Best fixed deposit rates in Singapore (July 2025): Minimum deposits from $500, rates up to 2.45%

If you think that fixed deposits are only for conservative cash — rich aunties and uncles, think again.A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.Although fixed deposit rates have been falling, there's a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash — these days, banks are offering fixed deposits starting from as low as $500!Overview of Singapore fixed deposit rates (July 2025)Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods.Overall highest fixed deposit rates in Singapore (July 2025)Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Jul 2025:DBS (2.45 per cent p.a. - min. $1,000 for 12 months)Maybank (2.05 per cent p.a. - min. $20,000 for 12 months)State Bank of India (2.00 per cent p.a. - min. $5,000 for six months)Bank of China (1.95 per cent p.a. - min. $500 for three months)StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount)Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount)CIMB (1.85 per cent p.a. - min. $10,000 for three months)Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months)ICBC (1.80 per cent p.a. - $500 for three months)RHB (1.80 per cent p.a. - min. $20,000 for three or six months)UOB (1.75 per cent p.a. - min. $10,000 for six months)OCBC (1.70 per cent p.a. - min. $30,000 for nine months)Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months)HSBC (1.15 per cent p.a. - min. $30,000 for one month)Fixed deposit rates by commitment periodWhen it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you.Best fixed deposit rates for a 3-month commitment periodLooking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period.Bank of China (1.95 per cent p.a. - $500 for three months)Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount)StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount)CIMB (1.85 per cent p.a. - min. $10,000 for three months)ICBC (1.80 per cent p.a. - $500 for three months)Citibank (1.80 per cent p.a. - $10,000 for three or six months)RHB (1.80 per cent p.a. - min. $20,000 for three or six months)Syfe Cash+ GuaranteedPeriodSyfe Cash+ Guaranteed rate (no min. or max deposit amount)1 month1.75% p.a.3 months1.90% p.a.6 months1.80% p.a.12 months1.65% p.a.Rates accurate as of 3 July 2025. Do check the Syfe Cash+ Guaranteed page for the latest rates.If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.Syfe Cash+ Guaranteed isn't technically a fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are generally higher than traditional banks, and there's also no minimum or maximum amount.As of 3 July 2025, Syfe Cash+ Guaranteed is offering up to 1.90 per cent p.a. with a 3-month tenure. It's taken a huge hit since last year, when it was offering up to 3.8 per cent. Still, rates are low all around. and 1.90 per cent is one of the highest rates this month on our list.MoneySmart TakeWhat we like: Higher rates than traditional banks, no minimum or maximum deposit amount.What we don't like: No liquidity. You cannot withdraw the funds prematurely even if you're willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee.StashAway Simple Guaranteed ratePeriodStashAway Simple Guaranteed rate (no min. or max. deposit amount)1 month1.90% p.a.3 months1.90% p.a.6 months1.80% p.a.12 months1.70% p.a.Rates accurate as of 3 July 2025. Do check StashAway's Simple Guaranteed page for the latest rates.StashAway offers a cash management solution called Simple Guaranteed that earns you interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank.As of 3 July 2025, the highest StashAway Simple Guaranteed interest is 1.90 per cent p.a. for a 1- or 3-month period, with no minimum or maximum deposit amounts. It's on par with Syfe's highest rates this month.MoneySmart TakeWhat we like: Relatively high rates compared to traditional fixed deposits. Plus, no minimum or maximum deposit amount.What we don't like: Like Syfe's Cash+ Guaranteed, there's no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight.ICBC fixed deposit rates Deposit amountPeriod$20,000 to <$200,000 (over the counter)$500 to <$200,000 (via e-banking)1 month1.65% p.a.1.75% p.a.3 months1.70% p.a.1.80% p.a.6 months1.65% p.a.1.75% p.a.9 months1.65% p.a.1.75% p.a.12 months1.65% p.a.1.75% p.a.Rates accurate as of 3 July 2025. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates.There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there!Even if you only have $500 to invest, you can still get a rate of 1.80 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate.Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 1.70 per cent p.a. for a 3-month period.There is a plus point for ICBC's fixed deposit — there's no penalty for early withdrawal. That means you fixed deposit isn't as fixed as you might think.MoneySmart TakeWhat we like: Ultra low minimum deposit amount of just $500 via e-banking and a low commitment period of anywhere between a month to a year, making ICBC very accessible. ICBC also doesn't penalise you for early withdrawals.What we don't like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop slightly.Citibank fixed deposit rates Deposit amountPeriod$10,000 to $5 million3 months1.80% p.a.6 months1.80% p.a.Note: The promotional rates above are stated as valid until July 31, 2025. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes.The best Citibank fixed deposit rate you can currently get is 1.80 per cent p.a. for a minimum deposit amount of $10,000 and a commitment period of three or six months. That's down by 0.30 per cent since their promotional rates in June 2025.Citibank's minimum deposit is $10,000, which is fairly accessible. This amount is lowered from the previous $50,000, which is a markedly much larger sum of money.MoneySmart TakeWhat we like: Short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there's also a high upper limit of $3 million.What we don't like: High minimum deposit amount. Not everyone has $50,000 just lying around.HSBC fixed deposit ratesDeposit periodPersonal Banking customersPremier and Premier Elite customers without wealth holdingsPremier and Premier Elite customers with wealth holdings1 month1.15% p.a.1.20% p.a.1.70% p.a.3 months1.05% p.a.1.10% p.a.1.60% p.a.6 months1.05% p.a.1.10% p.a.1.60% p.a.12 months0.90% p.a.0.95% p.a.1.45% p.a.Promotional rates valid until July 31, 2025. Do check HSBC's website for the latest rates.HSBC is offering anything from 0.90 per cent to 1.70 per cent p.a., depending on your banking relationship with them. For the bulk of us who are regular banking customers, the highest fixed deposit rate you can get with HSBC this month is just 1.15 per cent p.a.The best case scenario is if you are a Premier or Premier Elite customer who also has investments with HSBC. If you fit the bill, HSBC will give you 1.70 per cent p.a. for a deposit period of one month.No matter your banking relationship with HSBC, the minimum sum you have to put in is a hefty $30,000. Compared to other banks, it's a rather large sum for an average at best fixed deposit interest rate.MoneySmart TakeWhat we like: Short commitment period of just one or three months available.What we don't like: High minimum sum. You're going to need at least $30,000 to place a fixed deposit with HSBC.Bank of China fixed deposit ratesPeriodFixed deposit interest ratesOver the counter placement ($20,000 and above)Mobile banking placement 1 month1.60% p.a.1.80% p.a. (minimum amount: $500 and above)3 months1.75% p.a.1.95% p.a. (minimum amount: $500 and above)6 months1.65% p.a.1.85% p.a. (minimum amount: $20,000 and above)1.80% p.a. (minimum amount: $500 and above) 9 months1.55% p.a.1.75% p.a. (minimum amount: $500 and above)12 months–1.75% p.a. (minimum amount: $20,000 and above)1.70% p.a. (minimum amount: $500 and above)The rates above were set on June 30, 2025 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates.The Bank of China is currently offering 1.95 per cent p.a. for a placement of $500 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.Rates aside, the best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only one month, you can still get an interest rate of 1.80 per cent p.a.MoneySmart TakeWhat we like: Short commitment period of three months, and very low minimum deposit amount of $500.What we don't like: Like ICBC, the Bank of China offers different rates depending on how you place your funds-online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become around 0.10 per cent - 0.20 per cent p.a. lower.Best fixed deposit rates for a 6-month and 12-month commitment periodsLooking to stash your cash in a fixed deposit account for six months or one year? Here's a summary of the best fixed deposit rates in Singapore in 2025 for 6-month and 12-month commitment periods:Best fixed deposit rates in Singapore for 6 and 12 months (Jul 2025)Min. deposit amount6 months12 monthsNo minimum1.80% p.a. (Syfe, StashAway)1.70% p.a. (StashAway); 1.65% p.a. (Syfe)$5002.25% p.a (ICBC); 1.85% p.a. (Bank of China)2.25% p.a. (ICBC); 1.75% p.a. (Bank of China)$1,0002.15% p.a (DBS)2.45% p.a (DBS)$10,0001.75 – 1.80% p.a. (CIMB)1.55 – 1.60% p.a. (CIMB)$20,0001.90% p.a. (Maybank); 1.80 – 1.90% p.a. (RHB)2.05% p.a. (Maybank); 1.60 – 1.70% p.a. (RHB)$25,0001.45 – 1.50% p.a. (Standard Chartered)–$30,000–1.65% p.a. (OCBC)$50,0002.00% p.a. (State Bank of India)1.90% p.a. (State Bank of India)CIMB fixed deposit rates Deposit amount: $10,000 and abovePeriodPersonal Banking (For regular CIMB customers)Preferred Banking3 months1.85% p.a.1.90% p.a.6 months1.75% p.a.1.80% p.a.9 months1.55% p.a.1.60% p.a.12 months1.55% p.a.1.60% p.a.Promotional rates valid from July 1, 2025, subject to change anytime by CIMB. Do check CIMB's website for the latest rates.Malaysian bank CIMB is offering relatively good fixed deposit rates in Singapore this month, at up to 1.85 per cent p.a. for regular CIMB customers and 1.90 per cent p.a. if you're a CIMB Preferred Banking customer. These aren't high in absolute terms, but they are some of the highest this month compared to rates offered by other banks.This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for three months and must apply and deposit your money online.If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates apply from deposits of $1,000 and up. However, they are a measly 0.2 per cent to 0.3 per cent p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC (1.80 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (1.95 per cent p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames.MoneySmart TakeWhat we like: Relatively short commitment periods of three and six months.What we don't like: CIMB's best rates are reserved for their Preferred Banking customers — these are 0.05 per cent p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you.RHB fixed deposit rates Deposit amount: $20,000 and abovePeriodPersonal bankingPremier banking3 months1.80% p.a.1.90% p.a.6 months1.80% p.a.1.90% p.a.12 months1.60% p.a.1.70% p.a.Note: The rates above are correct as of 3 July 2025. They are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates.The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn't possible for you, RHB's fixed deposit rates are the same whether you use mobile banking or head down to one of their branches.The highest rate personal banking customers can get is 1.80 per cent p.a. with a minimum deposit requirement of $20,000-slightly on the high side compared to other banks. Currently, this rate applies to two of the three available tenors — three or six months.A big advantage to RHB's fixed deposit is that they don't charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency.MoneySmart TakeWhat we like: No premature penalty fee if you want to withdraw your funds early!What we don't like: RHB's minimum deposit amount of $20,000 is higher than that for other banks.HL Bank fixed deposit ratesTenorHL Bank board rates1 month0.10% p.a.3 months0.20% p.a.6 months0.30% p.a.12 months0.40% p.a.Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion.A member of the Hong Leong group, HL Bank does not have any ongoing fixed deposit promotion as of the time of writing. Without any promotional rates, their board rates are between 0.10 per cent to 0.40 per cent p.a. for a minimum sum of $50,000.MoneySmart TakeWhat we like: Low tenors available, from just one month.What we don't like: High minimum deposit amount required at $50,000.Maybank fixed deposit ratesDeposit amount: $20,000 and abovePeriodiSAVvy Time Deposit Promotion (Online Placement)6 months1.60% p.a.9 months1.70% p.a.12 months1.75% p.a.Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates.Maybank is among one of the higher fixed deposit rates this month with up to 2.05 per cent p.a. (12 months) under a deposit bundle promotion. Without the bundle, it's 1.75 per cent p.a. (12 months).To unlock the highest rate that's available under the deposit bundle promotion, you must have an eligible Maybank savings accounts or current account. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into your fixed deposit (minimum $20,000).For example, if I have $3,000 in my Maybank savings account, I can do a $30,000 fixed deposit and earn 2.05 per cent p.a. on it over six months.While that's a relatively high rate this month, don't forget that you need to leave money in your current or savings account to unlock this rate. This sum of money you stash away will come with an opportunity cost. In the example above, I face the opportunity cost of the interest I would be able to earn on the $3,000 even while I earn interest on the $30,000 fixed deposit.MoneySmart TakeWhat we like: We like that both online placements and placements in branch enjoy the same rates — those who can't access one or the other for whatever reason aren't disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account.What we don't like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list.OCBC fixed deposit ratesPeriodDeposit amount of $30,000 and above9 months1.65% p.a. (placement in branch) / 1.70% p.a. (online banking)12 months1.60% p.a. (placement in branch) / 1.65% p.a. (online banking)Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest.OCBC's highest fixed deposit rate this month is 1.70 per cent p.a. for a 9-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield an even lower rate of 1.65 per cent p.a.While 1.70 per cent p.a. is not high, OCBC has maintained relatively low fixed deposit rates for the past few months anyway. Now that other banks have slashed theirs, OCBC's has gone from low to kinda average.MoneySmart TakeWhat we like: Short commitment period of six months.What we don't like: Relatively high minimum deposit amount of $30,000. OCBC also has a pretty significant disparity in its in-branch rates versus online banking rates, which makes me think older folks who only can only access banking services in person are disadvantaged.Fixed deposit rates by minimum deposit amountIs cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:$10,000 and under$20,000 - $49,999$50,000 and aboveBest fixed deposit rates for deposits $10,000 and underThese are the best fixed deposit rates in Singapore 2025 for deposits $10,000 and under:DBS (2.45 per cent p.a. - min. $1,000 for 12 months)Bank of China (1.95 per cent p.a. - min. $500 for three months)CIMB (1.85 per cent p.a. - min. $10,000 for three months)ICBC (1.80 per cent p.a. - $500 for three months)UOB (1.75 per cent p.a. - min. $10,000 for six months)DBS fixed deposit rates Deposit amountPeriod$1,000 – $19,999$20,000 – $999,9991 month0.30% p.a.0.05% p.a.3 months1.00% p.a.6 months2.15% p.a.9 months2.35% p.a.12 months – 60 months2.45% p.aDBS kept their fixed deposit rates consistent throughout 2024, with rates of up to 3.20 per cent p.a. But in 2025, they took a big hit.Currently, the best DBS fixed deposit rate is 2.45 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. That's high compared to other promotional fixed deposit rates this month from other banks, and of course is still miles better than having your cash parked in a regular savings account.Additionally, one thing I have always liked about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. They're also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1 - 12 months. Most other banks limit this to 3-month intervals.However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money almost anywhere else.MoneySmart TakeWhat we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for — DBS offers deposit periods in 1-month intervals from 1 -12 months.What we don't like: DBS doesn't have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05 per cent p.a.UOB fixed deposit ratesUOB fixed deposit ratesPeriod6 months10 monthsPromotion valid until: July 31, 2025, subject to change by UOB. Do check UOB's website for the latest rates.UOB's fixed deposit rate is currently 2-tiered — 1.75 per cent p.a. for a deposit period of six months and 1.60 per cent p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000.If you want higher rates, consider the Bank of China (1.95 per cent p.a.) or ICBC (1.80 per cent p.a.) with just $500 for a 3-month tenor.MoneySmart TakeWhat we like: Commitment periods start from a relatively short six months.What we don't like: UOB's current rate is below average. As aforementioned, you'd do better at other banks for the same deposit amount and period.Best fixed deposit rates for deposits $20,000-$49,999If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:Maybank (2.05 per cent p.a. - min. $20,000 for 12 months)Bank of China (1.95 per cent p.a. - min. $500 for three months)Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months)ICBC (2.15 per cent p.a. - $500 for three months)CIMB (1.85 per cent p.a. - min. $10,000 for three months)RHB (1.80 per cent p.a. - min. $20,000 for three or six months)OCBC (1.70 per cent p.a. - min. $30,000 for nine months)Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months)Standard Chartered fixed deposit rates Deposit amount: $25,000 and abovePeriodPersonal Banking customersPriority Banking customersPriority Private Banking customers6 months1.45% p.a.1.50% p.a.1.50% p.a.Promotional rates valid until: July 8, 2025, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures.With interest rates from 1.45 per cent p.a. to 1.50 per cent p.a., Standard Chartered's fixed deposit rates are on the lower end this month.Plus, you only get the higher rates if you're a priority private banking customer, i.e. with a certain high net worth. If you're a regular customer, you'll only be able to get a rate of 1.45 per cent p.a. with a 6-month tenor at their current promotional rates.In any case, you can get a better rate with the Bank of China with a smaller minimum sum-deposit $500 or more to lock in 1.95 per cent p.a. over three months.MoneySmart TakeWhat we like: Relatively short commitment period of six months.What we don't like: Standard Chartered doesn't have very high rates for the average Joe-you only get a decent one if you're a priority private banking customer.Best fixed deposit rates for deposits $50,000 and aboveHave a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you've got a few good options. Here are the best fixed deposit rates in Singapore 2025 for deposits $50,000 and above:State Bank of India (2.00 per cent p.a. - min. $5,000 for six months)Bank of China (2.10 per cent p.a. - min. $500 for three months)ICBC (1.80 per cent p.a. - $500 for three months)RHB (1.80 per cent p.a. - min. $20,000 for three or six months)CIMB (1.85 per cent p.a. - min. $10,000 for three months)Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months)Citibank (1.80 per cent p.a. - $10,000 for three or six months)State Bank of India Singapore fixed deposit ratesThe State Bank of India is not currently offering any promotional fixed deposits, which means we're left with their board rates: SBI Singapore board ratesPeriodDeposit amount: $5,000 to $1,000,0001 month0.35% p.a.3 months1.75% p.a.6 months2.00% p.a.12 months1.90% p.a.24 months1.25% p.a.Do check SBI's fixed deposit promotion page for any new promotional rates, if any.The highest board rate you'll get to enjoy is 2.00 per cent p.a., which is actually comparable to some promotional rates this month from other banks. For example, with $500, you can get 1.80 per cent p.a. with ICBC or 1.95 per cent p.a. with the Bank of China for a 3-month period.MoneySmart TakeWhat we like: Relatively short commitment periods available, with decent interest rates.What we don't like: SBI asks for a high minimum deposit sum.Hong Leong Finance fixed deposit ratesDeposit amount9 months11 months13 months$5,000 to < $20,0001.78%1.73%1.73%$20,000 and above1.83%1.78%1.78%The rates above are as of 5 June 2025 and are subject to change any time at the discretion of Hong Leong Finance. See Hong Leong Finance's fixed deposit rates for the latest.Besides putting your money with banks, it's also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don't get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.With a lock-in period of nine months, Hong Leong Finance is currently offering a fixed deposit rate of 1.83 per cent p.a. for a $20,000 minimum deposit. For slightly longer tenors of 11 or 13 months, you earn 1.78 per cent p.a. instead. These rates are low this month; you'd be able to find better rates almost anywhere else.MoneySmart TakeWhat we like: Short tenor periods for which you have to stash your cash with them.What we don't like: Hong Leong Finance isn't coming out super strong in terms of their fixed deposit rates — average at best. They also require a minimum deposit of $20,000, which is not the most beginner-friendly.Fixed deposit vs savings account - what's the difference?Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05 per cent p.a. interest on a regular savings account, but looking at interest rate alone isn't enough to compare the two.Here are the differences between fixed deposits and savings accounts at a glance: Fixed depositSavings accountTenureAs low as 1 month, but go for at least 6 months for better ratesNoneInterest rateUsually, the longer the tenure, the better the interest rateUsually the same regardless of tenureDeposit amountFixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of ChinaSmaller initial deposit and minimum monthly balance ($500 to $3,000)CurrencySGD by default, but some banks offer higher interest rates for foreign currencySGD by default. There are a few multi-currency accounts, but no difference in interest rateCan you withdraw?Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.Yes, no impact on interest, but don’t fall below the minimum balanceInterest paymentsQuarterly or annuallyMonthlyRisk levelVirtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)Compare fixed deposit vs Singapore Savings Bonds (SSB) vs T-billsIf you're looking for a virtually risk-free investment vehicle, you're bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider. Fixed depositSSBT-billsTenureAs low as 1 month, but go for at least 6 months for better rates10 years6 months / 1 yearCurrent interest rateUp to 3.35% p.a.2.29% p.a. (Jul 2025 SSB’s 10-year average return) 1.85% p.a. (cut-off yield for 3 Jul 2025 6-month T-bill)Deposit amountUsually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China$500-$200,000$1,000, with a cap of $1 million in non-competitive bids at each auction. CurrencySGD by default, but some banks offer higher interest rates for foreign currencySGDSGDCan you withdraw?Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty.Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond.No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market.Interest paymentsQuarterly or annuallyEvery 6 monthsUpon maturity, full value of T-Bill refunded following initial sale at a discountRisk levelVirtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)Virtually risk-free, backed by the Singapore governmentVirtually risk-free, backed by the Singapore governmentThis article was first published in MoneySmart.