Below are the best fixed deposit rates offered by the Singapore banks to start 2025. They are also the best fixed deposit rates for Chinese New Year (CNY) that falls in January 2025. In December 2024, the Fed cuts its interest rates by a quarter percentage point. This brings the overnight borrowing rate to a target range of 4.25% to 4.5%. How did the cut affect Singapore fixed deposit rates? As usual, I polled the fixed deposit rates offered by the usual banks in Singapore.
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?
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: 2.65% p.a. (Personal Banking) / 2.70% p.a. (Preferred Banking)
Minimum Amount: S$10,000
Tenure: 6 months
Interest Rate: 2.70% p.a. (Personal Banking) / 2.75% 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
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
Interest Rate: 2.25% p.a. (OCBC Branch) / 2.45% (Internet Banking)
Minimum Amount: S$30,000
Tenure: 12 months
Interest Rate: 2.10% p.a. (OCBC Branch) / 2.30% (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: 3.05% p.a. (Branch) / 2.70% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Tenure: 9 months
Interest Rate: 2.80% p.a. (Branch) / 2.55% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Tenure: 12 months
Interest Rate: 2.80% p.a. (Branch) / 2.50% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000
Singapore Fixed Deposit versus SSB SBFEB25 GX25020H
The latest issue of Singapore Savings Bond (SBFEB25 GX25020H) gives you a return of 2.76% per annum if you hold it and sell it after 1 year. This is equivalent to placing a fixed deposit with a tenure of 12 months.
| Year from issue date | Interest % | Average return per year %* |
| 1 | 2.76 | 2.76 |
Based on the above fixed deposit rates offered by the banks, only MayBank2u Singapore’s fixed deposit interest rate beats Singapore Savings Bond. However, the caveat is that you need to go to Maybank’s branch to do a fixed deposit placement. If I am going for the convenience, I will buy Singapore Savings Bond (SBFEB25 GX25020H) instead given the convenience of doing it online and also the liquidity benefit of Singapore Savings Bond.
Tenure: 12 months
Interest Rate: 2.80% p.a. (Branch)
Minimum Amount: S$20,000
Best Fixed Deposit Rates to Start 2025
As you can see from the above list, most of the Singapore banks had significantly reduced their fixed deposit interest rates in January 2025.
MayBank2u Singapore is the only bank among the above list to continue offering interest rates above 3%. For a 6-month fixed deposit placement, MayBank2u is offering you 3.05% per annum and the placement must be done at the branch.
Where is the best place to park your money? I found one but I am still looking at the details and will share in my upcoming posts.
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