Having said that, some fixed deposit rates are still very decent and worth giving a shot if you have some money lying around. While fixed deposit rates were rising in Singapore last year and even hit a high of four per cent in January 2023, interest rates have taken a dip since then. If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.Ī fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.
