Fixed deposit FAQ
Plain answers to common questions about fixed deposits in Singapore. General information only, not financial advice.
Are fixed deposits in Singapore insured?
Singapore dollar deposits of non-bank depositors with members of the SDIC Deposit Insurance Scheme are insured up to S$100,000 in aggregate per depositor per Scheme member by law. All the banks and finance companies we list are Scheme members. Foreign-currency deposits, structured deposits and investment products are not insured. If you hold more than S$100,000, spreading it across institutions keeps more of it covered.
What does "fresh funds" mean?
Fresh funds are money that is new to the bank: transferred in from another bank, not moved from an account you already hold with them. Many promotional rates are for fresh funds only. Each bank defines it in its terms, sometimes using your balance on a reference date, so check the definition before you transfer.
What is the difference between a promotional rate and a board rate?
A board rate is the bank's standing published rate for each tenure and amount. A promotional rate is a time-limited offer, usually higher, often with a minimum deposit, a fresh-funds rule or an online-only channel. When a promotional deposit matures, many banks renew it at the board rate unless you give other instructions.
Can I withdraw a fixed deposit early?
Usually yes, but you may lose some or all of the interest, and some banks charge a fee. The rules differ by bank and are in each bank's terms. Only lock away money you will not need before the deposit matures.
Is fixed deposit interest taxed in Singapore?
Interest that individuals earn on deposits with approved banks and licensed finance companies in Singapore is exempt from income tax. See IRAS for the current rules if your situation is unusual (for example, if the deposit is part of a business).
Fixed deposit, T-bill or Singapore Savings Bond: which is better?
They suit different needs. A fixed deposit gives a known rate for a fixed term and is covered by SDIC up to S$100,000. T-bills are 6-month or 1-year government securities sold by auction, so the yield is only known after the auction. Singapore Savings Bonds can be redeemed in any month without penalty and their rate rises the longer you hold them. We show the latest MAS figures beside the deposit rates as a reference point, not a recommendation.
Why is a bank shown as "check bank site"?
Our software could not read that bank's page cleanly today (for example, the page changed or a security check blocked it). Rather than show an old or estimated figure, we link you to the bank's own page. Figures verified within the last 48 hours stay up with a "Not re-verified today" label.
How often are the rates updated?
Every bank page is read once a day, and every rate carries the time it was last verified. Banks can change promotions at any time, sometimes more than once a week, so always confirm on the bank's page before you deposit.
Do banks pay to be listed or ranked higher?
No. Offers are sorted purely by rate. If we join an affiliate or referral programme in future, those links will be marked and will never change the order.