Singapore stocks dismiss Wall St losses to track regional gains; STI up 0.1%
On the STI, the top gainer was Yangzijiang Shipbuilding, which rose 5.8 per cent to $2.18. ST PHOTO: BRIAN TEO
SINGAPORE – Local stocks disregarded losses on Wall Street overnight to track regional markets into positive territory on May 7.
The gains were on the light side with the benchmark Straits Times Index (STI) inching up 0.1 per cent or 4.96 points to 3,865.37 although winners easily outpaced losers 302 to 194 on trade of 1.3 billion securities worth $1.7 billion.
Elsewhere, Hong Kong's Hang Seng rose 0.1 per cent, Shanghai shares added 0.8 per cent, South Korea's Kospi gained 0.6 per cent and Malaysian stocks put on 0.9 per cent but Japan's Nikkei 225 fell 0.1 per cent.
The gains came despite losses on Wall Street over investor concerns about the impact of US tariffs and the lack of trade deals
The People's Bank of China announced its first interest rate cut since September to support economic activity.
Mr Mansoor Mohi-uddin, chief economist at Bank of Singapore, said the move was modest ahead of Beijing's trade talks with Washington.
'We think the Trump administration's 145 per cent tariffs on China's goods will lead to an unsustainable US supply shock. A trade deal is thus likely in the next few months, enabling China's markets to rebound,' he added.
The STI's top gainer was Yangzijiang Shipbuilding, up 5.8 per cent to $2.18, while Frasers Logistics & Commercial Trust led the decliners, down 4.4 per cent to 86.5 cents.
Frasers posted a 13.8 per cent fall in distribution per unit to three cents for its first-half ended March 31, noting on May 7 that it faced challenges in its commercial portfolio and foreign exchange volatility.
The local banks ended mixed. OCBC Bank gained 0.2 per cent to $16.27 while DBS Bank fell 0.5 per cent to $42.76 and UOB slipped 1.4 per cent at $34.49.
UOB lost as much as 2.8 per cent during the session after posting flat first-quarter results that missed analyst expectations. The bank also halted its 2025 earnings guidance, citing macroeconomic uncertainties. THE BUSINESS TIMES
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Best fixed deposit rates in Singapore (June 2025): Minimum deposits from $500, rates up to 2.45%, Money News
If you think that fixed deposits are only for conservative cash — rich aunties and uncles, think again. A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time. Although fixed deposit rates have been falling, there's a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash-these days, banks are offering fixed deposits starting from as low as $500! Here's our round-up of the best fixed deposit rates in Singapore in Jun 2025 for banks like UOB, DBS, OCBC, and more. Overview of Singapore fixed deposit rates (June 2025) Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods. Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates. Overall highest fixed deposit rates in Singapore (June 2025) Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Jun 2025: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) HL Bank (2.35 per cent p.a. - $100,000 for six months) State Bank of India (2.35 per cent p.a. - min. $50,000 for six months) StashAway Simple Guaranteed (2.20 per cent p.a. - three months with no minimum amount) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Maybank (2.15 per cent p.a. - min. $20,000 for nine months) ICBC (2.15 per cent p.a. - $500 for three months) Syfe Cash+ Guaranteed (2.15 per cent p.a. - three months with no minimum amount) Bank of China (2.10 per cent p.a. - min. $500 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) UOB (2.00 per cent p.a. - min. $10,000 for six months) OCBC (1.90 per cent p.a. - min. $30,000 for nine months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) Standard Chartered (1.80 per cent p.a. - min. $25,000 for five months) HSBC (1.55 per cent p.a. - min. $30,000 for one month) To view fixed deposit rates by commitment period or deposit amount, navigate our summary to jump to the section that best matches your needs. Fixed deposit rates by commitment period When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you. Best fixed deposit rates for a 3-month commitment period Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period. Syfe Cash+ Guaranteed (2.15 per cent p.a. - three months with no minimum amount) StashAway Simple Guaranteed (2.20 per cent p.a. - three months with no minimum amount) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Bank of China (2.10 per cent p.a. - $500 for three months) Citibank (2.10 per cent p.a. - $10,000 for three or six months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) Syfe Cash+ Guaranteed Period Syfe Cash+ Guaranteed rate (no min. or max deposit amount) 1 month 2.00% p.a. 3 months 2.15% p.a. 6 months 2.05% p.a. 12 months 1.90% p.a. Rates accurate as of 5 June 2025. Do check the Syfe Cash+ Guaranteed page for the latest rates. If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks. Syfe Cash+ Guaranteed isn't technically a fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are generally higher than traditional banks, and there's also no minimum or maximum amount. As of 5 June 2025, Syfe Cash+ Guaranteed is offering up to 2.15 per cent p.a. with a 3-month tenure. It's taken a huge hit since last year, when it was offering up to 3.8 per cent. Still, 2.15 per cent is one of the highest rates this month on our list. MoneySmart Take What we like: Higher rates than traditional banks, no minimum or maximum deposit amount. What we don't like: No liquidity. You cannot withdraw the funds prematurely even if you're willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee StashAway Simple Guaranteed rate Period StashAway Simple Guaranteed rate (no min. or max. deposit amount) 1 month 2.10% p.a. 3 months 2.20% p.a. 6 months 2.05% p.a. 12 months 1.90% p.a. Rates accurate as of 5 June 2025. Do check StashAway's Simple Guaranteed page for the latest rates. StashAway offers a cash management solution called Simple Guaranteed that earns you interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank. As of 5 June 2025, the highest StashAway Simple Guaranteed interest is 2.20 per cent p.a. for a 3-month period, with no minimum or maximum deposit amounts. It's just a little higher than Syfe's highest rates this month. MoneySmart Take What we like: Relatively high rates compared to traditional fixed deposits. Plus, no minimum or maximum deposit amount. What we don't like: Like Syfe's Cash+ Guaranteed, there's no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight. ICBC fixed deposit rates Deposit amount Period $20,000 to <$200,000 (over the counter) $500 to <$200,000 (via e-banking) 1 month 1.90% p.a. 2.00% p.a. 3 months 2.05% p.a. 2.15% p.a. 6 months 2.00% p.a. 2.10% p.a. 9 months 2.00% p.a. 2.10% p.a. 12 months 1.95% p.a. 2.05% p.a. Rates accurate as of 5 June 2025. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates. There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there! Even if you only have $500 to invest, you can still get a rate of 2.15 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate. Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 2.05 per cent p.a. for a 3-month period. There is a plus point for ICBC's fixed deposit-there's no penalty for early withdrawal. That means you fixed deposit isn't as fixed as you might think. MoneySmart Take What we like: Ultra low minimum deposit amount of just $500 via e-banking and a low commitment period of anywhere between a month to a year, making ICBC very accessible. ICBC also doesn't penalise you for early withdrawals. What we don't like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop slightly. Citibank fixed deposit rates Deposit amount Period $10,000 to $5 million 3 months 2.10% p.a. 6 months 2.10% p.a. Note: The promotional rates above are stated as valid until June 30, 2025. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes. The best Citibank fixed deposit rate you can currently get is 2.10 per cent p.a. for a minimum deposit amount of $10,000 and a commitment period of three or six months. That's up by 0.10 per cent since their promotional rates in May 2025. Citibank's minimum deposit is $10,000, which is fairly accessible. This amount is lowered from the previous $50,000, which is a markedly much larger sum of money. MoneySmart Take What we like: Short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there's also a high upper limit of $3 million. What we don't like: High minimum deposit amount. Not everyone has $50,000 just lying around. HSBC fixed deposit rates Deposit period Personal Banking customers Premier and Premier Elite customers without wealth holdings Premier and Premier Elite customers with wealth holdings 1 month 1.55% p.a. 1.60% p.a. 2.00% p.a. 3 months 1.40% p.a. 1.45% p.a. 1.85% p.a. 6 months 1.40% p.a. 1.45% p.a. 1.85% p.a. 12 months 1.25% p.a. 1.30% p.a. 1.70% p.a. Promotional rates valid until June 30, 2025. Do check HSBC's website for the latest rates. HSBC is offering anything from 1.25 per cent to 2.00 per cent p.a., depending on your banking relationship with them. For the bulk of us who are regular banking customers, the highest fixed deposit rate you can get with HSBC this month is just 1.60 per cent p.a. The best case scenario is if you are a Premier or Premier Elite customer who also has investments with HSBC. If you fit the bill, HSBC will give you 2.00 per cent p.a. for a deposit period of one month. No matter your banking relationship with HSBC, the minimum sum you have to put in is a hefty $30,000. Compared to other banks, it's a rather large sum for an average at best fixed deposit interest rate. MoneySmart Take What we like: Short commitment period of just three months available. What we don't like: High minimum sum. You're going to need at least $30,000 to place a fixed deposit with HSBC. Bank of China fixed deposit rates Period Fixed deposit interest rates Over the counter placement ($20,000 and above) Mobile banking placement 1 month 1.85% p.a. 2.05% p.a. (minimum amount: $500 and above) 3 months 1.85% p.a. 2.10% p.a. (minimum amount: $500 and above) 6 months 1.80% p.a. 2.00% p.a. (minimum amount: $20,000 and above) 1.95% p.a. (minimum amount: $500 and above) 9 months 1.80% p.a. 2.00% p.a. (minimum amount: $500 and above) 12 months 1.80% p.a. 2.00% p.a. (minimum amount: $20,000 and above) 1.95% p.a. (minimum amount: $500 and above) The rates above were set on June 2, 2025 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates. The Bank of China is currently offering 2.10 per cent p.a. for a placement of $500 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate. Rates aside, the best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only 1 month, you can still get a pretty decent interest rate of 2.05 per cent p.a. MoneySmart Take What we like: Short commitment period of three months, and very low minimum deposit amount of $500. What we don't like: Like ICBC, the Bank of China offers different rates depending on how you place your funds — online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become 0.10 per cent p.a. lower. Best fixed deposit rates for a 6-month and 12-month commitment periods Looking to stash your cash in a fixed deposit account for six months or one year? Here's a summary of the best fixed deposit rates in Singapore in 2025 for 6-month and 12-month commitment periods: Best fixed deposit rates in Singapore for 6 and 12 months (Jun 2025) Min. deposit amount 6 months 12 months No minimum 2.05% p.a. ( Syfe ); 2.05% p.a. ( StashAway ) 1.90% p.a. (Syfe); 1.90% p.a. (StashAway) $500 2.25% p.a ( ICBC ); 1.95% p.a. ( Bank of China ) 2.25% p.a. (ICBC); 1.95% p.a. (Bank of China) $1,000 2.15% p.a ( DBS ) 2.45% p.a ( DBS ) $10,000 2.05 – 2.10% p.a. ( CIMB ) 1.85 – 1.90% p.a. (CIMB) $20,000 2.05% p.a. ( Maybank ); 2.00 – 2.10% p.a. ( RHB ) 2.05% p.a. (Maybank); 2.00 – 2.10% p.a. (RHB) $30,000 – 1.85% p.a. ( OCBC ) $50,000 2.35% p.a. ( State Bank of India ) 2.25% p.a. (State Bank of India) $100,000 2.35% p.a. (HL Bank) – CIMB fixed deposit rates Deposit amount: $10,000 and above Period Personal Banking (For regular CIMB customers) Preferred Banking 3 months 2.15% p.a. 2.20% p.a. 6 months 2.00% p.a. 2.10% p.a. 9 months 1.85% p.a. 1.90% p.a. 12 months 1.85% p.a. 1.90% p.a. Promotional rates valid from June 1, 2025, subject to change anytime by CIMB. Do check CIMB's website for the latest rates. Malaysian bank CIMB is offering relatively good fixed deposit rates in Singapore this month, at up to 2.15 per cent p.a. for regular CIMB customers and 2.20 per cent p.a. if you're a CIMB Preferred Banking customer. This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for three months and must apply and deposit your money online. If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates apply from deposits of $1,000 and up. However, they are a measly 0.2 per cent to 0.3 per cent p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC (2.15 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (2.10 per cent p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames. MoneySmart Take What we like: Relatively short commitment periods of three and six months. What we don't like: CIMB's best rates are reserved for their Preferred Banking customers — these are 0.05 per cent p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you. RHB fixed deposit rates Deposit amount: $20,000 and above Period Personal banking Premier banking 3 months 2.00% p.a. 2.10% p.a. 6 months 2.00% p.a. 2.10% p.a. 12 months 2.00% p.a. 2.10% p.a. Note: The rates above are correct as of 5 June 2025. They are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates. The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn't possible for you, RHB's fixed deposit rates are the same whether you use mobile banking or head down to one of their branches. The highest rate personal banking customers can get is 2.00 per cent p.a. with a minimum deposit requirement of $20,000 — slightly on the high side compared to other banks. Currently, this rate applies to two of the three available tenors — three or six months. A big advantage to RHB's fixed deposit is that they don't charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency. MoneySmart Take What we like: No premature penalty fee if you want to withdraw your funds early! What we don't like: RHB's minimum deposit amount of $20,000 is higher than that for other banks. HL Bank fixed deposit rates Minimum placement amount Tenure Promotional rate $100,000 6 months 2.35% p.a. Do check HL Bank's latest fixed deposit promotion; HL Bank may revise rates at any time at their discretion. A member of the Hong Leong group, HL Bank's current fixed deposit promotion is for a minimum placement of $100,000. Stash this sum away with them for six months, and you'll be rewarded with an interest rate of 2.35 per cent. It's a large sum, but 2.35 per cent is a relatively high rate compared to other banks' fixed deposit promotions this month. MoneySmart Take What we like: High promotional fixed deposit rates — we've seen HL Bank hit four per cent p.a. at its peak in 2023. This month, HL Bank's 2.8 per cent is — in relative terms — also one of the highest. What we don't like: Their promotional rates require a very high minimum deposit amount of $100,000. Maybank fixed deposit rates Deposit amount: $20,000 and above Period iSAVvy Time Deposit Promotion (Online Placement) Deposit Bundle Promotion (Placement in Branch) 6 months 1.80% p.a. 2.05% p.a. 9 months 1.85% p.a. 2.15% p.a. 12 months 1.80% p.a. 2.05% p.a. Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates. Maybank is among one of the higher fixed deposit rates this month with up to 2.15 per cent p.a. (nine months) under a deposit bundle promotion. Without the bundle, it's 1.85 per cent p.a. (nine months). To unlock the highest rate that's available under the deposit bundle promotion, you must have an eligible Maybank savings accounts or current account. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into your fixed deposit (minimum $20,000). For example, if I have $3,000 in my Maybank savings account, I can do a $30,000 fixed deposit and earn 2.15 per cent p.a. on it over six months. While that's a relatively high rate this month, don't forget that you need to leave money in your current or savings account to unlock this rate. This sum of money you stash away will come with an opportunity cost. In the example above, I face the opportunity cost of the interest I would be able to earn on the $3,000 even while I earn interest on the $30,000 fixed deposit. MoneySmart Take What we like: We like that both online placements and placements in branch enjoy the same rates-those who can't access one or the other for whatever reason aren't disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account. What we don't like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list. OCBC fixed deposit rates Period Deposit amount of $30,000 and above 9 months 1.80% p.a. (placement in branch) / 1.90% p.a. (online banking) 12 months 1.75% p.a. (placement in branch) / 1.85% p.a. (online banking) Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest. OCBC's highest fixed deposit rate this month is 1.90 per cent p.a. for a 9-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield an even lower rate of 1.80 per cent p.a. While 1.90 per cent p.a. is not high, OCBC has maintained relatively low fixed deposit rates for the past few months anyway. Now that other banks have slashed theirs, OCBC's has gone from low to kinda average. MoneySmart Take What we like: Short commitment period of six months. What we don't like: Relatively high minimum deposit amount of $30,000. OCBC also has a pretty significant disparity in its in-branch rates versus online banking rates, which makes me think older folks who only can only access banking services in person are disadvantaged. Fixed deposit rates by minimum deposit amount Is cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts: $10,000 and under $20,000 - $49,999 $50,000 and above Best fixed deposit rates for deposits $10,000 and under These are the best fixed deposit rates in Singapore 2025 for deposits $10,000 and under: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Bank of China (2.10 per cent p.a. - min. $500 for three months) UOB (2.00 per cent p.a. - min. $10,000 for six months) DBS fixed deposit rates Deposit amount Period $1,000 – $19,999 $20,000 – $999,999 1 month 0.30% p.a. 0.05% p.a. 3 months 1.00% p.a. 6 months 2.15% p.a. 9 months 2.35% p.a. 12 months – 60 months 2.45% p.a. DBS kept their fixed deposit rates consistent throughout 2024, with rates of up to 3.20 per cent p.a. But in 2025, they took a big hit. Currently, the best DBS fixed deposit rate is 2.45 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. That's decent compared to other promotional fixed deposit rates this month from other banks, and of course is still miles better than having your cash parked in a regular savings account. Additionally, one thing I have always liked about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they're also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1 - 12 months. Most other banks limit this to 3-month intervals. However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money almost anywhere else. MoneySmart Take What we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for — DBS offers deposit periods in 1-month intervals from 1 -12 months. What we don't like: DBS doesn't have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05 per cent p.a. UOB fixed deposit rates UOB fixed deposit rates Period Minimum deposit amount: $10,000 6 months 2.00% p.a. 10 months 1.70% p.a. Promotion valid until: June 30, 2025, subject to change by UOB. Do check UOB's website for the latest rates. UOB's fixed deposit rate is currently 2-tiered-2.00 per cent p.a. for a deposit period of 6 months and 1.70 per cent p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000. If you want higher rates, consider the Bank of China (2.10 per cent p.a.) or ICBC (2.15 per cent p.a.) with just $500 for a 3-month tenor. MoneySmart Take What we like: Commitment periods start from a relatively short six months. What we don't like: UOB's current rate is below average. As aforementioned, you'd do better at other banks for the same deposit amount and period. Best fixed deposit rates for deposits $20,000–$49,999 If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month: Maybank (2.15 per cent p.a. - min. $20,000 for nine months) Bank of China (2.10 per cent p.a. - min. $500 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) OCBC (1.90 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.80 per cent p.a. - min. $25,000 for five months) Standard Chartered fixed deposit rates Deposit amount: $25,000 and above Period Personal Banking customers Priority Banking customers Priority Private Banking customers 5 months 1.80% p.a. 1.85% p.a. 1.90% p.a. Promotional rates valid until: June 10, 2025, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures. With interest rates from 1.80 per cent p.a. to 1.90 per cent p.a., Standard Chartered's fixed deposit rates are on the lower end this month. Plus, you only get the higher rates if you're a priority private banking customer, i.e. with a certain high net worth. If you're a regular customer, you'll only be able to get a rate of 1.80 per cent p.a. with a 5-month tenor at their current promotional rates. In any case, you can get a better rate with the Bank of China with a smaller minimum sum-deposit $500 or more to lock in 2.10 per cent p.a. over three months. MoneySmart Take What we like: Relatively short commitment period of six months. What we don't like: Standard Chartered doesn't have very high rates for the average Joe — you only get a decent one if you're a priority private banking customer. Best fixed deposit rates for deposits $50,000 and above Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you've got a few good options. Here are the best fixed deposit rates in Singapore 2025 for deposits $50,000 and above: State Bank of India (2.35 per cent p.a. - min. $50,000 for six months) Bank of China (2.10 per cent p.a. - min. $500 for three months) ICBC (2.15 per cent p.a. - $500 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) Citibank (2.10 per cent p.a. - $10,000 for three or six months) State Bank of India Singapore fixed deposit rates The State Bank of India is currently offering just two fixed deposit promotions with a minimum deposit of $50,000: Tenor Promotional interest rate Minimum deposit 6-month 2.35% p.a. $50,000 12-month 2.25% p.a. $50,000 These rates are quite high this month compared to other banks. However, so is their minimum sum you need to deposit. If we're looking at smaller sums, we're left with the board rates that only require a minimum of $5,000: SBI Singapore board rates Period Deposit amount: $5,000 to $1,000,000 1 month 0.35% p.a. 3 months 1.75% p.a. 6 months 2.25% p.a. 12 months 2.00% p.a. 24 months 1.50% p.a. The highest board rate you'll get to enjoy is 2.25 per cent p.a., which is actually comparable to some promotional rates this month from other banks. However, if you're planning to leave your $5,000 in a fixed deposit, you can still find better rates elsewhere. For just $500, you can enjoy 2.15 per cent p.a. with ICBC or 2.10 per cent p.a. with the Bank of China for a 3-month period. MoneySmart Take What we like: Relatively short commitment periods available, with decent interest rates. What we don't like: SBI asks for a high minimum deposit sum. Hong Leong Finance fixed deposit rates Deposit amount 9 months 11 months 13 months $5,000 to < $20,000 1.78% 1.73% 1.73% $20,000 and above 1.83% 1.78% 1.78% The rates above are as of 5 June 2025 and are subject to change any time at the discretion of Hong Leong Finance. See Hong Leong Finance's fixed deposit rates for the latest. Besides putting your money with banks, it's also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don't get it confused with HL Bank, though. While the twp share the same name, they offer entirely different fixed deposit rates. With a lock-in period of nine months, Hong Leong Finance is currently offering a fixed deposit rate of 1.83 per cent p.a. for a $20,000 minimum deposit. For slightly longer tenors of 11 or 13 months, you earn 1.78 per cent p.a. instead. These rates are low this month; you'd be able to find better rates almost anywhere else. MoneySmart Take What we like: Short tenor periods for which you have to stash your cash with them. What we don't like: Hong Leong Finance isn't coming out super strong in terms of their fixed deposit rates — average at best. They also require a minimum deposit of $20,000, which is not the most beginner-friendly. Fixed deposit vs savings account - what's the difference? Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05 per cent p.a. interest on a regular savings account, but looking at interest rate alone isn't enough to compare the two. Here are the differences between fixed deposits and savings accounts at a glance: Fixed deposit Savings account Tenure As low as 1 month, but go for at least 6 months for better rates None Interest rate Usually, the longer the tenure, the better the interest rate Usually the same regardless of tenure Deposit amount Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China Smaller initial deposit and minimum monthly balance ($500 to $3,000) Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD by default. There are a few multi-currency accounts, but no difference in interest rate Can you withdraw? Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, no impact on interest, but don't fall below the minimum balance Interest payments Quarterly or annually Monthly Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Compare fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills If you're looking for a virtually risk-free investment vehicle, you're bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider. Fixed deposit SSB T-bills Tenure As low as 1 month, but go for at least 6 months for better rates 10 years 6 months / 1 year Current interest rate Up to 3.35% p.a. 2.49% p.a. ( June 2025 SSB's 10-year average return) 2.05% p.a. (cut-off yield for 5 Jun 2025 6-month T-bill ) Deposit amount Usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China $500-$200,000 $1,000, with a cap of $1 million in non-competitive bids at each auction. Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD SGD Can you withdraw? Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. Interest payments Quarterly or annually Every 6 months Upon maturity, full value of T-Bill refunded following initial sale at a discount Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Virtually risk-free, backed by the Singapore government Virtually risk-free, backed by the Singapore government [[nid:717809]] This article was first published in MoneySmart .
Straits Times
16 hours ago
- Straits Times
Why restaurants like Scarpetta do not take reservations
Mr Theeviyan Raja (left), a front-of-house staff member at Scarpetta, welcomes diners as the restaurant opens for dinner. By 6pm, around 80 customers had joined the queue. ST PHOTO: BRIAN TEO Why restaurants like Scarpetta do not take reservations SINGAPORE – Dining out is a fairly straightforward process in Singapore, swathed, for the most part, in the certainty of a guaranteed seat. You pick a place, punch in your details and rock up at the prearranged hour. Recognition glints in the host's eyes as your name surfaces in the system. The food arrives after a while. You pay, you leave. In some cases, a special reservation link is sent to your e-mail, and the cycle begins anew. But what happens when a restaurant eschews convention for the unpredictability of a walk-in system? Suddenly, it is anyone's game. The question becomes not just what to order, but also what time to show? How long to wait? When to throw in the towel and leave? Restaurants that do not take reservations argue that there is a method to the madness. At Scarpetta, a viral pasta bar in Amoy Street, queues start an hour before doors opens. Once, the line stretched 10 units down to the food centre at the mouth of the street. The situation is a lot neater now that the restaurant has introduced a new system. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. 'It's much better than what we had before, with just a straight queue. Some people would wait 2½ hours in the hot and humid weather, so they would be really grumpy and hangry (hungry and angry) by the time they got in,' says owner Aaron Yeunh , 32. Service moves fas t. Ea ch seating lasts about an hou r, a nd Scarpetta can accommodate three or four rounds of guests every night. This, Mr Yeunh says, is the only way he can sell handmade pasta in the middle of town for $17 to $26. 'The only way to charge these prices is with high volume. And if I need volume, I can't take reservations because that would limit my dinner seatings to two a night.' Queues at Scarpetta tend to snake along Amoy Street, once even reaching Amoy Street Food Centre. ST PHOTO: BRIAN TEO For restaurants like Mensho Tokyo Singapore at Raffles City, doing away with bookings helps to democratise the dining experience. No number of bots or connections will make the line move any faster. 'This ensures that every guest has an equal opportunity to enjoy our ramen, creating a welcoming and fair experience for all,' says a spokesperson for the Japanese chain. Likewise, Mr Lim Kian Chun, 33, chief executive of Ebb & Flow Gro up, which runs popular Italian restaurant Casa Vostra at Raffles City, adds: 'Physical queues keep things simple and accessible to customers of all ages, especially our segment of older customers who are less familiar or comfortable with digital reservation systems.' Cancelling cancel culture It is a type of survival tactic too. With cancellations rising across the board – Mr Yeunh says that a 20 to 30 per cent cancellation rate, which some restaurants are experiencing, is enough to kill a business – it is sometimes easier not to section off seats in advance. Mr Lim says: 'Implementing reservations introduces the element of unpredictability with no-shows, late arrivals and variable dining durations, which can disrupt the dining experience for other s.' By eliminating the logistical scramble, staff can focus on the parts that count the most: food and service. And that extra bandwidth comes in especially handy when walk-in traffic continues unabated throughout the night. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. ST PHOTO: BRIAN TEO Mr Yeunh recalls: 'We were really grateful that response was so overwhelming when w e opened in February, but part of the issue was that we were running out of food. So, people would wait two hours, only to find that we've sold out half the men u. I imagine that would be incredibly frustrating. ' The seven-person team, now fortified with two extra chefs, has since fine-tuned operations to guarantee that all guests who wait in line will be able to order whichever dishes they came to try. They try to estimate based on the capacity of the restaurant, but as a general rule, 'we make as much as we can'. Casa Vostra's team also had to adjust to the daunting task of keeping up with demand while maintaining a consistent quality of food and service. Over a year in, Mr Lim says they have got the hang of things. 'We've worked very hard to improve our daily operations and food and service standards, and hav e managed to reduce waiting times while continuing to serve the same volume of customers.' Great expectations The longer the queue, the higher the expectation. 'It best be worth the wait,' quips chef consultant Fiona Tang, 35, who eventually snagged a seat at Scarpetta 2½ hours after arriving. Her sentiment is echoed by fellow diner Kelly Pohan, a 17-year-old student who visited Scarpetta in May. 'The food does not just have to be good, but also good enough to justify wasting two hour s. ' However, she also relished the anticipation of waiting to try very in-demand restaurants, whi ch ' creates more excitement'. Service at Scarpetta moves fast, with most diners finishing their meal within an hour. ST PHOTO: BRIAN TEO For 20-year-old undergraduate Raen Tan, a snaking queue – like the one she joined outside Casa Vostra – is a worthwhile gamble. 'It suggests that the food is either good or new. As someone who's adventurous, I'd be willing to queue to try new things that are popular or raved about.' Besides, as Ms Joey Chua, 29, a liquefied natural gas market analyst, points out: 'I can do many other things, such as read, look through e-mails, reply texts or daydream while queueing. To me, it doesn't really count as a waste of time.' In Singapore, where queueing has all but been gazetted as a national pastime, hers is far from an atypical view. Dr Hannah H. Chang, associate professor of marketing at SMU, says it is an example of social proofing – a phenomenon in which people make decisions by following the actions of those around them – that has found special resonance here. 'Queue culture is sometimes discussed as a demonstration of kiasuism, that if you don't queue, you may miss out on a good deal, experience or produc t.' Mr Sai Ming Liew, a senior adviser at global research and innovation consultancy Behavioural Insights Team, adds that while the tipping point may come when customers feel that a queue is not moving fast enough, the sunk cost fallacy sometimes keeps them in place longer tha n intended. 'The longer people spend in a queue, the more they start to feel a sense of psychological ownership over the object or experience they're waiting for. Because people are naturally averse to losses, this can make them reluctant to walk away, even if it might no longer be worthwhile,' he notes. Though this fear of missing out has proved something of a boon to Scarpetta, Mr Yeunh laughs off accusations that he is creating a queue for the sake of it. 'I always tell the team that we have to deliver. Don't skimp on the hospitality. Don't skimp on the food. Be super focused. Take our food really, really seriously.' In the past, before the blackboard system freed customers from having t o sta nd in line outside the restaurant , staff would try to sweeten the wait by handing out free drinks. Refreshments are also distributed outside at restaurants such as Gyukatsu Kyoto Katsugyu at Raffles City. Nonetheless, some restaurants have caved and done away with their no-reservations policy. Spanish restaurant Esquina opened in 2012 and started accepting bookings in 2014, after it added a dining room on the second floor. Though walk-ins are more efficient for a busy restaurant like his, chef-owner Carlos Montobbio, 38, concedes that bookings made a big difference to the guest experience. 'We care a lot about service, and having people wait outside – especially if it's a business dinner, a date or regulars coming back – just didn't feel right. Letting people book a table gave them a much more comfortable and reliable experience,' he says. Others, like local cuisine chain Great Nanyang, which gets multiple queries a week about whether it takes reservations, have found a compromise of sorts. Since April, groups of at least 10 diners can secure their seats at any of its outlets in advance. 'As our customers have different dining time periods, it i s di fficult to get available empty tables side-by-side to combine for larger groups. To cater to groups of this size, we need to plan and set aside tables in advance,' says founder Keith Kang, 42. Though he is wary that the sight of empty tables may provoke some unhappiness among walk-in guests, no complaints have been made so far. Casa Vostra's Mr Lim is also grateful that most customers understand the reasons for the restaurant's policy, and vows to go the extra mile to maintain that trust. He says: 'Our team makes every effort to offer attentive service and maintain relationships with our regulars – from remembering their favourite dishes and preferences to connecting with them each time they dine.' Worth the wait? The next time you find yourself staring down the barrel of a weekend with no prearranged plans, try your luck at one of these no-reservations restaurants – the final bastions, some might say, of dinnertime democracy. Scarpetta Cacio e Pepe pasta with Crispy Guanciale from Scarpetta. ST PHOTO: BRIAN TEO Where: 47 Amoy Street Open: 11.30am to 2.30pm (Tuesdays to Saturdays), 6 to 10.30pm (Tuesdays and Wednesdays), 6 to 11pm ( Thursdays ), 6 to 11.30pm (Fridays and Saturdays) Info: @ on Instagram This chic 28-seater was modelled after the pasta bars of London – think Padella, the perennially popular Borough Market institution, and the like. So, it was that ethos of casual excellence that Mr Aaron Yeunh, who lived in the English capital for over a decade, sought to recreate here: great food at fair prices, without so much as a whiff of pretentiousness. Scarpetta's menu is lean and disciplined. It is split into four modest sections, with most prices hovering around the $10 to $20 range. The most expensive thing on sale is al granchio e limone ($26), a dish of taglioni with blue swimmer crab and confit garlic that would, in most other centrally located restaurants, have retailed for upwards of $30. There is undeniable finesse in the way pasta here is twirled – continuously and right before the eyes of hungry, restless diners too. The cacio e pepe ($20) is really a pasta alla gricia, with a black pepper-pecorino romano base and crispy guanciale topping. Whatever its name, it is a textural delight, perfect for anyone who prefers his or her pasta al dente and salted with pockets of fried fat. All'assassina from Scarpetta. ST PHOTO: BRIAN TEO The all'assassina ($18) with pomodoro tomatoes and chilli is more divisive, says Mr Yeunh. Diners might be forgiven for mistaking the messy nest of slightly burnt strands for a kitchen accident that snuck onto the table . But the char is intentional, and elevates the springy, spicy noodles in the same way wok hei breathes fragrance into a plate of bee hoon. Cut the heaviness with a radicchio salad dressed with a truffle vinaigrette and showered in parmigiano cheese ($14), before diving into the sweet embrace of dessert – milk gelato draped in extra virgin olive oil and flaky salt ($6). Tip: Visit during off-peak hours, such as 1.35pm on a weekday or after 8.45pm for dinner. Mensho Tokyo Mensho Tokyo Singapore is famous for its chicken soup ramen. ST PHOTO: CHERIE LOK Where: 03-43 Raffles City, 252 North Bridge Road Open: 11am to 9pm daily Info: @ on Instagram Mensho Tokyo, a Japanese ramen chain whose San Francisco outlet is currently listed in California's Michelin Guide, arrived in Singapore in July, trailed by hordes of curious diners eager for a sip of its umami-rich soup. Its signature toripaitan ($28++) la yers A5 wagyu chashu, smoked pork chasu, duck chasu, chicken chashu, king oyster mushroom strips and ajitama eggs on wavy wheat noodles. All this is steeped in a creamy chicken broth that does not immediately knock you out in the way that pork, with its stronge r fl avour, sometimes does. A dry alternative exists in the form of the A5 wagyu aburasoba ($41++), which blankets its chewy wheat noodles in two types of Miyazaki beef. A sauce made of barrel-aged shoyu adds savoury depth to this oily, indulgent bowl of noodles. Other more unconventional options include the duck matcha ($25++) and chilli crab ramen ($28++) – a Singapore-exclusive tribute to a local classic – which have yielded mixed reactions from diners. Th e restaurant also serves up a bevy of sides, like fried chicken ($12.80++) perfumed with Japanese black vinegar, crispy enoki chips ($8.80++) and torched corn with tare sauce ($8.80). Tip: Go on a Tuesday or Wednesday evening, when the restaurant tends to be quieter – you might even be able to enter without queueing. As wait times can reach up to 30 minutes on weekends, guests are encouraged to arrive early. Tonshou Hire katsu set from Tonshou. ST PHOTO: CHERIE LOK Where: 51 Tras Street Open: 11am to 9pm daily Info: @tonshou_sg on Instagram Tonshou is a Korean pork cutlet chain more than capable of going toe to toe with the top Japanese tonkatsu restaurants in Singapore. Its not-so-secret weapon? A charcoal-grilled pork cutlet that redefines what tonkatsu should look and taste like. Instead of rectangular blocks trimmed with fat – though it has those too – Tonshou's Instagram-famous hire katsu set ($28++) rolls in on blushing pork loin medallions. A meticulous four-stage cooking process packs the juices into the meat, ensuring the cutlet remains crispy yet succulent. The rosu katsu set ($28++), on the other hand, more closely resembles the version of this dish typically found at Japanese eateries, and offers much of the same textural duality, plus an added burst of fat. These breaded slabs of gold can also be stuffed between bread. A pork cutlet sandwich costs $21++, while a shrimp tempura sandwich goes for $24+ +. Because this is a Korean chain, all sets come with a small saucer of kimchi. The usual accoutrements follow too: miso soup, shredded cabbage and rice. Tip: The restaurant uses a QR-based remote queueing system, so join the waitlist before travelling to the restaurant to minimise waiting time. It is also in the process of setting up a reservation system. Casa Vostra Italian restaurant Casa Vostra has updated its menu with new dishes. PHOTO: CASA VOSTRA Where: 01-49/50/51 Raffles City, 252 North Bridge Road Open: 11.30am to 10pm daily Info: After a year at Raffles City, casual Italian joint Casa Vostra is still commanding formidable queues, even on weekday evenings. To keep up with the hype, the restaurant refreshed its menu in April, unveiling homely fare such as the aglio e olio ($15) inspired by the recipe of chef-owner Antonio Miscellaneo's moth er. It tosses in sun-dried tomatoes for some summery pizzazz. The beef cheek parpadelle ($25) is another new entrant worth waiting for. Silky pasta sheets act as the perfect vehicle to sop up a rich and meaty ragu stewed with tomatoes and smoked speck. A smattering of new sides have wound their way onto the menu too. For example, the baked scamorza ($6), a dangerously gooey puddle of melted cheese drizzled with honey. Last but not least, no trip to Casa Vostra is complete without a slice of its trademark Newpolitan pizza, dressed up this time with the sweet-savoury melange of Parma ham, fig puree, rocket, Parmigiano Reggiano, candied walnuts and Fior di latte mozzarella ($26). As always, the crust – whipped into shape by a long process of fermentation and baking – is perfectly airy and crisp. If its sweet undertones do not suit your palate, there is a steady selection of traditional flavours to pick from, all affordably priced and well under the $30 mark. Tip: Drop by from 2 to 5pm, the restaurant's off-peak hours. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Straits Times
18 hours ago
- Straits Times
As US tightens visa rules, Chinese students may turn to Malaysia
(From left) Chinese students Mr Li, Mr Pei and Ms Lou at the USM campus in Penang. PHOTO: THE STAR/ASIA NEWS NETWORK As US tightens visa rules, Chinese students may turn to Malaysia GEORGE TOWN, Penang - President Donald Trump's order to tighten visa rules in the United States for students from China may benefit universities in Malaysia. Mr Pei Qi, a 42-year-old English teacher from China who is pursuing a postgraduate degree at Universiti Sains Malaysia (USM), said he has noticed more of his students in China considering Malaysia over the US. 'Many of my students who initially planned to go to the US are now considering Malaysia for further studies. 'One of them gave up on her US application because of visa delays and uncertainty, and then applied to Monash University Malaysia and USM,' he said. Mr Pei said that the student and her mother visited Penang and were drawn to the island's safety, lifestyle and international feel. 'They were worried about whether they could get into a public university here, but the affordability and global rankings of Malaysian institutions have prompted them to apply,' he said, adding that Malaysia's strong ties with China is an important factor. 'Malaysia takes education seriously. I see effort going into improving curriculum, research and global rankings,' Mr Pei added. He recalled seeing China's content creators on Douyin (China's version of TikTok) mentioning that Malaysia has become the seventh most popular study abroad destination for students from China. Mr Pei said the United States' new policy against students from China had affected the global standing of the US. 'I see real, long-term damage to America's reputation as the world's leader,' he said. 'The global landscape has changed. The US is no longer the only option for high-quality, English-medium education. 'It's sad to lose access to the US, but it's not the end of the road.' First-year Bachelor of Arts in English student Lou Xiaoxiao, 20, said studying in the US is still a dream for many from her homeland. 'It's still the top choice for a lot of us because of its academic resources and reputation. At the moment, I can say Malaysia is more of an option,' she said. Ms Lou added that visa issues and parents' concerns about global tensions do play a role and more families are looking at safety and cost when making decisions. She feels that China's families are prioritising 'cost-effectiveness' and 'a sense of security' in their decision-making regarding their children's studies overseas. Another student, Mr Li Hehe, 25, said despite the visa crackdown, he felt most Chinese families still hope to send their children to the US, believing strongly in the value of an American education. 'I've worked in the study abroad consultancy field. Students and parents who choose the US believe in it deeply. 'Even though the US might be the most expensive option, the choice of the US often reflects a serious commitment,' said Mr Li, who is in his final year of a Bachelor's degree in urban and regional planning at USM. On May 28, US Secretary of State Marco Rubio confirmed that some Chinese students would have their visas revoked, especially those studying in sensitive fields or linked to the Chinese Communist Party. China is the second-largest source of international students in the US after India. More than 270,000 students from China enrolled in American institutions in the 2023–2024 academic year, about a quarter of all international students there. USM lecturer Dr Kamaruzzaman Abdul Manan, from the School of Communication, said Malaysian universities should seize the opportunity. 'China sends more students abroad than any other country. Even a 10% to 15% drop in those heading to the US means thousands will look for other destinations,' he said. He added that Malaysia's strong education system and position in Asean made it an ideal choice for students from China. 'Having more students from China can raise a university's profile, attract funding and increase global partnerships,' he said. THE STAR/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
