Updated May 18, 2023
Excellent! ROSHI has found 14 Fixed Deposits that suit your criteria.
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement16 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement15 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement18 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirementNot applicable
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement15 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement15 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement21 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement18 years old and above
Account Information
Base Interest Rate
AmountInterest Rate (p.a.)
Fees and Charges
Cheque Book Fee
Eligibility
Citizenship AssociationSingaporean / Singapore
PR / Foreigner
Age requirement15 years old and above
Fixed deposit accounts are also commonly referred to as time or term deposits. They’re a form of savings account. The difference is you can’t touch the money until a certain amount of time has passed. The longer you leave the money in your fixed deposit account, the more interest you earn from it.
For a start, you need to be at least 18 years old. In some cases, you can open one at the age of 12, provided you have a parent or legal guardian present. Regardless of age, you will need at least $5000 to deposit.
Every bank has its own specific requirements, so be sure to inquire before you invest.
| Fixed Deposit | Min. Deposit | Tenure | Interest Rate | |
|---|---|---|---|---|
| DBS S$ Deposits - Fixed Deposits (Cash) | S$1,000 | 18 months | 1.3% p.a. | |
| DBS S$ Deposits - Fixed Deposits (Cash) | S$1,000 | 12 months | 1.15% p.a. | |
| Maybank iSAVvy Time Deposit | S$25,000 | 24 months | 1.15% p.a. | |
| DBS S$ Deposits - Fixed Deposits (Cash) | S$1,000 | 10 to 11 months | 1.10% p.a. | |
| ICBC SGD Fixed Deposit | S$500 | 12 months | 1.0% p.a. |
A fixed deposit provides you with a very high-interest rate in comparison with a regular savings account. It also has a fixed interest rate, so you don’t have to worry about them fluctuating. This makes them far more reliable.
Your money is committed for quite a while, meaning you can’t use it during this time. If the currency value changes in the middle of your deposit tenure, that can also have an effect. This could cause your value to go up or down, depending on certain things.
The chances of earning a high reward are also quite low. It is a safe investment but won’t cause you to gain a huge amount of interest.
The methods for acquiring a credit card vary depending on how much money you make. Take a look at some of the factors that will help you decide:
First off, you’ll need your NRIC. If you aren’t a Singaporean citizen, you will need your passport and an Employment Pass, S-Pass, or Student Pass.
On top of all that, you’ll also need a bank statement, phone bill, and/or CPF contribution history. These are the basics that you’ll need to prepare in advance.
Your bank will take your bank deposit amount and multiply it by the interest rate. The length of time is also a factor.
For example, say you deposited $5,000 into an 18-month fixed deposit account with an interest rate of 0.5% p.a. The formula goes like this:
$5,000 x 0.5% x 18/12 = $37.5
If you have a good amount of savings and nothing to do with them at present, searching for a good bank to invest a fixed deposit with. Before you invest, it is best to look around and see which bank offers the best interest for your level of investment.
Do some digging and see which bank offers the best rates for a deposit that you can afford.
If you don’t find a single fixed deposit plan that suits you perfectly, you can always consider investing two smaller amounts instead. These fixed deposits don’t even need to be for the same bank.
If you should require emergency funds for any reason, you would only have to break one of your fixed deposits this way. Instead of losing the entire interest, you would only lose half. On top of that, you’ll get rewards from both banks
The longer your fixed deposit tenure, the more interest you will earn. Having different lengths can be useful when trying to maximize your returns. You can have one shorter tenure in order to get some cash back quickly, while also having a longer one to maximize earnings.
This way, you can take advantage of multiple cashouts and deposits over a shorter period of time.
If you really need to withdraw your funds prematurely, you may need to pay a penalty. Only do this if you absolutely have to. Do your best to withdraw from a short-term deposit rather than a longer one.
You can actually continue depositing into the same fixed deposit account after reaching the tenure. This will cause your interest to grow and unlocks the potential for larger deposits in the future.
Fixed deposit interest rates get revised every once in a while. There are also times when your bank will offer promotional interest rates. MoneySmart.sg is a good place to look.
What is the Minimum Deposit Level for a Fixed Deposit Account?
Most banks have a minimum deposit of $1,000. However, some banks will reach up to $5,000 minimum spend.
I’m afraid not. You can’t top up your fixed deposit account before the set date. If you want, you can open up another fixed deposit account instead. This way, you can still add funds without needing to wait.
Of course, you do. Typically, there is an early withdrawal fee to deal with. You might even lose some of the interest you’ve gained. This could be either a partial or total loss. For this reason, try your best to wait for the account to reach maturity before withdrawing anything.
The least you can get for most fixed deposit accounts is one month. Some banks do offer weekly or fortnightly fixed deposits. Typically, you can only use these if you deposit a larger amount at once.
Usually, no. The only extra fees you may have would be for early withdrawal from the account.
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