Best Fixed Deposit Rates in January 2024

Which Bank gives you the Best Fixed Deposit Rates in January 2024? As shared by Mrs Wow, Fixed Deposits are a great way to fill up your Bucket 1 (Cash and Equivalents). This is part of my retirement strategy. If you have this book titled “Retire Smart” written by Lorna Tan, one of the pages wrote about filling different buckets for your retirement.

If you do not have the book, never mind. Mrs Wow at Wow Pursuits had written an excellent article about The Retirement Bucket Strategy and how to practically apply it. So if you are keen to understand more, visit the link above.

As forecasted by many financial bloggers and financial advisors, the interest rates offered by Banks are expected to be lower than last year. According to the news, inflation has rather stabilized so we may not expect further rate hikes. Having said that, we are also not expecting interest rate cuts in the earlier part of 2024.

Let us find out more below which banks offer the most attractive fixed deposit rates.

OCBC Fixed Deposit Rates

Let us first take a look at OCBC bank’s fixed deposit rates. The minimum placement for OCBC bank’s fixed deposit remained high at S$30,000.

If you do a fixed deposit placement of S$30,000 with OCBC Bank for 6 months via Internet Banking, the interest you will receive upon maturity is S$465.

As you can see from the table below, the interest rate of 3.10% p.a. only applies to placement performed via Internet Banking. I do not see why you want to visit the Branch to do a placement and get lower interest rate of 2.70% p.a.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6 months2.70%S$30,000Branch
6 months3.10%S$30,000Online

UOB Fixed Deposit Rates

UOB is offering an interest rate of 3.10% p.a. for a 6, 10 or 12 months fixed deposit placement.

If you make a fixed deposit placement of S$10,000 with UOB Bank for 6 months, the interest you will receive upon maturity is S$155.

In the event you wish to lock down your money longer with UOB for a period of 10 months or 12 months, the interest rate you will receive upon maturity is S$258.33 and S$310 respectively.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6, 10, 12 months3.10%S$10,000All

DBS Fixed Deposit Rates

Singaporean’s favourite bank DBS is offering attractive interest rates for a fixed deposit placement ranging from 9 months to 12 months. I have box up the ranges which I think is the sweet spot.

DBS Fixed Deposit Interest Rates January 2024

As you can see from DBS interest rate table above, the interest rate p.a. for 8 months fixed deposit placement is 3.00%. For 9 months, you get 3.10% p.a.

If you can afford a longer duration such as 10 or 11 month, DBS is offering you 3.15% p.a. for your fixed deposit placement.

The highest interest rate DBS can offer you is the 12 month fixed deposit placement at an interest rate of 3.20% per annum. Upon maturity of a S$10,000 placement, the interest you will receive is S$320.

CIMB Fixed Deposit Rates

CIMB is my favourite bank for Fixed Deposits because they have always been consistent in offering high interest rates and doing a placement is so convenient with their revamped CIMB Clicks mobile application.

This month, my fixed deposit placement with CIMB at 4.15% p.a. has matured. I have chosen to renew my fixed deposit with CIMB for another 6 months at 3.50% p.a. You will understand why in the end of this post.

CIMB Bank’s 3, 9 and 12 months interest rates are higher than other banks at 3.45%, 3.35% and 3.15% respectively.

A 6 month fixed deposit placement of S$10,000 with CIMB will give you an interest of S$175 upon maturity.

$10,000 AND ABOVE
$10,000 AND ABOVE
3 months3.45%3.50%
6 months3.50%3.55%
9 months3.35%3.40%
12 months3.15%3.20%

RHB Bank Fixed Deposit Rates

RHB is no longer offering the highest fixed deposit interest rates in town. CIMB Bank’s 6 months fixed deposit interest rate of 3.50% p.a. has beaten RHB Bank’s 6 months fixed deposit interest rate of 3.25% p.a.

TenorPersonal Banking
Premier Banking
Minimum Placement
3 months3.00%3.10%S$20,000
6 months3.25%3.30%S$20,000
12 months3.15%3.20%S$20,000

Deposit Insurance Scheme

Before you throw your life savings into fixed deposit with any of the above banks, it is also important to find out how much is protected by the SDIC (Singapore Deposit Insurance Corporation).

Most of the above banks I shared insured your deposits up to S$75k but you should double check and read the terms and conditions carefully prior to doing any placement.

The Winner of Best Fixed Deposit Rates in January 2024?

The winner of the best bank fixed deposit rates in January 2024 is CIMB Bank! I actually wanted to park some money with RHB but somehow their fixed deposit interest rates dropped this month.

What about Singapore Savings Bonds? I will say forget about SSB for now. The interest rate of this month’s issue of Singapore Savings Bond (SBFEB24 GX24020T) is extremely low at 2.81% for 10 years.

What about T-Bills? The cut off yield of the recent issue of 6 months T-Bill (BS24100F) is 3.74% p.a. If you prefer T-Bills, you can go for that as 3.74% p.a. is definitely higher than 3.50% p.a. offered by CIMB Bank. I bought 6 months T-Bill (BS24100F) too.

As shared previously, my bucket 1 (Cash and Equivalents) comprises of Singapore Saving Bonds, Fixed Deposits and T-Bills.

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!

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