As of October 2026, the highest advertised rate on a plain USD fixed deposit at the 13 banks in Singapore we checked is 4.65% per annum, from Bank of China on a 12-month tenor for US$200,000 or more placed through its mobile app. Bank of China pays 4.60% on the same tenor from US$2,000, and RHB pays 4.60% on 12 months from US$5,000. Those numbers look spectacular next to Singapore dollar FD promos, which top out at 2.25% for 12 months, and that gap is the whole story: US interest rates are far higher than Singapore's right now, so USD deposits pay more. The catch is that the rate is in US dollars. If you convert SGD into USD to chase 4.6% and the dollar weakens before you convert back, the exchange-rate loss can swallow the extra interest. USD fixed deposits also sit outside Singapore's deposit insurance scheme. This guide covers the current rates by bank and tenor, why they are so high, the conversion math that decides whether it is actually worth it, and who should skip it.
Update, 14 October 2026: USD deposit rates are higher than in June. The top advertised rate is now 4.65% p.a. (Bank of China, 12 months, US$200,000), up from the 3.90% (Bank of China, 9 months, US$2,000) this guide gave in June. The US Federal Reserve raised its target range to 3.75% to 4.00% on 16 September 2026. Foreign-currency FD promotions move with global rates and get revised every few weeks, so treat the table below as a snapshot to confirm on each bank's own page before you place money. The numbers are from each bank's own rate page, read on 14 October 2026.
No single bank leads every tenor now. Bank of China has the top 12-month rate and takes US$2,000 through its mobile app. Citi, ICBC, RHB and DBS lead or match it at other tenors, often only for bigger deposits. Some rates come with conditions: HSBC's 4.60% on 3 months is for Premier Elite clients only, and Standard Chartered's 4.60% on 12 months is for Priority Private clients. OCBC and UOB board rates top out at 3.80% and 3.78%.
| Tenor | Bank | Rate (p.a.) | Minimum deposit | Notes |
|---|---|---|---|---|
| 1 month | DBS / Bank of China | 3.82% / 3.80% | US$100,000 / US$2,000 | DBS board rate; Bank of China mobile app promo |
| 3 months | Bank of China / RHB / CIMB / Citi | 4.00% | US$2,000 / US$5,000 / US$10,000 / US$5,000 | HSBC pays 4.60% to Premier Elite clients only, from US$30,000 |
| 6 months | Citi / Bank of China | 4.50% | US$5,000 / US$200,000 | Citi new funds, ends 31 October 2026; Bank of China 4.30% from US$2,000 |
| 9 months | ICBC / Bank of China | 4.40% / 4.30% | US$100,000 / US$2,000 | ICBC pays 4.25% from US$5,000 |
| 12 months | Bank of China | 4.65% | US$200,000 | Highest headline rate; 4.60% from US$2,000, and RHB 4.60% from US$5,000 |
The headline table picks the single best rate per tenor, but the rate you actually get depends on which bank you bank with, how much you place, and whether you place online or at a counter. Two things shift the number more than people expect. First is the deposit-size tier: most banks pay a higher rate above US$50,000 or US$100,000 and a lower one below it, so a small placement at OCBC or UOB earns about 0.2 to 0.4 of a percentage point less than their top tier. Second is the channel: the foreign banks reserve their best rates for online or mobile placements of fresh funds, and the same bank's board rate (the walk-in rate that also applies to auto-renewals) can be a full point lower.
The foreign banks (Bank of China, ICBC, RHB, State Bank of India) lead because they want your USD and price aggressively to win it. The local banks (DBS, OCBC, UOB) mostly sit lower on their board rates, though DBS's 12-month board rate of 4.39% from US$100,000 sits just under ICBC's 4.40% top tier. CIMB's online promo pays 4.10% on 12 months from US$10,000. The table below groups the typical best rate each bank offers and its minimum, so you can match a bank to your deposit size before you compare the exact decimals on its own page.
| Bank | Best advertised rate (p.a.) | Typical tenor | Minimum deposit | Channel |
|---|---|---|---|---|
| Bank of China | 4.65% | 12 months | US$200,000 (4.60% from US$2,000) | Mobile app promo, new placements |
| RHB | 4.60% | 12 months | US$5,000 | Promo from 6 October 2026; also applies to renewals |
| Citi | 4.50% | 6 months | US$5,000 | New funds promo, ends 31 October 2026 |
| ICBC | 4.40% | 9 to 12 months | US$100,000 (4.25% from US$5,000) | E-banking from US$500; US$20,000 over the counter |
| State Bank of India | 4.40% | 12 months | US$25,000 | Promo, placed at a branch |
| DBS / POSB | 4.39% | 12 months | US$100,000 (4.09% below) | Board rate |
| CIMB | 4.10% | 12 months | US$10,000 | Online promo from 1 October 2026 |
| HSBC | 3.85% to 4.60% | 3 months | US$30,000 | Fresh funds promo to 31 October 2026; 4.60% for Premier Elite only |
| Standard Chartered | 4.30% to 4.60% | 12 months | US$25,000 | Fresh funds promo, 9 to 20 October 2026; 4.60% for Priority Private only |
| OCBC | 3.80% | 9 months | US$250,000 | Board rate, top tier; Premier clients get 4.15% on 6 months from US$20,000 |
| Maybank | 3.80% | 6 months | US$100,000 | Board rate, top tier |
| UOB | 3.78% | 12 months | US$100,000 | Board rate, top tier |
| Hong Leong Bank | 3.71% | 12 months | US$50,000 | Board rate |
The reason a USD fixed deposit pays ~4.6% while the top 12-month SGD fixed deposit promo pays 2.25% has nothing to do with the bank being generous. It is the difference between US and Singapore interest rates.
The US Federal Reserve raised its federal funds target range by a quarter point to 3.75% to 4.00% at its 16 September 2026 meeting, effective 17 September 2026. Singapore does not set a policy rate the same way; local rates track the Singapore Overnight Rate Average, which has been much lower. Banks fund USD deposits in a high-rate currency and SGD deposits in a low-rate one, so the deposit rates they offer reflect that gap.
This is the core trap of foreign-currency FDs. The headline rate is real, but it is the rate for holding US dollars, not the rate for being richer in Singapore dollars. Currencies tend to adjust so that the higher-yielding one is expected to weaken over time. That adjustment does not always happen on your timeline, but it is the mechanism that can quietly erase the rate advantage.
If you already hold US dollars and intend to keep holding them (for US tuition, a US property, a USD-denominated portfolio), the comparison is simply USD FD versus other USD options, and the FX worry mostly disappears. If you are converting Singapore dollars purely to grab a higher number, the currency move is the thing that decides your real return.
Chasing a USD FD from a SGD starting point means three steps: convert SGD to USD, hold the deposit, then convert USD back to SGD. You pay a spread on both conversions, and you carry exchange-rate risk for the whole tenor.
Work a simple example. Say you convert S$10,000 into USD at the bank's selling rate, lock it for 6 months at 3.80%, then convert back at the buying rate. The interest is roughly 1.9% over six months (3.80% is per annum), call it about US$95 on a US$5,000 deposit. If the US dollar weakens by even 2% against the Singapore dollar over those six months, the FX loss on your principal alone wipes out the entire interest and then some. A larger move turns the whole thing negative.
Banks quote two rates: a higher rate at which they sell you USD and a lower rate at which they buy it back. That spread is a guaranteed cost you pay regardless of where the currency goes. On a round trip it can run anywhere from a fraction of a percent to over 1% depending on the bank and how you transact, which eats directly into a 6-month return. Money changers or a multi-currency account often give a tighter spread than placing the conversion through the deposit bank's default rate.
The honest framing: a USD FD from a SGD base is a bet on the US dollar dressed up as a deposit. The 4.6% is your consolation if the currency does nothing. The currency rarely does nothing.
Put numbers to it. The rates below are illustrative, not a forecast, but they show how a small currency move swings the outcome. Say you start with S$20,000 and the bank sells you USD at 1.30 SGD per USD, giving you US$15,385. You lock it for 12 months at 4.60%, so it grows to about US$16,092. At maturity you convert back to SGD.
If the exchange rate is unchanged and the bank buys your USD back at the same 1.30, you receive S$20,920, a gain of S$920, or about 4.60% before the buy/sell spread. That is the best case, and it assumes the bank's buy and sell rates are identical, which they never are.
Now move the currency. If the US dollar weakens to 1.27 SGD per USD over the year, your US$16,092 converts back to about S$20,437, a gain of just S$437, or roughly 2.19%, less than half the rate you locked in. Weaken it to 1.24 and you get about S$19,954, an outright loss of S$46 despite earning 4.60% in USD. The interest was real; the currency took it back. Add the buy/sell spread on both conversions and the break-even point moves against you further still.
| USD/SGD at maturity | SGD received | Net gain | Effective SGD return |
|---|---|---|---|
| 1.30 (unchanged) | S$20,920 | +S$920 | ~4.60% |
| 1.27 (USD weaker) | S$20,437 | +S$437 | ~2.19% |
| 1.24 (USD weaker) | S$19,954 | -S$46 | ~ -0.2% |
| 1.33 (USD stronger) | S$21,403 | +S$1,403 | ~7.0% |
Singapore dollar deposits in savings, current and fixed deposit accounts are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per Scheme member bank. Foreign-currency deposits do not get that protection.
SDIC states plainly that the scheme does not cover foreign currency deposits, structured deposits, or investment products such as unit trusts and shares. A USD fixed deposit is a foreign-currency deposit, so it sits outside the S$100,000 cover regardless of which Singapore bank holds it.
In practice the foreign banks chasing your USD deposits (Bank of China, ICBC, State Bank of India and others) are large, regulated institutions, so the absence of insurance is not a reason to assume your money is unsafe. It does mean the safety profile is different from an insured SGD deposit, and that difference belongs in your decision rather than being glossed over by the headline rate.
| Deposit type | Covered by SDIC? | Limit |
|---|---|---|
| SGD savings / current / fixed deposit | Yes | S$100,000 per bank, aggregated |
| SRS monies held as deposits | Yes | Within the same S$100,000 cap |
| USD (foreign currency) fixed deposit | No | Not insured |
| Structured deposits | No | Not insured |
Stripped of the marketing, the case for and against a USD fixed deposit comes down to a single trade: you accept currency risk and the loss of SDIC cover in exchange for a rate that is currently more than double the best SGD deposit. Whether that trade is good depends entirely on whether you already think in US dollars.
The mechanics are straightforward once you accept the currency risk. The promotional rates almost always require you to do it online, so a branch visit usually gets you the lower board rate.
A USD fixed deposit is not the only way to earn the high US rate. If you are committed to holding US dollars, two alternatives are worth comparing on the day, because they often match or beat the FD with more flexibility.
Short-dated US Treasury bills are backed by the US government and yielded about 4.0% (4-week) to 4.5% (52-week) on 9 October 2026, per the US Treasury's daily bill rates, after the Fed's September rise to 3.75% to 4.00%. You can hold them through several brokers and USD cash management products available in Singapore. They have no lock-in penalty in the way an FD does, since you can sell on the secondary market, though prices move with rates.
USD money market funds and USD cash management portfolios (offered by the local robo-advisors and brokers) hold short-term US government and high-grade instruments and pass through a yield close to the prevailing US rate, often around 3.7% as of mid-2026, with daily liquidity and no fixed tenor. They are not deposits and not SDIC-insured, but neither is a USD FD, so on the insurance front they are level.
The thing none of these escape is the same currency risk. A USD T-bill, a USD money market fund and a USD FD all leave you holding US dollars. The choice between them is about liquidity, minimums and the exact yield, not about avoiding the FX exposure that determines your SGD return.
| Option | Typical yield | Liquidity | Insurance |
|---|---|---|---|
| USD fixed deposit | About 3.8% to 4.65% p.a. | Locked for tenor; early exit usually forfeits interest | Not SDIC-insured |
| Short-dated US T-bill | About 4.0% to 4.5% p.a. | Sell on secondary market; price moves with rates | US govt-backed, not SDIC |
| USD money market / cash fund | Close to T-bill yields (variable) | Daily, no fixed tenor | Not a deposit, not SDIC |
Two situations make a USD FD reasonable. First, you already hold US dollars and want a safe-ish parking spot at a decent rate without converting back to SGD soon. Second, you have a genuine future USD need (overseas study, a US-based purchase, a USD investment plan) and want to earn something while the money waits in the currency you will spend.
If neither applies and you are converting SGD just to chase 4.6%, weigh it against the simpler SGD options first. A 6-month T-bill, a Singapore Savings Bond, or a high-yield savings account pays less on paper but carries no currency risk and, for the first two, government backing. MAS's figures show the 6-month T-bill auctioned on 8 October 2026 cut off at 1.90%, and the November 2026 SSB pays 1.67% in year one, so the SGD world is genuinely low right now, which is exactly why the USD number tempts. That temptation is the point at which to do the conversion math honestly.
For an emergency fund, neither a USD FD nor any locked deposit fits. Keep your emergency buffer in instantly accessible SGD. A USD FD is for surplus money with a clear plan, not for cash you might need next month.
Interest earned by an individual on deposits with approved banks and licensed finance companies in Singapore is not taxable, and IRAS does not require you to report it in your tax return. This exemption covers savings, current and fixed deposit accounts.
A USD fixed deposit placed with a Singapore bank is still interest from an approved Singapore bank, so the same exemption applies to the interest. The interest is not taxed, and you do not declare it. What can have a tax angle is any foreign-currency gain if it arises in a trade or business, but for an individual placing a personal deposit, the deposit interest itself is not taxable.
Compare this with US-source interest, which can carry US withholding considerations depending on the product and your status. A USD FD with a Singapore bank avoids that complication, since the interest is paid by a Singapore institution.
As of October 2026, the highest advertised rate on a plain USD FD is 4.65% p.a. from Bank of China on a 12-month tenor, for US$200,000 or more placed through its mobile app. Bank of China pays 4.60% on the same tenor from US$2,000, and RHB pays 4.60% on 12 months from US$5,000. Rates change every few weeks, so confirm on the bank's own page before placing.
Because US interest rates are far higher than Singapore's. The US Federal Reserve raised its target range to 3.75% to 4.00% in September 2026, while Singapore's rates have been much lower. The high USD rate is the rate for holding US dollars, not a free upgrade in Singapore dollar terms.
No. The Singapore Deposit Insurance Scheme covers only Singapore dollar deposits, up to S$100,000 per depositor per bank. SDIC explicitly excludes foreign currency deposits, structured deposits and investment products. A USD FD with any Singapore bank sits outside that S$100,000 cover.
It depends on whether you already hold US dollars. If you do, or you have a real future USD need, the rate is attractive and the currency risk is limited. If you are converting SGD just to chase the rate, the FX move and conversion spread can erase the extra interest, so it becomes a bet on the US dollar rather than a safe deposit.
Enough to matter. On a 6-month deposit at ~3.8%, you earn about 1.9% interest for the period. A 2% adverse move in USD/SGD over those months can cancel the whole interest on your principal. You also pay a buy/sell spread on both conversions, which is a guaranteed cost on top of the exchange-rate uncertainty.
You generally lose the agreed interest, and foreign-currency FDs broken early often pay zero interest rather than a reduced board rate. You may also take an additional FX hit converting back at an unfavourable time. Only lock USD you are confident you will not need for the full tenor.
No. Interest from deposits with approved banks in Singapore is not taxable for individuals and does not need to be reported, and this includes interest on a foreign-currency deposit held with a Singapore bank. The interest itself is exempt; the variable that affects your real return is the exchange rate, not tax.
It varies by bank and channel. ICBC accepts from US$500 through e-banking (or US$20,000 over the counter), Bank of China from US$2,000 through its mobile app, and some banks like State Bank of India want US$25,000 for their top rate. Online placement usually qualifies you for both the promotional rate and the lower minimum.
Usually yes. You need somewhere to hold the US dollars before and after the deposit, so most banks ask you to open a USD or multi-currency account first, then convert SGD into USD and place the deposit from there. If you already hold USD in a multi-currency account, you skip the conversion step entirely, which also removes the exchange-rate guesswork. Setting up the account is the main extra task compared with an SGD fixed deposit.
Often, if flexibility matters to you. A USD money market or cash management fund pays a yield close to the prevailing US rate, around 3.7% in mid-2026, with daily liquidity and no fixed tenor, while a USD FD locks your money and forfeits interest if you break it early. Neither is SDIC-insured, and both carry the same currency risk, so the choice is about liquidity and the exact yield on the day rather than safety. A fund is not a deposit and its yield can move, whereas an FD fixes the rate for the term.
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).