Will the best fixed deposit rates in March 2025 beat the returns offered by the latest issue of Singapore Savings Bond, Singapore Treasury Bills or our high-interest rate savings account? The latest issue of SSB (SBAPR25 GX25040F) is 2.85% if you held it for 10 years and 2.73% per annum if you hold it for only one year. The cut off yield of the latest issue of SGS T Bill (BS25104H 6-Month T-bill) is 2.75% per annum. Which is the best place to park your money?
Even though the famous quote says, “Be fearful when others are greedy and to be greedy only when others are fearful.”, we should never put all our money into a single basket, stocks and REITs. We should diversify our investments into various financial products. These financial products should range from stocks, REITs, ETF, mutual funds, money market funds, endowment plans, fixed deposits and high interest savings account. As such, I look for high interest rates fixed deposits every month to check whether any of them beat the returns from other financial products.
Before you scroll down, 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 in Singapore?
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 Fixed Deposit Rates
Tenure: 3 months
Interest Rate: 2.55% p.a. (Personal Banking) / 2.60% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 6 months
Interest Rate: 2.40% p.a. (Personal Banking) / 2.45% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 9 months or 12 months
Interest Rate: 2.25% p.a. (Personal Banking) / 2.30% p.a. (Preferred Banking)
Minimum Amount: S$10,000
UOB Fixed Deposit Rates
Tenure: 6 months or 10 months
Interest Rate: 2.40% p.a.
Minimum Amount: S$10,000
OCBC Bank Fixed Deposit Rates
Here are OCBC fixed deposit interest rates.
Tenure: 6 months
Interest Rate: 2.20% p.a. (OCBC Branch) / 2.30% (Internet Banking)
Minimum Amount: S$30,000
Tenure: 12 months
Interest Rate: 2.15% p.a. (OCBC Branch) / 2.25% (Internet Banking)
Minimum Amount: S$30,000
DBS Bank Fixed Deposit Rates
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 Fixed Deposit Rates
Tenure: 6 months
Interest Rate: 2.50% p.a. / 2.60% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$20,000 to S$49,999
Tenure: 9 months or 12 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: 2.55% p.a. / 2.65% p.a. (Internet Banking via HLF Digital)
Minimum Amount: S$50,000 and above
Tenure: 9 months or 12 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 Fixed Deposit Rates
Tenure: 3 months or 6 months
Interest Rate: 2.70% p.a. (Personal Banking) / 2.80% p.a. (Premier Banking)
Minimum Amount: S$20,000
Tenure: 12 months
Interest Rate: 2.60% p.a. (Personal Banking) / 2.70% p.a. (Premier Banking)
Minimum Amount: S$20,000
MayBank2u Singapore Fixed Deposit Rates
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 March 2025
As you can see from the above list, the interest rates for shorter term fixed deposits are more favourable than longer term fixed deposits.
In my opinion, MayBank2u Singapore 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.
In the second position would be RHB Bank whereby the bank is offering 2.70% per annum for a 3 or 6-months fixed deposit placement.
Where is the best place to park your money? If you have 100K, please look at my review on UOB Stash Savings Account. For any amount lesser, you can consider MayBank2u 6-months fixed deposit at 2.90% per annum done at the branch. Alternatively, just deposit your into GXS digital bank Boost Pocket for 3 months to earn 2.88% 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.
In almost all above cases, still better to get SSB at higher interest rate and ability to terminate with one month’s notice without penalty
Hi, as you can see from the picture you posted, the Maybank fixed deposit is a bundle promotion. So the EIR is actually less than 2.7%.