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AsiaOne
12-07-2025
- Business
- AsiaOne
Best fixed deposit rates in Singapore (July 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! Overview of Singapore fixed deposit rates (July 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. Overall highest fixed deposit rates in Singapore (July 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 Jul 2025: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) Maybank (2.05 per cent p.a. - min. $20,000 for 12 months) State Bank of India (2.00 per cent p.a. - min. $5,000 for six months) Bank of China (1.95 per cent p.a. - min. $500 for three months) StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount) Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount) CIMB (1.85 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) ICBC (1.80 per cent p.a. - $500 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) UOB (1.75 per cent p.a. - min. $10,000 for six months) OCBC (1.70 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months) HSBC (1.15 per cent p.a. - min. $30,000 for one month) 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. Bank of China (1.95 per cent p.a. - $500 for three months) Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount) StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount) CIMB (1.85 per cent p.a. - min. $10,000 for three months) ICBC (1.80 per cent p.a. - $500 for three months) Citibank (1.80 per cent p.a. - $10,000 for three or six months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) Syfe Cash+ Guaranteed Period Syfe Cash+ Guaranteed rate (no min. or max deposit amount) 1 month 1.75% p.a. 3 months 1.90% p.a. 6 months 1.80% p.a. 12 months 1.65% p.a. Rates accurate as of 3 July 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 3 July 2025, Syfe Cash+ Guaranteed is offering up to 1.90 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, rates are low all around. and 1.90 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 1.90% p.a. 3 months 1.90% p.a. 6 months 1.80 % p.a. 12 months 1.70% p.a. Rates accurate as of 3 July 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 3 July 2025, the highest StashAway Simple Guaranteed interest is 1.90 per cent p.a. for a 1- or 3-month period, with no minimum or maximum deposit amounts. It's on par with 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 1.65% p.a. 1.75% p.a. 3 months 1.70% p.a. 1.80% p.a. 6 months 1.65% p.a. 1.75% p.a. 9 months 1.65% p.a. 1.75% p.a. 12 months 1.65% p.a. 1.75% p.a. Rates accurate as of 3 July 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 1.80 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 1.70 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 1.80% p.a. 6 months 1.80% p.a. Note: The promotional rates above are stated as valid until July 31, 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 1.80 per cent p.a. for a minimum deposit amount of $10,000 and a commitment period of three or six months. That's down by 0.30 per cent since their promotional rates in June 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 1.15% p.a. 1.20% p.a. 1.70% p.a. 3 months 1.05% p.a. 1.10% p.a. 1.60% p.a. 6 months 1.05% p.a. 1.10% p.a. 1.60% p.a. 12 months 0.90% p.a. 0.95% p.a. 1.45% p.a. Promotional rates valid until July 31, 2025. Do check HSBC's website for the latest rates. HSBC is offering anything from 0.90 per cent to 1.70 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 1.15 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 1.70 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 one or 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 1.60% p.a. 1.80% p.a. (minimum amount: $500 and above) 3 months 1.75% p.a. 1.95% p.a. (minimum amount: $500 and above) 6 months 1.65% p.a. 1.85% p.a. (minimum amount: $20,000 and above) 1.80% p.a. (minimum amount: $500 and above) 9 months 1.55% p.a. 1.75% p.a. (minimum amount: $500 and above) 12 months – 1.75% p.a. (minimum amount: $20,000 and above) 1.70% p.a. (minimum amount: $500 and above) The rates above were set on June 30, 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 1.95 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 one month, you can still get an interest rate of 1.80 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 around 0.10 per cent - 0.20 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 (Jul 2025) Min. deposit amount 6 months 12 months No minimum 1.80% p.a. ( Syfe , StashAway ) 1.70% p.a. (StashAway); 1.65% p.a. (Syfe) $500 2.25% p.a ( ICBC ); 1.85% p.a. ( Bank of China ) 2.25% p.a. (ICBC); 1.75% p.a. (Bank of China) $1,000 2.15% p.a ( DBS ) 2.45% p.a ( DBS ) $10,000 1.75 – 1.80% p.a. ( CIMB ) 1.55 – 1.60% p.a. (CIMB) $20,000 1.90% p.a. ( Maybank ); 1.80 – 1.90% p.a. ( RHB ) 2.05% p.a. (Maybank); 1.60 – 1.70% p.a. (RHB) $25,000 1.45 – 1.50% p.a. ( Standard Chartered ) – $30,000 – 1.65% p.a. ( OCBC ) $50,000 2.00% p.a. ( State Bank of India ) 1.90% p.a. (State Bank of India) CIMB fixed deposit rates Deposit amount: $10,000 and above Period Personal Banking (For regular CIMB customers) Preferred Banking 3 months 1.85% p.a. 1.90% p.a. 6 months 1.75% p.a. 1.80% p.a. 9 months 1.55% p.a. 1.60% p.a. 12 months 1.55% p.a. 1.60% p.a. Promotional rates valid from July 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 1.85 per cent p.a. for regular CIMB customers and 1.90 per cent p.a. if you're a CIMB Preferred Banking customer. These aren't high in absolute terms, but they are some of the highest this month compared to rates offered by other banks. 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 (1.80 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (1.95 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 1.80% p.a. 1.90% p.a. 6 months 1.80% p.a. 1.90% p.a. 12 months 1.60% p.a. 1.70% p.a. Note: The rates above are correct as of 3 July 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 1.80 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 Tenor HL Bank board rates 1 month 0.10% p.a. 3 months 0.20% p.a. 6 months 0.30% p.a. 12 months 0.40% p.a. Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion. A member of the Hong Leong group, HL Bank does not have any ongoing fixed deposit promotion as of the time of writing. Without any promotional rates, their board rates are between 0.10 per cent to 0.40 per cent p.a. for a minimum sum of $50,000. MoneySmart Take What we like: Low tenors available, from just one month. What we don't like: High minimum deposit amount required at $50,000. Maybank fixed deposit rates Deposit amount: $20,000 and above Period iSAVvy Time Deposit Promotion (Online Placement) 6 months 1.60% p.a. 9 months 1.70% p.a. 12 months 1.75% 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 2.05 per cent p.a. (12 months) under a deposit bundle promotion. Without the bundle, it's 1.75 per cent p.a. (12 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 2.05 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 1.65% p.a. (placement in branch) / 1.70% p.a. (online banking) 12 months 1.60% p.a. (placement in branch) / 1.65% 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 1.70 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 1.65 per cent p.a. While 1.70 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) Bank of China (1.95 per cent p.a. - min. $500 for three months) CIMB (1.85 per cent p.a. - min. $10,000 for three months) ICBC (1.80 per cent p.a. - $500 for three months) UOB (1.75 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 high 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. 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 6 months 10 months Promotion valid until: July 31, 2025, subject to change by UOB. Do check UOB's website for the latest rates. UOB's fixed deposit rate is currently 2-tiered — 1.75 per cent p.a. for a deposit period of six months and 1.60 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 (1.95 per cent p.a.) or ICBC (1.80 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 (2.05 per cent p.a. - min. $20,000 for 12 months) Bank of China (1.95 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 (1.85 per cent p.a. - min. $10,000 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) OCBC (1.70 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months) Standard Chartered fixed deposit rates Deposit amount: $25,000 and above Period Personal Banking customers Priority Banking customers Priority Private Banking customers 6 months 1.45% p.a. 1.50% p.a. 1.50% p.a. Promotional rates valid until: July 8, 2025, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures. With interest rates from 1.45 per cent p.a. to 1.50 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 1.45 per cent p.a. with a 6-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 1.95 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 (2.00 per cent p.a. - min. $5,000 for six months) Bank of China (2.10 per cent p.a. - min. $500 for three months) ICBC (1.80 per cent p.a. - $500 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) CIMB (1.85 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 (1.80 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 not currently offering any promotional fixed deposits, which means we're left with their board rates: 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 2.00% p.a. 12 months 1.90% p.a. 24 months 1.25% p.a. Do check SBI's fixed deposit promotion page for any new promotional rates, if any. The highest board rate you'll get to enjoy is 2.00 per cent p.a., which is actually comparable to some promotional rates this month from other banks. For example, with $500, you can get 1.80 per cent p.a. with ICBC or 1.95 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 two 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. 2.29% p.a. ( Jul 2025 SSB's 10-year average return) 1.85% p.a. (cut-off yield for 3 Jul 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:718806]] This article was first published in MoneySmart .
Business Times
06-07-2025
- Business
- Business Times
BT Money Hacks: Is private equity finally opening up to regular investors?
For decades, private equity and private credit were invitation only clubs of high returns, high barriers, and no entry without serious capital. But 2025 is different. Fund structures are evolving. Minimums are dropping. And Singapore regulators are starting to explore ways to let retail investors in. In this episode of Money Hacks by The Business Times, host Howie Lim speaks with Ritesh Ganeriwal, managing director and head of Investments & Advisory at Syfe, to unpack what's changed, what hasn't, and how to navigate the noise. Why Listen? Because private credit is now a US$2 trillion market and it's no longer just for institutions. Because the barriers to entry may be lower, but the complexity? Still sky-high. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Because if you're tempted by returns of 8–10%, you need to understand the lock-ups, the fee layers, and the liquidity traps first. Because manager selection isn't a bonus. It's the whole ball game in an opaque market. And because diversification is no longer just about stocks and bonds. The 60/40 portfolio is being reimagined, and private markets might be part of that future. Whether you're an accredited investor weighing your options or just curious about how the world of high finance is evolving, this episode gives you the tools to think critically without the jargon. Listen to the full episode of Money Hacks now. Because democratising access sounds great, but knowing what you're signing up for? That's even better. And if you've got thoughts or questions, host Howie Lim welcomes them at btpodcasts@ --- Written and hosted by: Howie Lim (howielim@ With Ritesh Ganeriwal, managing director and head of investments and advisory at Syfe Edited by: Howie Lim & Claressa Monteiro Produced by: Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow BT Money Hacks podcasts every Monday: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Correspondents: BT Market Focus at: BT Podcasts at: BT Branded Podcasts at: BT Lens On:
Business Times
06-07-2025
- Business
- Business Times
For SMEs, Syfe thinks boring and safe products are the way to go
[SINGAPORE] Wealth platform Syfe has had a 120 per cent increase in business clients since the first quarter of 2025, as companies seek higher returns on corporate cash amid market volatility. It currently has about US$10 billion in assets under management (AUM), with its business arm gaining 140 per cent in AUM compared to the end of 2024. When the market becomes more uncertain, businesses get more conscious that they are not earning any interest on the cash they are holding, said Jack Prickett, Syfe's chief commercial officer and head of business. He noted that in May alone, the number of customers who signed up for Syfe's business arm was double that of last December. In an interview with The Business Times, Prickett said that most small and medium-sized enterprises (SMEs) that bank with the traditional players are earning close to zero interest on their cash balances. Syfe's research estimates that S$800 million in potential interest is being lost, due to these businesses' funds being left in low-yield bank accounts. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up 'For businesses, treasury money has to be safe… it has to be a boring product,' Prickett said. Among the enterprises using Syfe's products, 95 per cent utilise the lowest-risk one, which is a cash product. Underlying that product, called Cash+, is a money market-type instrument that is invested in government debt, quasi-government debt and bank fixed deposits, he added. The product offers two different plans, Flexi and Guaranteed. Flexi does not impose a lock-in period for funds deposited; Guaranteed schemes require lock-in periods of one, three, six or 12 months. The returns range from 2.1 to 4.3 per cent a year. 'It is super boring, and it is super safe,' said Prickett. Getting the foundations right Last month, Syfe announced that it had raised US$53 million in an expanded Series C funding round, adding to the US$27 million that it had secured in August 2024. The funds will be used for regional expansion and making strategic hires. They will also go towards automation and tools assisted by artificial intelligence (AI) to enhance efficiency for both the company's clients and operations. Within Syfe, AI is used for back-end coding and designing. Through large-language models, the wealth platform is able to deliver personalised educational content on a larger scale. But even with the increasing use of AI, Prickett insists on getting the foundations right – especially with SMEs. 'I want them to know that we're boring. I don't want them to think that we're a cutting-edge fintech company,' he said. 'Liquidity is extremely important for individuals and businesses,' he added, disclosing that Syfe is working on new features that would enhance liquidity for both its retail and business customers. The liquidation period for its cash products is currently one to two business days. 'The reason we want to improve this is because of the behaviour and the expectation of the users today,' the executive said.
Business Times
06-07-2025
- Business
- Business Times
Syfe aims for its products to be boring and safe
[SINGAPORE] Wealth platform Syfe has had a 120 per cent increase in business clients since the first quarter of 2025, as companies seek higher returns on corporate cash amid market volatility. It currently has about US$10 billion in assets under management (AUM), with its business arm gaining 140 per cent in AUM compared to the end of 2024. When the market becomes more uncertain, businesses get more conscious that they are not earning any interest on the cash they are holding, said Jack Prickett, Syfe's chief commercial officer and head of business. He noted that in May alone, the number of customers who signed up for Syfe's business arm was double that of last December. In an interview with The Business Times, Prickett said that most small and medium-sized enterprises (SMEs) that bank with the traditional players are earning close to zero interest on their cash balances. Syfe's research estimates that S$800 million in potential interest is being lost, due to these businesses' funds being left in low-yield bank accounts. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up 'For businesses, treasury money has to be safe… it has to be a boring product,' Prickett said. Among the enterprises using Syfe's products, 95 per cent utilise the lowest-risk one, which is a cash product. Underlying that product, called Cash+, is a money market-type instrument that is invested in government debt, quasi-government debt and bank fixed deposits, he added. The product offers two different plans, Flexi and Guaranteed. Flexi does not impose a lock-in period for funds deposited; Guaranteed schemes require lock-in periods of one, three, six or 12 months. The returns range from 2.1 to 4.3 per cent a year. 'It is super boring, and it is super safe,' said Prickett. Getting the foundations right Last month, Syfe announced that it had raised US$53 million in an expanded Series C funding round, adding to the US$27 million that it had secured in August 2024. The funds will be used for regional expansion and making strategic hires. They will also go towards automation and tools assisted by artificial intelligence (AI) to enhance efficiency for both the company's clients and operations. Within Syfe, AI is used for back-end coding and designing. Through large-language models, the wealth platform is able to deliver personalised educational content on a larger scale. But even with the increasing use of AI, Prickett insists on getting the foundations right – especially with SMEs. 'I want them to know that we're boring. I don't want them to think that we're a cutting-edge fintech company,' he said. 'Liquidity is extremely important for individuals and businesses,' he added, disclosing that Syfe is working on new features that would enhance liquidity for both its retail and business customers. The liquidation period for its cash products is currently one to two business days. 'The reason we want to improve this is because of the behaviour and the expectation of the users today,' the executive said.
Yahoo
06-06-2025
- Business
- Yahoo
Syfe secures $80m in Series C funding for Asia-Pacific expansion
Syfe, a digital wealth platform based in Singapore, has announced the completion of its Series C funding round, raising $80m. This includes a new all-equity C2 tranche of $53m at a significantly increased valuation, adding to the earlier C1 raise of $27m in August 2024. Syfe stated that the funding indicates its growing investor confidence in its mission to redefine wealth management across Asia-Pacific. The latest round brings Syfe's total funding to date to $132m and follows its strategic acquisition of Selfwealth, an online investment platform in Australia. This acquisition significantly increased Syfe's presence and user base in the Australian market. The Series C round was led by two UK family offices, with returning investors Unbound and Valar also participating. Syfe founder and CEO Dhruv Arora said: 'This fund raise comes at an exciting time as we grow our presence across the region and expand our offerings. 'In Singapore, Hong Kong, and Australia, nearly half of all adults are in the 'mass affluent' segment, and this segment is growing fast. We're in a great position to serve them with personalised, accessible, and high-quality wealth management at scale.' Syfe has grown significantly over the last 18 months, with total assets now exceeding $10bn. In Hong Kong alone, the business has doubled in size since early 2025. Syfe is prioritising automation and AI-assisted tools to enhance efficiency for clients and internal operations. The company is also making strategic hires to strengthen key capabilities. Recent notable additions include Sanjeev Malik, former managing director at BlackRock, and Dane Ricketts, Syfe's new VP of marketing, who brings extensive experience from Procter & Gamble and Grab. 'Syfe's core business has nearly doubled in the last year, and now expands further with the addition of Selfwealth to the Syfe family,' added Arora. 'This capital will be used to scale our reach and strengthen our leadership position across Singapore, Hong Kong, and Australia. We'll continue investing in innovation, enhancing the customer experience, and expanding our product suite to meet the evolving needs of investors.' "Syfe secures $80m in Series C funding for Asia-Pacific expansion" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
