Best Fixed Deposit Rates for September 2022 ( Singapore)

Interest rates are on the rise again.

With FOMC slanted to raise interest rates this month, the FD rates in Singapore are also rising. It is time to take the money out of the mattress and put it in the bank!

Here are the latest FD rates for September.

Best Interest rate (p.a)          Tenure                  Minimum Deposit
Bank of China	2.5%* Mobile Placement	18 Months	$5,000
CIMB	2.3%* Preferred Bk	18 Months	$10,000
Citibank	2.6%* CitiGold	24 Months	$50,000
DBS / POSB	1.3%	18 months	$1,000
HL Bank	2.75%	12 months	$50,000
Hong Leong Finance	2.45%	15 months	$50,000
HSBC	2.5%	12 months	$30,000
ICBC	2.3%	12 months	$500
Maybank	2.4%	24 months	$20,000
OCBC	2%	12 months	$20,000
RHB	2.7%* *RHB Premier	24 months	$20,000
Standard Chartered	1.9%* *Priority B	12 months	$25,000
UOB	2.7%	15 months	$20,000

(Click on individual banks for details)

Which Bank has the highest Fix Deposit Rates?

HL bank has the highest rates in town at 2.75% over 12 months. Among the local banks, UOB leads with 2.7% over 15 months ( This is not reflected on their website, but it is available at the branch). SCB has the lowest FD rates this time round despite it being higher in Aug. Average rate is at 2.5%

If you are holding on to Fixed Deposits placed within the last 3 months at 2% or below, it may be worth considering a switch to the banks with 2.7%. This will be worth it if the banks do not impose a penalty fee for breaking and you meet the qualifying minimum deposit.

Disclaimer

*Interest rates are correct as of 1 Sept 2022. Banks may change interest rates, so do check the individual banks for the latest rates

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