Fixed Deposit Rate Singapore 2026: Best Rates Compared — October Update

Are Singapore FD rates still worth locking in? We compared every major bank so you don’t have to.

The best fixed deposit rate in Singapore right now is 2.00% p.a. from Citibank (6 months, S$5,000 minimum) and HL Bank (24 months, S$10,000 minimum). Digital bank alternative GXS Boost Pocket offers 1.75% p.a. with no lock-in, while the Singapore Savings Bond is currently projecting around 2.44% average return for October 2026 — a compelling alternative to traditional FDs. T-bills cut to 1.92% in September 2026, signalling that rates may be heading lower.

Not financial advice. All figures are for educational reference only. Data as at September–October 2026 unless noted. Always verify current rates with your bank before placing any deposit.

What Is a Fixed Deposit in Singapore?

A fixed deposit (FD) is a savings product where you place a lump sum with a bank for a fixed period — typically 1 to 24 months — in exchange for a guaranteed interest rate. Unlike a regular savings account, your money is locked in for the duration; withdrawing early usually means forfeiting some or all of the interest earned.

Fixed deposits in Singapore are offered by all major local and foreign banks, including DBS, OCBC, UOB, Citibank, Standard Chartered, HL Bank, CIMB, and Maybank. The minimum placement is typically S$500 to S$10,000 depending on the bank and the promotional rate on offer.

All fixed deposits placed with MAS-licensed banks are protected by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per institution — giving savers peace of mind that their principal is safe even if a bank were to fail.

Best Fixed Deposit Rate Singapore 2026 (All Banks Compared)

Fixed deposit rates in Singapore have been easing since their peak in 2023–2024. Here is a full comparison of the best rates available as of September–October 2026, ranked by rate from highest to lowest.

Source: GrowBeanSprout / MoneySmart (September 2026). Rates are promotional and subject to change. Verify directly with your bank before placing any deposit.

The bar chart below shows how these rates stack up visually, making it easier to spot the top-tier options at a glance.

↑ Best Singapore fixed deposit rates, September–October 2026. Source: GrowBeanSprout / MoneySmart.

Digital Bank Alternatives to Fixed Deposits

Singapore’s three MAS-licensed digital banks — GXS, MariBank, and Trust Bank — offer savings products that can compete with or complement traditional fixed deposits. Here’s what each offers as of October 2026:

GXS Boost Pocket (1.75% p.a.) is the standout digital bank product for savers. Operated by GXS Bank (a joint venture between Grab and Singtel), the Boost Pocket pays 1.75% p.a. on amounts up to S$75,000 with tenors from 1 to 12 months and a minimum of just S$1. This means you get near-FD rates with the convenience of a fully digital experience, and no branch visits needed. You can learn more in our dedicated GXS Bank Singapore review.

Trust Bank Trust+ (advertised 2.40% p.a.) requires at least S$100,000 in the Trust+ account and comes with conditions attached — this rate is not a straightforward comparison to a standard FD. The base savings rate on smaller balances is significantly lower.

MariBank Savings (0.88% p.a.) is the weakest of the three for pure saving purposes, though MariBank has built an audience through competitive personal loan and BNPL products. The savings rate alone does not make it a compelling FD replacement.

Bottom line: If you want the simplicity of a digital bank with near-FD returns and full SDIC protection, GXS Boost Pocket at 1.75% p.a. is the best option — matching CIMB and Maybank’s top promotional FD rates without any minimum deposit hurdle.

Fixed Deposit vs T-Bills vs Singapore Savings Bonds

Comparing a fixed deposit to Singapore’s risk-free government instruments is essential for any saver choosing where to park cash in 2026. All three options are SDIC-equivalent in safety — T-bills and SSBs are backed directly by the Singapore government, while FDs carry SDIC insurance up to S$100,000.

↑ Fixed deposit rates vs government and digital savings products, Singapore 2026. Source: MAS / bank websites / GrowBeanSprout.

Source: MAS / GrowBeanSprout / MoneySmart / bank websites (September–October 2026). All rates subject to change.

The key insight here: the Singapore Savings Bond is currently projecting a better average return than the best available FD rate — with zero lock-in penalty. The catch is that the SSB pays a step-up structure (lower in Year 1, higher in later years), so if you are parking money for only 6–12 months, a traditional FD or T-bill may deliver a better effective return.

For a 6-month horizon, our read of the data: Citibank FD at 2.00% beats the T-bill’s 1.92%. For anything longer than 12 months, the SSB’s average return and flexibility advantage make it worth considering seriously. Check out our Singapore T-bills 2026 guide for a step-by-step breakdown of how to apply.

Are Singapore FD Rates Falling? Should You Lock In Now?

The short answer is yes — Singapore interest rates are trending down, and Q4 2026 is likely to see further softening. Here is what the signals are telling us:

The most recent 6-month T-bill auction (September 2026) cut off at 1.92% — down from above 3% at the 2023 peak. T-bill rates are the clearest real-time signal of Singapore short-term interest rates, since they are set by market demand at auction. The trajectory is clearly downward.

Fixed deposit rates from banks tend to follow T-bills with a lag of 1–3 months. The fact that Citibank and HL Bank are still offering 2.00% in September 2026 suggests they may be repricing soon. Banks typically hold promotional FD rates briefly to attract deposits, then quietly lower them when market rates move.

What this means for savers in October 2026:

• If you have S$5,000–S$50,000 to park for 6 months, locking in Citibank’s 2.00% now before the next likely reprice looks rational.
• If you prefer flexibility over a guaranteed rate, GXS Boost Pocket at 1.75% with no minimum is a solid no-commitment alternative.
• If you can commit for a year or more and want the best overall yield, SSB at ~2.44% average (with monthly redemption rights) deserves serious consideration.

If your savings horizon is 3–10 years, fixed deposits are the wrong tool entirely — explore our guide on passive income in Singapore 2026 for inflation-beating strategies. And for a full retirement picture, try our Singapore retirement calculator.

SDIC Deposit Insurance: Is Your Money Safe?

All fixed deposits placed with MAS-licensed banks in Singapore are covered by the Singapore Deposit Insurance Corporation (SDIC) scheme up to S$100,000 per depositor per institution. This includes both the principal and accrued interest.

This means if you have S$80,000 in a Citibank FD, the entire amount is protected. However, if you have S$120,000 at Citibank, only S$100,000 is covered — the remaining S$20,000 would be at risk in the unlikely event of a bank failure. The practical solution: spread balances above S$100,000 across multiple banks.

Digital banks (GXS, MariBank, Trust Bank) are all SDIC members as MAS-licensed institutions, so deposits with them receive the same protection as traditional banks.

Notably, T-bills and Singapore Savings Bonds are backed directly by the Singapore government and carry no deposit insurance cap — they are considered safer than any bank deposit for amounts above S$100,000.

How to Open a Fixed Deposit in Singapore

Opening a fixed deposit in 2026 is almost entirely digital. Here’s the typical process:

1. Log in to your bank’s app or internet banking. All major banks (DBS/POSB, OCBC, UOB) allow FD placement online without a branch visit.
2. Navigate to “Fixed Deposit” or “Time Deposit.” You’ll be shown the current promotional rates available for different tenors.
3. Select your tenor and amount. Enter the amount you wish to place and choose your preferred duration (e.g. 6 months).
4. Confirm the placement. Review the rate and maturity date, then confirm. Interest is typically credited at maturity.
5. At maturity, choose rollover or withdrawal. Banks will usually auto-renew (rollover) at the prevailing rate unless you give a prior instruction to withdraw.

Pro tip: The best promotional rates are often only available when placing online — in-branch or over-the-phone placements may attract a lower rate. Always compare rates across at least 2–3 banks before committing, as rates can vary significantly even for the same tenor.

Frequently Asked Questions

Ready to Grow Your Savings?

Whether you go with a traditional FD, GXS Boost Pocket, or the Singapore Savings Bond — the best account is the one you actually open. Compare, decide, and start earning today.