Fixed deposit rates in Singapore this July 2026 vary widely depending on the bank and tenure you choose. The highest rate on the market right now is 1.50% p.a. from HL Finance, but several banks offer competitive rates above 1.30% for shorter tenures, creating a clear divide between promotional and base rates (SingSaver comparison site).

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Highest fixed deposit rate (July 2026): 1.50% p.a. (HL Finance, 9-month) ·
Average 1-year fixed deposit rate: 1.35% p.a. ·
Lowest rate among major banks: 1.20% p.a. (UOB base) ·
Number of banks with promotional rates: 5 ·
Typical minimum deposit: $1,000 – $10,000

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether rates will rise or fall in H2 2026
  • Which banks will launch new promotions next quarter
3Timeline signal
  • January 2026: MAS maintains rate policy, rates stable
  • April 2026: Several banks adjust promotional rates
  • July 2026: Current highest rate at 1.50% p.a.
4What’s next
  • Monitor MAS policy signals for H2 2026
  • Banks may introduce fresh promotions before year-end
Key fixed deposit facts at a glance
Metric Value
Current highest rate 1.50% p.a. (HL Finance, 9-month)
Average 1-year rate 1.35% p.a.
Number of banks offering >1.4% 3
Minimum deposit required $1,000 (some banks)
Rate trend (mid-2026) Stable, slight downward risk

The pattern: HL Finance’s 9-month offering stands apart, while most banks cluster in a narrow 1.35–1.45% band.

Which Singapore bank has the highest fixed deposit rate?

The highest fixed deposit rate on the market in July 2026 comes from HL Finance, a licensed finance company, offering 1.50% p.a. for a 9-month tenure (SingSaver comparison site). Among traditional banks, the top short-term rates are clustered around 1.35–1.45% p.a.

Current highest rates by tenure

  • 3 months: RHB offers 1.40% p.a. with a S$20,000 minimum deposit (SingSaver). Bank of China matches at 1.35% p.a. with a lower S$500 minimum (SingSaver).
  • 6 months: Standard Chartered pays 1.45% p.a. with a S$25,000 minimum (SingSaver). Maybank offers 1.45% p.a. with a S$20,000 minimum (SingSaver).
  • 12 months: RHB leads at 1.40% p.a., followed by Bank of China at 1.35% p.a. (Dr Wealth personal finance site).

The implication: short-term tenures from 3–6 months consistently beat 12-month offers from the same institution.

Comparison of promotional vs base rates

Many banks advertise promotional rates that are 0.15–0.30 percentage points above their board rates. UOB’s base rate sits at 1.20% p.a. for 6 months, while its promotional 1-year rate reaches 1.35% p.a. (SingSaver). The gap means it pays to check whether a promotion is available before committing.

The catch

Promotional rates often require a higher minimum deposit – S$20,000 or more – which may exclude savers with smaller balances.

If you have at least S$20,000 to lock in, HL Finance and RHB offer the best headline rates. For smaller deposits, Bank of China (S$500 minimum) and ICBC (S$500 minimum) are more accessible at 1.35% p.a. (SingSaver).

Which bank is best for fixed deposit in 2026?

There is no single “best” bank – the right choice depends on your tenure, deposit amount, and whether you’re a personal or preferred banking customer.

Factors to consider: rate, tenure, minimum deposit

  • Tenure: Short-term (3–6 months) rates are generally higher than 12-month rates from the same bank. Growbeansprout reports that 6-month rates for personal banking customers hit 1.40% p.a., while 3-month rates top out at 1.30% p.a. (Growbeansprout savings comparison).
  • Minimum deposit: ICBC and Bank of China require only S$500, making them the most accessible. Citibank demands S$350,000 for its 1.30% p.a. 3-month rate (SingSaver).
  • Preferred banking status: Growbeansprout notes that preferred banking customers can earn an extra 0.05% p.a. on 3-month and 6-month tenures (Growbeansprout).

What this means: a S$20,000 deposit at a preferred bank yields S$10–$15 more per year than a comparable personal banking deposit.

Best overall bank for fixed deposit in 2026

For most savers, RHB and Bank of China strike the best balance of competitive rates and low minimum deposits. If you can commit to 9 months, HL Finance’s 1.50% p.a. is unmatched. DBS offers a modest 1.00% p.a. for 12 months (SingSaver), but that’s well below the market average.

Bottom line: Savers with S$500–S$1,000 should target Bank of China or ICBC for short tenures. Those with S$20,000+ should consider HL Finance or RHB for the highest returns. Preferred banking customers can eke out an extra 0.05% p.a. at select banks.

Will fixed deposit interest rates go down in 2026?

As of mid-2026, fixed deposit rates have held steady in the 1.20–1.50% p.a. range. The Monetary Authority of Singapore (MAS) has maintained its policy stance since early 2026, keeping the Singapore Overnight Rate Average (SORA) stable (AsiaOne Singapore money news).

Current rate trends

AsiaOne’s March 2026 roundup noted that the highest rate for personal banking customers was 1.25% p.a. (AsiaOne). By July, rates had crept up slightly, with multiple banks offering 1.35–1.45% p.a. (SingSaver, Growbeansprout).

The direction is modestly upward, but the pace is slow.

Expert predictions for 2026

Some analysts expect a mild decline if MAS loosens policy in response to slowing global growth. However, no official signals have been issued. The market consensus is that rates will stay near current levels for the rest of 2026, with a possible 10–20 basis point drop in early 2027.

What to watch

The MAS monetary policy statement due in October 2026 will be the key event. If the central bank eases, banks are likely to trim fixed deposit rates accordingly.

Locking in a 1.35% p.a. 12-month deposit now protects against a potential decline, but you give up the chance to reinvest at a higher rate if the economy surprises to the upside.

What is the OCBC Fixed Deposit rate now?

OCBC’s current promotional fixed deposit rate is 1.25% p.a. for a 12-month tenure with a S$20,000 minimum deposit (SingSaver). This is about 0.10% below the average 1-year market rate.

OCBC current promotional rates

  • 12-month: 1.25% p.a. (S$20,000 minimum)
  • Short-term: OCBC does not prominently list promotional rates for 3- or 6-month tenures, but its board rates are typically 0.10–0.15% lower than the promotional tier.

OCBC base rates vs competitors

Compared to peers, OCBC’s 1.25% is below the 1.35% average. Bank of China and RHB both offer 1.35% for 12 months, and HL Finance’s 9-month rate of 1.50% is significantly higher. OCBC’s advantage lies in its extensive branch network and digital banking platform, which may appeal to existing customers.

The pattern: OCBC is not the rate leader, but it remains a convenient option for customers who want to manage their deposit alongside their existing OCBC accounts.

Where to park your money in Singapore?

Fixed deposits are a low-risk option, but they are not the only game in town. In 2026, savers can choose between fixed deposits, T-bills, high-yield savings accounts, and unit trusts.

Fixed deposits vs other options

  • Fixed deposits: Guaranteed returns up to 1.50% p.a., fully insured by SDIC up to S$100,000 per depositor per bank.
  • Singapore Government Securities (T-bills): Recent 6-month T-bill yields have been around 1.0–1.2% p.a., slightly below fixed deposits for short tenures.
  • High-yield savings accounts: Accounts like CIMB FastSaver offer up to 1.0% p.a. with no lock-in, but rates are variable.

Fixed deposits beat T-bills by roughly 0.20–0.30 percentage points for 6-month tenures.

Best fixed deposit rates as a safe haven

For capital preservation in 2026, fixed deposits remain a popular choice. The best performers are HL Finance (1.50% for 9 months) and RHB (1.40% for 3 months). If you prefer a bank with a wide branch network, Maybank at 1.45% for 6 months is a strong contender.

Bottom line: Fixed deposits offer a safe, predictable return that beats T-bills and most savings accounts in the current environment. The trade-off is liquidity – you lock your money for a fixed term.

The implication: if you have cash you won’t need for 6–9 months, the best fixed deposit rates outperform liquid alternatives. For shorter horizons, savings accounts may be more flexible even at lower rates.

Comparison table: Fixed deposit rates across Singapore banks (July 2026)

Five banks, one pattern: short-term rates are generally higher than long-term rates, and minimum deposits vary enormously.

Bank / Institution 3-month rate 6-month rate 12-month rate Minimum deposit
HL Finance – – 1.50% (9-month) S$20,000
RHB 1.40% – 1.40% S$20,000
Bank of China 1.35% – 1.35% S$500
Standard Chartered – 1.45% – S$25,000
Maybank – 1.45% – S$20,000
ICBC 1.35% – – S$500
HSBC 1.50% – – S$5,000
DBS – – 1.00% S$1,000
UOB – 1.20% 1.35% (promo) S$25,000
OCBC – – 1.25% S$20,000
CIMB 1.35% – – S$10,000
Citibank 1.30% – – S$350,000
SIF 1.30% – – S$1,000
SBI – 1.15% – S$50,000

Sources: SingSaver comparison site, AsiaOne Singapore money news, Dr Wealth personal finance site, Growbeansprout savings comparison.

Timeline: Fixed deposit rate developments in 2026

  • January 2026: MAS maintains interest rate policy; banks keep rates stable.
  • April 2026: Several banks adjust promotional fixed deposit rates.
  • July 2026: Current rates published: highest at 1.50% p.a. (HL Finance).

Clarity: What’s confirmed and what’s unclear

Confirmed facts

  • As of July 2026, HL Finance offers 1.50% p.a. for 9 months (SingSaver).
  • RHB offers 1.40% p.a. for 3 months (SingSaver).
  • Bank of China offers 1.35% p.a. for 3 months (SingSaver).
  • Growbeansprout reports 6-month rates of 1.40% for personal banking, 1.45% for preferred (Growbeansprout).

What’s unclear

  • Whether rates will increase or decrease in H2 2026.
  • Which banks will launch new promotions.
  • How long the current promotional rates will last.

Quotes from the market

“As of July 2026, you can find fixed deposit interest rates of up to 1.50%, 1.45% DBS/POSB.”

— Growbeansprout savings comparison

“As of July 2026, SBI tops the 6-month at 1.50% p.a., and Bank of China offers 1.35% p.a. for 3 months.”

— SingSaver comparison site

The bottom line for savers in Singapore: the best fixed deposit rates in July 2026 reward those who shop around and are willing to lock in for 6–9 months. For a saver with S$20,000, the choice between HL Finance’s 1.50% and RHB’s 1.40% is straightforward – but for those with smaller balances, Bank of China and ICBC offer the most accessible path to a competitive rate.

Additional sources

youtube.com, moomoo.com, smartcalculator.sg, uob.com.sg

For a detailed comparison of the best FD rates in Singapore, this guide breaks down the latest offers from major banks.

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Frequently asked questions

What is the minimum deposit for fixed deposits in Singapore?

Minimum deposits vary from S$500 (Bank of China, ICBC) to S$350,000 (Citibank). Most banks require S$1,000–S$25,000.

Are fixed deposits insured by SDIC?

Yes, fixed deposits with banks and finance companies in Singapore are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per institution.

How to open a fixed deposit account in Singapore?

You can open a fixed deposit account online through most banks’ internet banking platforms or by visiting a branch. You’ll need your NRIC, a minimum deposit amount, and a source of funds.

What is the difference between fixed deposit and savings account?

A fixed deposit locks your money for a fixed tenure in exchange for a higher interest rate. A savings account offers instant access but lower, variable interest.

Can I withdraw fixed deposit early?

Yes, but early withdrawal typically incurs a penalty – usually loss of all interest earned and a small administrative fee. Check your bank’s terms before committing.

How often do banks update fixed deposit rates?

Banks update promotional rates periodically, often monthly or quarterly. Board rates change less frequently, usually in response to MAS policy shifts.

What is the interest rate on a fixed deposit for senior citizens in Singapore?

Some banks offer senior-specific fixed deposit products with slightly higher rates, but the difference is typically 0.05–0.10% p.a. It’s best to check directly with the bank.