Best fixed deposit rates 2024: Grow your money with little risk

Rex
·4-min read

Inflation is a wealth killer if you aren’t smart with your money. While we never touched the 9.2% rate of the U.S., we did venture above the 4% range for almost 2 years and currently sit at 3.4%. The best fixed deposit rates in Singapore in Apr 2024 are all below the 4% mark.

What that means is that you will need to place your money in a top FD rate bank or financial institution to maintain your buying power. Here is a list of the 10 best fixed deposit rates offered in Singapore.

Please not that rates are subject to change and that terms may vary between banks and other financial institutions.

1. Syfe Cash+ Guaranteed

Syfe offers what is apparently the highest fixed deposit interest rates in Singapore for personal investment. The real advantage is that there is no lock-in period and immediate liquidity, meaning that you earn interest but still have a backstop for emergencies. It’s the ideal option for those who want a mix of high returns and flexibility.

Fixed deposit rates - Syfe
Fixed deposit rates - Syfe

  • Rate: 3.8% p.a.

  • Tenure: From 3 months (lower rates for other tenures)

  • Minimum Deposit: No minimum

2. StashAway Simple Guaranteed

With no minimum or maximum fixed deposit capital, StashAway Simple Guaranteed fixed deposits appeals to the widest range of fixed deposit investors. Their best FD interest rates are just below Syfe’s but the app control may be a feature that you will like.

Fixed deposit rates - StashAway
Fixed deposit rates - StashAway

  • Rate: 3.75% p.a.

  • Tenure: 3 months (lower rates for 6, 9 and 12 months)

  • Minimum Deposit: No minimum

3. Bank of China Singapore

Bank of China is the place for one of the top fixed deposit rates in Singapore for the USD. Their highest rate for SGD fixed deposits is only 1.8% for amounts up to S$500,000.

Fixed deposit rates - Bank of China
Fixed deposit rates - Bank of China

  • Rate: 4.8% p.a. for up to US$50,000

  • Tenure: 3 months

  • Minimum Deposit: S$500 for online/mobile banking; S$5,000 over the counter

4. ICBC Singapore

ICBC, the Industrial and Commercial Bank of China rewards you for using their e-banking system with a fixed deposit interest 0.05% higher. They have higher rates for USD but that comes with a 1% service fee for deposit and withdrawal.

Fixed deposit rates - ICBC
Fixed deposit rates - ICBC

  • Rate: Up to 3.35% p.a.

  • Tenure: 3 months

  • Minimum Deposit: S$500 for e-banking; S$20,000 over the counter

5. HSBC Singapore

High-net-worth individuals looking for security and competitive returns on larger fixed term deposits should consider HSBC. Although you can open an account with them with just S$5,000, the minimum for a time deposit here is S$30,000.

Fixed deposit rates - HSBC
Fixed deposit rates - HSBC

  • Rate: 3.25% p.a.

  • Tenure: 3 months

  • Minimum Deposit: S$100,000

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6. CIMB Singapore

With its tiered interest rates with higher returns for preferred banking customers, CIMB Singapore is another attractive destination for your fixed deposit dollars.

Fixed deposit rates - CIMB
Fixed deposit rates - CIMB

  • Rate: 3.30% p.a. for preferred banking; 3.25% p.a. for personal banking

  • Tenure: 3 or 6 months

  • Minimum Deposit: S$10,000

7. State Bank of India Singapore

Long-term deposit options for the State Bank of India in Singapore can net you an impressive 3.2% on the Singapore dollar. However, high net worth individuals will go for the astronomical 5.4% interest on USD fixed deposits of US$25,000 and more, for periods as short as 3 months.

Fixed deposit rates - SBI SGD
Fixed deposit rates - SBI SGD
Fixed deposit rates - SBI USD
Fixed deposit rates - SBI USD

  • Rate: 3.20% p.a.

  • Tenure: 12 months

  • Minimum Deposit: S$50,000

8. RHB Singapore

Use the RHB Mobile SG app as a  premier banking client to unlock preferential rates for a 6-month term deposit as low as S$20,000.

Fixed deposit rates - RHB
Fixed deposit rates - RHB

  • Rate: 3.20% p.a. for premier banking; 3.15% p.a. for personal banking

  • Tenure: 6 months

  • Minimum Deposit: S$20,000

9. DBS Singapore

Singapore’s largest bank lets you start a term deposit account with just S$1,000 with a good rate. They are also a good option for USD fixed deposits, giving clients 5.08% interest (second only to SBI) on sums less than S$10,000.

Fixed deposit rates - DBS
Fixed deposit rates - DBS

  • Rate: 3.20% p.a.

  • Tenure: 12 months

  • Minimum Deposit: S$1,000

10. OCBC Singapore

The last entry on our list is the only one that dips below the 3% interest rate mark for fixed deposits. They also have a relatively high entry threshold of S$30,000. However, they are widely accessible and an attractive choice for USD term deposits where they offer as much as 4.86% for sums over US$250,000.

Fixed deposit rates - OCBC
Fixed deposit rates - OCBC

  • Rate: 2.90% p.a. online; 2.70% p.a. at branches

  • Tenure: 6 months

  • Minimum Deposit: S$30,000

Please note that these rates are subject to change, and terms may vary. I recommend that you check the banks’ official websites or contact them directly for the most up-to-date information.

Note that all fixed deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000, providing an additional layer of security for your investment.

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The post Best fixed deposit rates 2024: Grow your money with little risk appeared first on SETHLUI.com.

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