As we head into 2025, following a year where global economic growth forecasts were revised downwards by organisations like the OECD in late 2024, securing stable returns on your hard-earned savings is more important than ever.
For Singaporeans looking for a trusted, low-risk option to grow their wealth and keep pace with inflation, fixed deposits, also known as time deposits, can be a compelling option. But what is a fixed deposit? Fixed deposits are investment vehicles that provide a boost to your savings; all you need is to deposit your money for a set period of time that typically ranges from 3 to 12 months. In return, you enjoy a guaranteed interest rate that’s generally higher than most savings accounts.
Looking for the best fixed deposit to maximise your savings in 2025? In this article, we share what you need to look out for when evaluating a fixed deposit and do a comparison to find out which bank has the highest fixed deposit rate in Singapore.
Table of contents
- Overview of the Fixed Deposit Rates in Singapore [April 2025]
- 3-Month Fixed Deposit Rates in Singapore
- 6-Month Fixed Deposit Rates in Singapore
- 12-Month Fixed Deposit Rates in Singapore
- Fixed Deposits vs Other Low-Risk Investments: What’s Best for You?
- Fixed Deposits vs Cash Management Solutions
- Factors to Consider When Choosing a Fixed Deposit
- Beyond Fixed Deposits: Discover Cash+ Guaranteed
- Why Choose Cash+ Guaranteed Over Fixed Deposits?
Overview of the Fixed Deposit Rates in Singapore [April 2025]
- Best 3-month fixed deposit: RHB, offering 2.50% with a minimum deposit of $20,000
- Best 6-month fixed deposit: Maybank, offering 2.90% with a minimum deposit of $20,000
- Best 12-month fixed deposit: Maybank, offering 2.70% with a minimum deposit of $20,000
- Best fixed deposit alternative: Syfe’s Cash+ Guaranteed, offering 2.60% on its 3-month term with no minimum deposit requirement
3-Month Fixed Deposit Rates in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| RHB | 2.50% (premier banking) | $20,000 |
| Bank of China | 2.50% (online) | $500 |
| CITI | 2.50% (Citigold) | $250,000-$3,000,000 |
| SingFinance | 2.45% (online) | $10,000 |
| ICBC | 2.45% | $200,000 |
| RHB | 2.40% (personal banking) | $20,000 |
| SingFinance | 2.40% (over-the-counter) | $10,000 |
| Bank of China | 2.40% (over-the-counter) | $10,000 |
| SingFinance | 2.40% (online) | $1,000-$9,999 |
| ICBC | 2.40% (online) | $500-$199,999 |
| CITI | 2.40% (Citigold) | $10,000-$249,000 |
| CIMB | 2.35% (preferred banking) | $10,000 |
| CIMB | 2.30% (personal banking) | $10,000 |
| ICBC | 2.30% (over-the-counter) | $20,000-$199,999 |
| CITI | 2.00% | $10,000-$3,000,000 |
| HSBC | 1.90% (over-the-counter) | $30,000-$199,999 |
| DBS/POSB | 1.00% | $1,000-$19,999 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
6-Month Fixed Deposit Rates in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| Maybank | 2.90% (over-the-counter) | $20,000 |
| RHB | 2.50% (premier banking) | $20,000 |
| Bank of China | 2.45% (online) | $500 |
| RHB | 2.40% (personal banking) | $20,000 |
| SingFinance | 2.40% (online) | $10,000 |
| CITI | 2.40% (Citigold) | $250,000-$3,000,000 |
| ICBC | 2.40% | $200,000 |
| SingFinance | 2.35% (over-the-counter) | $10,000 |
| Bank of China | 2.35% (over-the-counter) | $10,000 |
| SingFinance | 2.35% (online) | $1,000-$9,999 |
| Standard Chartered | 2.30% (priority banking) | $25,000 |
| ICBC | 2.30% (online) | $500-$199,999 |
| UOB | 2.30% (online) | $10,000 |
| CITI | 2.30% (Citigold) | $10,000-$249,000 |
| CIMB | 2.20% (preferred banking) | $10,000 |
| Standard Chartered | 2.20% (personal banking) | $25,000 |
| ICBC | 2.20% (over-the-counter) | $20,000-$199,999 |
| CIMB | 2.15% (personal banking) | $10,000 |
| DBS/POSB | 2.15% | $1,000-$19,999 |
| CITI | 2.00% | $10,000-$3,000,000 |
| HSBC | 1.90% (over-the-counter) | $30,000-$199,999 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
12-Month Fixed Deposit Rates in Singapore
| Bank | Interest Rate p.a. | Minimum amount (S$) |
| Maybank | 2.70% (over-the-counter) | $20,000 |
| RHB | 2.45% (premier banking) | $20,000 |
| DBS/POSB | 2.45% | $1,000-$19,999 |
| Bank of China | 2.40% (online) | $500 |
| ICBC | 2.40% | $200,000 |
| RHB | 2.35% (personal banking) | $20,000 |
| SingFinance | 2.35% (online) | $10,000 |
| SingFinance | 2.30% (over-the-counter) | $10,000 |
| Bank of China | 2.30% (over-the-counter) | $10,000 |
| SingFinance | 2.30% (online) | $1,000-$9,999 |
| ICBC | 2.25% (online) | $500-$199,999 |
| CIMB | 2.20% (personal banking) | $10,000 |
| ICBC | 2.15% (over-the-counter) | $20,000-$199,999 |
| OCBC | 2.10% (online) | $30,000 |
| CIMB | 2.05% (preferred banking) | $10,000 |
| OCBC | 2.00% (over-the-counter) | $30,000 |
| CITI | 1.90% | $10,000-$3,000,000 |
| HSBC | 1.80% (over-the-counter) | $30,000-$199,999 |
| DBS/POSB | 0.05% | $20,000-$999,999 |
Fixed Deposits vs Other Low-Risk Investments: What’s Best for You?
While fixed deposits might generally be a safe and steady way to make your money work harder for you, interest rates that hover around 3% might not be the most enticing. If you’re looking to find the best fixed deposit rates in Singapore, it’s important to understand the various options available to you in the broader low-risk investment landscape.
Here’s a closer look at a couple of financial instruments if you want to look for alternatives beyond fixed deposits to optimise your cash:
Fixed Deposits vs Singapore Savings Bonds (SSB)
The SSBs are government-backed securities that offer a relatively low-risk opportunity to grow your money.
The interest rates of the SSB differ monthly and the rates for April 2025 range between 2.73% (1-year average return) to 2.85% (10-year average return), which are slightly higher than the 3- & 12-month rates and lower than 6-month rates offered by fixed deposits.
The biggest difference between fixed deposit vs SSB is flexibility—you can withdraw your money anytime without any penalties, unlike certain fixed deposits.
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 2.50% (RHB premier banking) | $20,000 |
| Fixed Deposits | 6 months | 2.90% (Maybank over-the-counter) | $20,000 |
| Fixed Deposits | 12 months | 2.70% (Maybank over-the-counter) | $20,000 |
| SSB | 10 years | 2.73% (1-year average return) | $500 (maximum of $200,000) |
| SSB | 10 years | 2.85% (10-year average return) | $500 (maximum of $200,000) |
Fixed Deposits vs Cash Management Solutions
Cash management solutions designed to maximise returns are also great alternatives to fixed deposits, and Syfe’s Cash+ Guaranteed is an excellent example.
Cash+ Guaranteed places your funds in fixed deposits with banks regulated by the Monetary Authority of Singapore and is available in 1-month, 3-month, 6-month, and 12-month tenors.
It has some of the most competitive rates in the market. It’s a no-frills cash management solution that requires no minimum deposit amount and charges no fees.
Here’s how Cash+ Guaranteed holds up against fixed deposits:
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 2.50% (RHB premier banking) | $20,000 |
| Fixed Deposits | 6 months | 2.90% (Maybank over-the-counter) | $20,000 |
| Fixed Deposits | 12 months | 2.70% (Maybank over-the-counter) | $20,000 |
| Cash+ Guaranteed | 1 month | 2.50% | $0 |
| Cash+ Guaranteed | 3 months | 2.60% | $0 |
| Cash+ Guaranteed | 6 months | 2.55% | $0 |
| Cash+ Guaranteed | 12 months | 2.20% | $0 |
Fixed Deposits vs High Yield Savings Account (HYSA)
HYSAs are known for offering higher interest rates compared to traditional savings accounts. These accounts are liquid and have no fees, making them great for people who require ready access to their funds.
HYSAs have tiered interest rates; you start off with a base interest rate and are given the chance to earn bonus interest by fulfilling certain criteria such as purchasing an investment product from the bank.
While the base interest rates of HYSAs are typically lower than the average fixed deposit rate in Singapore, the effective interest rates can vary and may even end up being higher than the best fixed deposits.
Fixed Deposits vs Treasury Bills (T-Bills)
Singapore t-bills are short-term government bonds with maturity periods of 6 months or 1 year. The earnings from T-bills depend on market conditions, which can offer higher but less predictable returns than the steady interest from fixed deposits.
Like with the SSB, T-Bills are highly liquid and offer investors flexibility. Fixed deposits, on the other hand, are less liquid since the invested sum has to be locked in for a fixed period, and any early withdrawals are prone to penalties.
Liquidity is an important factor to consider in a comparison between fixed deposit and other forms of investments. While you might find the highest fixed deposit rate extremely attractive, always consider if you’re comfortable with a lock-in period and having no access to your funds.
| Tenor | Interest Rates | Minimum Amount | |
| Fixed Deposits | 3 months | 2.50% (RHB premier banking) | $20,000 |
| Fixed Deposits | 6 months | 2.90% (Maybank over-the-counter) | $20,000 |
| Fixed Deposits | 12 months | 2.70% (Maybank over-the-counter) | $20,000 |
| T-bill | 6 months | 2.73% (from the 1 April 2025 issue) | $1,000 and in multiples of $1,000 |
| T-bill | 12 months | 2.95% (from the 28 January 2025 issue) | $1,000 and in multiples of $1,000 |
Fixed Deposits vs Foreign Currency (USD) Fixed Deposit
Many Singaporeans are familiar with fixed deposits denominated in Singapore Dollars (SGD). SGD fixed deposits are a straightforward choice for most, with interest rates quoted and paid in SGD, making it straightforward to calculate your returns in the local currency at maturity.
However, another option to consider is a foreign currency fixed deposit, such as US Dollars (USD). When making a comparison between the best fixed deposit account in SGD and USD, investors must be aware of currency fluctuation risk. If the SGD strengthens against the USD during your fixed deposit term, your returns, when converted back to SGD, might be lower than anticipated.
Factors to Consider When Choosing a Fixed Deposit
Most people tend to zone in on the best interest rates and tenures of fixed deposits and overlook the terms and conditions of such products. But, not all fixed deposit schemes are created equal. If you’re asking yourself “should I put my money in a fixed deposit”, consider these factors for a thorough comparison:
Tenure and Liquidity
Before you begin looking at fixed deposit interest rates, you must understand your liquidity needs. If you anticipate needing access to your funds in a short timeframe, then a shorter tenure will be more suitable, even if it doesn’t come with the highest fixed deposit rates.
Interest Rates and Returns
Fixed deposit interest rates can vary between different banks and are updated periodically. Promotional offers can also affect the interest rates offered. Always shop around to find out which bank has the highest fixed deposit rate in Singapore before you commit.
Minimum Deposit Requirements
Before committing to a fixed deposit, always check the minimum deposit requirements. It’s no use if a bank has the highest fixed deposit rates if you are unable to meet the minimum amount.
Early Withdrawal Penalties
Life is unpredictable, and there may be times when you need to access your funds before your fixed deposit matures. However, early withdrawal usually comes with penalties. These penalties can vary depending on the bank and the specific terms of your fixed deposit agreement.
Some institutions might charge a flat fee, while others might forfeit a portion of the accrued interest. Review the terms and conditions carefully to ensure you’re aware of the potential costs of accessing your money early.
Inflation and Real Returns
When considering the best fixed deposit rates, you should also take into account the prevailing inflation rate. Inflation erodes the purchasing power of your money over time. If the inflation rate is higher than the interest rate you’re earning on your fixed deposit, your real return (the return adjusted for inflation) will be negative.
Beyond Fixed Deposits: Discover Cash+ Guaranteed
Instead of going through the hassle of comparing all the fixed deposit rates in Singapore yourself, consider Syfe’s Cash+ Guaranteed instead. Syfe Cash+ Guaranteed does the comparison and research for you, investing your funds in fixed deposits with MAS-regulated banks, providing the best fixed deposit rates with no minimum deposit and no fees.
Why Choose Cash+ Guaranteed Over Fixed Deposits?
Flexible Durations
Choose from 1-month, 3-month, 6-month, and 12-month tenures to match your investment timeline, offering flexibility that some traditional fixed deposits may lack.
No Minimum Deposit Requirements
Start growing your savings with any amount, Cash+ Guaranteed has no minimum deposit requirements, unlike many fixed deposit accounts.
Simplified Savings Without Hidden Fees
Enjoy transparent savings with no hidden fees or charges, maximising your returns without unexpected costs eating into your profits.
A User-Friendly and Seamless Experience
Manage your cash effortlessly through a user-friendly platform that allows you to review your expected returns and track the remaining duration of your tenure at a glance.
Ideal for Both Short-Term and Long-Term Goals
Whether you’re saving for a short-term goal or planning for the long term, Cash+ Guaranteed offers flexible tenures to help you achieve your financial objectives.
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