When it comes to stashing cash safely, fixed deposits in Singapore have long been the go-to. But with rates dipping below 2% p.a. in May 2026, finding the best deal takes a bit more homework. This article compares rates from 9 banks, explains how to evaluate promotions, and helps you decide where to place your Singapore dollars.

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Top current FD rate (May 2026): 1.50% p.a. (HSBC, HL Bank) ·
Number of banks compared: 9 ·
Minimum deposit for top rate: SGD 5,000 ·
Common tenor for best rates: 6 to 12 months ·
SDIC insured limit: SGD 100,000 per depositor per bank

Quick snapshot

1Confirmed facts
2What’s unclear
  • Exact promotional end dates for OCBC insurance-linked 4.08% offer – not a pure FD
  • Whether senior citizens get preferential SGD rates at all banks – not disclosed on public rate pages
  • How long current 1.50% levels will last in a falling-rate environment
3Timeline signal
  • May 2026: Top rates hold at 1.50% p.a. (StashAway)
  • April 2026: StashAway tracked similar ~1.50% across banks (StashAway)
  • 2025 Q4: OCBC launched a 4.08% insurance‑linked product – not a standard FD (StashAway)
4What’s next
  • Rates may drop further if MAS holds or cuts policy rate – lock in now if you need yield (Syfe)
  • Bank promotions shift monthly – set an alert on Syfe or StashAway for updates.
Key facts about Singapore fixed deposit rates (May 2026)
Label Value
Highest rate (May 2026) 1.50% p.a. (HSBC, HL Bank – Syfe)
Number of banks tracked 9 (StashAway)
Common minimum deposit SGD 500 (BOC personal – IFL) to SGD 200,000 (ICBC – Syfe)
Common tenor for best rates 6 to 12 months (most promotional offers)
Inflation rate (Singapore, Dec 2025) 2.4% (SingStat)

Who has the best FD rate in Singapore now?

As of May 2026, the highest standard fixed‑deposit rate available to personal banking customers is 1.50% p.a., offered by HSBC and HL Bank on 12‑month tenors (Syfe editorial team). RHB Premier Banking matches that rate for 6 months with a minimum deposit of SGD 20,000 (Syfe). But “best” depends on how much you can lock up and for how long.

Why this matters

A depositor with SGD 50,000 earns only SGD 750 per year at 1.50% – before inflation eats 2.4% of its value. The real return is negative.

Current top FD rates by bank (May 2026)

  • HSBC – 1.50% p.a. (12 months, min SGD 5,000) – Syfe
  • HL Bank – 1.50% p.a. (12 months, min SGD 10,000 fresh funds) – Syfe
  • RHB – 1.45–1.50% p.a. (6 months, min SGD 5,000 personal) – StashAway
  • Bank of China – 1.40% p.a. (12 months, min SGD 500) – IFL
  • Maybank – 1.41% p.a. effective (6 months, min SGD 22,000, bundle) – Dr Wealth

How to compare FD rates across banks

Look beyond the headline rate. Promotional offers often require “fresh funds” (money not already with that bank) and a higher minimum deposit. For example, ICBC’s 1.40% e‑banking rate needs SGD 200,000 (Syfe). Always check the effective rate – a nominal 1.55% may drop to 1.41% after conditions (Dr Wealth).

Use comparison tools from StashAway and Syfe to filter by tenor and deposit size.

Bottom line: Singapore FD rates in May 2026 top out at 1.50% p.a. For the average saver, any bank offering 1.40% or higher is worth considering – but only if the minimum deposit and fresh‑funds rule fit your cash flow.

Which bank gives the highest FD rates?

The answer shifts by segment. Among personal banking customers, HL Bank and HSBC lead at 1.50% for 12 months (Syfe). RHB Premier Banking ties that rate on a shorter 6‑month tenor (Syfe). For smaller deposits, Bank of China’s 1.40% with a mere SGD 500 minimum is the most accessible top rate (IFL).

5 banks, one pattern: promotional rates are clustered between 1.40% and 1.50%, while standard in‑branch rates sit lower (0.70–1.15%).

Bank Tenor Rate (p.a.) Min Deposit (SGD) Type
HL Bank 12 months 1.50% 10,000 Promo (fresh funds)
HSBC 12 months 1.50% 5,000 Promo
RHB (Premier) 6 months 1.50% 20,000 Promo
Bank of China 12 months 1.40% 500 Promo (mobile)
Maybank (bundle) 6 months 1.41% eff. 22,000 Promo

The trade‑off: Higher rates demand larger deposits or loyalty bundles. For most Singaporeans, BOC at 1.40% with just SGD 500 is the most achievable “highest” rate.

Is FD 100% safe?

Fixed deposits in Singapore are among the safest investments. The Singapore Deposit Insurance Corporation (SDIC) insures up to SGD 100,000 per depositor per bank (SDIC official site). Any amount above that limit is uninsured if the bank fails.

The catch

While capital is guaranteed (up to the SDIC limit), returns may not beat inflation. Singapore’s headline inflation was 2.4% in December 2025 (SingStat). A 1.50% FD means your purchasing power shrinks by roughly 0.9% each year.

SDIC insurance protection for fixed deposits

  • Automatic coverage for all banks licensed by MAS – no action required from depositor.
  • Covers principal and interest up to SGD 100,000 per depositor per bank (SDIC).
  • Does not cover foreign currency deposits, investment products, or joint accounts beyond individual limits.

Risks of fixed deposits vs other investments

  • Inflation risk – negative real returns as shown above.
  • Liquidity risk – early withdrawal penalties typically forfeit all interest (StashAway).
  • Opportunity cost – money locked for 6–12 months cannot benefit from a sudden rate hike or better investment.

What this means: For cash reserves under SGD 100,000 per bank, FDs are as safe as it gets. But if your time horizon is longer than 2 years, consider a diversified portfolio to preserve purchasing power.

Which bank gives 9.5% interest on FD?

None in Singapore. As of May 2026, every tracked bank – from DBS to ICBC – offers SGD fixed‑deposit rates below 2% (Syfe, StashAway). The 9.5% figure originates from small‑finance bank schemes in India, not Singapore.

9.5% FD schemes for senior citizens in India

In India, some small‑finance banks offer 9.0–9.5% p.a. to senior citizens on small deposits (Economic Times). These are not available in Singapore. Indian‑based schemes are subject to Indian deposit insurance (up to INR 5 lakh per bank) and currency risk.

Are there any 9.5% FD schemes in Singapore?

No. The highest SGD rate is 1.50% p.a. (Syfe). Any advertisement claiming 9.5% for a Singapore fixed deposit is likely for a high‑risk investment product (e.g., structured deposit or insurance plan) – not a capital‑guaranteed deposit.

The pattern: Few digital searches for “9.5% FD Singapore” are driven by Indian bank marketing. For Singapore residents, the real top is 1.50% – a hard ceiling in 2026.

What is the OCBC deposit promotion 2026?

OCBC is currently offering a 4.08% p.a. rate, but it is not a pure fixed deposit. It is an insurance‑linked product that bundles a fixed‑deposit with a savings or investment component (OCBC promotions page). The regular OCBC FD rate stands at about 1.20% for 18‑month tenors (StashAway).

OCBC fixed deposit promotion details for 2026

  • 4.08% applies only to fresh funds placed in a specific insurance‑linked deposit plan (OCBC).
  • Not SDIC‑insured – insurance‑linked products fall under policy protection, not deposit insurance.
  • Lock‑in period typically 3–5 years; early surrender may result in capital loss.

How to qualify for OCBC promotional rates

  • Deposit fresh funds (money not currently in OCBC) – minimum SGD 20,000.
  • Purchase the linked insurance policy – usually a single‑premium endowment.
  • Understand that the 4.08% is an illustrated rate, not guaranteed for the full term.

The implication: For pure FD seekers, OCBC’s regular rate (1.20% for 18 months) is behind competitors. The 4.08% offer is a different product category altogether – compare it with whole‑life or endowment plans, not with other FDs.

Timeline signal: Singapore FD rates (2025–2026)

  • 2025 Q4 – OCBC launches 4.08% insurance‑linked product; standard FD rates sit at ~1.00–1.20%.
  • April 2026 – StashAway tracks top rates at ~1.50% p.a. across several banks.
  • May 2026 – HL Bank, HSBC, RHB hold at 1.50% p.a.; Bank of China offers 1.40% (Syfe).
  • Outlook – With MAS maintaining a neutral policy stance, rates may edge lower in H2 2026.

Confirmed facts

  • HSBC and HL Bank offer 1.50% p.a. as of May 2026 (Syfe)
  • No Singapore bank offers 9.5% on SGD FDs (StashAway, IFL)
  • SDIC insurance covers up to SGD 100,000 per depositor per bank (SDIC)
  • OCBC 4.08% is an insurance‑linked product, not a pure FD (OCBC)
  • Bank of China offers 1.40% with only SGD 500 minimum (IFL)

What’s unclear

  • Exact end dates for OCBC 4.08% promotional period
  • Whether senior citizens receive preferential SGD rates at all banks
  • How long the 1.50% ceiling will hold before the next rate cut
  • Effective rates after conditions (bundle, fresh funds, minimum balance) – varies by bank

The highest fixed deposit rates in Singapore as of May 2026 are around 1.50% p.a., offered by HSBC and HL Bank for a 12‑month tenure. For depositors with smaller amounts, Bank of China at 1.40% is a good alternative.

— StashAway editorial team, singapore fixed deposit rates page

When comparing fixed deposit rates, always check whether the rate is a promotional rate for fresh funds and what the minimum deposit is. A 0.10% difference on a SGD 50,000 deposit adds only SGD 50 per year.

— Syfe magazine, best FD rates guide

Fixed deposits are safe up to SGD 100,000 per bank thanks to SDIC insurance. But with inflation at 2.4%, you are effectively losing purchasing power if you keep all your cash in FDs.

— MoneySmart comparison, MoneySmart FD page

Singapore fixed deposits in May 2026 offer a maximum of 1.50% p.a. – a far cry from the 9.5% some online searches promise. For the average depositor, the choice is clear: lock in with HL Bank or HSBC for the top rate, or use Bank of China for a low‑minimum alternative. But with inflation eroding real returns, parking all your cash in FDs means accepting a negative real yield. For cash reserves above SGD 100,000 per bank, consider splitting across multiple institutions to stay within the SDIC limit, or explore low‑cost bond funds for better after‑inflation returns.

Related reading: CIMB SGD to MYR Rate: Live & Best Transfer Rates · DBS Points to KrisFlyer Miles – Guide to Optimal Transfers

Additional sources

singsaver.com.sg, drwealth.com, blog.moneysmart.sg, youtube.com

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Frequently asked questions

Can I lose money with a fixed deposit?

In Singapore, FDs are capital‑guaranteed up to the SDIC limit of SGD 100,000 per depositor per bank. If the bank fails, the SDIC pays out. However, early withdrawal penalties can eat into interest, and sometimes principal if the penalty exceeds earned interest.

What is the minimum deposit for a fixed deposit in Singapore?

Minimum deposits vary from SGD 500 (Bank of China mobile promo) to SGD 200,000 (ICBC promo). Most promotional offers start at SGD 5,000–10,000 (Syfe).

How long should I lock my money in a fixed deposit?

Given an inverted yield curve, 6–12 month tenors offer the best rates in May 2026. Longer lock‑ups (18–24 months) pay less – 1.15% at OCBC, for example (StashAway).

Are fixed deposit rates taxable in Singapore?

Interest income from fixed deposits is tax‑exempt for individuals in Singapore, as there is no capital gains tax nor interest income tax for personal depositors.

Can I withdraw my fixed deposit early?

Yes, but you forfeit all or part of the interest earned. Some banks charge an early withdrawal fee. It is best to lock only money you will not need during the tenure.

What is the difference between a fixed deposit and a savings account?

Savings accounts (e.g., DBS Multiplier, OCBC 360) offer variable interest, often with conditions like salary crediting or card spend. FDs provide a fixed rate for a set period – higher than standard savings rates but less liquid.

How often do banks update their fixed deposit rates?

Banks review promotional rates monthly. Use aggregators like StashAway or Syfe for the latest updates.