Fixed deposit rates in Singapore 2026: what 10 banks pay for 6 and 12 months

Your fixed deposit matures next week, and the renewal letter offers a rate you can't compare with anything. On 22 October 2026, the 12-month fixed deposit rate at 10 banks in Singapore ran from 1.00% to 2.10% a year. Here's every bank's rate, and what each one asks of you: how much, for how long, and whether the money has to be new to the bank.

What does every fixed deposit pay, as of 22 October 2026?

CIMB and RHB pay the most for 12 months, at 2.10% a year, and RHB also leads for six months at 2.00%.

Every rate here is one you can get without a priority banking account, on a sum under S$100,000, the most SDIC insures for you at one bank.

No promotion for a term? Then you see the bank's standard rate, which banks call the board rate, marked (board).

As of 22 October 2026.
Bank	6 months	12 months	Minimum	Fresh funds only	How to place it
Bank of China	1.95%	2.05%	S$20,000	No	BOC mobile app
CIMB	1.75%	2.10%	S$10,000	No	Online
DBS / POSB	0.80% (board)	1.00% (board)	S$1,000; 0.05% from S$20,000	No	digibank app
HSBC	1.80%	1.30%	S$30,000	Yes	HSBC Singapore app
ICBC	1.80%	1.80%	S$20,000	Yes	E-banking
Maybank	1.95%	2.00%	S$20,000	No	Branch, online or app
OCBC	1.55%	1.85%	S$20,000	Yes	Online or OCBC app
RHB	2.00%	2.10%	S$20,000	No	Branch or RHB app
Standard Chartered	0.30% (board)	1.75%	S$25,000 (12 months)	Yes	Online or SC Mobile
UOB	1.60%	1.70%	S$10,000	Yes	UOB TMRW app

12-month fixed deposit rate at each bank, 22 October 2026

12-month fixed deposit rate at each bank, 22 October 2026
Bank	12 months
Bank of China	2.05%
CIMB	2.10%
DBS / POSB	1.00%
HSBC	1.30%
ICBC	1.80%
Maybank	2.00%
OCBC	1.85%
RHB	2.10%
Standard Chartered	1.75%
UOB	1.70%

Source: Each bank's website, 22 October 2026

How much does S$20,000 earn in a year?

On S$20,000 for 12 months, CIMB's or RHB's 2.10% earns S$410 more than DBS, which pays 0.05% on that sum.

A fixed deposit pays simple interest: your sum times the rate, scaled to the months you lock it in. Say you move S$20,000 over from another bank, so it counts as fresh funds everywhere.

Why does DBS fall to 0.05%? DBS and POSB set the rate on the total in your SGD fixed deposit account, and every band from S$20,000 up pays 0.05% for every term. Keep that total under S$20,000 and the same 12 months pays 1.00%.

A black and white cat in a car seat stares at the camera with wide eyes and its mouth open — Me, finding out S$20,000 at DBS earns 0.05%. via GIPHY

Does six months ever beat 12? In the table, only at HSBC, which pays 1.80% for six months and 1.30% for 12. At the other nine banks, 12 months pays the same or more.

HSBC wants at least S$30,000, so take that sum. Six months at 1.80% earns you S$270, and a full year at 2.10% elsewhere earns S$630. To catch up, your second six months would need to pay 2.40%, more than any six-month rate here.

At 2.10% (CIMB or RHB): S$20,000 x 2.10% = S$420 at the end of the year.
At 1.85% (OCBC online): S$370.
At 1.70% (UOB): S$340.
At 0.05% (DBS, once your fixed deposits there total S$20,000 or more): S$10.

The catch: why might you get less than the rate here?

Most of these rates come with a condition, and missing it can drop you to the bank's board rate.

Here's what to check on the bank's page before you move any money:

Fresh funds: OCBC, UOB, HSBC, Standard Chartered and ICBC want money from outside the bank. Cash moved from your own savings account at the same bank doesn't count.
Dates: Standard Chartered's rate runs to 27 October and Bank of China's to 25 October. UOB's and CIMB's end on 31 October. Maybank and RHB haven't set an end date.
Size: below S$20,000, Bank of China pays 1.70%, and ICBC pays 1.30% for six months and 1.15% for a year.
Channel: Bank of China's rates are for its app only. At an OCBC branch you get 1.50% and 1.80%, a little under its online rates.
Renewal: when the term ends, Maybank renews at its board rate unless you tell it otherwise. CIMB renews at its promotion or board rate on the day.
Breaking early: Maybank pays no interest if you withdraw in the first three months. UOB pays none on its promotion before the end of the term. CIMB drops the promotional rate and pays only for each full quarter you stayed. HSBC can charge a fee, so you can get back less than you put in.

Is Maybank's 2.25% bundle better than its 2.00%?

Only by a little. The bundle pays 2.25% for 12 months, but you also set aside 10% of the sum in a Maybank savings account, and that part earns 0.05%.

Put S$100,000 in the deposit and S$10,000 in savings, and the blend comes to 2.05%. The bundle also needs fresh funds in that savings account, and the standalone 2.00% doesn't.

Why aren't priority banking rates here?

Because you need a lot of money with the bank to get them. RHB pays its Premier customers 2.20% for 12 months, and Premier starts at S$200,000 held with RHB.

HSBC, Standard Chartered and CIMB also pay their top tiers more. The table sticks to rates open to anyone who opens an account.

Can you put your CPF OA money in a fixed deposit?

Yes, through a CPF Investment Account, but the rate to beat is 2.5%. That's what your CPF Ordinary Account pays from 1 October to 31 December 2026.

On 22 October, OCBC took CPF time deposits from S$30,000. The first S$20,000 in your OA can't be used, and the bank that runs your CPF Investment Account charges fees on each placement.

OCBC didn't publish a rate for its CPF time deposit that day, so it isn't in the table. Every 12-month rate here is under 2.5%.

Say you have S$50,000 in your OA, so S$30,000 can go in. Left in the OA at 2.5%, that S$30,000 earns S$750 in a year. A CPF time deposit only earns more if its rate clears 2.5% after the fees.

What isn't in this table, and why

Here's what we left off, and why.

Citibank: its 2.00% six-month rate is for existing customers bringing in new money, or new customers who open a wealth account with S$250,000. It has no 12-month promotional rate.
State Bank of India: its Singapore site wouldn't load on 22 October, so it has no rate here.
Finance companies: they aren't banks, even though their fixed deposits have the same SDIC cover.
Foreign-currency fixed deposits: SDIC doesn't insure them, and what you get back depends on the exchange rate when they mature.
Seniors' and priority rates: DBS adds 0.10% to its board rate for customers aged 55 and up, from S$10,000 in its Premier Income Account. Rates like this depend on your age or balance.
Other terms: until 31 October, Bank of China pays new customers 2.08% for four or eight months from S$100,000, and 2.18% from S$200,000, with a new Multi-Currency Savings Account. UOB pays 1.65% for 10 months.
Money market funds from investment platforms: they're unit trusts, not deposits, so SDIC doesn't cover them.
Savings accounts, T-bills and Savings Bonds: see our guides to savings accounts, T-bills and Singapore Savings Bonds.

How we checked these numbers

All rates are as of 22 October 2026, and the links are in Sources below.

Where a promotion covered a term, we used it. Where none did, we used the board rate and marked it. Where a bank pays more on bigger sums, we took the band that pays the most below S$100,000, and that band's floor is the Minimum.

Fresh funds says Yes where the bank's page or promotion terms ask for money from outside the bank.

We'll check every rate again by 31 January 2027.

The MoneyBees take: what we'd check first

We'd check where the money is coming from before we compare rates. Five of the ten banks pay their rate only on fresh funds, so cash already sitting at one of them won't get it.

On S$20,000 for a year, the top rate earns S$410 more than a 0.05% board rate. What settles it is whether you can leave the money alone for the whole term, because breaking early can cost you the interest, and at some banks part of the sum too.

Frequently asked questions

What is the highest fixed deposit rate in Singapore right now?

On 22 October 2026, CIMB and RHB paid the highest 12-month rate, 2.10% a year. For six months, RHB paid the most at 2.00%, with S$20,000 or more.

Is my fixed deposit safe if the bank fails?

Yes, up to a limit. SDIC insures Singapore dollar fixed deposits for up to S$100,000 per depositor at each bank, counted together with your savings there, while foreign-currency deposits aren't covered at all.

What are fresh funds?

Fresh funds are money that comes from outside the bank, such as a transfer from another bank. Cash moved from your own savings account at the same bank doesn't count, so it doesn't get the promotional rate.

What happens if I withdraw a fixed deposit early?

You lose some or all of the interest, depending on the bank. Maybank pays none in the first three months, UOB pays none on its promotion before maturity, and CIMB pays only for each full quarter you stayed. HSBC can also charge a fee, so you can get back less than you put in.

Why does DBS pay only 0.05% on S$20,000?

DBS sets its fixed deposit rate on the total in your SGD fixed deposit account. On 22 October 2026, every band from S$20,000 up paid 0.05% a year, while S$1,000 to S$19,999 paid 1.00% for 12 months.

Sources

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This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.

Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).