Learn more about five banks commonly considered for fixed term deposits in Singapore, including DBS, OCBC, UOB, Standard Chartered and Maybank. Compare key factors such as interest rates, deposit amounts, available tenures, promotional conditions and account features to better understand how fixed deposits work and what to review before selecting an option for your savings goals.
Fixed term deposits can be a useful option for people who want to set aside money for a predetermined period while earning interest. Singapore has several established banks offering fixed deposit products with different tenures, minimum placement amounts and interest rates. DBS, OCBC, UOB, Standard Chartered and Maybank are among the banks commonly reviewed when comparing fixed term deposits. However, rates and promotional conditions can change regularly, so it is important to review the latest information before making a decision. This guide explains key features to consider, how these banks compare, and what savers should understand about fixed term deposits in Singapore.
Fixed term deposits allow customers to place a specified amount with a bank for an agreed period. In return, the bank pays interest according to the applicable rate and terms. The interest rate can vary based on the deposit amount, tenure, customer eligibility and whether the funds qualify for a promotional offer.
A fixed term deposit generally requires money to remain with the bank until the agreed maturity date. Different banks provide different choices, ranging from short periods to longer terms.
When comparing fixed term deposits, consider:
The Monetary Authority of Singapore provides statistics covering bank fixed deposit rates for different periods, including three month, six month and twelve month deposits.
DBS offers Singapore dollar fixed deposits with different tenures. Its published information notes that rates can apply based on total SGD fixed deposit balances, while certain account features may have additional eligibility requirements.
Key points to review include:
OCBC provides SGD time deposits through branch and digital banking channels. Its published rates show that promotional rates can differ depending on the application channel and tenure.
Important factors include:
UOB offers Singapore dollar time deposits alongside promotional options. Its published information indicates that promotional rates may require fresh funds and that the applicable rate depends on the promotion and customer circumstances.
Consider:
Standard Chartered is another bank that can be included when comparing fixed deposit options in Singapore. The applicable minimum deposit and interest rate can vary according to the selected tenure and current terms. Current comparison information lists Standard Chartered among the banks offering fixed deposit products in Singapore.
Review:
Maybank is also commonly included in Singapore fixed deposit comparisons. Current market comparisons show different rates depending on the deposit amount and selected term.
Before selecting a term, check:
The highest advertised interest rate is not necessarily the only factor worth considering. A deposit with a different tenure or minimum requirement may be more suitable depending on when the money may be needed.
Useful comparison points include:
Fixed deposit rates are not permanent. Banks can update their rates, promotional offers and eligibility requirements. For example, OCBC currently publishes different promotional rates for online and branch placements, while UOB states that promotional terms and rates can change.
This means information found in an older comparison may no longer reflect the latest available terms. Checking the relevant bank's current information before placing a deposit can help ensure that the rate, tenure and conditions are understood correctly.