Singapore Offers Up to 4.60% on USD Fixed Deposits in October 2026
As of October 2026, Singapore offers competitive USD fixed deposit rates, with the highest yield reaching 4.60% per annum. This rate is available from RHB for a 12-month tenure, requiring a minimum deposit of US$5,000. Other notable rates include Bank of China’s 4.50% for a 6-month tenure with a US$200,000 minimum via mobile banking and a 4.30% for a 9-month tenure with a US$2,000 minimum. CIMB, RHB, and Bank of China also offer 4.00% for 3-month deposits, each with varying minimum amounts.
Foreign currency fixed deposits remain a popular choice for those with USD holdings who do not plan to convert back to SGD soon. However, these deposits come with foreign exchange risks and are not covered by the Singapore Deposit Insurance Scheme. The potential returns can be affected by fluctuations in exchange rates, as illustrated by an example where a 4.20% p.a. interest rate on a USD deposit could yield only a 2.873% return when converted back to SGD due to unfavorable exchange rates.
For investors seeking alternatives, money market funds offer competitive yields and greater flexibility compared to fixed deposits. As of 2026, the yield on US dollar money market funds is comparable to or slightly higher than fixed deposit rates. Examples of cash management accounts that invest in these funds include Moomoo Cash Plus, Tiger Vault, Webull Moneybull, and Longbridge Cash Plus.
Fixed deposits, whether in foreign currency or SGD, provide a straightforward way to earn interest on savings. However, foreign currency deposits require careful consideration of exchange rate risks and the need for a multi-currency account. Investors should monitor the latest USD/SGD exchange rates before making decisions to convert their funds.