Up to 1.40% (24mo, S$25,000 min deposit)
Consumers receive up to 2.05% interest for deposits of 36 month tenor, though there's a S$25,000 minimum deposit requirement for tenors of 1+ years. Board rates also increase for larger deposit sizes–unlike with several other banks, whose rates remain constant–which ultimately favors big deposits with longer tenors.
The ability to make a big deposit is also key to accessing the Maybank iSAVvvy promotion. With a minimum deposit of S$25,000, consumers can earn 1.20% p.a. for a 12 Months tenor or 1.40% p.a. for a 24 Months tenor. This translates to an interest earnings of at least S$300 or S$350, respectively. These are quite high promotional rates compared to the current overall market, but consumers must already have a banking relationship with Maybank to qualify, and deposits must be made online (in fact, over-the-counter transactions incur fees).
Up to 1.10% (12mo, S$10,000 min deposit)
Consumers can access CIMB SGD FD promotions with just S$10,000 minimum deposit; many competitors require S$20,000 to S$50,000+ to access special interest rates. With this S$10,000, CIMB SGD FD account holders can earn1.10% p.a.for a 3, 6 or 12 month tenure. This translates to an earnings of at least S$28, S$55, and S$110, respectively.
CIMB SGD Fixed Deposit also offers top board rates, making investment attractive beyond its promotions. Terms from 3 to 24 months long only require a S$1,000 minimum deposit, which is extremely accessible and one of the lowest on the market. Rates do increase slightly for investments above S$100,000, as well as for longer tenures, though consumers making very large deposits across long tenures can achieve higher rates elsewhere. Overall, CIMB SGD Fixed Deposit is an excellent match for promotion access with lower deposit requirements.
3. Standard Chartered
Up to 0.90% (8mo, S$25,000 min deposit, priority banking preferential rate)
Standard Chartered Singapore Dollar Time Deposit stands out as one of the only accounts offering both promotion rates as well as especially long tenure options.
Consumers currently receive0.80% p.a.on a deposit of at least S$25,000 across 8 Months, or earn a preferred rate of0.90% p.a.if they're a Priority Banking client.
These rates are reasonably competitive with other promotions currently on the market. However, SC SGD Time Deposits at board rates are also worth considering, especially if you're looking to deposit funds for a prolonged period of time.
Consumers can make deposits for as long as 2, 3, 4, and even 5 years (60 months)–most banks limit deposits to 2 or 3 years at the most. Given that a 5 year deposit earns 1.60% interest without even factoring in a promotion, this is a great option for those seeking long-term placements.
Up to 0.75% (3mo, S$30,000 min deposit)
In terms of the time deposit promotion, consumers who deposit at least S$30,000 can earn up to 0.75% p.a. interest for a 3 Months tenure. While this minimum deposit may seem high, it also means consumers will earn at least S$56.25 in interest, respectively–a quite competitive amount given the tenor length.
Overall, HSBC Advance Time Deposit is fairly accessible, with just an S$5,000 minimum to place a deposit of any tenure at standard rates. Interest rates do not vary by deposit size, though rates jump substantially for longer tenures. In fact, board rates from 1 to 12 months range from 0.05% to 0.25%, but a 24 month tenure earns an impressive 1.45% p.a. This is one of the highest 24 month rates on the market, making the HSBC Advance Fixed Deposit excellent for long-term deposits.
Up to 0.95% (12mo, S$20,000 min deposit)
OCBC FD allows consumers to select tenure by the month. In other words, this is one of the few accounts where tenure can be set for unique terms such as 4, 7, 13 months or others. There's also only a S$5,000 minimum deposit requirement.
Even better, OCBC SGD Time Deposit has a promotion available with attractive rates–consumers can earn 0.95% p.a. across 12 Months with just S$20,000 minimum deposit. In other words, those taking advantage of this offer will earn at least S$190 in earnings, which makes this deposit definitely worth considering.
Up to 1.25% (11mo, S$150,000 min deposit)
UOB Singapore Dollar Fixed Deposit offers some of the market's highest interest rates for small-to-moderate (< S$50k) sized deposits with longer tenures, and also comes with an attractive promotion. Currently, consumers can earn a respectable 1.00% p.a. with just a S$20,000 minimum deposit for a 10 Months tenure. It's worth mentioning that most banks only offer promotions at milestone tenures (3, 6, 9, or 12 months), so this is a remarkable fit if 10 months is closer to your desired length. Those who can afford to make larger deposits can currently earn at an even higher rate. With S$150,000 minimum deposit committed to 11 Months tenure, consumers can earn 1.25% p.a. interest.
This account is also especially competitive, as mentioned, for long-term tenures with small-to-moderate deposits. In fact, deposits placed for 15 to 36 months earn from 1.40% to 1.65% interest; consumers looking to invest less than S$50k will have a hard time finding higher rates elsewhere. Competitors' corresponding rates tend to range from just 0.10% to 1.55%. As a result, UOB Singapore Dollar Fixed Deposit is stands out as a top pick for investments within this space.
Up to 1.30% (12mo, S$500 min deposit)
If you're looking to invest less than S$1,000, you'll have a very hard time qualifying for a fixed deposit account with most banks. With ICBC SGD Fixed Deposit, however, you can access top board rates as well as market-leading promotional offers with just a S$500 minimum deposit. In fact, no other bank provides access to promotions for less than S$10,000 minimum investment, and most require S$20,000.
In terms of ICBC's current promotions, depositing at least S$500 in fresh funds earns up to 1.30% p.a. for 12 Months month tenure if conducted through e-Banking. ICBC offers promotional rates for 1,3,6, and 9 month tenures as well, which is far more flexible than any other banks' promotional schema. In addition, these rates are some of the highest on the market regardless of deposit size, big or small.
ICBC's board rates apply to non-fresh funds, or those transferred from an existing ICBC account (rather than deposited from an outside source). These rates are more competitive than some alternatives, ranging from as little as 0.30% up to 0.80% depending on deposit size and tenure. However, given the accessibility and high rates of the promotional offers, it's far better to deposit fresh funds when possible.
8. Hong Leong Finance
Up to 1.10% (12mo, S$100,000 min deposit)
Hong Leong Finance Fixed Deposit offers competitive promotional rates for deposits of medium-length tenure, making it a great option if you're considering investing across about 1 year. In fact, consumers earn 1.05% p.a. for 12 Months tenure with a S$20,000 minimum deposit. This translates to an interest earnings of at least S$210. For reference, higher spenders who make a deposit of at least S$100,000 currently earn 1.10% p.a. at the 12 Months level.
These high rates make HLF Fixed Deposits a strong option for those investing at least 12 Months; nonetheless, consumers can access HLF board rates with just a S$500 minimum deposit–one of the lowest on the market. Board rates range from 0.10% to 1.15%, increasing with tenure and deposit size. However, those who qualify for HLF's promotional rates will find these offers far more competitive compared to market standard.