By MoneyBees
Work out the interest on a fixed deposit, compare up to 4 offers on the same yearly basis, see what breaking it early costs you, and check it against the latest T-bill and Singapore Savings Bond rates from MAS.
Type the rate from the bank's own page or letter. Leave a rate at 0 to skip that offer.
Many banks pay nothing. Check your terms.
Best offer interest
$180.00
Offer 1: 1.80% for 6 months
Back at maturity
$20,180.00
deposit plus interest
Yearly yield if renewed
1.81%
same rate for 12 months
| Offer | Rate | Tenor | Interest | Yearly yield |
|---|---|---|---|---|
| Offer 1 | 1.80% | 6 mo | $180.00 | 1.81% |
| Offer 2 | 1.70% | 12 mo | $340.00 | 1.70% |
Yearly yield assumes you renew at the same rate until 12 months are up, so a short tenor and a long one compare fairly. Renewal rates are not promised.
Break Offer 1 after 3 months and you get back $20,000.00. Held to the end it pays $180.00; for the months you kept it, the full rate would have paid $90.00, so breaking it costs you $90.00.
Latest figures from MAS. Interest on S$ amounts below uses the same deposit for 12 months.
| Option | Rate | 12 months on your deposit |
|---|---|---|
| Your best FD (Offer 1) | 1.81% | $361.62 |
| 6-month T-bill, 8 Oct 2026 | 1.90% | $380.00 |
| 1-year T-bill, 23 Jul 2026 | 1.68% | $336.00 |
| SSB GX26110X, year 1 | 1.67% | $334.00 |
| SSB GX26110X, 10-year average | 2.45% | if held 10 years |
Source: MAS. T-bill cut-off yields and SSB rates as published by MAS. A T-bill is bought at a discount, so its yield is close to, not exactly, the simple rate. SSBs can be redeemed in any month with no penalty; T-bills cannot be sold back to MAS early.
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Banks in Singapore pay simple interest on a fixed deposit: amount x yearly rate x months / 12. You get the interest in one sum when the term ends.
You have S$20,000. Offer 1 pays 1.80% for 6 months: S$20,000 x 1.80% x 6 / 12 = S$180. Renew it once at the same rate and the year earns about 1.81%. Offer 2 pays 1.70% for 12 months: S$340 for the year. Offer 1 wins if the rate holds when it renews.
If you break Offer 1 after 3 months and the bank pays no interest on early withdrawal, you get S$20,000 back. The S$90 you would have earned for those 3 months is gone.
Figures checked 3 Oct 2026.
Banks pay simple interest: amount x yearly rate x months / 12, paid at maturity. S$10,000 at 3.2% for 12 months earns S$320. S$50,000 at 2% for 6 months earns S$500.
Turn both into a yearly yield. A 3-month deposit at 2% renewed four times at the same rate earns about 2.015% for the year. That only holds if the renewal rate stays the same, which the bank does not promise.
MoneySense warns that you may get no interest or only part of it, and some banks charge a fee. With a fee and no interest you can get back less than you deposited. Check the early withdrawal terms before you place the money.
Singapore dollar fixed deposits with SDIC member banks and finance companies are insured up to S$100,000 per depositor per bank, added together with your savings and current accounts there. The limit rose from S$75,000 on 1 Apr 2024.
Compare the yearly yield of your fixed deposit against the latest 6-month T-bill cut-off yield and the 1-year T-bill on this page, both from MAS. T-bills are auctioned, so the yield is only known after the auction, and you cannot sell a T-bill back to MAS early.
An SSB pays a rate that steps up each year and can be redeemed in any month with no penalty. Its year 1 rate is often below a fixed deposit's, but it has no lock-in. This page shows the latest SSB year 1 rate and 10-year average from MAS.
No. IRAS does not tax interest on deposits with approved banks and licensed finance companies in Singapore. Interest from non-approved banks or loans to others is taxable.
Rates change often and promotions come with conditions such as fresh funds or a minimum amount. Type the rate from the bank's own page or letter so the result matches the offer you can actually get.
Interest is shown to the cent and yields to two decimal places, with no rounding inside the sum.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).