Best Fixed Deposit Rates Jan 2023




 Will interest rates continue to rise in 2023?

Banks are expected to maintain the high-interest rates for 2023. While rates are not expected to shoot up as of 2022, it is anticipated to remain at these high levels for 2023.

 Note that most banks' rates are for fresh funds only.

BANKS

INTEREST (PA)

TENURE

MIN DEPO

 

BANK OF CHINA

 

 

4.05 % (Online) 

4.1%                  


 

12 mths

12 mths        

 

$50K-$300k

$300K and above

 

CIMB

 

 

 

4.15% -Online

4.2% -PB Online

 

 

 

12 mths

 

$10,000

 

CITIBANK

 

 

 

3.9%-Citigold

 

 

 

 

6 mths

 

$50,000

 

DBS/POSB

 

 

 

3.2%

 

 

 

 

12 mths

 

$1,000

 

HL BANK

 

 

 

4%

4.1%

 

 

 

12 mths

 

$100,000

$500,000

 

HONG LEONG FINANCE

 

 

3.55%

3.9%

 

 

 

11 mths

 

$20,000

$500,000

 

HSBC

 

 

4%

 

 

 

 

7 mths

 

$30,000

 

ICBC

 

 

3.7% -OTC

3.75%-Online

 

 

 

12 mths

 

$20,000

$500

 

MAYBANK

 

 

 

3.9%

 

15 mths

 

$20,000

 

OCBC

 


3.55%                    

3.9%- Premier Private

 


24 mths    

12 mths

 

$20,000

$20,000

 

 

 

RHB

 

 

4.1%

 

 

 

24 mths

 

$20,000

 

SINGAPURA FINANCE

 

 

3.88%

 

 

 

24 mths

 

 

 

$50,000

 

SCB

 

 

3.5 %

3.6% (Priority)


 

12 mths

 

$25,000

 

UOB

 

 

3.55%                   

3.85%

3.95%

 

 

6,10,12 mths

 

$10,000-$49,999

$50,000-$99,999

>$1,000,000


*Click on the individual banks for the latest rates
Rates are as of 1 Jan 2023. Please refer to individual banks for the latest rates


Bank of China




BOC best rate is 4.1% for online transactions for above $300K.  

CIMB




CIMB allows multiple tenures from 6 months to 18 months. The best rate is 4.15 % for Personal Banking and 4.2% for Preferred Banking for 12 and 18 months. This is the highest as of Nov 24.

citibank




Citibank only provides exclusive time deposit rates for Citigold and Citigold Private Clients. The rate is at 3.9% for 6 months.

DBS / POSB




DBS/POSB has only recently revised the FD rates. The 12 Months interest rates has risen from 1.7% to 3.2%. It is still trialing other banks by as much as 1%. 
Do note that DBS/POSB will accept new placements for tenors 12 months and below as according to their website.

HL Bank




HL Bank provides attractive rates. However, the minimum deposit starts from $100,000. To get the highest tier at 4.1%, you would need to place a minimum of $500,000

Hong Leong Finance




Hong Leong Finance offers a Christmas promotion with the highest rate at 3.9% for $500K for 11 and 24 months.

HSBC





HSBC offered periods of 3,7 and 12 months FD rates. The best rates will be for 7 months at 4%. Minimum deposit will be from SGD30K

ICBC



ICBC offers 3.75% via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.7% over 1 year.

Maybank




The best interest rate for Maybank is 3.9% for 15 months. The minimum placement is $20,000.

OCBC




OCBC offers 3 different interest rates for their different market segment. The highest will be at 3.9% over 1 year for Premier Private Clients. For all, it will be 3.55% for 24 months.

RHB




RHB gives 4.1% for 24 months FD.  You need to make the placement via the RHB mobile SG App. It is currently offering the highest rate for FD.

SINGAPURA FINANCE
Source: Singapura Finance


Singapura Finance offers 3.88% placement for 24 months. Minimum placement is for $50,000

Standard Chartered Bank


SCB offers 3.5% for retail and 3.6% for Priority clients for placement online. The tenure will be for 12 months.


UOB




UOB best rate will be at 3.95 for 6, 10 and 12 months if you have 1 million.
For deposits less than 50K, the interest rates will be at 3.85%



Disclaimer
The information provided by TWD serves is for educational purposes. It is not meant to be personalised investment advice. Readers must do their due diligence and refer to financial advisors for their investment needs. The information is correct as of 1 Jan 2023
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