Investing Updates: Best Fixed Deposit Rates in Singapore [May 2026]

Source:

https://growbeansprout.com/insights/savings/singapore-best-fixed-deposit-rate

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Singapore fixed deposit rates edged slightly higher in May 2026, with several banks launching promotional offers to attract savers seeking stable returns amid moderating interest rates. According to Beansprout’s latest comparison, the best fixed deposit rates currently available range from 1.35% p.a. for short tenures to 1.60% p.a. for one-year deposits.

The standout offer comes from GXS Bank, which provides 1.60% p.a. on its 12-month Boost Pocket, requiring only S$100 minimum placement and allowing up to S$95,000 deposits. For shorter durations, the best 3-month rate is 1.35% p.a. from Hong Leong Finance, while HL Bank offers 1.50% p.a. for 6 months. Singapura Finance leads the 9-month category at 1.50% p.a.

Digital banks remain highly competitive. MariBank offers promotional rates up to 1.50% p.a. for selected users, while traditional banks such as Bank of China, RHB Bank, and ICBC continue offering rates between 1.30% and 1.40% p.a. across various tenures.

Singapore’s major local banks lag behind newer competitors. DBS Bank and OCBC Bank currently offer around 1.00%–1.15% p.a., while UOB tops out at 1.20% p.a. with wealth holdings.

The article also compares fixed deposits with Singapore T-bills, Singapore Savings Bonds (SSBs), savings accounts, and cash management accounts. Fixed deposits remain attractive for conservative savers due to guaranteed returns and SDIC insurance coverage of up to S$100,000, though funds are typically locked in for several months and early withdrawals may incur penalties.