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Singapore’s Highest Deposit Rates in 24 Years Spark Waits

  • Banks dangle rates up to 2.75% on fixed deposits for 12 months
  • Fixed deposit rates were below 1% for most of past 20 years
Updated on

Singapore bank customers are enduring hours-long waits as they race to lock in the highest interest rates on fixed deposits since the end of the Asian financial crisis almost 24 years ago.

Several lenders in the city-state are dangling promotional interest rates as high as 2.8% on Singapore dollar fixed deposits for 24-month terms, surpassing the 2.6% return on Singapore Savings Bonds.