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Fixed Deposit Rates in Singapore [January 2024]

Views 22KDec 15, 2023

USD Fixed Deposit Rates in Singapore

USD Fixed Deposit Rates in Singapore -1

A recent Reuters poll suggests that economists believe the Federal Reserve will maintain its current key interest rate on November 1st and may hold off on cutting it for a longer period than initially anticipated. This adjustment in the forecast can be attributed to the increasing popularity of the US central bank's message of keeping higher interest rates for an extended duration.

I don't think Powell will take a definitive position as some on the FOMC have taken that interest rate hikes are behind us," said Avery Shenfeld, chief economist of CIBC Capital Markets.

>> Some of the latest speeches delivered by officials from the Federal Reserve>>

Key Takeaway

Indicates Singapore Banks' USD FD - USD Fixed deposit rates (as of 1 December 2023), including DBS, UOB, OCBC, HSBC, ICBC, and CIMB and highlighting their USD FD in period of 1-month, 3-month, 6-month, 12-month.

A fixed deposit rate (also known as time deposit rate) is an interest rate that a bank or financial institution pays to a depositor of a fixed deposit account holder. The rate is usually fixed for a specific period of time and is guaranteed, meaning the depositor will receive the agreed-upon rate regardless of any changes in market conditions. Also, some of them may have minimum deposit amount.

According to Monetary Authority of Singapore (MAS), deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies.

One key difference between fixed deposit rates and other types of interest rates is that they are typically higher than savings account rates due to the longer-term commitment involved. While you can withdraw your money from fixed deposits, if you withdraw before the tenure is up, you will earn less interest or no interest at all.

USD FD or Foreign currency fixed deposit rate might be different from SGD fixed deposit rate.

Global Central Bank Policy Dashboard 2022-2023

Source: BIC, Moomoo (as of Oct 2023)
Source: BIC, Moomoo (as of Oct 2023)
According to Bank for International Settlements statistics, there's now clear evidence that more global cuts are coming through than hikes, which is the first time that's been the case since January 2021.
At the moment, the number of hikes is a fraction of where they were at their peak in summer 2022. Cuts have slowly been building up, but the general theme has been a much lower level of global central bank activity.

USD FD - USD Fixed deposit rates in different terms

Fixed deposit rate in singapore USD, Dec 2023
Fixed deposit rate in singapore USD, Dec 2023

#Note: The above information is based on public information from banks as of 1 December 2023. Banks may change interest rates at any time. Please check the latest information on the respective official website.

DBS USD Fixed Deposit Rates

For New Customers

Period 1-month (US$5,000 - US$100,000): 5.00% p.a.

Period 3-month (US$5,000 - US$100,000: 4.90% p.a.

Period 6-month (US$5,000 - US$100,000): 4.53% p.a.

Period 12-month (US$5,000 - US$100,000): 4.13% p.a.

USD Fixed Deposit Rates in Singapore -2

#Note:

For Foreign Currency FD, the minimum amount is 5,000 SGD equivalent.

The Rate above is effective at 1 December 2023. To check the latest rates and news, please access the official webpage DBS foreign currency fixed deposit rates.

DBS Bank, headquartered in Singapore, is the largest bank in Southeast Asia with a presence in 18 markets globally. It offers a broad range of financial services including personal banking, wealth management, corporate banking.

UOB USD Fixed Deposit Rates

Period 1-month (US$100,000 - US$249,999): 4.99% p.a.

Period 3-month (US$100,000 - US$249,999): 5.00% p.a.

Period 6-month (US$100,000 - US$249,999): 4.88% p.a.

Period 12-month (US$100,000 - US$249,999): 4.60% p.a.

USD Fixed Deposit Rates in Singapore -3

#Note:

The prices shown here are indicative only as per the prevailing board rates as of 1 December 2023. To check the latest rates and news, please access the official webpage UOB foreign currency fixed deposit rates.

United Overseas Bank (UOB) is a leading bank in Asia, offering a range of financial services including personal banking, wealth management, and corporate banking. Founded in 1935, UOB has a presence in Southeast Asia with branches across 19 countries globally.

OCBC USD Fixed Deposit Rates

Period 1-month (US$100,000 - US$249,999): 5.02% p.a.

Period 3-month (US$100,000 - US$249,999): 4.81% p.a.

Period 6-month (US$100,000 - US$249,999): 4.70% p.a.

Period 12-month (US$100,000 - US$249,999): 4.49% p.a.

USD Fixed Deposit Rates in Singapore -4

#Note:

Rates quoted are on a per annum basis and are subject to change without notice as of 1 December 2023. Special rates may be quoted for larger amounts for Foreign Currency Time Deposits. To check the latest rates and news, please access the official webpage OCBC foreign currency fixed deposit rates.

Oversea-Chinese Banking, or OCBC, is the longest-established Singapore bank, founded by the merger of three local banks in 1932. The group's operations include consumer banking; wealth management and private banking (offering through its Bank of Singapore subsidiary); small to midsize enterprise and business banking; corporate and institutional banking; and insurance through majority owned Great Eastern.

HSBC USD Fixed Deposit Rates

For HSBC Personal Banking only

Period 1-month (US$100,000 - US$249,999): 3.75% p.a.

Period 3-month (US$100,000 - US$249,999): 3.85% p.a.

Period 6-month (US$100,000 - US$249,999): 3.85% p.a.

Period 12-month (US$100,000 - US$249,999): 3.85% p.a.

For HSBC Premier only

Period 1-month (US$100,000 - US$249,999): 3.90% p.a.

Period 3-month (US$100,000 - US$249,999): 4.00% p.a.

Period 6-month (US$100,000 - US$249,999): 4.00% p.a.

Period 12-month (US$100,000 - US$249,999): 4.00% p.a.

USD Fixed Deposit Rates in Singapore -5
USD Fixed Deposit Rates in Singapore -6

#Note:

The rates above are as of 1 December 2023. To check the latest rates and news, please access the official webpage HSBC foreign currency fixed deposit rates.

HSBC Singapore is a subsidiary of the multinational banking and financial services company, HSBC Holdings plc. Established in 1877, HSBC has been operating in Singapore for over 140 years, providing a wide range of personal, commercial, and corporate banking services.

ICBC USD Fixed Deposit Rates

Via E-Banking

Period 1-month (US$2000 & Above): 4.30% p.a.

Period 3-month (US$2000 & Above): 4.85% p.a.

Period 6-month (US$2000 & Above): 4.85% p.a.

Period 12-month (US$2000 & Above): 4.85% p.a.

Over the Counter

Period 1-month (US$500 & Above): 4.30% p.a.

Period 3-month (US$500 & Above): 4.85% p.a.

Period 6-month (US$500 & Above): 4.85% p.a.

Period 12-month (US$500 & Above): 4.80% p.a.

USD Fixed Deposit Rates in Singapore -7

#Note:

Deposit over counter with minimum amount USD20,000.

Deposit via E-banking with minimum amount USD500.

Promotion is available till further notice. To check the latest rates and news, please access the official webpage ICBC foreign currency fixed deposit rates.

ICBC Singapore is the Singapore branch of Industrial and Commercial Bank of China, one of the largest banks in the world by total assets. ICBC Singapore offers a comprehensive array of financial services including corporate banking, trade financing, investment banking, cross-border RMB (Renminbi) business, wealth management, and more.

CIMB USD Fixed Deposit Rates

Period 1-month (US$10,000 & Above): 5.05% p.a.

Period 3-month (US$10,000 & Above): 5.10% p.a.

Period 6-month (US$10,000 & Above): 5.20% p.a.

Period 12-month (US$10,000 & Above): 4.90% p.a.

USD Fixed Deposit Rates in Singapore -8

#Note:

Online interest rates apply to a minimum of 10,000 units in their respective currencies.

The Promotion is from 1 December 2023 till further announcement. To check the latest rates and news, please access the official webpage CIMB foreign currency fixed deposit rates.

CIMB Bank Berhad Singapore is the Singapore branch of CIMB Group, a leading ASEAN universal bank headquartered in Kuala Lumpur, Malaysia. The bank offers a range of financial products and services to individuals, small businesses, and large corporations.

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USD Fixed Deposit Rates in Singapore -9

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Considerations

While interest rates are lucrative now, you will still have to consider the potential drawbacks of (foreign currency) fixed deposits. By parking your money in fixed deposits, you are giving up liquidity which can incur opportunity costs whereby you will not be able to use that sum of money for other investments. Premature withdrawals will often come with penalties such as receiving decreased interest rate payments or receiving no interest at all.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy.

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