Kayonews-Singapore savers continue searching for the best fixed deposit rates as banks compete to attract fresh funds in August 2026. While interest rates have eased from previous highs, fixed deposits remain one of the safest ways to earn guaranteed returns without taking market risk.
As of 7 August 2026, the highest publicly available promotional fixed deposit rates in Singapore are up to 1.65% per annum, depending on the bank, deposit amount, and tenure. Most promotions are available for six- to twelve-month placements and may require fresh funds.
Best Fixed Deposit Rates in Singapore (7 August 2026)
| Bank | Promotional Rate* | Typical Tenure |
|---|---|---|
| DBS | Up to 1.60% p.a. | 6–12 months |
| UOB | Up to 1.60% p.a. | 6–12 months |
| OCBC | Up to 1.60% p.a. | 6–12 months |
| Selected Banks & Finance Companies | Up to 1.65% p.a. | 6–12 months |
*Rates are promotional and may change based on deposit size, tenure, and eligibility.
Most Singapore banks require customers to deposit fresh funds to qualify for promotional rates. Some promotions also specify minimum deposits, making it important to compare terms before committing your savings.
Investors seeking a government-backed alternative may also consider the upcoming 6-month Singapore Treasury Bill (T-bill). The latest auction closed with a yield of approximately 1.55%, offering another low-risk option for conservative investors.
Before opening a fixed deposit, compare more than just the advertised interest rate. Review the lock-in period, early withdrawal penalties, minimum deposit requirements, and whether interest is paid monthly or only at maturity. These factors can significantly affect your overall return.
Financial experts generally recommend comparing fixed deposits with high-interest savings accounts and Singapore Savings Bonds, especially if you may need access to your money before maturity. Fixed deposits provide guaranteed returns, but they are less flexible than savings accounts.
Frequently Asked Questions
What is the best fixed deposit rate in Singapore today?
The highest promotional rates available on 7 August 2026 reach up to 1.65% per annum, depending on the provider and promotion.
Which banks offer competitive fixed deposits?
DBS, UOB, and OCBC remain among the leading providers, while several finance companies and smaller institutions occasionally offer higher promotional rates.
Is a fixed deposit better than a savings account?
Fixed deposits generally offer guaranteed returns and are suitable if you can leave your money untouched until maturity.
Should I choose a T-bill instead of a fixed deposit?
If you prefer a government-issued investment and are comfortable participating in the auction process, Singapore T-bills can be a competitive alternative depending on current yields. (Tim)
Editor : Fanda Yosephta
