One month into the new year, various banks in Singapore are still keeping steady or dropping their fixed deposit rates, so do consider if its still a good way earn interest on your savings. Here is an overview of the latest fixed deposit rates from different banks and Treasury Bills (T-Bills) in Singapore:
1. Top Fixed Deposit Rates in Singapore for Feb 2025
These are some of the banks offering various fixed deposit rates in Singapore for new placements / fresh funds, do check the validity dates.
Bank | Tenure | Interest Rate p.a. | Minimum Amount SGD |
Bank of China (This promotional rate is only applicable to personal banking customers with placement via BOC Mobile Banking.) | 3 months | 2.90% | $500 |
6 months | 2.75% | $500 | |
9 months | 2.60% | $500 | |
12 months | 2.60% | $500 | |
3 months | 2.40% | $50,000 (max $3 million) | |
6 months | 2.40% | $50,000 (max $3 million) | |
CIMB (online promo interest rate) | 3 months | 2.70% | $10,000 |
6 months | 2.55% | $10,000 | |
9 months | 2.40% | $10,000 | |
12 months | 2.40% | $10,000 | |
3 months | 1% | $1,000 (max $19,999) | |
6 months | 2.15% | $1,000 (max $19,999) | |
9 months | 2.35% | $1,000 (max $19,999) | |
12 months | 2.45% | $1,000 (max $19,999) | |
HSBC till 28 Feb 2025 (Total Relationship Balance Below $200,000) | 3 months | 2.10% | $30,000 |
6 months | 2.40% | $30,000 | |
12 months | 2.20% | $30,000 | |
6 months | 2.55% | $20,000 to <$50,000 | |
8 months | 2.50% | $20,000 to <$50,000 | |
ICBC (Via E-banking), Below SGD200K (exclusive) | 3 months | 2.85% | $500 |
6 months | 2.45% | $500 | |
9 months | 2.40% | $500 | |
12 months | 2.30% | $500 | |
Maybank (deposit bundle promotion) | 6 months | 2.90% | $20,000 |
9 months | 2.70% | $20,000 | |
12 months | 2.70% | $20,000 | |
OCBC (online banking) | 6 months | 2.45% | $30,000 |
12 months | 2.30% | $30,000 | |
3 months | 2.58% | $20,000 | |
6 months | 2.58% | $20,000 | |
12 months | 2.58% | $20,000 | |
Standard Chartered till 31 Jan 2025 | 6 months | 2.58% | $25,000 |
UOB till 28 Feb 2025 | 6 months | 2.40% | $10,000 |
10 months | 2.20% | $10,000 |
Source: BOC, Citigroup, CIMB, DBS, HSBC, HL Finance, ICBC, Maybank, OCBC, RHB, SC, UOB as at 1 Feb 2025
2. Factors to consider
Interest Rates: Higher rates typically yield better returns, but it’s essential to consider your cash flow needs based on the coming months or years.
Tenure: Fixed deposits come with varying tenures, from as short as one month to a year. Shorter tenures generally offer higher interest rates but whatever amount you invest will remain fixed during the lock-in period.
Minimum Deposit: Ensure you meet the minimum deposit requirements, which can vary significantly between banks, even online and over the counter/branch rates.
Premature Withdrawal Penalties: Be aware of any penalties or interest loss if you need to withdraw your funds before maturity.
3. Treasury Bills (T-Bills) in Singapore for Jan 2025
Treasury Bills are short-term securities issued by the Singapore Government at a discount to their face value with a fixed interest rate. They are considered one of the safest investments available, with a ‘AAA’ credit rating from credit rating agencies. T-bills typically have maturities of 6 months or 1 year and are sold in denominations of $1,000.
Investors can can invest with cash, Central Provident Fund (CPF) funds or Supplementary Retirement Scheme (SRS) funds and receive the full face value at maturity.
Here are more details of the latest T-bill:
Issue Code | BS25102Z |
Tenor | 6 months |
Cut-off yield | 3.04% p.a. |
Total amount offered | $7.2 billion |
Total amount applied | $15.3 billion |
Amount allocated to non-competitive applications | $2.3 billion |
% of non-competitive applications allocated | 100% |
% of competitive applications at the cut-off allotted | Approximately 71% |
Bid-to-cover ratio | 2.13 |
Announcement date | 21 Jan 2025 |
Auction date | 28 Jan 2025 |
Issue date | 04 Feb 2025 |
Maturity date | 05 Aug 2025 |
This issue’s cut-off yield of 3.04% p.a., is higher than that (2.99% p.a.) of the previous 6-month Singapore T-bill auction on 16 Jan. If you compare this with the current fixed deposit rate of less than 3% in the tables above, the yield is rather comparative.
Do remember to do some homework and check other ways to park your money if you are up for investment alternatives.
Master Your Finances Wisely,
Value Vaulter
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