If you’ve been scanning the latest numbers on savings accounts and fixed deposits, you’ve probably noticed a moving target. Banks adjust rates frequently, bonus conditions shift, and promotional offers come with fine print that can make that headline rate vanish. This article cuts through the noise with concrete rates from May 2026, explains why 7% or 9.5% interest is far from standard, and helps you decide where your money actually works hardest.

4 related posts

Highest 12-month fixed deposit rate (CIMB, May 2026): 1.30% p.a. ·
Singapore Savings Bond 10-year average return (May 2026): 2.14% ·
Typical base savings account rate (OCBC 360, as of Oct 2020): 0.05% p.a.

Quick snapshot

1Confirmed facts
2What’s unclear
  • Whether any senior citizen fixed deposit scheme genuinely offers up to 9.5% – requires verification of the original source
  • Exact current SORA rate (MAS discontinued its interest rate series in April 2023, so up-to-date figures are sparse)
  • Whether the bonus conditions for accounts like Standard Chartered Bonus$aver are realistically achievable for most savers
3Timeline signal
  • April 2023: MAS discontinued the ‘Interest Rates of Banks and Finance Companies’ series
  • May 2026: Current fixed deposit and SSB rates published by StashAway, Syfe, and comparison sites
4What’s next
  • Expect banks to adjust promotional rates in response to SORA movements and competition
  • Singapore Savings Bonds remain a flexible low-risk option with a 10-year average return of 2.14%
Metric Value Source
Highest 12-month fixed deposit rate (CIMB, May 2026) 1.30% p.a. Syfe
Singapore Savings Bond 10-year avg return (May 2026) 2.14% SingSaver
Typical base savings account rate (OCBC 360, as of Oct 2020) 0.05% p.a. MoneySmart
SORA (latest available) Refer to MAS (data series discontinued Apr 2023) MAS

Which bank gives the highest interest rate in Singapore?

The answer depends on whether you’re looking at savings accounts, fixed deposits, or government bonds. In May 2026, the highest unconditional fixed deposit rate among major banks is 1.50% for 6 months from HL Finance (SingSaver, banking product aggregator). For savings accounts, the highest headline rate on an account with conditions is 5.85% p.a. from Standard Chartered Bonus$aver, but only if you meet salary credit, card spend, and bill payment criteria (Growbeansprout).

Top savings account rates in May 2026

  • Standard Chartered Bonus$aver – up to 5.85% p.a. (with conditions)
  • OCBC 360 Account – up to 4.45% p.a. (with qualifying criteria) (Growbeansprout)
  • Base rate (no conditions) – typically 0.05% p.a. (MoneySmart)
The catch

The 5.85% and 4.45% rates require monthly salary crediting, minimum card spend, and sometimes bill payments. Without those, the effective rate drops to near zero.

Fixed deposit rate comparison

Six fixed deposit products from different banks, one pattern: rates range from 1.00% to 1.50%, with higher rates often locked in for shorter tenors and requiring larger minimum deposits.

Bank Tenor Rate (p.a.) Min Deposit Source
HL Finance 9 months 1.50% S$20,000 SingSaver
HSBC 3 months 1.50% S$5,000 SingSaver
RHB 3 months 1.40% S$20,000 SingSaver
Maybank 6 months 1.45% S$20,000 SingSaver
Standard Chartered 6 months 1.45% S$25,000 SingSaver
UOB 6 months 1.20% S$25,000 SingSaver
OCBC 12 months 1.25% S$20,000 SingSaver
DBS 12 months 1.00% S$1,000 SingSaver
CIMB (online promo) 12 months 1.30% S$10,000 Syfe
Bank of China (mobile promo) 12 months 1.40% S$500 Syfe
Bottom line: The highest headline fixed deposit rates come with trade-offs – shorter tenors, high minimum deposits, or promotional restrictions. For a saver with S$20,000, HL Finance’s 9-month 1.50% offer is the best deal. For smaller amounts, CIMB’s online promo at 1.30% requires only S$10,000, and Bank of China’s mobile promo accepts as little as S$500.

Which bank gives 7% interest on savings accounts?

Short answer: none – at least not unconditionally. The 7% figure sometimes appears in marketing for accounts that combine bonus interest from multiple categories, but no bank offers a flat 7% savings rate. Standard Chartered Bonus$aver’s 5.85% is the highest maximum rate available, and it requires meeting all conditions (Growbeansprout). A Yahoo Finance analysis confirms that 7% savings accounts largely do not exist in Singapore (MoneySmart).

Why 7% is unrealistic for standard savings

Base rates are tied to the Singapore Overnight Rate Average (SORA), which has been low. Even with bonus interest, the maximum achievable is around 5.85%, and that requires monthly salary crediting of at least S$5,000 and S$2,000 in card spend. For most savers, the effective rate is far lower.

“The base interest rate for the OCBC 360 Account is 0.05% as of 1 October 2020.”

MoneySmart, financial comparison platform

What this means: a S$10,000 balance earning 0.05% generates just S$5 in interest per year – before conditions kick in. The bonus tiers can boost that, but they are not automatic.

Which bank gives 9.5% interest?

Claims of 9.5% interest typically refer to promotional fixed deposit schemes for senior citizens in other countries, not in Singapore. In Singapore, senior citizens have access to the same fixed deposit products as everyone else – none offering 9.5%. The highest rate found in May 2026 is 1.50% from HL Finance and HSBC (SingSaver). Any mention of 9.5% likely originates from a different jurisdiction or a very short promotional campaign that has since ended. Without a verifiable source, this figure should be treated as a myth.

Why this matters

Chasing phantom 9.5% rates could lead savers to lock money into unfamiliar institutions or misunderstand terms. In Singapore, a 1.30% to 1.50% fixed deposit return is the realistic benchmark.

What are Singapore’s interest rates?

Singapore’s interest rate landscape is shaped by SORA, which replaced the Singapore Interbank Offered Rate (SIBOR). The Monetary Authority of Singapore (MAS) historically published a monthly interest rate series, but discontinued it in April 2023 (MAS). Since then, savers rely on bank and comparison site data.

Current SORA rate

The latest available SORA figures vary daily but have stayed in a low range. As of May 2026, banks’ fixed deposit rates reflect that environment. Syfe’s comparison shows CIMB’s 12-month promo at 1.30%, while Bank of China offers 1.40% for mobile banking customers (Syfe). Savings account base rates remain at rock-bottom levels.

Savings account base rates

  • OCBC 360 base: 0.05% (MoneySmart)
  • Standard Chartered Bonus$aver base: 0.05% (implied from typical base)
  • DBS Multiplier: variable, typically below 0.1%

Fixed deposit rate landscape

Short-term rates (3 months) are higher than 12-month rates at some banks – an unusual inversion that suggests banks expect rates to fall. For example, HSBC offers 1.50% for 3 months but a lower rate for longer tenors (SingSaver).

Bottom line: The overall rate environment remains low. Base savings rates are negligible, and fixed deposits offer modest yields between 1.00% and 1.50%. For a saver with S$50,000 to park, a 12-month CIMB FD at 1.30% earns S$650 before tax – better than a savings account, but not a wealth-building return.

Where should I put my savings in Singapore?

This depends on your goals: liquidity, safety, or yield. Here’s a decision framework.

High interest savings vs fixed deposit vs SSB

Product Best rate (May 2026) Liquidity Risk
Savings account (with bonus) Up to 5.85% (conditionally) Immediate Very low (insured)
Fixed deposit (12 months) 1.30% (CIMB) to 1.50% (HL Finance 9mo) Locked in Very low (insured)
Singapore Savings Bond 1-year avg 1.40%; 10-year avg 2.14% Flexible redemption Low (government-guaranteed)

Singapore Savings Bonds offer a better 10-year average return than any fixed deposit, with the ability to redeem any time without penalty (SingSaver). For emergency funds (3-6 months of expenses), a high-interest savings account with achievable bonus conditions is the best fit.

“CIMB’s 12-month fixed deposit rate is 1.30% p.a. as of May 2026.”

Syfe, investment platform

The trade-off: bonus savings accounts require active management – meeting salary and spend conditions each month. Fixed deposits are set-and-forget but lock your money. SSBs offer flexibility but a slightly lower short-term rate.

Upsides

  • Fixed deposits: guaranteed return, no market risk
  • Savings accounts with bonus conditions: potential for high effective rates if you qualify
  • SSBs: government-guaranteed, flexible redemption, no lock-in

Downsides

  • Base savings rates near zero – idle cash loses value to inflation
  • Bonus conditions are restrictive: salary crediting, min spend, bill payments
  • Fixed deposit rates are low and locked – miss out if rates rise

Timeline: key changes in Singapore bank interest rates

  • April 2023: MAS discontinued the ‘Interest Rates of Banks and Finance Companies’ series (MAS)
  • May 2026: Fixed deposit and SSB rates published by StashAway, Syfe, and other comparison sites show 12-month FD rates around 1.30% and SSB 10-year average at 2.14%
  • Ongoing: Banks adjust promotional rates based on SORA and competition. Savers should check comparison sites monthly.

Confirmed facts and what remains unclear

Confirmed facts

  • No bank in Singapore offers an unconditional 7% interest rate on savings accounts
  • Typical savings account base rates are below 0.1%
  • Fixed deposit rates for 12 months are around 1.30% as of May 2026
  • The highest fixed deposit rate in May 2026 is 1.50% (HL Finance, 9 months)

What’s unclear

  • Whether any senior citizen fixed deposit scheme genuinely offers up to 9.5% interest – requires verification of source
  • Exact current SORA rate (most recent data not provided in inputs)
  • Whether bonus conditions for accounts like Standard Chartered Bonus$aver are realistically achievable for the median Singaporean

“The base interest rate for the OCBC 360 Account is 0.05% as of 1 October 2020.”

MoneySmart, financial comparison platform

“CIMB’s 12-month fixed deposit rate is 1.30% p.a. as of May 2026.”

Syfe, investment platform

In a low-rate environment, every basis point counts. The saver who qualifies for bonus interest on a high-interest savings account can earn significantly more than the headline base rate. But for those who prefer simplicity, a fixed deposit or Singapore Savings Bond provides a predictable, no-strings-attached return. For the average Singaporean saver, the choice is clear: either actively manage bonus conditions for a potential 4-5% return, or lock in a guaranteed 1.3-1.5% with a fixed deposit – and never chase mythical 9.5% promises.

Additional sources

divedeals.sg, youtube.com, moneysmart.sg, endowus.com

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Frequently asked questions

How often do banks in Singapore change their savings account interest rates?

Banks review rates periodically – typically quarterly or when SORA changes. Promotional rates may last 3-6 months. Always check the bank’s latest rates before opening an account.

Are fixed deposit interest rates locked in for the entire tenure?

Yes. Once you place a fixed deposit, the rate is guaranteed for the full period, regardless of subsequent rate changes by the bank.

What is the minimum deposit required for a fixed deposit in Singapore?

Minimums vary: DBS starts at S$1,000, CIMB at S$10,000, and most other banks require S$20,000 to S$50,000 for higher promotional rates. Bank of China’s mobile promo accepts S$500.

Can I open a high-interest savings account online?

Yes. Most local and foreign banks in Singapore allow online account opening. For example, CIMB offers online promo rates with no need to visit a branch.

Do foreign banks in Singapore offer higher interest rates than local banks?

Sometimes. HSBC and CIMB have offered competitive promotional rates, but local banks like DBS, OCBC, and UOB have larger branch networks and more bonus categories.

What is the difference between interest rate and annual percentage yield (APY)?

Interest rate is the simple rate paid. APY includes the effect of compounding. In Singapore, savings accounts typically compound monthly, so APY may be marginally higher.

Are Singapore Savings Bonds a better option than fixed deposits?

For flexibility and safety, yes – SSBs offer a 10-year average return of 2.14%, higher than most fixed deposits, and you can redeem anytime without penalty. For a fixed term with a guaranteed rate, fixed deposits may suit simpler needs.