Compare and find the best Fixed Deposit and promotional rate in Singapore

Compare and find the best Fixed Deposit in Singapore

Want to find a place to grow your hard-earned savings and stop yourself from spending it? Compare all available fixed deposits in Singapore and find the best interest rate to park your money and earn interest return with lowest risk.

 
 
 

Q: What is a fixed deposit account?

A  fixed deposit account (also called a time deposit or term deposit) is a type of savings account where you put your savings for a set amount of time without touching it. The longer you promise to leave your money in the bank, the higher the interest rate you’ll get.

Q: Can I top up the fixed deposit account?

No, you can’t top up your fixed deposit account until you reach your set date. But what you can do is open another fixed deposit account with the bank with your fresh funds.

Q: How does the bank calculate the interest return on a fixed deposit?

Banks multiply your deposit amount by your interest rate and then by how long you’re keeping the money in the bank so to get the interest return.

Imagine you deposit $5,000 and lock it in for 18 months with interest of 0.5% p.a.

Your interest return after 18 months is $5000 x 0.5% x 18/12 = $37.5

Q: Pros and Cons of a fixed deposit

Pros

  • Higher interest return compared to a normal savings account
  • Safest and hassle-free investment without any risk
  • Guaranteed interest returns so long as you leave your money for the set period
  • Start investing from as low as $5,000 and as short as a 1 month period in Singapore

Cons

  • If you want that interest return, you can’t withdraw our money during that set period
  • If you do withdraw before maturity, you may lose all your interest gained
  • If your money is all tied up in your fixed deposit, you might miss other opportunities to invest

Q: Who can open a fixed deposit account?

In Singapore, you’ll usually need to be at least 18 years old to open a fixed deposit account but some banks might let open one from 12 years or with a legal guardian or parent as guarantor. It doesn’t matter if you’re Singaporean, PR or foreigner, but you will need to have a minimum of $5000 to deposit. Of course, your bank has the final say, so be sure to check with them about their specific requirements.

Q: What do I need to open a fixed deposit account?

You’ll need these to open your account:

  • Singaporean/PR: You just need your NRIC
  • Foreigner: You’ll need a passport and proof of address as well as an Employment Pass, Dependent Pass, S Pass, Student Pass or Long-Term Visit Pass.

Q: How do I apply for a fixed deposit account?

  • Branch: If you like to do things the old-fashioned way, make an appointment at your local branch, then show up with your deposit (cash or cheque) and your required documents.
  • Online: If you already have a savings or current account at the bank, most banks (including OCBC, DBS, Standard Chartered Bank, CIMB and Maybank) let you open a fixed deposit account in a few clicks. Log in online, open a fixed deposit account, transfer the deposit amount from your savings or current account and choose how long you want to leave the money there for.

Q: Is there any penalty if I want to withdraw before maturity?

Yes. You may incur an early withdrawal fee if you want to close your fixed deposit account or make withdrawal before maturity, which is interest return you have gained. You may lose your interest gained partially or fully. Take note that you may receive lesser than principle if your fixed deposit is foreign currency.

Q: What happens once my fixed term is up?

You can give your bank some instructions when you make the deposit (or any time before the term is up) and tell them what you want to do when the fixed period ends. You can tell them to:

  • Rollover your deposit and the interest you accrued
  • Withdraw your deposit and the interest you accrued
  • Rollover your deposit but withdraw the interest you accrued

If you don’t tell the bank what you want to do with your money once your fixed time period is up, the bank will automatically renew your fixed deposit for a similar period at the current market rate for a deposit of that amount and time period.

Q: How do I get my deposit back after the time period is up?

When you make your deposit (or at any point before your fixed time is up) just let the bank know which of these options float your boat:

  • Transfer to your savings or current account with the same bank
  • Transfer to someone else’s savings or current account with the same bank
  • Get the cheque by mail or collect at the branch
  • Pick up cash at the branch

Q: Is my money protected if my bank fails?

Yes. Your money is protected if you bank with a member of the Singapore Deposit Insurance Corporation (SDIC) scheme. Under the insurance protection scheme, if your member bank or finance company fails, all of your eligible accounts with that member are combined and insured up to S$50,000.

Read more on https://www.sdic.org.sg/SDIC/apps/services/www/SDICSecureApp/desktopbrowser/default/