In Sep 2024, various banks in Singapore are offering competitive fixed deposit rates, which provide a reliable way for investors to earn interest on their 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 Sep 2024
These are some of the banks offering the most competitive 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 | 3.35% | $500 |
6 months | 3.10% | $500 | |
9 months | 2.90% | $500 | |
12 months | 2.80% | $500 | |
3 months | 2.55% | $50,000 (max $3 million) | |
6 months | 2.55% | $50,000 (max $3 million) | |
CIMB (online promo interest rate) | 3 months | 2.95% | $10,000 |
6 months | 2.95% | $10,000 | |
9 months | 2.65% | $10,000 | |
12 months | 2.65% | $10,000 | |
3 months | 1% | $1,000 (max $19,999) | |
6 months | 2.90% | $1,000 (max $19,999) | |
9 months | 3.10% | $1,000 (max $19,999) | |
12 months | 3.20% | $1,000 (max $19,999) | |
HSBC till 30 Sep 2024 | 4 months | 3.00% | $30,000 (max $200,000) |
6 months | 2.85% | $30,000 (max $200,000) | |
12 months | 2.50% | $30,000 (max $200,000) | |
6/7 months | 3.10% | $20,000 and above | |
ICBC (Via E-banking) | 3 months | 3.25% | $500 |
6 months | 3.10% | $500 | |
9 months | 2.90% | $500 | |
12 months | 2.80% | $500 | |
Maybank (deposit bundle promotion) | 6 months | 3.55% | $20,000 |
9 months | 3.40% | $20,000 | |
12 months | 3.30% | $20,000 | |
OCBC (online banking) | 6 months | 2.90% | $30,000 |
3 months | 3.10% | $20,000 | |
6 months | 3.10% | $20,000 | |
12 months | 2.80% | $20,000 | |
3 months | 2.90% | $25,000 | |
UOB till 30 Sep 2024 | 6 months | 2.70% | $10,000 |
10 months | 2.50% | $10,000 |
Source: BOC, Citigroup, CIMB, DBS, HSBC, HL Finance, ICBC, Maybank, OCBC, RHB, SC, UOB as at 5 Sep 2024
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. Longer 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 Aug 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 | BS24117F |
Tenor | 6 months |
Cut-off yield | 3.13% p.a. |
Total amount offered | $6.8 billion |
Total amount applied | $16 billion |
Amount allocated to non-competitive applications | $2.1 billion |
% of non-competitive applications allocated | Approximately 100% |
% of competitive applications at the cut-off allotted | Approximately 0% |
Bid-to-cover ratio | 2.35 |
Announcement date | 22 Aug 2024 |
Auction date | 29 Aug 2024 |
Issue date | 3 Sep 2024 |
Maturity date | 4 Mar 2025 |
This issue’s cut-off yield of 3.13% p.a., is much lower than that (3.34% p.a.) of the previous auction and even lower than some current fixed deposit rates offered by the banks above. Fixed deposits remain a stable and predictable option for investors looking to lock in their funds at a guaranteed interest rate for a specified period. Do consider other ways to earn a higher yield if you are up for investment alternatives.
Master Your Finances Wisely,
Value Vaulter
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