Quick answer: The standout FD rates right now come from DBS (up to 2.45% p.a. for 12 months), which suits anyone who wants a proven bank and digital ease. OCBC and Maybank hover close for mid-range terms, while BOC lets you start with just S$500 and adds RMB options that make sense if you move money between Singapore and China. CIMB and RHB work well when you have a larger sum and care about liquidity – RHB even lets you withdraw early without losing all your interest in some cases.
Choosing where to place your savings can feel like paperwork designed to make you give up. The real decision is rarely about one headline number – it is about how the tenure, the entry sum, and your own plans fit together. Think of this less as a ranking and more as a map. Work through what you actually need the money to do, and the sensible shortlist will reveal itself.
One of 21 guides in Best Bank Accounts & Savings in Singapore — worth a look if you are still weighing options.
DBS Bank
DBS is the bank most of us grew up with, and its fixed deposit game is surprisingly competitive. They are offering up to 2.45% p.a. if you can lock your money away for 12 months, and the minimum to start is just S$1,000 – not an atas sum at all. If a full year feels too long, 6‑month and 9‑month tenures are available at 2.15% and 2.35% p.a. respectively. You can place everything through the DBS digibank app without stepping into a branch, which is damn shiok when you are already doing everything else on your phone. The bank has been named World’s Best Bank by Euromoney in 2025, so you know the foundation is steady.
This suits the person who wants everything in one app and zero friction. The entry barrier is reassuringly low, so you can start small and still feel you are getting a proper rate rather than a token one. The shorter tenures are useful if you are parking cash between property decisions or waiting out market noise.
Address: 712A Ang Mo Kio Ave 6, #01-4066, Singapore 561712
Phone: 1800 111 1111
Hours: Monday to Friday 8:30am – 4pm, Saturday 8:30am – 12:30pm
Website: DBS Bank
OCBC Bank
OCBC feels like that reliable uncle who also keeps up with the times. Their fixed deposit rates go up to 1.80% p.a. for select tenures, with a minimum of S$5,000 and terms stretching from three months all the way to three years. What makes them worth a look is the occasional promotional bonus when you place online, and the fact that you can tie your deposits into their broader wealth advisory services if you already have investments with them. They have branches across the island, so you won’t have to travel far – just use the locator on their site.
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A natural fit if you already use OCBC for your daily banking and want your deposit to be a stepping stone into broader wealth planning conversations. The multi-year tenures create a set-and-forget option that removes the chore of rolling over every few months, which counts for a lot when life is already siong.
Address: Branches islandwide; use the branch locator at ocbc.com
Phone: +65 6538 1111 (Business Banking)
Hours: Monday to Friday 9:30am – 4:30pm, Saturday 9:30am – 12:30pm (varies by branch)
Website: OCBC Bank
United Overseas Bank (UOB)
UOB suits you if you have international plans – the bank has a strong regional network and tends to bundle fixed deposits with priority banking perks that feel genuinely useful. Their headline rate is 1.55% p.a. for a 6‑month placement, starting from S$10,000, and there is a 10‑month option at 1.40% p.a. if you prefer a longer runway. When you park a larger sum, they often throw in extra privileges like cross‑border wealth management support, which matters if you divide your time between Singapore and elsewhere in Asia.
This one makes practical sense when your life spans two countries and you value banking that understands cross-border realities. The higher entry sum means it rewards an intentional saver rather than a casual one, and the relationship perks can quietly compound in usefulness if you travel between branches regularly.
Address: 80 Raffles Place, UOB Plaza 1, Singapore 048624
Phone: +65 6222 2121
Hours: Monday to Friday 9:30am – 4:30pm, Saturday 9:30am – 12:30pm
Website: UOB
Maybank Singapore
Maybank is the go‑to when you want a competitive rate and the option to keep things Shariah‑compliant. They offer up to 1.85% p.a. for a 6‑month tenure with a S$20,000 minimum, and some promotions sweeten the deal further when you bring in fresh funds. Their iSAVvy Time Deposit is purely digital, and the Islamic‑compliant variant makes this one of the few places where ethics and yield sit comfortably together. If you have a sum that is substantial but not stratospheric, this is worth a serious look.
Worth a close look when aligning your savings with your values matters as much as the yield itself. The digital-only process keeps things blessedly straightforward, and the fresh-funds promotions reward a bit of planning ahead. It is where a tidy lump sum can land with both purpose and a satisfying rate.
Address: 2 Battery Road, Maybank Tower, Singapore 049907
Phone: 1800 629 2265
Hours: Monday to Friday 10am – 6:30pm
Website: Maybank Singapore
Bank of China (BOC) Singapore
BOC is an interesting one: the minimum to open a fixed deposit through mobile banking is just S$500, which is about as low as it gets, and they will give you up to 1.86% p.a. over three months. That short tenure and tiny entry point make it a good place to park a small windfall while you figure out what to do with it. For anyone with ties to the Greater China region, their RMB fixed deposit options add a layer of convenience that most other banks here do not match – it is a quiet advantage that matters.
This is your place to experiment without commitment. The combination of a tiny minimum and a short tenure makes it feel like a safe harbour for money that has not yet found its long-term purpose. For anyone with RMB exposure, the foreign-currency layer adds a practical dimension others do not offer.
Address: 4 Battery Road, Bank of China Building, Singapore 049908
Phone: 1800 669 5566
Hours: Monday to Friday 9am – 4pm, Saturday 9am – 12pm
Website: Bank of China Singapore
CIMB Bank Singapore
CIMB is built for the person who does everything online and wants the rate to reflect that. Base rates top out at 1.60% p.a. for a 3‑month lock‑in with S$10,000, but if you qualify for preferred banking, that jumps to 1.90% p.a. – a genuine boost if you already hold enough with them. The whole process is managed digitally, so you never have to queue, and their platform is refreshingly straightforward. It feels like a bank that respects your time.
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Built for the saver who would rather handle it on the train than queue at a branch. The platform feels lean and gets out of your way, and the preferred-banking uplift rewards loyalty without making you jump through hoops. A solid choice when digital ease is non-negotiable.
Address: 30 Raffles Place, #04-01, Singapore 048622
Phone: +65 6333 7777
Email: [email protected]
Hours: Monday to Friday 9am – 4:30pm, Saturday 9am – 1pm
Website: CIMB Bank Singapore
RHB Bank Singapore
RHB is the kind of bank that quietly does right by you, especially if you value access to your money. Their fixed deposit yields up to 1.80% p.a. for 3‑ to 6‑month placements, starting from S$20,000. What sets them apart is the flexibility – in select situations, you can make an early withdrawal without losing all your interest, which takes the sting out of an unexpected need. It is a practical safeguard, not something you see every day, and it gives you one less thing to feel kiasu about.
The standout here is the flexibility to unlock your funds without a full penalty, which flips the usual fixed-deposit anxiety on its head. It means you can commit a larger sum for a better rate while knowing an unexpected repair or medical bill will not leave you kena-ing a haircut on your interest.
Address: 90 Cecil Street, RHB Bank Building, Level 1, Singapore 069531
Phone: 1800 323 0100
Hours: Monday to Friday 9am – 4pm
Website: RHB Bank Singapore
How to choose
Start with the sum you can comfortably lock away. If it is below S$5,000, DBS (S$1,000) and BOC (S$500) are your natural entry points. A longer tenure usually pays more – DBS gives 2.45% over 12 months, while BOC pays 1.86% over just three, so ask yourself whether you really need the money soon. If you do need liquidity, RHB’s flexible withdrawal without a full interest wipeout is genuinely rare. For those who already hold investments or want a single relationship manager, OCBC and UOB tie deposits into wider wealth services. Islamic‑compliant investors have a clear path with Maybank, and anyone moving funds between Singapore and China will find BOC’s RMB placements quietly practical. Fair rate ranges cluster between 1.55% and 2.45% depending on tenure, amount and whether you qualify for a preferred tier. Always check the promo page before you commit – banks adjust rates more often than you might think.
| Bank | Max Rate p.a. | Min Tenure | Min Deposit | Standout Feature |
|---|---|---|---|---|
| DBS | 2.45% (12 months) | 6 months | S$1,000 | Digibank placement, World’s Best Bank 2025 |
| OCBC | 1.80% (select tenures) | 3 months | S$5,000 | Online promo bonuses, wealth advisory tie-in |
| UOB | 1.55% (6 months) | 6 months | S$10,000 | Priority banking perks, regional network |
| Maybank | 1.85% (6 months) | 6 months | S$20,000 | Shariah‑compliant iSAVvy TD, promo for fresh funds |
| BOC | 1.86% (3 months) | 3 months | S$500 | Mobile‑exclusive, RMB options |
| CIMB | 1.90% (3 months, preferred) | 3 months | S$10,000 | Preferred banking rate boost, pure digital |
| RHB | 1.80% (3–6 months) | 3 months | S$20,000 | Early withdrawal without full interest loss |
Summary
These banks cover the whole spectrum: from small‑sum starters to large placements that unlock priority perks. The rate you see today might shift tomorrow, so locking in when the number feels right is often the smartest move. While you weigh your options, you might also find our look at SGD Fixed Deposit Rates in Singapore useful, or compare how these stack up against the best Fixed Rate Home Loans in Singapore if you are planning bigger moves. And if you are curious about everyday savings that still earn, check out the Savings Accounts in Singapore with Interest Rates.
Disclaimer: Details can change, confirm with the business directly before making a decision.
Frequently asked questions
Which bank offers the highest fixed deposit rate right now?
DBS is currently offering up to 2.45% p.a. for a 12‑month fixed deposit. A placement of S$1,000 is enough to qualify, and you can set it up entirely through the digibank app.
What is the smallest amount I can use to open a fixed deposit?
Bank of China allows you to start with just S$500 via mobile banking, and that still earns up to 1.86% p.a. over three months. DBS is next at S$1,000, while most other banks ask for S$5,000 or more.
Can I withdraw my fixed deposit early without losing all interest?
RHB Bank stands out here: in select situations they let you make an early withdrawal without wiping out all your earned interest. Most other banks will apply a penalty that reduces your return, so check the fine print before you commit.
Are there Islamic‑compliant fixed deposit options?
Yes, Maybank Singapore offers a Shariah‑compliant iSAVvy Time Deposit alongside its conventional placements. It is a practical choice if you want your savings to follow Islamic principles without giving up competitive returns.
Which bank makes sense if I move money between Singapore and China?
Bank of China Singapore has a natural edge – they offer RMB fixed deposit options and mobile‑exclusive placements, which simplifies things when you have cross‑border cash flow. Their low S$500 minimum also makes it easy to test the waters.
Do I need a large sum to get a good fixed deposit rate?
Not always. While preferred‑banking tiers at CIMB can push rates to 1.90% p.a. for larger relationships, DBS and BOC deliver some of the strongest headline rates with very low starting sums – S$1,000 and S$500 respectively – so size is not everything.
