Time Deposit Rates Singapore: Best 2026 Deals

Highest promoted 12-month rate: 1.55% p.a. (Maybank) · Lowest promoted 3-month rate: 1.30% p.a. (HSBC) · Typical minimum deposit: S$1,000 to S$20,000 · Top 6-month rate found: 1.15% p.a. (HSBC)

Here is a quick reference of the most important figures.

What is the best time deposit rate in Singapore?

Two rates stand out above the rest. Maybank’s 12-month promotional deposit offers 1.55% p.a., while HSBC’s 3-month tier pays 1.30% p.a. — the highest short-term return available among major banks as of August 2026. But the best choice depends on how much cash you can lock away and for how long.

Comparing top promotional rates

Eight banks compete for fixed-deposit dollars, but only a handful offer rates worth your attention. The table below shows the top advertised rates by tenor, along with the minimum deposit required to access them.

The pattern: Short tenors (3–6 months) pay less but offer flexibility; longer tenors pay more but demand a larger commitment. For savers who can’t tie up S$20,000, HSBC’s 1.30% for three months is a competitive alternative with a lower entry point.

Understanding minimum deposit thresholds

Minimum deposit amounts can change which rate is actually achievable. Maybank’s best 12-month rate requires S$20,000. By contrast, some aggregators like StashAway (rate comparison platform) list fixed-deposit products starting as low as S$1,000 — but at lower rates (around 1.00% to 1.20% p.a.).

Why this matters: A headline rate that demands S$20,000 is meaningless if you only have S$5,000 to deposit. Always check the “minimum deposit” fine print before comparing figures.

Which bank in Singapore has the highest interest rate for savings accounts?

Savings accounts often advertise rates above 3% p.a., but those rates apply only to a limited portion of your balance and come with conditions like salary crediting or monthly card spend. Fixed deposits, by contrast, guarantee the stated rate on your entire deposit for the full tenor. The trade-off is liquidity.

Savings accounts versus fixed deposits

No bank in Singapore currently offers a flat 7% rate on an unlimited savings balance. Promotional “high-interest” savings accounts (e.g., from UOB, OCBC, or DBS) cap the bonus interest at a certain balance — often S$50,000 to S$100,000 — and require you to meet multiple criteria each month. Fixed deposits require no ongoing activity; the rate is locked from day one.

High-interest savings account limits

The best savings account rates are typically above 3% p.a., but only for the first S$50,000–S$100,000. For larger sums, the effective blended rate drops. A fixed deposit at 1.55% on S$200,000 may actually outperform a “high-interest” savings account on the same amount once caps are applied. The Seedly comparison (financial blog) notes that UOB’s board rate of 1.00% for 11 months still beats the fallback rate on many savings accounts after caps are hit.

The pattern: higher returns require larger commitments, but the trade-off is worth it for those who can lock in funds.

Which bank gives 7% interest on FD?

None. No bank in Singapore currently offers a 7% fixed deposit rate in Singapore dollars. Claims of 7% typically refer to promotional savings accounts with caps and conditions, or to foreign-currency deposits in high-inflation countries where currency risk can erase gains.

Assessing the reality of 7% promotional rates

Some overseas banks in countries like Argentina or Turkey offer nominal rates above 7%, but those are eroded by inflation and exchange-rate fluctuations against the SGD. Even if you could open such an account, the SDIC does not cover foreign deposits. “Promotional” rates in Singapore, such as those occasionally offered by smaller finance companies, rarely exceed 2% p.a. for SGD deposits.

Risks of chasing unrealistically high yields

The safest approach is to ignore any rate above 2% for SGD fixed deposits as probably misleading. Floating-rate notes or market-linked products may promise higher returns but carry capital risk. For depositors who simply want principal protection with a predictable return, the current top rate of 1.55% from a major bank like Maybank is a solid benchmark.

The implication: always verify the fine print before committing to any high-yield claim.

Is it safe to have S$500,000 in one bank?

Only up to S$100,000 is protected by SDIC. Any amount above that in a single bank is not insured. To protect S$500,000, you would need to spread the money across at least five different banks.

The implication: The best rate is irrelevant if you lose it to an uninsured bank failure. Always check your total exposure per institution. Spreading across multiple banks is the only way to keep large sums fully covered.

Confirmed facts vs. what remains unclear

The bottom line: focus on the confirmed facts and remain aware of uncertainties when making your decision.

Key perspectives from the market

This promotional rate of 1.55% per annum is available for 12-month time deposits placed by individual customers through our branches and digital channels, subject to a minimum deposit of S$20,000.

Maybank Singapore, promotional terms (August 2026)

Enjoy 1.30% p.a. on your SGD time deposit for a 3-month tenor with no minimum deposit requirement when you apply online.

HSBC Singapore, time-deposit page (August 2026)

Each depositor is insured up to S$100,000 per bank under the Deposit Insurance Scheme.

SDIC, deposit insurance overview

Related reading: OCBC Bank Near Me: Find Branches, ATMs, and Opening Hours · UOB Bank Branch Code Singapore: 3-Digit Code Guide

For the most competitive offers, check the latest current fixed deposit deals in Singapore, which include comparable rates from major banks.

Frequently asked questions

For Singapore depositors, the choice is clear: lock in a guaranteed 1.55% with Maybank if you have S$20,000 to commit for a year, or use HSBC’s 1.30% short-term rate for smaller, flexible amounts. For sums above S$100,000, split across multiple banks to stay fully insured, or accept that part of your savings will be uninsured.