Below are the best fixed deposit rates offered by the banks in Singapore in November 2024. Two days ago, the Fed announced that they are further reducing the interest rates by 25 bps. How will this impact Singapore Fixed Deposits? Singapore’s interest rates are heavily impacted by global rates and generally mirror the trends seen in other central banks, particularly the Fed. Thus, the yield from fixed deposits and government securities like Treasury bills (T-bills) and Singapore Savings Bonds may decrease as a result of the Fed’s interest rate reduction.
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.
Fixed deposits provide a stable and reliable way to save money and earn a steady income over time.
Why Invest in Fixed Deposits When Singapore Reits Can Give You Higher Returns?
I know seasoned investors always like to take risks. As such, they may compare the returns from Singapore REITs with fixed deposits. Despite the lower returns, investing in fixed deposits still have its benefits.
Investing in fixed deposits in Singapore can provide certain advantages that may suit some investors’ preferences. Fixed deposits are considered low-risk investments that offer a guaranteed return on your capital, making them a safer option for those who prioritize capital preservation.
Additionally, fixed deposits are backed by the Singapore Deposit Insurance Corporation, which provides protection for depositors in case of bank failures.
On the other hand, Singapore REITs may offer higher returns but come with higher risks due to market fluctuations and economic conditions. Investors looking for stable and predictable returns may find fixed deposits to be a more suitable investment option.
Which Bank Offer the Best Fixed Deposit Rate?
Let us take a look at the interest rates offered by several Singapore Banks below.
CIMB Bank
CIMB Bank has kept its fixed deposit interest rates the same as October 2024.
Tenure: 3 Months or 6 months
Interest Rate: 2.75% p.a. (Personal Banking) / 2.80% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 9 Months or 12 months
Interest Rate: 2.55% p.a. (Personal Banking) / 2.60% p.a. (Preferred Banking)
Minimum Amount: S$10,000
UOB Fixed Deposit Rate
UOB had lowered its fixed deposit interest rates as compared to October 2024.
Tenure: 6 Months
Interest Rate: 2.60% p.a.
Minimum Amount: S$10,000
Tenure: 10 Months
Interest Rate: 2.40% p.a.
Minimum Amount: S$10,000
OCBC Fixed Deposit Rate
Here are OCBC fixed deposit interest rates. OCBC had kept its 6 months fixed deposit the same as October but slightly increased its interest rate for its 12 months placement.
Tenure: 6 Months
Interest Rate: 2.30% p.a. (OCBC Branch)
Minimum Amount: S$30,000
Tenure: 12 Months
Interest Rate: 2.20% p.a. (OCBC Branch)
Minimum Amount: S$30,000
Tenure: 6 Months
Interest Rate: 2.60% p.a. (Internet Banking)
Minimum Amount: S$30,000
Tenure: 12 Months
Interest Rate: 2.50% p.a. (Internet Banking)
Minimum Amount: S$30,000
DBS Fixed Deposit Rate
Here are Singapore favourite bank DBS fixed deposit interest rates. In October, I had done a 12-months fixed deposit placement with DBS, locking in 3.20% per annum.
Tenure: 6 Months
Interest Rate: 2.90% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 7 Months
Interest Rate: 2.95% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 8 Months
Interest Rate: 3.00% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 9 Months
Interest Rate: 3.10% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 10 or 11 Months
Interest Rate: 3.15% p.a.
Minimum Amount: S$1,000 to $$19,999
Tenure: 12 Months
Interest Rate: 3.20% p.a.
Minimum Amount: S$1,000 to $$19,999
Hong Leong Finance
Tenure: 7 or 8 Months
Interest Rate: 2.75% p.a.
Minimum Amount: S$20,000 to S$49,999
Tenure: 10 or 11 Months
Interest Rate: 2.60% p.a.
Minimum Amount: S$20,000 to S$49,999
Tenure: 7 or 8 Months
Interest Rate: 2.80% p.a.
Minimum Amount: S$50,000 and above
Tenure: 10 or 11 Months
Interest Rate: 2.65% p.a.
Minimum Amount: S$50,000 and above
RHB Bank
You could earn up to 3.70% p.a. for 3, 6 or 12-months fixed deposit placement with RHB Bank if you sign up for their Wealth Product.
Tenure: 3 Months
Interest Rate: 2.80% p.a. (Personal Banking) / 2.85% p.a. (Premier Banking)
Minimum Amount: S$20,000
Tenure: 6 Months
Interest Rate: 2.80% p.a. (Personal Banking) / 2.85% p.a. (Premier Banking)
Minimum Amount: S$20,000
Tenure: 12 Months
Interest Rate: 2.55% p.a. (Personal Banking) / 2.60% p.a. (Premier Banking)
Minimum Amount: S$20,000
Which Bank Offers the Best Fixed Deposit Rates in November 2024?
In my opinion, DBS Bank is the clear winner here. DBS is still offering 3.20% per annum for a 12-months fixed deposit placement. If you have followed my financial progress updates, you will know that I have done a fixed deposit placement with DBS Bank last month, locking in 3.20% per annum.
Singapore Treasury Bills (T Bills) BS24121A is only offering a cut off yield of 2.99% per annum. Singapore Savings Bonds (SBDEC GX24120F) is only giving you 2.66% per annum if you hold it for 1 year. I guess this is where DBS Bank’s 12-month fixed deposit at 3.20% per annum stands out.