Fixed Deposits in Singapore — Best Rates and When to Lock In Your Money

Singapore FD rates (2024–25)

With interest rates elevated after the 2022–2023 rate cycle, Singapore FD rates are competitive:

• 6-month FDs: 3.0–3.5% p.a.
• 12-month FDs: 3.2–3.5% p.a.

Interest income in Singapore is not taxable for individuals.

Singapore Savings Bonds (SSB)

SSBs are government-backed bonds with step-up interest — the longer you hold, the higher the average return. They're redeemable any month without penalty, making them more flexible than FDs. When SSB rates are competitive with FD rates, they're usually a better choice due to capital guarantee and flexibility.

T-bills

6-month and 1-year Singapore T-bills are auctioned regularly. The yield typically tracks the policy interest rate. They're competitive alternatives to FDs for short-term parking of cash with full government backing.