In the new year, various banks in Singapore have either lowered or keep steady 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 Jan 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 | 3.00% | $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 | 2.65% | $10,000 |
6 months | 2.70% | $10,000 | |
9 months | 2.55% | $10,000 | |
12 months | 2.55% | $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 31 Dec 2024 (Total Relationship Balance Below $200,000) | 3 months | 2.45% | $30,000 |
6 months | 2.35% | $30,000 | |
12 months | 2.15% | $30,000 | |
6 months | 2.65% | $20,000 to <$50,000 | |
8 months | 2.60% | $20,000 to <$50,000 | |
ICBC (Via E-banking) | 3 months | 3.0% | $500 |
6 months | 2.55% | $500 | |
9 months | 2.50% | $500 | |
12 months | 2.45% | $500 | |
Maybank (deposit bundle promotion) | 6 months | 3.05% | $20,000 |
9 months | 2.80% | $20,000 | |
12 months | 2.80% | $20,000 | |
OCBC (online banking) | 6 months | 2.45% | $30,000 |
12 months | 2.30% | $30,000 | |
3 months | 2.90% | $20,000 | |
6 months | 2.90% | $20,000 | |
12 months | 2.90% | $20,000 | |
Standard Chartered till 31 Dec 2024 | 6 months | 2.55% | $25,000 |
UOB till 31 Dec 2024 | 6 months | 2.40% | $10,000 |
10 months | 2.30% | $10,000 |
Source: BOC, Citigroup, CIMB, DBS, HSBC, HL Finance, ICBC, Maybank, OCBC, RHB, SC, UOB as at 1 Jan 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 Dec 2024
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 | BS24125S |
Tenor | 6 months |
Cut-off yield | 3.02% p.a. |
Total amount offered | $6.8 billion |
Total amount applied | $15.8 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 10% |
Bid-to-cover ratio | 2.33 |
Announcement date | 12 Dec 2024 |
Auction date | 19 Dec 2024 |
Issue date | 24 Dec 2024 |
Maturity date | 24 Jun 2025 |
This issue’s cut-off yield of 3.02% p.a., is higher than that (3.0% p.a.) of the previous 6-month Singapore T-bill (BS24124Z) auction on 5 December. If you compare this with Maybank’s fixed deposit rate of 3.05% in the tables above, the rates are 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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