Excellent! ROSHI has found 16 Fixed Deposits that suit your criteria.

iSAVvy Time Deposit

4.0Good to Excellent
Apply Now

on Maybank's website

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

Singapore Dollar Fixed Deposit – RHB

3.5Good to Excellent
Apply Now

on RHB's website

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

SGD Time Deposit (Advance)

3.0Good to Excellent
Apply Now

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Citizenship AssociationSingaporean / Singapore
    PR / Foreigner

  • Age requirementNot applicable

S$ Time Deposit

2.8Good to Excellent
Apply Now

on Citibank's website

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

SGD Time Deposit (Premier)

3.2Good to Excellent
Apply Now

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Citizenship AssociationSingaporean / Singapore
    PR / Foreigner

  • Age requirementNot applicable

SGD Time Deposit – HSBC

3.0Good to Excellent
Apply Now

on HSBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Citizenship AssociationSingaporean / Singapore
    PR / Foreigner

  • Age requirementNot applicable

Time Deposit Account – Bank of China

3.7Good to Excellent
Apply Now

on Bank of China's website

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 SIF

3.5Good to Excellent
Apply Now

on Sing Investments & Finance Ltd's website

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

Term Deposit Account – SBI

3.7Good to Excellent
Apply Now

on SBI's website

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

SGD Fixed Deposit Accounts

3.8Good to Excellent
Apply Now

on CIMB's website

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

  • Fixed Deposits Basics

  • Tips and Hints

  • FAQs

  • Ask Away

What123 Exactly is a Fixed Deposit Account?

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.

Can I Open a Fixed Deposit Account?

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.

Best Fixed Deposits in Singapore (2020)

Fixed DepositMin. DepositTenureInterest Rate
DBS S$ Deposits - Fixed Deposits (Cash)S$1,00018 months1.3% p.a.Apply Now
DBS S$ Deposits - Fixed Deposits (Cash)S$1,00012 months1.15% p.a.Apply Now
Maybank iSAVvy Time DepositS$25,00024 months1.15% p.a.Apply Now
DBS S$ Deposits - Fixed Deposits (Cash)S$1,00010 to 11 months1.10% p.a.Apply Now
ICBC SGD Fixed DepositS$50012 months1.0% p.a. Apply Now

Pros of Fixed Deposits

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.

Cons of Fixed Deposits

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.

How Can I Apply for a Fixed Deposit Account?

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:

Branch
If you’d rather do things in person, look for the nearest branch to you and make an appointment. Turn up with your deposit in hand as well as any required documents.
Online
If you’ve already got an account with the bank you wish to deposit through, you can set it up online. The majority of banks allow you to set up a fixed deposit account completely online. Simply set it up and swap the money from your regular account into the fixed deposit account.

What Documents Do I Need to Apply for a Fixed Deposit Account?

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.

How Does My Bank Calculate Interest Return for My Fixed Deposits?

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

Bank Comparison

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.

Make More than One Fixed Deposit

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

Utilize Fixed Deposits with Differing Tenures

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.

Withdrawing Prematurely

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.

Reinvesting Your Fixed Deposits

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.

How Can I Find the Best Fixed Deposit Interest Rate?

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.

Can I Deposit Extra into My Fixed Deposit Account?

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.

Do I Lose Anything by Withdrawing Early?

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.

What is the Shortest Possible Tenure for a Fixed Deposit?

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.

Do I Need to Pay Extra Bank Fees for a Fixed Deposit?

Usually, no. The only extra fees you may have would be for early withdrawal from the account.

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