The catch is that you are penalised if you were to withdraw your money before the deposit reaches your fixed term maturity date. What is the Difference Between Fixed Deposits and Savings Account and Current Account?įixed term deposits usually offer a much higher interest (about 2.00% to 3.70% difference per annum) as compared to the interest rate you get from your average current or savings deposit accounts. Click here for more information about the Deposit Insurance Scheme. There is not much difference where your money is placed in terms of security as the Singapore Deposit Insurance Corporation insure all your deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000. It is interesting to note that several foreign banks such as Standard Chartered, Bank of China, Maybank and Citibank have managed to narrow this gap and are already operating many branches in the heartlands.

Even though that is so, local banks offer greater accessibility with their large number of branches island-wide. Which Bank is Best for Savings in Singapore?įoreign banks and finance companies generally offer better interest rates for deposits as compared to our three local banks (DBS, UOB and OCBC). The current Money Lobang National Average Fixed Deposit Rates for January 2024 is 3.12% p.a. With inflation waning, these rates are set to drop. Depositors can enjoy the best fixed deposit rates in more than 15 years as they enjoy rates of up to 3.70% interest per annum as compared to the 0.05% to 0.15% interest per annum you get from the basic savings deposit account. Interest rates have bottomed out in 2021 and have soared to record highs in 2023. Singapore deposits earn very low interest from banks due to our strong fiscal and stable monetary policies and it has been consistently lower than 2.00% per annum since 2002. Which is the Best High Yield Savings Account in Singapore? Which Bank Offers Highest FD Rate in Singapore?ĥ. What is the Difference Between Fixed Deposits and Savings Account and Current Account?Ĥ. Which Bank is Best for Savings in Singapore?ģ.

Ocbc fixed deposit rate january 2023