How do fixed deposit rates compare to Singapore treasury bill (T-bill)?īeansprout has written enough on the Singapore treasury bill (T-bill), so I will not be going into too much detail on them. Join the Beansprout Telegram group and Facebook group to get the latest updates on the best fixed deposit rates. Source: Various bank websites as of 2 January 2024

for 12-month fixed deposit, with a maximum deposit amount of S$19,999.Īs an incentive for you to read this article, I’ve compiled a list of the fixed deposit interest rates offered by banks in Singapore. Amongst the local banks, DBS is offering a fixed deposit interest rate of 3.20% p.a.The best 12-month fixed deposit rate we found was 3.30% p.a.The best 9-month fixed deposit rate we found was 3.35% p.a.The best 6-month fixed deposit rate we found was 3.65% p.a.The best 3-month fixed deposit rate we found was 3.60% p.a.What we noticed for the latest fixed deposit rate in Singapore for January 2024 is that banks have largely maintained or lowered their interest rates on fixed deposit accounts in January 2024.įor example, Bank of China cut its 6-month fixed deposit rate to 3.45% p.a. The downside to a fixed deposit is that you will have to pay a penalty fee if you want withdraw your money early.

Typically, you will lock in a sum of money (usually a minimum of $10,000) and the bank will pay you interest after a fixed period. Let’s start by talking a little more about fixed deposits.įixed deposits earn you a guaranteed amount of interest for the money you put in over a specific period of time. (it’s free to read on so why not!) The best fixed deposit rate in Singapore (January 2024) I will share with you my strategy and thoughts. If you are struggling to choose where to park your money, then you should continue to read on. The Telegram community has shown keen interest in a few instruments instruments – fixed deposit accounts, regular deposit accounts, T-Bill and Singapore Savings Bond (SSB). The best 6-month fixed deposit rate we found was 3.65% p.a., which is below the cut-off yield of the latest 6-month T-bill auction.The best 3-month fixed deposit rate we found was 3.60% p.a. For example, Bank of China cut its 6-month fixed deposit rate to 3.45% p.a.Banks in Singapore have largely maintained or lowered their interest rates on fixed deposit accounts in January 2024.

Ocbc fixed deposit rate for corporate