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Fixed deposit promotions in Singapore November 2020

Find out what are the latest time deposit promotions offered by banks in Singapore.

Zyane Tan
Zyane Tan

Posted

Fact checked
Fixed Deposit

Fixed deposits offer a low risk way of growing your nest egg at a guaranteed rate. Putting them aside in a fixed term also deters you from dipping into these savings.

Compare available fixed deposit promotions in Singapore and find one with the best interest rates.

Fixed deposit promotions in Singapore as of November 2020

Bank Interest rates (p.a.) Minimum deposit (SGD) Tenure Valid until
OCBC
  • 0.50%
  • S$20,000
  • 12 months
  • N/A
UOB
  • 0.55%
  • S$20,000
  • 10 months
  • 31 October 2020
HSBC
  • Up to 16.88% with a purchase of an eligible insurance plan
  • S$5,000
  • Up to 3 months
  • 31 December 2020
HSBC
  • 0.30%
  • S$30,000
  • 3 months
  • 31 October 2020
Citibank
  • Up to 2% with a minimum investment amount of S$50,000
  • S$50,000
  • 3 months
  • 31 October 2020
Standard Chartered
  • 0.30% (priority banking customers)
  • 0.20%
  • S$25,000
  • 6 months
  • N/A
ICBC
  • 0.75%
  • S$500 via e-banking
  • 12 months
  • N/A
*Information provided is accurate as of 14 October 2020. Do note that promotions and interest rates for fixed deposits are everchanging, so make sure to check directly with your bank for the latest offers.

Compare a range of fixed deposits in Singapore

Data indicated here is updated regularly
Name Product Minimum Initial Deposit 3 Mths p.a 6 Mths p.a 12 Mths p.a 24 Mths p.a 36 Mths p.a
POSB Fixed Deposit – Singapore Dollar
POSB Fixed Deposit – Singapore Dollar
S$1,000
0.15%
0.20%
1.15%
0.90%
0.85%
Enjoy higher interest compared to a regular savings account as you keep your funds safe in a Singapore dollar fixed deposit account.
OCBC Time Deposit
OCBC Time Deposit
S$5,000
N/A
N/A
0.50%
N/A
N/A
Secure higher returns for your money in either a foreign currency or SGD over a fixed tenure.
BOC Time Deposit Account
BOC Time Deposit Account
S$5,000
0.30%
0.40%
0.60%
0.65%
0.70%
Choose to park your funds in 10 major currencies with a fixed deposit tenure and benefit from higher interest rates.
Maybank iSAVvy Time Deposit
Maybank iSAVvy Time Deposit
S$5,000
0.35%
0.40%
0.50%
0.65%
1.00%
This online time deposit offers a range of flexible tenor, upfront interest and interest-on-interest upon maturity.
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Compare up to 4 providers

What is a fixed deposit?

A fixed deposit (also commonly known as time deposit, or FD for short) is a type of savings account and low-risk investment that allows you to earn competitive interest on your deposited funds over a fixed tenure. During this commitment period, your funds are locked-in and you won’t be able to access it without incurring a penalty fee.

Upon maturity, you’ll get back your initial funds and the interest accrued at the rate contracted when you first opened the account.

Fixed deposits in Singapore

How do fixed deposit promotions work?

Due to the competitive market of banking products, banks often provide promotional interest rates or bundles, such as higher interest rates on your FD if you commit to an investment or insurance product as well.

These promotions tend to change every month, so make sure to compare your options and find one that suits your needs.

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