Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit accounts. The difference has narrowed in recent months as savings deposit rates play catch up to fixed deposit interest rates which soared to record highs in 2022. Both rates are expected to ease off in the coming months as inflation gets under control.
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Singapore deposits earn very low interest from banks and it has been consistently lower than 2.00% per annum since 2002. Interest rates have bottomed out in 2021 and have soared to record highs in the past year. Depositors can enjoy the best fixed deposit rates in more than 15 years as they can enjoy rates of up to 3.50% interest per annum...