Best Fixed Deposit Rates for January 2024

Will the first month of 2024 bring higher or lower rates?

There has been a recent buzz that FED will cut rates in 2024. How will this impact Fixed Deposit Rates in Singapore for 2024?

These are the best interest rates for fixed deposits for banks in Singapore for Jan 2024

BANKS	INTEREST (PA)	TENURE	MIN DEPO
BANK OF CHINA	3.6% (Online)	3 mths	$5,000
CIMB	3.55% (Online)	6 mths	$10,000
CITIBANK	3.5 % (Citigold)	3 mths	$250,000
DBS/POSB	3.2%	12 mths	$1,000
HL BANK	3.65%	12 mths	$500,000
HONG LEONG FINANCE	3.3%	8 mths	$20,000
HSBC	3.65%	3 mths	$200,000
ICBC	3.35%	3 mths	$500
MAYBANK	2.65%	12 mths	$20,000
OCBC	3.1%	6 mths	$20,000
RHB	3.45%	6 mths	$20,000
SINGAPURA FINANCE	NA	NA	NA
SCB	3.3 %  (Priority Private)	8A mths	$25,000
UOB	3.1%	6,10,12 mths	$10,000

*Click on the individual banks for the latest rates

Rates are as of 1 Dec 2023. Please refer to respective banks for the latest rates

Bank of China

The best rate for BOC is 3.6% for 3 months via Mobile Banking. The rates have raised slightly compared to early part of the month.

See the latest rates here

CIMB

CIMB best FD rates is at 3.5% for 6 months. It used to have one of the highest rate in town.

See the latest rates here

Citibank

Citibank highest FD rate is at  3.5% for 3 months.

See the latest rates here

DBS / POSB

DBS/POSB remains unchanged at 3.2%

According to their website, DBS/POSB will accept new placements for tenors 12 months and below.

See the latest rates here

HL Bank

HL Bank highest FD rate is at 3.65% for 12 months. Minimum placement is at SGD 500,000

See the latest rates here

Hong Leong Finance

Hong Leong Finance FD rates have fallen to 3.3% for 6 months. The one year rate is lower than 6 or 9 month.

See the latest rates here

HSBC

HSBC highest rates is at 3.65% for 3 months.

See the latest rates here

ICBC

ICBC offers a low 3.35% for 3 months via e-banking for deposits as low as $500. 

See the latest rates here

Maybank

Maybank's interest rate is the lowest in town at 2.65% for 12 month. The minimum placement is $20,000.

See the latest rates here

OCBC

OCBC FD has only 1 tenure on promo. The rate is 3.1% for 6 months via Internet Banking.

See the latest rates here

RHB

RHB's interest rates falls to 3.45% for 6 months for Premier Client.

See the latest rates here

Standard Chartered Bank

SCB offers a fresh fund promo of 3.3% for 8 m for  Priority Private Banking till 31 Dec. Rates may change for Jan.

See the latest rates here.e

UOB

UOB used to have decent FD rates. Now, it is one of the lowest in town.

See the latest rates here

Disclaimer
The information provided by TWD is for information 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 2nd Jan . Do refer to the individual banks for the latest updates.