Every few months, a bank runs a fixed deposit promotion with a headline rate that looks better than everyone else’s, and it gets forwarded around every Singapore personal finance Telegram group and Facebook group within a day. The problem is that “highest FD rate” is almost never a stable fact — it’s a snapshot of one bank’s promo calendar on one particular week, for one particular tenure and deposit amount. By the time you read a comparison article, the number quoted in it may already be outdated. This is the guide to use instead: not a table of numbers to memorise, but a method for comparing whatever rates are actually live when you’re ready to open one.
Why there’s no single “highest rate” answer
Fixed deposit rates in Singapore move on a few different clocks at once. There’s the general interest rate environment, which follows US Federal Reserve policy and SORA (the Singapore Overnight Rate Average) fairly closely. There’s each bank’s own funding need — a bank that wants to attract more deposits that quarter will run a sharper promo than one that doesn’t. And there’s the specific offer terms: promotional rates are usually reserved for new/fresh funds, specific tenures (often 6 or 12 months), and sometimes a minimum deposit amount that’s higher than you’d expect.
That means the “best” rate today could easily be from a different bank than it was three months ago, and a different bank again from the one with the best rate for a 3-month placement versus a 12-month one. Any table of numbers you see quoted — including in older articles on this topic — should be treated as expired the moment it’s more than a few weeks old. Always pull up the current rate on the bank’s own FD page (or call the branch) before deciding.
The three things that actually move the rate
1. Promotional vs board rate. Banks publish a standard “board rate” that applies by default, and separately run limited-time promotional rates that are usually meaningfully higher. Promo rates almost always require fresh funds (money not already sitting with that bank) and often exclude SRS or CPF funds. If a rate looks unusually good, check whether it’s a promo and what the eligibility conditions are — the fine print is where most of the disappointment happens.
2. Tenure. Rates aren’t a straight line across tenures. Sometimes the best rate is on a short 3-month placement, sometimes it’s the 12-month tenure that gets the promotional bump, and occasionally a bank prices the middle tenures (6–9 months) more attractively than either end. Don’t assume longer automatically means higher — check each tenure the bank offers side by side.
3. Deposit amount tiers. Some promotions only apply above a minimum sum — commonly S$20,000 or S$50,000 — with a lower, less exciting rate below that threshold. If you’re placing a smaller amount, the “headline” rate you saw advertised might not even be the one you qualify for.
How to actually compare across banks
Rather than chasing a single number, run through this checklist for each bank you’re considering:
- Confirm it’s a live, current rate — not a rate quoted in a screenshot from a few months back. Bank FD rates get refreshed regularly, and old numbers circulate longer than they should.
- Check the tenure that matches your timeline. If you need the cash back in 6 months, comparing a bank’s 12-month promo rate against another’s 6-month rate isn’t a fair comparison.
- Check the minimum deposit and whether it’s “fresh funds only.” If you’re just moving money you already have in that same bank, you may not qualify for the promo rate at all.
- Check the currency. Some of the more eye-catching rates advertised are for foreign currency fixed deposits (commonly USD or CNY), which carry currency risk on top of the FD itself — not a straight comparison against a SGD FD.
- Check early withdrawal terms. Nearly all Singapore bank FDs charge a penalty (or simply forfeit accrued interest) if you break the placement early. If there’s a real chance you’ll need the money sooner, this matters as much as the headline rate.
The big four (and where else to look)
DBS, OCBC, UOB, and Maybank are the names most people default to for FD comparisons, largely because they’re the banks people already have accounts with. Each has its own quirks worth knowing before you commit — we’ve written dedicated guides on DBS fixed deposit rates, OCBC fixed deposit rates, UOB fixed deposit rates, and Maybank fixed deposit rates if you want the bank-specific detail.
But FDs aren’t the only place for idle cash in Singapore, and depending on your amount and how liquid you need to stay, they may not even be the best fit:
- Multiplier-style savings accounts (DBS Multiplier, OCBC 360, UOB Stash, Standard Chartered BonusSaver) can beat FD rates on the portion of your balance that qualifies, but only if you already meet conditions like salary crediting, card spend, or investment activity through that bank. If you’re not naturally going to hit those conditions, an FD is simpler and more predictable.
- Digital bank savings accounts like GXS offer a straightforward rate with far fewer hoops, though usually capped at a lower balance than a typical FD placement.
- T-Bills and Singapore Savings Bonds are government-backed alternatives worth comparing on yield, especially for money you can lock up for a few months without needing early access.
What to actually do before opening one
- Decide your timeline first — how long can this money sit untouched — before you start comparing rates, so you’re not tempted by a great 12-month rate for money you’ll need in 3 months.
- Pull the current published rate directly from each bank’s website for the tenure and amount you’re actually placing, on the day you’re ready to commit.
- Read the promo terms for “fresh funds,” minimum sum, and early withdrawal penalty before applying.
- If the amount is large enough to matter, it’s worth calling the bank’s branch or relationship manager directly — sometimes better unpublished rates are available for larger placements, particularly at banks like Maybank that are known to negotiate on bigger sums.
There’s no substitute for checking the actual number on the day. Rate comparisons are a moving target by design — treat any specific figure you read anywhere, including here, as a starting point for what to verify, not a number to act on directly.