Highest Fixed Deposit Rates in August 2025

With falling interest rates, are you looking for the highest fixed deposit rates in Singapore in August 2025? Is DBS fixed deposit rates still the highest in Singapore? 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.

As shared, SORA has been on the downtrend over the past few months. While SORA is a key benchmark, I wanted to reiterate that fixed deposit rates are not directly pegged to it in a simple way. Banks determine their own base interest rates, which may be influenced by overall market interest rate trends that SORA reflects.

Despite not directly related, Singapore fixed deposit rates are closely linked to global monetary trends. The Fed had kept the interest rates constant in July. However, investors are expecting an interest rate cut in September as the US inflation decline. Singapore banks are adjusting their interest rates lower in anticipation of the rate cuts.

Which Bank Offer the Highest Fixed Deposit Rates in Singapore?

The popular Singapore banks are DBS, OCBC and UOB. What is UOB fixed deposit rates? Is DBS fixed deposit rates still the highest among the 3 local Singapore Banks? What about OCBC fixed deposit rates?

As usual, let us take a look at the interest rates offered by most of the Singapore Banks listed below. To help you make the best decision, I have compiled the best fixed deposit rates in Singapore. Below, I highlighted those fixed deposit rates in green whereby I think they offered the best value from each bank.

Now, let us take a look at the fixed deposit rates offered by Singapore three major banks UOB, OCBC and DBS.

In June, I made a fixed deposit placement of 12 months with DBS Bank as they offered the best fixed deposit rates in Singapore. DBS Bank had kept the fixed deposit rates constant since June.

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

CIMB Bank Fixed Deposit Rates

Tenure: 3 months
Interest Rate: 1.60% p.a. (Personal Banking) / 1.65% p.a. (Preferred Banking)
Minimum Amount: S$10,000

Tenure: 6 months
Interest Rate: 1.55% p.a. (Personal Banking) / 1.60% p.a. (Preferred Banking)
Minimum Amount: S$10,000

Tenure: 9 months or 12 months
Interest Rate: 1.30% p.a. (Personal Banking) / 1.35% p.a. (Preferred Banking)
Minimum Amount: S$10,000

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: 8 months and 9 months
Interest Rate: 1.60% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 11 months
Interest Rate: 1.50% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 13 months
Interest Rate: 1.45% p.a.
Minimum Amount: S$5,000 to S$19,999

Tenure: 8 months and 9 months
Interest Rate: 1.65% p.a.
Minimum Amount: S$20,000 and above

Tenure: 11 months
Interest Rate: 1.55% p.a.
Minimum Amount: S$20,000 and above

Tenure: 13 months
Interest Rate: 1.50% p.a.
Minimum Amount: S$20,000 and above

RHB Bank Fixed Deposit Rates

Tenure: 3 months
Interest Rate: 1.40% p.a. (Personal Banking) / 1.50% p.a. (Premier Banking)
Minimum Amount: S$20,000

Tenure: 6 months
Interest Rate: 1.10% p.a. (Personal Banking) / 1.20% p.a. (Premier Banking)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 1.00% p.a. (Personal Banking) / 1.10% p.a. (Premier Banking)
Minimum Amount: S$20,000

MayBank2u Singapore Fixed Deposit Rates

Tenure: 6 months
Interest Rate: 1.75% p.a. (Placement online, via Maybank2u Online Banking, Maybank2u SG app or in branch) / 1.50% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Tenure: 9 months
Interest Rate: 1.70% p.a. (Placement online, via Maybank2u Online Banking, Maybank2u SG app or in branch) / 1.45% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Tenure: 12 months
Interest Rate: 1.65% p.a. (Placement online, via Maybank2u Online Banking, Maybank2u SG app or in branch) / 1.45% (iSAVvy Time Deposit via Internet Banking)
Minimum Amount: S$20,000

Bank of China Fixed Deposit Rates

The fixed deposit rates offered by Bank of China is complicated as the interest rates varies based on the tenure and whether you do the fixed deposit placement over the counter or via mobile banking.

Tenure: 1 month
Interest Rate: 1.35% p.a. (Over the counter) / 1.55% p.a. (via Mobile Banking)
Minimum Amount: S$20,000 and above (Over the Counter) / S$500 and above (via Mobile Banking)

Tenure: 2 months
Interest Rate: 1.35% p.a. (Over the counter) / 1.60% p.a. (via Mobile Banking)
Minimum Amount: S$20,000 and above (Over the Counter) / S$500 and above (via Mobile Banking)

Tenure: 3 months, 4 months and 5 months
Interest Rate: 1.35% p.a. (Over the counter) / 1.70% p.a. (via Mobile Banking)
Minimum Amount: S$20,000 and above (Over the Counter) / S$500 and above (via Mobile Banking)

Tenure: 6 months
Interest Rate: 1.70% p.a. (via Mobile Banking)
Minimum Amount: S$40,000 and above (via Mobile Banking)

Tenure: 6 months
Interest Rate: 1.65% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 9 months
Interest Rate: 1.60% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Tenure: 12 months
Interest Rate: 1.50% p.a. (via Mobile Banking)
Minimum Amount: S$20,000 and above (via Mobile Banking)

Tenure: 12 months
Interest Rate: 1.45% p.a. (via Mobile Banking)
Minimum Amount: S$500 and above (via Mobile Banking)

Citibank Fixed Deposit Interest Rates

Tenure: 3 months or 6 months
Interest Rate: 1.40% p.a.
Minimum Amount: S$10,000 to S$5,000,000

Best Fixed Deposit Rates in August 2025

The interest rates across all banks continued to fall except for one bank. Similar to previous months, 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.

The only bank that maintained its interest rates since June is DBS Bank. DBS Singapore continued to offer the highest fixed deposit interest rate at 2.45% per annum for a 12-months tenure. The next best contender goes to MayBank2u Singapore where the bank is offering 1.75% per annum for a 6-months fixed deposit placement.

If you want to compare the fixed deposit rates offered by the 3 Singapore banks (DBS, OCBC or UOB), UOB fixed deposit rate is more competitive at 1.55% per annum for a 6-month placement than OCBC. DBS fixed deposit rates are the highest among the 3 Singapore banks.

Where is the best place to park your money? If you have 100K, you should grab the opportunity and stash 20K into DBS Singapore 12-month Fixed Deposit at 2.45% per annum. For the remaining 80K, consider stashing them into any high interest savings accounts.

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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.