Money Lobang

Highest Fixed Deposit Interest Rates Promotion in Singapore 2024

Highest Fixed Deposit Interest Rates Promotion in Singapore
Facebook Like Icon 27 people like this
Rating: 4 Stars4.5/5.0 (17 Reviews)

Last updated on 2024-02-21

1. Where Can I Save My Money?

2. Fixed Deposit Minimum Amount and Minimum Period

3. Best Fixed Deposit Rates in Singapore 2024

4. Which Bank has Highest Fixed Deposit Rate?

5. Search for Fixed Deposit


Where Can I Save My Money?

You can save your money in either regular current or savings deposit accounts or fixed deposit accounts in Singapore. 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 2023. Both rates are expected to ease off in the coming months as inflation wanes off in the course of the current year.

Contrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.

Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.


Fixed Deposit Minimum Amount and Minimum Period

The minimum amount and period for fixed deposits differs from bank to bank. As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.

For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $75,000 (Risk-free since insured by SDIC). Rates are based on the assumption of new fresh funds deposit and a depositor doesn't have any privilege or preferred relationship with the bank.  We have also include the current Money Lobang Average Fixed Deposit Rates and latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison for depositors.


Best Fixed Deposit Rates in Singapore 2024

Financial Institution Interest Rate



Bank of China








State Bank of India




Singapura Finance


Standard Chartered


Sing Investments and Finance


Hong Leong Finance


Bank of East Asia








Average Fixed Deposit Rates




Singapore Savings Bonds




HL Bank


* Interest Rate based on maximum deposit amount of $75,000 and tenures ranging from 3 to 18 months


Which Bank has Highest Fixed Deposit Rate?

The highest interest rate is by CIMB which offers an interest rate of 3.50% p.a. for 6 months tenure for funds of $10,000 and above. Similarly, Bank of China offers an interest rate of 3.45% p.a. for 3 months tenure for funds of $5,000 and above. The highest rate is 0.49% or about 16% higher than Money Lobang's National Average Fixed Deposit Rates for February 2024 is 3.00% p.a.


Search for Fixed Deposit

Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Smart Search which will narrow your choices down to a list of deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.

Add Review (* Required information)


Min 20 characters

captchaReload Icon Reload Image

Verification Code *

17 Reviews
(Not all reviews shown on page. Search or Sort reviews to find review)
4.5/5.0 (17)

Highest Fixed Deposit Interest Rates Promotion in Singapore 2024 Review

Search Reviews:
Sort By :
No data found