Best Fixed Deposit Rates in Singapore yield 3.80% today – Where to put your cash for high yield? Buy T-Bills or Singapore Savings Bonds or Money Market Funds? (July 2024)



We’re now at the point in the interest rate cycle where it’s fairly clear interest rate cuts are coming.

The only question is when exactly, and how big are the rate cuts.

Because of that, bank fixed deposit interest rates have been trending down for quite a while now.

And yet the most recent 6-month T-Bills interest rates closed at 3.70% – significantly higher than most bank fixed deposits.

While there are new products like Chocolate Finance that promise to pay 4.20% on your first $20,000, with instant liquidity.

With that in mind, where is the best place to park cash today, for the highest yield?

3 issues I wanted to discuss today:

  1. What are the Best fixed deposit rates in Singapore today? (July 2024)
  2. Will interest rates go higher or lower in 2024?
  3. Where to park your cash for yield / liquidity today – T-Bills, Chocolate Finance, Fixed Deposit, Money Market Funds, Singapore Savings Bonds and Savings Accounts etc.



What are the Best fixed deposit rates in Singapore today? (July 2024)

Best Fixed Deposit Rates yield 3.50% if you deposit directly with the bank (as of July 2024)

The latest list of Fixed Deposit rates are set out below.

To summarise, the best fixed deposit option if you deposit directly with the bank are:


Best fixed deposit interest rate (July 2024)


3 months


Bank of China





6 months


State Bank of India

12 months




Best Fixed Deposit Rates yield 3.80% if you deposit via Syfe (to get institutional fixed deposit rates) (as of July 2024)

If you’re slightly more adventurous – you can use Syfe Cash+ Guaranteed.

The way this works is you park the cash with Syfe, who will then deposit the cash into a bank fixed deposit.

This allows you access to institutional fixed deposit rates which are significantly higher than the retail fixed deposit rates you see above.

If you decide to use Syfe Cash+, these are the latest interest rates:

  • 3 months – 3.8%
  • 6 months – 3.6%
  • 12 months – 3.5%

For reference, this were the interest rates last month – you can see how it has come down across the board for almost all tenures (except for 3 months):

  • 3 months – 3.75%
  • 6 months – 3.75%
  • 12 months – 3.6%

Best interest rates are 4.20% on first $20,000 if you deposit to Chocolate Finance (but note that this is not risk free) (as of July 2024)

I wrote a detailed review on Chocolate Finance, so do check if out if you are keen.

Long story short is that Chocolate finance pays 4.2% on the first $20,000, withdrawable instantly.

The funds are invested in a selection of bond and money market funds, and Chocolate Finance will top up any returns if they are lower than 4.2%.

To be clear this is not SDIC insured and not risk free.

So I leave it for investors to decide if you are comfortable with the risks (see my full review here).

Chocolate Finance currently is invite only, but you can use the FH invite link below if you are keen to try it out:

Comparing interest rates for T-Bills vs Fixed Deposits vs Syfe Cash+ Guaranteed vs Chocolate Finance (July 2024)

I’ve tabulated the interest rates for the various cash options below:


3 months

6 months

12 months

Risk Free

T-Bills yields (4 July auction)





Fixed Deposit (bank)




Yes (if below $100,000 SDIC limit)

Syfe Cash+ Guaranteed





Chocolate Finance

4.20% on first $20,000


Money Market Funds

3.5 – 3.8%


So.. buy T-Bills vs Fixed Deposits vs Syfe Cash+ Guaranteed vs Chocolate Finance (July 2024)

T-Bills and Syfe Cash+ Guaranteed are more attractive vs conventional fixed deposits.

While Money Market Funds (like MariInvest) offer decent yields too at 3.5% – 3.9%, coupled with T+1 liquidity.

If you’re comfortable with Chocolate Finance, the yields go as high as 4.20% on the first $20,000.

However of the above, technically only T-Bills and Fixed Deposits (below $100,000 SDIC limit) are risk free.

Do note – Syfe Cash+ Guaranteed (and Chocolate Finance) are NOT SDIC insured

At this point it’s worth mentioning that Syfe Cash+ Guaranteed (and Chocolate Finance) are NOT SDIC insured, and therefore technically not risk free.

The way Syfe Cash+ Guaranteed works, is that the cash is parked in fixed deposits with the underlying bank.

But if the bank goes under, Syfe as an entity would only be insured up to $100,000, which may not be sufficient to cover the losses.

Whereas if you park the cash with the bank directly yourself, you are SDIC insured up to $100,000 (SDIC limits have gone up on 1 April).

With Chocolate Finance, the funds are held in a segregated account in your name and invested in a mix of bond funds.

If Chocolate Finance goes insolvent for any reason, and there is a loss in the underlying investments, you may suffer capital loss.

So I leave it to individual investors to decide if they are fine with this risk, or they prefer something absolutely risk free (like T-Bills / Fixed Deposit) for peace of mind.

Best Fixed Deposit Rates yield 3.50% – if you deposit directly with the bank (as of July 2024)

Latest list of Fixed Deposit rates are set out below (bold being the most attractive for each tenure).

After the table I’ll share my views on:

  1. Are interest rates going up or down?
  2. Where to park your cash for yield / liquidity today – T-Bills, Chocolate Finance, Fixed Deposit, Money Market Funds, Singapore Savings Bonds and Savings Accounts etc.


Interest rate per annum 


Minimum amount

Bank of China

3.50% (mobile placement)

3 months



3.30% (mobile placement)

6 months



3.05% (mobile placement)

9/12 months



3.50% (New customers)

3 months



3.40% (mobile placement)

3 months



3.15% (mobile placement)

6 months




6 months




12 months




3 months




6 months




9 months




12 months



3.25% (mobile placement)

3/6/12 months




6 months




3 months




12 months

S$1,000 (max S$19,999)



9 months

S$1,000 (max S$19,999)


3.00% (deposit bundle promotion)

12 months


Standard Chartered


6 months


Hong Leong Finance


3/4 months




9/10 months



2.80% (online)

8 months



2.60% (online)

6/12 months




6 months

S$10,000 (fresh funds)



10 months

S$10,000 (fresh funds)



3/6 months



Will interest rates go up or down in 2024? (as of July 2024)

Here’s what is priced into the market as of today:

  1. 2 interest rate cuts in 2024
  2. With the first interest rate cut in Sep 2024 (followed by Dec 2024)

If you look at US economic and unemployment data, it’s also clear that the US economy is slowing.

So it’s fairly clear that rate cuts are coming, but exactly when and how quickly is still unclear.

The issue could become quite a political one as we head towards the Nov elections, so it’s not easy to predict what Jerome Powell will do.

A lot of you have asked how this would affect decision making when deploying your cash for yield

And I would say that while this matters if you are making a directional bet on markets (eg. via REITs or bank stocks).

If you’re parking cash for yield – it is just a no brainer to spread out your cash over a different range of maturities and option, given the uncertainty over interest rates going forward.

So you want to hold some T-Bills, some Singapore Savings Bonds, some money market funds, and so on.

Such that regardless of whether interest rates go up or down going forward, you’ll still have a decent mix of yield and liquidity.

What is the right mix for your cash holdings – we’ll touch on that below.

Singapore Savings Bonds have a higher yield than fixed deposits for tenure >12 months

Note that this month’s Singapore Savings Bonds are decent.

Yields on the Singapore Savings bonds are:

  • 3.19% for the first 6 years
  • 3.22% for 10 years

That being said the first year yield of 3.19% is less than the best fixed deposit at 3.20%.


Best fixed deposit interest rate (July 2024)


3 months


Bank of China





6 months


State Bank of India

12 months




The added benefit with Singapore Savings Bonds is that you can lock in the interest rates for 10 years.

Last month only saw $59,000 allotment per person despite having even higher first year yields of 3.26%.

Because of that I think you’ll see very high allotment limits this month.

For investors who want to max out your Singapore Savings Bonds allotment, this might be a great opportunity.

Singapore Savings Bonds, T-Bills, Fixed Deposit and Savings Accounts? How to split cash between these options for the highest yield?

These are the yield options available to you today for a cash / low risk investment.

Arranged from highest to lowest yields.


Yield (indicative)


Risk Free?

Chocolate Finance

Good (4.2% on first $20,000)



High Yield Savings Account (Eg. UOB One)

Good (4%)


Yes if below SDIC limit ($100,000)

Money Market Funds (Eg. MariInvest, Fullerton SGD Cash Fund)

Good (3.5 – 3.8%)



T-Bills (6-months)

Good (3.70%)

Low (cannot exit before maturity)


Fixed Deposit

Average (3.2 – 3.5%)


Yes if below SDIC limit ($100,000)

Singapore Savings Bonds

Average (can lock in for 10 years) (3.19%)




What to ask yourself – split cash between T-Bills, Fixed Deposit and Savings Accounts?

A lot of you have asked what to consider when deciding how much cash to split between each of the following options:

  1. T-Bills
  2. Fixed Deposits
  3. Money Market Funds
  4. High Yield Savings Accounts

The way I see it, it’s broadly a 2 step process:

  1. How much liquid cash do you need?
  2. Rest goes into highest yield options – based on your comfort level on risk


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Key question to ask – how much liquid cash do you need?

I would say the key question to ask is how much liquid cash you need, to meet your spending needs the next 6 months.

Think about how much you need to spend.

Then think about how much cash you are expecting to come in over the next 6 months.

The difference is the amount of liquid cash you would need.

So if all of your spending needs are going to be met by your salary, or if a big bonus is coming in – then you can actually run very little liquid cash.

Whereas if you’re going to buy a house, a new car, or a big renovation, you’ll need to plan ahead and have that amount of cash set aside in liquid cash.

Some guidelines on liquidity – better safe than sorry

As a general note I would say don’t be stingy with liquidity.

It’s one of those where it’s better to be safe than sorry.

So after you run the analysis above – you’ll want to buffer for unexpected scenarios too.

For example a big medical bill that you need to pay upfront, then claim from insurance after.

A big car repair bill.

A decline in stocks that leads you to want to buy some stocks / REITs.

A loss of job, meaning no income in the short term.

Things like that.

As a general note I would say you always want to have enough liquid cash on hand to cover 6 months worth of expenses, as a worst case scenario.

Liquid Cash should go into options accessible on short notice – savings accounts, fixed deposits, money market funds

Once you have the number above.

That amount of liquid cash, should go into options that you can get back with ideally a day or two’s notice.

That will include:

  1. High yield savings accounts (eg. UOB One, OCBC 360) – as a savings account you can withdraw any time
  2. Fixed Deposits – can break anytime by telling the bank, although you will lose accrued interest
  3. Money Market Funds – they are T+1 liquidity

Number (1) tends to have the highest interest rates, although with the recent change UOB One Account now only pays 4.0% on $150,000.

That said it’s still higher than T-Bills, for a savings account you can withdraw any time.

But I still think this should be the priority – and you shouldn’t move on to fixed deposits or money market funds until you’ve maxxed out this option / set aside sufficient liquidity.

Singapore Savings Bonds is an outlier, because technically the money only comes back at the start of the next month.

In a worst case scenario if you just missed the redemption window, you might need to wait a whole month to get the money back:

I would say some Singapore Savings Bonds is fine as you can get the money back reasonably quickly, but don’t overdo it and put 90% of your liquid cash into Singapore Savings Bonds.

Rest of the cash goes into highest yield options – based on your comfort level on risk

Once you have the above – the rest just goes into the highest yielding option.

As of today, that’s probably T-Bills, followed by Chocolate Finance or Money Market Funds like MariInvest or Fullerton SGD Cash Fund.

But Chocolate Finance or Money Market Funds are technically not risk free, so I know not everyone is comfortable putting their entire nest egg into something that is not zero risk.

In which case you can consider overweighting T-Bills.

But… how much cash to hold, vs stocks or REITs or real estate?

Do note that the discussion above only addresses where to put your cash.

It doesn’t address the question of how much cash to hold, vs stocks or REITs or real estate.

That’s a much harder question (that we try to answer on the rest of Financial Horse).

But long and short, I would say it depends on 2 factors:

  1. Individual risk appetite
  2. Market conditions

Individual Risk Appetite

Individual risk appetite is how much risk you can take.

If you’re a 62 year old approaching retirement, the amount of risk you can take is very different from a 25 year old starting his career.

Life goals matter too.

If you’ve saved up over a lifetime and finally have enough to afford a comfortable retirement, you may not want to put all that into high risk stocks and risk losing it all.

Whereas if your current capital is very low, you might not mind taking on higher risk for the chance to get great returns.

How much risk to take – only you can answer this question for yourself.

Market conditions

The other factor to consider is market conditions.

Yes I know this is market timing and all.

But I would say there are some times in markets like March 2020 or 2008/2009.

That as long as you have enough cash set aside for spending needs and contingencies, it probably makes sense to increase risk exposure given how cheap valuations are.

And vice versa.

But I know not everyone is comfortable with market timing, and some prefer to just dollar cost average regardless of market conditions.

In which case you can ignore this factor and focus on risk appetite above.


This article was written on 5 July 2024 and will not be updated going forward.

For my latest up to date views on markets, my personal REIT and Stock Watchlist, and my personal portfolio positioning, do subscribe for FH Premium.


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