This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.Ĭonsumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Both rates are expected to ease off in the coming months as inflation gets under control.Ĭontrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free.
The difference has narrowed in recent months as savings deposit rates play catch up to fixed deposit interest rates which soared to record highs in 2022.
Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit accounts. You can save your money in either regular current or savings deposit accounts or fixed deposit accounts in Singapore. Which Bank has Highest Fixed Deposit Rate? Best Fixed Deposit Rates in Singapore 2023Ĥ.
Fixed Deposit Minimum Amount and Minimum Periodģ.
