If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.
A term deposit account (also known as a term deposit account) is a type of bank account that will pay account holders a constant amount of interest in exchange for depositing a certain amount of money over a set period of time.
While fixed deposit rates hit a high of four per cent in Jan 2023, they’ve taken a dip since then and fixed deposit alternatives are looking ever more enticing.
That said, there are some consistent deposit rates that are still very decent and worth taking a look at if you have some coins on hand. You don’t even want a giant coin reserve: on those days, banks offer time deposits from as little as $500. !
Here’s our rundown of constant deposit rates in Singapore in January 2024 for banks like UOB, DBS, OCBC, and more.
Which Singapore bank offers constant deposit rate? These are the constant deposit rates in Singapore as of January 2024 for other deposit amounts and commitment periods.
Note: Most of these are promotional interest rates, and banks can replace your rates at any time. Please refer to their respective rates for the latest rates.
Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Jan 2024:
When it comes to time deposits, do you have a timeline in mind?Whether you need to hold onto your cash for three, six, or 12 months, combine the most productive consistent deposit rates for you.
Are you for a short period of constant deposit?Here are the most productive consistent deposit rates in Singapore for a three-month commitment period.
Accurate rates as of January 4, 2024. See Syfe’s Cash Guarantee page for fees.
If you’re looking for a simple and guaranteed way to grow your money, you may need to look beyond our classic banks.
Syfe Cash Garanti is a classic constant deposit, but invest your budget in constant deposits in banks regulated by the MAS. Their rates are higher than those of classic banks and there is no minimum or maximum amount.
As of January 4, 2024, Syfe Cash Guaranteed provides up to 3. 7% per annum consistent with a three-month term. This is down from the 4% rate seen in December 2023, but it’s still a smart rate on our list this month.
Syfe Guaranteed Cash
Exact rates as of January 4, 2024. Please refer to the StashAway Simple Guarantee page for updated maximum rates.
StashAway offers a money control solution called Simple Garanti. It’s precisely what it sounds like: an undeniable and guaranteed way to earn interest on your money. StashAway Simple Garanti puts the budget into time deposits at MAS-regulated banks, and you get a premium interest. rate than you would get with a term deposit at a bank.
As of January 4, 2024, StashAway’s highest undeniable guaranteed interest is 3. 80% per annum. For a consistent period of 3 months, with no minimum or maximum deposit amount. StashAway has maintained this highest rate since December 2023, when we last checked. your rates. And now, as of January 2024, it’s the highest rate in the city.
StashAway Simple Guaranteed
Rates effective January 4, 2024. The above rates are promotional rates and are subject to replacement at any time through ICBC. See ICBC for the latest rates.
There are some time deposits that have low barriers to entry on this list, however, China’s ICBC bank takes the cake. If you set up your constant deposit through e-banking, your minimum deposit is only $500; No, we don’t run from 0 there!
ICBC’s consistent deposit rates are also above average across the board, especially when comparing small amounts. Even if you only invest $500, you still get a steady 3. 35% rate per year, with a consistent three-month commitment. You will have to do it through electronic banking to take advantage of this rate.
Set on doing it the old school way over the counter? Firstly, you’ll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.30 per cent p.a. for a three-month period.
ICBC Fixed Deposit
Note: The promotional rates above are stated as valid until Jan 31, 2024. Do check Citibank’s fixed deposit promotion page for the latest rates in case Citibank makes changes.
The best Citibank fixed deposit rate you can currently get is 3.50 per cent p.a. for a minimum deposit amount of $50,000 and a commitment period of three months.
It’s a short commitment period, but it’s still a giant amount of money. Citibank constant deposit rates are generally not among the highest available for this reason. That said, your existing minimum deposit amount of $50,000 is already lower than the previous minimum of $250,000. .
Citibank Fixed Deposit
Promotional rates valid until 31 January 2024. See HSBC for latest rates.
HSBC’s fixed deposit rates are currently the best for a three-month commitment period, at 3.65 per cent p.a. That’s among the highest fixed deposit rates this month, and for a pretty short tenure too. HSBC’s fixed deposit is also advantageous because unlike banks like CIMB, you don’t need to be a preferred customer to enjoy this rate.
However, HSBC’s higher constant deposit rates have one major drawback: the minimum sum you want to pay to qualify for the higher rate is $200,000. Even to get a 3% rate consistent with the year, you need to set aside a minimum of $30,000 with HSBC. This is a significant sum for an average to constant deposit interest rate.
HSBC Term Deposit
The above rates were established on January 1, 2024 and are subject to update at any time through the Bank of China. We found that they replaced the rates every few weeks or so. Check their online page for the latest rates.
The best part about the Bank of China’s fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $5,000 to spare for only one month, you can still get a pretty decent interest rate of 2.95 per cent p.a.. Usually, many banks require a minimum deposit of at least $10,000.
If you’re looking to get the most productive constant deposit rate of 3. 60% per annum. With the Bank of China, you want to invest at least $5000 over a period of three consecutive months, which is strangely straightforward to do, in terms of minimum deposit amount and deposit consistent with the period. Please note that you will need to make this deposit through mobile banking to qualify for this fee.
Bank of China Time Deposit
Do you need to keep your cash in a steady deposit account for six months or a year?Below is a summary of the constant deposit rates in Singapore in 2024 for six-month and 12-month commitment periods:
Promotional rates valid until: January 31, 2024. Check the CIMB for the newest rates.
Malaysian bank CIMB is offering steady average deposit rates in Singapore this month, up to 3. 50 per cent a year. for regular CIMB consumers and 3. 55 per cent per annum. if you are a CIMB Preferred Banking customer.
This promotion is for deposits of at least $10,000. To qualify for the fees, you want to lock up your cash for six months and then apply for and deposit your cash online.
If you need to deposit smaller amounts of your savings into a constant deposit account, CIMB’s Board of Directors rates are 0. 2 to 0. 3% per annum. In that case, it’s best to place your money somewhere else. ICBC is a smart choice for small deposits and short, steady terms, at 3. 35 percent per annum ($500 minimum deposit for 3 months).
CIMB Fixed Deposit Rates
Note: The above costs are promotional costs subject to replacement at any time through RHB. Check the RHB for the latest prices.
The first thing you need to know about RHB is that they need you to use mobile banking. RHB used to list its online and offline placement rates, but now it only publishes the former. So if you need to invest in a time deposit with RHB, be prepared to do so on your phone via the RHB Mobile SG app.
Now let’s look at these rates. Unfortunately, they’ve taken a tumble since we crossed into 2024. We used to see rates of up to 3.60 per cent p.a. for a commitment period of six or 12 months in Dec 2023, but are now looking at a maximum of 3.40 per cent p.a. for a six-month period.
On the plus side, six months can be achieved compared to the 18-month commitments that other banks would possibly ask you to take advantage of their higher rates. The only downside? You deserve to plan for a minimum deposit of $20,000, which is slightly higher compared to other banks.
RHB fixed deposit
Check out HL Bank’s latest constant deposit rates; HL Bank may revise the fees at any time at its discretion.
As a member of the Hong Leong Group, HL Bank has lately been offering promotions on notable time deposits from January 4, 2024. Believe me, I called them to check. This is bad news for your interest rates as we’re done. with its meagre pension rates of between 0. 1 per cent and 0. 4 per cent per year.
HL Bank just wrapped up a holiday promotion on December 31, 2023, and I’m sure they’ll be back soon with a promotion with higher rates. If your holiday crusade serves to be overlooked, they may also offer smart rates: In December 2023, you can earn up to 3. 65% per year with a 12-month fixed deposit at HL Bank.
When it comes to its promotional constant deposit rates, HL Bank has one major drawback: a minimum maximum deposit amount, $100,000. If you don’t have this amount, HL Bank is rarely an option for you.
HL Bank Term Deposit
What we like: Promotional Maximum Constant Deposit Rates: Noted that HL Bank was 4% year-over-year successful, peaking in 2023.
What we don’t like: Their promotional rates usually require an ultra high minimum deposit amount of $100,000.
Note: The above rates are promotional rates and are subject to replacement at any time through Maybank. Please refer to Maybank’s deposit rates page for the latest rates.
Maybank’s steady deposit rates are among the lowest this month. The one you can get now is 2. 65% per year, with a commitment for a period of 12 or 15 months and a minimum deposit amount of $20,000.
Another disadvantage is that you will have to leave your money for at least a year. You may not get a higher rate if you leave it in position longer – get lower rates of 2. 35% per year. Conversely, if you’re looking for a shorter commitment for a period of three or six months, Maybank’s term deposit rates also drop to 2. 55 percent per year.
Maybank’s constant deposit rates differed depending on whether you make the constant deposit online or physically at a branch, but lately they are the same for both modes.
The only way a Maybank constant deposit will have value is if you have also decided on Maybank savings accounts or current accounts and can take advantage of the Maybank deposit package promotion. For every $1,000 in the account ($2,000 minimum), you can put cash (in $10,000 increments; $20,000 minimum) into the deposit package and earn special interest rate benefits of 3. 35% per year (12 or 15 months) or 2. 80 per cent annually. (18 months or 24 months).
Maybank Fixed Deposit
Note: The above are promotional themes to be replaced at any time via OCBC. Check out OCBC’s fixed deposit rates for the latest developments.
Lately, OCBC only offers a steady deposit rate, and that’s not very impressive compared to other banks: 3. 10% consistent with the year. For a six-month filing consistent with the period. Opening your constant deposit account will earn you a discount rate of 2. 70% per year.
Previously, your constant deposit rates depended heavily on the visitor organization you belong to: private banking consumers, OCBC flagship savings account holders, OCBC 360 accounts, Premier banking consumers, and Premier private customers. The latter two refer to priority bank consumers who earn a bank premium if they deposit or invest a certain amount of money in OCBC.
Since then, OCBC has made things a lot easier. Now, all types of banks are entitled to the same promotional rate for constant deposits, even if it was higher.
OCBC Fixed Deposit
Is cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:
These are the constant deposit rates in Singapore 2024 for deposits of $10,000 or less:
Currently, the DBS constant deposit rate is 3. 20% per annum for those who invest between $1,000 and $19,999 in a constant deposit for 12, 18, 24, 36, 48, or 60 months.
Anecdotally, we’ve observed that DBS almost never adjusts its rates. Now that other banks have scaled theirs, 3. 20% doesn’t seem so bad. And what’s more, it’s more than just having cash in a classic savings account!
One great thing I like about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they’re also pretty flexible with the deposit period.
If you can only lock your cash for less than 12 months, DBS will allow you to choose any deposit period at one-month intervals, from 1 to 12 months. Most other banks restrict this to three-month intervals.
However, if you plan to deposit $20,000 or more in a constant deposit, the existing DBS rates are constant and unimpressive at 0. 05% consistent with the year, for all lock-ups, for consistent periods. It’s better to invest your money elsewhere. RHB is a smart choice this month, offering 3. 60% annually for a $20,000 deposit, with a deposit for a period of six or 12 months.
DBS fixed deposit
Promotion valid until: Jan 31, 2024. Do check UOB’s website for the latest rates.
The UOB’s constant deposit rate model has remained stable in recent times, with a one-time interest rate of 3. 10 percent per annum. for two other consistent deposits with terms of six and 10 months. This fee applies as long as you deposit a minimum of $10,000. But with $10,000, it’s better to leave your money in CIMB for six months to get 3. 40% per annum. interest.
Like most other banks, the consistent rates on the UOB’s deposit forums are nothing out of the ordinary. Lately they only reach 3% for each deposit of money for at least 18 months.
UOB Fixed Deposit
If you need to set aside more than $20,000, here are your consistent deposit rates in Singapore this month:
Promotional rates valid until: January 31, 2024. Please refer to Standard Chartered deposit rates for the latest figures.
With a maximum interest rate of 3. 30 per cent a year, Standard Chartered’s consistent deposit rates aren’t impressive this month. You only get 3. 30 percent if you’re a senior personal banking customer, i. e. , if you have a secure net worth. If you are a regular customer, you will only be able to enjoy benefits from a rate of 3. 10% per annum.
Standard Chartered term deposit rates have not been replaced since last month (December 2023), however the duration of the constant period has been reduced from 8 months to six months. Rates are still below the average of other banks. For example, you can get six more. Monthly rates with RHB (3. 40 percent per year for a minimum deposit amount less than $20,000), Bank of China (3. 45 percent per year for $5,000) or CIMB (3. 50 percent per year for $10,000).
Standard Chartered also offers non-promotional constant deposit rates, but they leave even more to be desired. Standard Chartered’s same constant deposit rates were reviewed in April 2023 and still remain at just 3% per annum. 60 months.
Standard Chartered fixed deposit
Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you’ve got a few good options. Here are the best fixed deposit rates in Singapore 2024 for deposits $50,000 and above:
The State Bank of India (SBI) of Singapore is offering a perfect promotional constant deposit rate of 3. 65% per annum this month. To take advantage of this rate, you must invest at least $50,000 in SBI over a consistent six-month period. which is a huge amount, but at least the delay is rarely too long. Moreover, 3. 65% per annum is one of the highest term deposit rates this month among banks in Singapore.
SBI Singapore’s constant SGD deposit rates aren’t high, but we mention them here because they’re not as terrible as other banks’ sub-1% rates. The highest pension rate you’ll get is 2. 85% per year, and only if you can, set aside your cash for at least 24 months.
The only merit of the Singapore SBI board’s consistent deposit rates is that the minimum deposit amount is low at just $5,000. However, if you plan to leave your $5,000 in a steady deposit, you may find higher rates elsewhere. For the same amount, the Bank of China will give it 3. 60 percent per annum. for a constant period of 3 months.
State Bank of India Term Deposit, Singapore
Note: The above rates are promotional rates indexed as valid until January 4, 2024, but are subject to replacement at any time through Hong Leong Finance. Check out Hong Leong Finance’s constant deposit rates for the latest news.
Besides putting your money with banks, it’s also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don’t get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.
With a lock-up period of six or nine months, Hong Leong Finance currently offers a constant deposit rate of 3. 30% per annum for a minimum deposit of $20,000. They call this their holiday promotion on time deposits, but those rates have dropped by 0. 05% since November 2023. I’m just saying.
Hong Leong Financial Term Deposit
Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what you need to know about fixed deposits.
Anyone looking for more choice in their core savings account will face the same decision: term deposit or high-interest savings account?
Both of these features exceed the measly 0. 05% annual interest on a regular savings account, but the interest rate alone is not enough to compare the two.
Here are the differences between fixed deposits and savings accounts at a glance:
If you’re looking for a virtually risk-free investment vehicle, you’ve actually come across time deposits, Singapore Savings Bonds (SSBs), and Treasury bills (T-bills). Which one is right for you? Here are some key differences you consider.
ALSO READ: Should I invest in Singapore T-bills? (December 2023 to January 2024)
This article first appeared on MoneySmart.