Best Fixed Deposit Rates Singapore October 2026 — Every Bank Compared

1. All Singapore FD Rates (October 2026)

Here's every major Singapore bank and finance company's fixed deposit rates as of October 2026. Sorted by 12-month rate (the most popular tenure). After bottoming out earlier in the year, SGD FD rates have edged up slightly this month as SGD funding costs firmed:

2. S$50,000 Deposit — Bank-by-Bank Returns

Here's exactly how much you earn on a S$50,000 fixed deposit for 12 months at each bank:

For larger deposits (S$100K+): Split across multiple banks to maximize SDIC coverage. Example: S$50K at GXS + S$50K at CIMB + S$50K at RHB = fully insured across banks (each has S$100K SDIC coverage), earning a blended 1.65-1.75% average.

3. Promotional Rates: What "New Funds" Actually Means

Many banks advertise headline rates that only apply to "new funds" or "fresh funds." Here's what that means and how to qualify:

How to Maximize Promotional Rates

• Strategy 1: Bank rotation. Keep your savings at Bank A. When Bank B offers a promo, transfer there for the FD. When it matures, move to Bank C's promo. Rotate every 6-12 months.
• Strategy 2: Salary crediting. Some promos require salary crediting to the same bank. If your salary goes to DBS, you might unlock better DBS FD rates than advertised (ask your relationship manager).
• Strategy 3: Bundle products. UOB and OCBC sometimes offer 0.2-0.5% bonus rates if you combine FD with insurance purchase or credit card spending. Only worth it if you'd use those products anyway.

4. FD vs T-Bills vs SSB — Which Is Better?

Fixed deposits aren't the only safe option in Singapore. Here's how they compare to government securities:

When FD Beats T-Bills and SSB

5. The Smart Strategy for SGD Deposits in 2026

Why Rates Fell — and Where They're Heading

Singapore's FD rates track US Fed rates (due to SGD's managed float). After the Fed's 2025 cuts pulled SGD FD rates down from 3-4% in early 2025 to around 1.0-1.65% by mid-2026, rates have stabilized and edged up slightly in September as SGD funding costs firmed. Notably, 6-month T-Bills (~2.90%) now out-yield the best FDs — a sign that shorter-dated government paper is repricing higher than bank deposits.

What to Do Right Now

• Prioritise T-Bills and SSB for yield — at ~2.90% (T-Bill) and ~2.70% (SSB), government securities beat the best 1.75% FD right now
• Use GXS for a flexible FD anchor — GXS offers 1.75% with no penalty for early withdrawal (you get the base rate if you exit early). Best of both worlds if you want a fixed-rate slice.
• FD ladder for large amounts — Split into 3, 6, 9, 12-month tranches. One matures every quarter, giving you regular access to reprice as rates move.
• Keep emergency fund in SSB or high-yield savings — Never lock emergency money in FDs. SSBs give ~2.70% with monthly redemption.
• Avoid DBS for amounts over S$20K — Their 0.05% rate for larger deposits is effectively zero. Move to GXS, CIMB, or RHB instead.

Tax Advantage: Singapore vs Other Countries

6. Foreign Currency Fixed Deposits (USD, AUD, CNH)

Several Singapore banks offer foreign currency fixed deposits — most commonly USD — at higher headline rates than SGD FDs, because they track higher US interest rates. But there's a catch that trips up most savers.

7. Bank-by-Bank Guide — Where Your S$ Earns Most

HL Bank, CIMB & Bank of China — the rate leaders (1.80%)

The current top 12-month SGD FD rate is 1.80%, offered by HL Bank and CIMB (both S$10,000 minimum, placed online via HLB Connect or CIMB Clicks) and Bank of China (just S$500 minimum — the lowest entry point for the top rate). If you have S$500-10,000 and want the best rate, Bank of China is the pick; above S$10,000, all three are equivalent.

GXS — best for small or flexible deposits

Digital bank GXS pays 1.75% with a S$100 minimum and no penalty for early withdrawal (you simply get the base rate). This makes it the best choice for smaller balances or for money you might need before maturity — a rare "flexible FD."

RHB and Maybank — solid mid-tier

RHB (1.65%, S$20,000 min) and Maybank (1.55%, iSAVvy online FD) sit in the middle. Reasonable if you already bank with them, but Bank of China's S$500 entry at 1.80% beats both on rate.

DBS, OCBC, UOB — the big-3 trap

Singapore's big three pay the lowest FD rates: OCBC and UOB at 1.40%, and DBS/POSB at just 1.00% — and DBS's 1.00% only applies to deposits under S$20,000. Deposit S$20,000 or more at DBS and you earn just 0.05% (about S$25/year on S$50,000). The convenience of banking where you already have an account costs you real money here; the same SDIC protection applies at GXS, CIMB, or Bank of China.

8. Frequently Asked Questions

What is the best fixed deposit rate in Singapore in October 2026?

HL Bank, CIMB, and Bank of China offer the highest SGD FD rate at 1.80% p.a. for 12 months. Bank of China needs just S$500; HL Bank and CIMB need S$10,000. GXS pays 1.75% at a S$100 minimum. The big-3 banks lag: OCBC and UOB at 1.40%, DBS/POSB at 1.00% (and only for deposits under S$20,000).

Is fixed deposit interest taxable in Singapore?

No. Singapore does not tax fixed deposit interest for individual residents — you keep 100% of what you earn. This is a major advantage versus India (30% TDS), the US (up to 24% federal), or the UK (20-40%), and it means Singapore's lower headline rates are more competitive on an after-tax basis than they first appear.

Can foreigners or non-residents open a fixed deposit in Singapore?

Yes. Most Singapore banks allow non-residents to open an FD with a passport and proof of address, typically with a minimum of S$500-1,000 (some private/priority tiers require more). DBS, OCBC, and UOB all accept non-residents. Interest remains tax-free in Singapore, though you may owe tax in your country of residence.

What is SDIC coverage and how do I protect more than S$100,000?

The Singapore Deposit Insurance Corporation (SDIC) insures up to S$100,000 per depositor per bank, covering SGD and foreign-currency deposits. To protect more, split across banks — e.g. S$100K each at GXS, CIMB, and Bank of China gives S$300,000 of coverage. Note that some banks share the same SDIC membership, so check before assuming separate cover.

Can I get monthly interest payout on a Singapore FD?

Some banks offer a monthly or quarterly interest payout option instead of interest at maturity — useful for retirees who want regular income. The effective annual yield is marginally lower than letting interest compound to maturity. Check each bank's terms, as not all tenures support monthly payout.

Should I choose a fixed deposit, T-Bills, or Singapore Savings Bonds?

Right now, 6-month T-Bills (~2.90%) and SSBs (~2.70%, 10-year average) both out-yield the best 12-month FD (1.80%) — and SSBs let you redeem monthly with no penalty. Choose T-Bills or SSBs for higher yield with flexibility; choose an FD only if you specifically want a fixed 12-month rate locked in (e.g. from HL Bank, CIMB, or Bank of China at 1.80%).

What happens if I withdraw my Singapore FD early?

Most banks pay reduced or zero interest on early withdrawal, and some charge a small fee — you keep your principal but lose most of the earned interest. GXS is the exception: early exit simply drops you to its base rate rather than forfeiting interest, which is why it suits money you might need before maturity.

9. Calculate Your Exact FD Returns

Plug in your deposit amount, tenure, and rate to see exact maturity value with compounding. Our calculator supports SGD and 7 other currencies.