Deciding where to let your savings earn a little while you sleep is a familiar puzzle for Singaporeans. Right now, the best 12-month fixed deposit rate sits at 1.65% p.a. from Maybank, while shorter tenures offer competitive options too. We compare the latest SGD fixed deposit rates across banks, highlight senior citizen promotions, and help you decide whether locking in a rate still makes sense in 2026.

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Highest 12-month FD rate: 1.65% p.a. (Maybank) ·
Highest 6-month FD rate: 1.50% p.a. (SBI) ·
Minimum deposit range: $1,000 – $25,000 ·
SDIC insurance limit: $100,000 per depositor per bank ·
Senior citizen promotions: Available at POSB and DBS

Quick snapshot

1Confirmed facts
2What’s unclear
3Timeline signal
  • Rates have remained stable through July 2026, with no major shifts observed (Beansprout)
4What’s next
  • Banks may introduce new year-end promotions — check regularly
  • Use an FD calculator to compare different tenors and rates
Key facts at a glance
Metric Value
Current highest rate 1.65% p.a. (Maybank, 12-month)
Current 6-month high 1.50% p.a. (SBI)
SDIC insurance limit $100,000
Minimum deposit range $1,000 – $25,000

Which Singapore bank has the highest fixed deposit rate?

The top rate requires a 12-month commitment: Maybank’s fixed deposit at 1.65% p.a. led the July 2026 rankings from StashAway (a Singapore investment platform). But the highest rate depends on how long you are willing to lock your money in.

What are the 6-month fixed deposit rates?

What are the 12-month fixed deposit rates?

  • Maybank – 1.65% p.a. (minimum S$20,000) (StashAway)
  • Singapura Finance – 1.55% p.a. for 12/13 months (minimum S$20,000) (Beansprout)
  • Bank of China – 1.35% p.a. (minimum S$500) (MoneySmart)
  • UOB – 1.20% p.a. (minimum S$10,000) (MoneySmart)

The pattern: longer tenors do not always pay more. Singapura Finance’s 9-month promotion (1.52% p.a.) actually beats several 12-month offers. Always check the terms across tenors before deciding.

Is a fixed deposit worth it in Singapore?

Fixed deposits offer safety and predictability, but the trade-off is that returns may not keep up with inflation. Singapore’s 2026 inflation rate is around 2.5%, meaning a 1.65% p.a. FD yields a real return of -0.85% after inflation.

What are the advantages of fixed deposits?

  • Principal is insured under SDIC up to S$100,000 per depositor per bank (SDIC, the deposit insurer of Singapore)
  • Guaranteed returns — no market volatility
  • Simple to open and manage
  • Can be used as collateral for loans

What are the disadvantages of fixed deposits?

  • Returns may lag inflation, reducing purchasing power
  • Early withdrawal penalties (usually loss of interest or a fee)
  • Rates are fixed for the tenure — you miss out if rates rise
  • Minimum deposit amounts can be high for promotional rates
The trade-off

Even the best FD rate of 1.65% p.a. is below Singapore’s 2026 inflation rate of around 2.5%, meaning your deposit loses purchasing power in real terms. For a retiree relying on fixed deposit income, the gap between the best rate and the average (1.2%) can mean a difference of S$450 in interest on a S$100,000 deposit over one year.

How does FD compare to other low-risk investments?

  • Singapore Savings Bonds (SSB) – offer higher average returns for longer holding periods, with flexible withdrawal.
  • Singapore Treasury Bills (T-bills) – currently yield around 2.8-3.0%, higher than most FDs, but require a CPF or bank account.
  • High-yield savings accounts – some offer 2.0-2.5% p.a. with conditions (e.g., salary crediting, minimum spend).

Which is worth it? For emergency funds, SSB is a strong alternative. For a fixed sum that you won’t need for a year, an FD is still a reliable choice — especially if you lock in a promotional rate.

What is the interest rate for FD in Singapore 2026?

As of July 2026, SGD fixed deposit rates range from 0.50% to 1.65% p.a. depending on the bank and tenure. The table below highlights the most competitive offers across popular tenors.

What are the current rates across tenors?

The table reveals a clear trade-off between minimum deposit and rate.

Tenor Best rate (p.a.) Bank Minimum deposit
3-month 1.35% Bank of China S$500
6-month 1.50% SBI / Bank of China S$50,000 / S$500
9-month 1.52% Singapura Finance S$20,000
12-month 1.65% Maybank S$20,000

The catch: the top rates demand a minimum deposit of S$20,000 or more, while Bank of China’s lower 1.35% for 12-month only needs S$500.

How do rates differ between banks?

Three banks, one pattern: competitive rates come with conditions. Singapura Finance’s promotional rates require at least S$20,000, while Bank of China’s lower 1.35% for 12-month only needs S$500. The trade-off is clear: you need to bring more money to get the highest rates.

What is POSB fixed deposit promotion for senior citizens?

POSB (part of DBS Bank) offers special fixed deposit rates for senior citizens under its “Banking for Seniors” programme. The rates are typically higher than standard board rates, but exact figures depend on the prevailing promotion and are subject to change.

What is DBS fixed deposit promotion for senior citizens?

DBS also runs similar promotions for senior citizens, often with a higher interest tier for deposits above a certain threshold. Both POSB and DBS require customers to visit a branch or apply online to confirm the current rate (POSB Banking for Seniors page, DBS Banking for Seniors page).

Are there other banks with senior citizen rates?

  • Maybank – occasionally offers additional 0.05-0.10% for senior citizens on promotional FDs.
  • UOB – may have age-based tiers for its time deposits.
  • OCBC – no dedicated senior citizen FD rate, but its standard rates are open to all.

The implication: senior citizens should check POSB and DBS first, but also compare with Maybank and Singapura Finance, which may offer higher base rates.

What to watch

Senior citizen promotions often require a minimum deposit of S$20,000 or more, and the extra interest may be only 0.10-0.20% above the standard rate. Always read the terms: some promotions apply only to fresh funds.

How to use an SGD fixed deposit rate calculator?

An FD calculator helps you estimate the maturity amount for a given principal, tenure, and interest rate. Most bank websites offer one, and independent financial portals also have simple tools.

What is an FD calculator?

  • It takes your deposit amount, interest rate (p.a.), and tenure (in months).
  • It computes the total interest earned using simple or compound interest, depending on the bank’s practices.

How to calculate fixed deposit interest in Singapore?

The basic formula: Maturity Amount = Principal × (1 + (rate/100) × (tenure in months / 12)) for simple interest. For example, a S$10,000 deposit at 1.65% p.a. for 12 months yields S$165 in interest.

To compare, use a calculator from MoneySmart (a Singapore personal finance comparison site) or your bank’s own tool. You can also input different tenors to see which gives the best return.

Pros and cons of fixed deposits

Upsides

  • Capital guaranteed with SDIC protection up to S$100,000
  • Fixed interest rate – no market fluctuations
  • Easy to open – online or at branch
  • Suitable for short-term savings goals (1-12 months)

Downsides

  • Returns may not beat inflation (~2.5% in 2026)
  • Early withdrawal penalties (loss of interest)
  • Missed opportunity if rates rise during the tenure
  • High minimum deposits for best promotions

Confirmed facts vs. What remains unclear

Based on the latest data from financial platforms and bank websites, these points are solid:

Confirmed facts

  • Maybank 12-month FD rate is 1.65% p.a. as of July 2026 (StashAway)
  • SBI 6-month FD rate is 1.50% p.a. (Beansprout)
  • SDIC insures deposits up to $100,000 per depositor per bank (SDIC)
  • Singapura Finance offers 1.52% p.a. for 9-month promotion (Beansprout)
  • POSB and DBS have senior citizen fixed deposit promotions (POSB, DBS)

What’s unclear

  • Future rate changes – subject to market conditions and bank policies (MAS, the central bank of Singapore)
  • Exact senior citizen promotion rates – must be confirmed on bank websites
  • Whether banks will extend or revise promotional rates later in 2026

What experts say about fixed deposits in 2026

“Hong Leong Finance offers 1.35% p.a. for a 12-month SGD fixed deposit with a minimum placement of S$20,000.”

StashAway (a Singapore investment platform), July 2026 rate comparison

“The best 6-month fixed deposit rate we found is 1.50% p.a. from SBI and Bank of China.”

Beansprout (a Singapore financial comparison site), July 2026 roundup

“Singapura Finance’s Counter Fixed Deposit Promotion pays 1.55% p.a. for 12/13 months on S$20,000 minimum deposits.”

Beansprout, July 2026

For a retiree relying on fixed deposit income, the gap between the best rate (1.65%) and the average rate (1.2%) means a difference of S$450 in interest on a S$100,000 deposit over one year — a sum worth shopping around for. The choice is clear: compare tenors, check minimum deposits, and don’t overlook senior citizen promotions to maximise your return.

Additional sources

youtube.com, syfe.com, moomoo.com, sgnewsdesk.com, interestrates.sg, singpromos.com

For a detailed comparison of the best SGD fixed deposit rates, check out the latest bank offerings and promotions.

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Frequently asked questions

What is the minimum deposit for a fixed deposit in Singapore?

Minimum deposits vary by bank and promotion. The lowest is S$500 at Bank of China for a 12-month FD, while promotional rates often require S$20,000 or more. Standard board rates may start at S$1,000.

Are fixed deposits in Singapore insured?

Yes, deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per bank (SDIC).

Can I withdraw a fixed deposit early?

Yes, but you will typically forfeit all interest earned and may pay a penalty. Some banks allow early withdrawal with a reduced interest rate. Always check the terms before locking in.

What is the difference between a fixed deposit and a Singapore Savings Bond?

Singapore Savings Bonds (SSBs) offer flexible withdrawal without penalty, and interest rates are linked to long-term government bond yields. Fixed deposits lock in a fixed rate for a fixed tenure, and early withdrawal incurs penalties. SSBs are better for emergency funds; FDs are better for a known time horizon.

How is fixed deposit interest taxed in Singapore?

Interest from fixed deposits is tax-free in Singapore because there is no capital gains tax and interest income is not subject to personal income tax for individuals. For companies, interest income is taxable.

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