Best fixed deposit rates in May 2025

Are you looking for the best fixed deposit rates in May 2025? The recent market crash due to Trump’s tariffs had taught us to diversify our investments into various financial assets. If you cannot tolerate the volatility of the current stock market, you should look at less risky financial assets. Fixed deposits are low risk in nature and at times, Singapore banks may offer attractive interest rates as part of their fixed deposition promotion. The most important thing is that your principal and interest return is guaranteed.

Just fresh news from the Federal Reserve yesterday, the Fed announced that they will be keeping interest rates unchanged for the moment because President Donald Trump’s tariffs have created “so much uncertainty”. It is important to know the relation between Fed rate changes and fixed deposit interest rates.

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.

Can the best fixed deposit rates beat this month’s issue of Singapore Savings Bond (SBJUN25)? The effective interest rate for SSB GX25060V is 2.56% if you held it for 10 years. If you sell SBJUN25 after 1 year, the return is 2.20% per annum.

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.

Singapore favourite bank DBS kept its fixed deposit interest rates as the same since March 2025.

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

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

Tenure: 9 months or 10 months
Interest Rate: 2.15% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 11 months
Interest Rate: 2.10% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 13 months
Interest Rate: 2.05% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 9 months or 10 months
Interest Rate: 2.20% p.a.
Minimum Amount: S$20,000 and above

Tenure: 11 months
Interest Rate: 2.15% p.a.
Minimum Amount: S$20,000 and above

Tenure: 13 months
Interest Rate: 2.10% p.a.
Minimum Amount: S$20,000 and above

Below are Hong Leong Finance’s interest rates if you make a placement at the branch.

Tenure: 7 months
Interest Rate: 1.95% p.a.
Minimum Amount: S$20,000 to S$49,999

Tenure: 10 months
Interest Rate: 1.75% p.a.
Minimum Amount: S$20,000 to S$49,999

Tenure: 13 months
Interest Rate: 1.70% p.a.
Minimum Amount: S$20,000 to S$49,999

Tenure: 7 months
Interest Rate: 2.00% p.a.
Minimum Amount: S$50,000 and above

Tenure: 10 months
Interest Rate: 1.80% p.a.
Minimum Amount: S$50,000 and above

Tenure: 13 months
Interest Rate: 1.75% p.a.
Minimum Amount: S$50,000 and above

RHB Bank Fixed Deposit Rates

Tenure: 3 months, 6 months or 12 months
Interest Rate: 2.00% p.a. (Personal Banking) / 2.10% p.a. (Premier Banking)
Minimum Amount: S$20,000

MayBank2u Singapore Fixed Deposit Rates

Tenure: 6 months
Interest Rate: 2.45% p.a. (Branch) / 2.05% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Tenure: 9 months
Interest Rate: 2.25% p.a. (Branch) / 1.90% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 2.25% p.a. (Branch) / 1.85% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Best Fixed Deposit Rates in May 2025

In May, I observed that fixed deposit rates trended lower as compared to previous month. Similar to April, the interest rates for shorter term fixed deposits are 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 Singapore offer the highest fixed deposit interest rate at 2.45% per annum for a 12-months tenure. If you are looking for a shorter tenure, MayBank2U offered 2.45% per annum for 6-months.

Where is the best place to park your money? If you have 100K, please look at my review on UOB Stash Savings Account. At least for now, I have not received any news on UOB Stash cutting their interest rates. For any amount lesser, you can consider MayBank2u 6-months fixed deposit at 2.90% per annum done at the branch.

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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.