As of December 2024, DBS Bank offers the highest fixed deposit rate among the institutions listed, with a rate of 3.20% per annum (p.a.).
When considering fixed deposits, it's essential to look beyond just the highest rate and consider factors like minimum deposit requirements, tenor (deposit period), and any special conditions.
Top Fixed Deposit Rates in Singapore (Dec 2024)
Here's a breakdown of some of the leading fixed deposit rates available, based on recent market information:
| Bank/Provider | Fixed Deposit Rate (p.a.) | Key Details |
|---|---|---|
| DBS | 3.20% | Highest rate listed; minimum deposit applies. |
| Maybank | 3.15% | Requires a minimum deposit. |
| Syfe Cash+ Guaranteed | 3.15% | Available for a 1-month tenor with no minimum amount. |
| StashAway Simple Guaranteed | 3.00% | Available for 1 or 3 months with no minimum amount. |
| ICBC | 3.00% | Requires a minimum deposit. |
| Bank of China | 3.00% | Requires a minimum deposit. |
Rates are subject to change and may vary based on specific promotion periods, tenor, and deposit amounts. Always check with the respective banks for the most current information.
Factors to Consider When Choosing a Fixed Deposit
While the interest rate is a primary driver, a comprehensive approach to choosing the best fixed deposit involves evaluating several key aspects:
- Tenor (Deposit Period): Fixed deposits typically range from 1 month to several years. Longer tenors often, but not always, offer higher rates, but your funds will be locked in for that period.
- Minimum Deposit Requirement: Some fixed deposits require a substantial minimum deposit (e.g., S$10,000 or more), while others, like Syfe Cash+ Guaranteed and StashAway Simple Guaranteed, have no minimum, making them accessible to more individuals.
- Early Withdrawal Penalties: Be aware of the terms for early withdrawal. Most banks will penalize you by forfeiting all or a portion of the accrued interest if you withdraw your funds before the maturity date.
- Promotional Rates: Banks frequently offer special promotional rates for new funds or specific tenors. These rates can be very attractive but are often temporary.
- Liquidity Needs: Assess your short-term and long-term liquidity needs. If you foresee needing the funds, a shorter tenor or a product with more flexibility might be more suitable, even if the rate is slightly lower.
- Deposit Insurance: In Singapore, deposits with full banks and finance companies are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per scheme member.
For the most up-to-date fixed deposit offerings and to compare various options, it is always recommended to visit the official websites of financial institutions or consult trusted financial news sources such as sg.news.yahoo.com.
