DBS reported that the number of foreign currency fixed deposit placements went up by ten times in the second half of 2022 compared to the previous six months. UOB customers get 4.34% a year for a placement below US$50,000 over six months.īanks say that the growing interest in foreign currency fixed deposits is due to favourable exchange rates and a strong Singapore dollar, as well as the need for foreign currency for overseas investments, remittances or education expenses. DBS, the largest bank in Singapore, offers 4.41% per annum for a six-month US dollar fixed deposit below S$10,000. Some of these currencies now offer higher fixed deposit rates than Singapore dollar deposits, which are currently at 4%.įor example, OCBC offers a promotional rate of 5.08% a year for a US dollar fixed deposit with an eight-month tenor, subject to a minimum of US$20,000. Banks have reported a surge in take-up rates for foreign currency fixed deposits last year, with the US dollar, Australian dollar and British pound among the most popular choices. As interest rates continue to rise, more Singaporeans are choosing to deposit their money in fixed deposits in foreign currencies.
