UOB is one of the three local banks most Singaporeans default to when they think about parking cash in a fixed deposit, alongside DBS and OCBC. It’s also a bank that periodically runs fairly aggressive short-tenure promos, which is why it shows up often in rate comparison threads. Here’s what actually determines the rate you’ll be offered, and what to check before you commit.
How UOB structures its FD rates
Like the other local banks, UOB runs two parallel rate structures:
- Board rates — the standing, non-promotional rates that apply by default across various tenures, generally starting from 1 month out to several years.
- Promotional rates — time-limited offers, usually requiring a minimum deposit and often restricted to specific tenures (commonly short ones, like 3, 6, or 10 months) and to fresh funds not already parked with UOB.
The promotional rate is almost always the more attractive number, and it’s the one that tends to get shared around. But it comes with conditions that are easy to miss if you’re only looking at the headline percentage. Always open UOB’s own current fixed deposit rate page (or ask at a branch) to see what’s live right now — this changes often enough that quoting a specific number here would be stale within weeks.
What determines the rate you actually get
Deposit amount. UOB tiers its promotional rates by sum placed — there’s often a meaningfully better rate above a certain threshold (commonly in the tens of thousands of dollars) than below it. If your placement is smaller, check which tier you actually fall into before assuming you’ll get the advertised top rate.
Tenure. UOB doesn’t price its tenures on a straight upward curve. It’s common for the best promotional rate to sit on a mid-length tenure rather than the longest one available, because that’s the tenure the bank is trying to attract funds into that particular quarter. Compare all the tenures on offer rather than assuming longer is automatically better.
Fresh funds vs existing funds. If the money you’re depositing is already sitting in a UOB account, you may not qualify for the promotional rate at all — many UOB FD promos are explicitly reserved for funds transferred in from another bank or genuinely new money. This is one of the most common reasons people are surprised by a lower rate than they expected.
Currency. UOB, like other local banks, also offers foreign currency fixed deposits — USD, AUD, and others — sometimes advertised with an eye-catching rate. These carry currency exchange risk on top of the deposit itself, since your principal converts back to SGD (or stays in that currency) based on the exchange rate at maturity, which can wipe out the extra yield if the currency moves against you. Don’t compare a foreign currency FD rate directly against a SGD FD rate without accounting for that risk.
How to apply
UOB FDs can generally be opened through:
- UOB internet banking or the UOB TMRW app, for existing customers with an eligible account.
- In branch, which is also the route for larger placements where you might be able to ask about rates beyond the standard published tiers.
- CPF Investment Account (CPFIS) or SRS funds, if you hold the relevant investment account with UOB and want to place FDs using those funds rather than cash savings.
Minimum deposit amounts vary by tenure and promotion, but many local bank FDs start from a few thousand dollars, with better rates unlocking at higher tiers.
Things to check before you commit
- Early withdrawal terms. If you break a UOB FD before maturity, you’ll typically forfeit some or all of the accrued interest, and in some cases pay a penalty. Only place funds you’re confident you won’t need during the tenure.
- Auto-renewal settings. Some FDs are set to auto-renew at maturity, often at the board rate rather than whatever promotional rate you originally got. Check what happens by default and whether you need to actively instruct UOB otherwise.
- How it compares to other options. If you’re a UOB customer already, it’s worth checking the UOB Stash Account as an alternative for the portion of your savings you want to stay more liquid than an FD allows, and comparing that against what an FD promo is currently paying. For a wider view across banks, see our comparison guide to the highest FD rates in Singapore.
The bottom line
UOB’s fixed deposit rates are competitive often enough to be worth checking regularly, but the rate you’re quoted depends heavily on deposit size, tenure, and whether the funds count as “fresh.” Treat any number you’ve seen quoted elsewhere as a starting point, and confirm the live rate on UOB’s own page — or with a branch officer — before you place the deposit.