The 12-month rate is 2.6 per cent, likely the highest in town as of Monday (Sep 5) when CNA did a check across various banks. UOB has been among the more aggressive banks, adjusting its fixed-deposit promotions monthly and offering one of the highest rates across a variety of tenor options so far.įor September, the promotional rate for a 10-month fixed deposit is 2.4 per cent, up from last month’s 1.6 per cent.

Unlike regular savings accounts, customers cannot withdraw this money before the so-called “lock-in” duration is over. Most lenders require minimum placements of S$20,000 for these promotional rates.Ī fixed deposit, otherwise known as a time or term deposit, allows one to earn a guaranteed amount of interest for a lump sum of money deposited with a bank over a specified duration. Several banks in Singapore have rolled out promotions, with this month’s rates going as high as 2.6 per cent for a 12-month fixed deposit and 2.7 per cent for 24 months. However, bear in mind that you may risk losing all or part of your interest if the fund is withdrawn prematurely.SINGAPORE: Thinking of parking some money in a fixed deposit? Good news – as interest rates for both loans and savings accounts rise, fixed deposit rates are increasing too. Typically, the longer your FD period is, the higher the interest rate is. This can also be done via iMoney's online calculator. To get maximum returns from your deposits, check the rates of all the banks before opening an FD. Keep yourself updated with the latest FD promotions by checking iMoney's online calculator regularly (Scroll up to use the calculator).ĭifferent banks have different FD interest rates. Interest rates from FD promotions are usually higher than the board rate. Most banks run FD promotions a few times a year in order to entice new and recurring customers. As such, if you have some spare cash that you do not need access to, you can boost your income by choosing to invest in it. FD's generally provide savers with higher interest rates than regular savings accounts.

Ocbc latest fixed deposit rate