rate
Tenure: 6 months
Interest Rate: 2.40% p.a.
Minimum Amount: S$10,000
Tenure: 10 months
Interest Rate: 2.20% p.a.
Minimum Amount: S$10,000
OCBC Fixed Deposit Rate
Here are OCBC fixed deposit interest rates.
Tenure: 6 months or 12 months
Interest Rate: 2.25% p.a. (OCBC Branch) / 2.45% (Internet Banking)
Minimum Amount: S$30,000
DBS Fixed Deposit Rate
Singapore favourite bank DBS had adjusted its fixed deposit interest rates. The move came as a surprise as DBS had maintained high fixed deposit interest rates over the past few months.
Tenure: 6 months
Interest Rate: 2.15% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 7 months
Interest Rate: 2.30% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 8 months or 9 months
Interest Rate: 2.35% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 10 months or 11 months
Interest Rate: 2.40% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 12 months
Interest Rate: 2.45% p.a.
Minimum Amount: S$1,000 to $$19,999
Hong Leong Finance
Tenure: 6 months
Interest Rate: 2.55% p.a. / 2.60% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$20,000 to S$49,999
Tenure: 8 months
Interest Rate: 2.50% p.a. / 2.55% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$20,000 to S$49,999
Tenure: 10 months
Interest Rate: 2.45% p.a. / 2.50% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$20,000 to S$49,999
Tenure: 6 months
Interest Rate: 2.60% p.a. / 2.65% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$50,000 and above
Tenure: 8 months
Interest Rate: 2.55% p.a. / 2.60% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$50,000 and above
Tenure: 10 months
Interest Rate: 2.50% p.a. / 2.55% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$50,000 and above
RHB Bank
Tenure: 3 months, 6 months or 12 months
Interest Rate: 2.58% p.a. (Personal Banking) / 2.68% p.a. (Premier Banking)
Minimum Amount: S$20,000
MayBank2u Singapore
Tenure: 6 months
Interest Rate: 2.90% p.a. (Branch) / 2.45% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Tenure: 9 months
Interest Rate: 2.70% p.a. (Branch) / 2.40% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Tenure: 12 months
Interest Rate: 2.70% p.a. (Branch) / 2.35% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Best Fixed Deposit Rates in February 2025
As you can see from the above list, most of the Singapore banks had maintained their fixed deposit interest rates similar to January 2025. The tenure is also short at 6 months.
In February, MayBank2u Singapore had slashed its fixed deposit interest rates. Despite that, MayBank2u Singapore still offered the highest fixed deposit interest rate at 2.90% per annum for a 6-months tenure. However, the fixed deposit placement must be done at the branch.
Where is the best place to park your money? If you have 100K, look at my review on UOB Stash Savings Account. For any amount lesser, do consider the latest issue of Singapore Savings Bond (SBMAR25 GX25030N) at 2.83% per annum (one year) or the next issue of SGS T Bill.
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