Singapore Best Foreign Currency (USD) Fixed Deposit Rates [June 2025]
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In an economic climate where interest rates have remained unexpectedly high, the appeal of fixed deposits as a safe haven for savers has significantly increased. This heightened interest spans across both foreign currency fixed deposits and Singapore dollar (SGD) fixed deposits, prompting savers to reassess their investment strategies.
Following our previous exploration into the competitive landscape of Singapore best fixed deposit rates, the recent interest rate cuts in 2024 compels us to pivot our focus towards USD fixed deposits which have been enjoying rather promising interest rates.
Here’s a quick look at the best USD fixed deposit rates across popular tenures in Singapore [June 2025]:
| Tenure | Best Rate (p.a.) | Bank | Min Deposit |
|---|---|---|---|
| 3 months | 4.30% | Bank of China | USD10,000 |
| 6 months | 4.20% | ICBC | USD500 |
| 12 months | 4.25% | Bank of China | USD500,000 |
Fundamentals of fixed deposits
At its core, a fixed deposit is a financial instrument offered by banks that provides investors with a higher interest rate than a regular savings account, until the given maturity date. Investors cannot withdraw funds for a specified period without incurring a penalty.
The current high-interest rate environment, spurred by central bank policies aimed at controlling inflation, has made fixed deposits an even more attractive option for savers.
Higher interest rates mean that fixed deposits now offer better returns, making them a compelling choice for individuals looking to maximise their savings.
In Singapore, there are two types of fixed interest accounts:
| Foreign Currency Fixed Deposit | This allows investors to deposit money in a currency other than SGD, potentially benefiting from higher interest rates offered in the currency of a stronger economy or one that is expected to appreciate against the SGD. However, this comes with the added complexity of currency risk; the value of the deposit in SGD terms could decrease if the foreign currency depreciates against the SGD during the investment period. |
|---|---|
| SGD Fixed Deposit | SGD fixed deposits offer stability and are not subject to currency risk, making them a safer bet for conservative investors. However, they may offer lower interest rates compared to foreign currency fixed deposits, particularly in a high-interest rate environment where certain foreign currencies may offer significantly higher rates. |
What exactly is a foreign currency fixed deposit?
A Foreign Currency Fixed Deposit is a bank savings product that allows you to deposit money for a fixed period in a currency other than SGD, earning interest at a rate determined at the outset. Upon the deposit's maturity, you earn interest in the same foreign currency.
This financial product is particularly attractive in times of favorable foreign exchange and interest rate trends, allowing investors to potentially gain not just from the interest earned but also from positive currency movements.
Best foreign currency fixed deposit rate in Singapore [June 2025]
USD fixed deposits remain a popular way to earn higher interest on idle cash, especially with global rate differentials creating attractive yields. In this section, we compare the latest USD fixed deposit rates offered by major banks in Singapore — including options across different tenures and deposit requirements.
Do note that USD FD rates are subject to frequent changes, so it’s worth checking with each bank for the most up-to-date offers.
ICBC USD Fixed Deposit Rates [June 2025]
ICBC offers both promotional and board rates for USD fixed deposits, with tenors ranging from 1 month to 12 months. Promotional rates are available for deposits starting from USD500 via e-banking, or USD20,000 for over-the-counter placements.
Via e-Banking:
| Tenure | Rate (p.a.) | Minimum Deposit |
|---|---|---|
| 3 months | 4.20% | USD500 |
| 6 months | 4.20% | USD500 |
| 12 months | 3.70% | USD500 |
Over-the-Counter (Branch):
| Tenure | Rate (p.a.) | Minimum Deposit |
|---|---|---|
| 3 months | 4.20% | USD20,000 |
| 6 months | 4.20% | USD20,000 |
| 12 months | 3.65% | USD20,000 |
*Data as of 2 June 2025
💡 Why choose ICBC?
ICBC stands out for offering uniform high rates across 3- and 6-month tenures, whether you apply online or in-branch. If you're looking to park USD for the short term, it’s one of the most competitive options available. Plus, the low USD500 minimum via e-Banking makes it accessible for smaller depositors too.
State Bank of India USD Fixed Deposit Rates [June 2025]
SBI offers fixed USD deposit rates across a broad range of tenures, starting from 1 month up to 24 months. The rates apply to deposit amounts between USD 5,000 and below USD 1,000,000, with interest fixed throughout the tenure.
| Tenure | Rate (p.a.) | Minimum Deposit |
|---|---|---|
| 3 months | 4.00% | USD5,000 |
| 6 months | 3.75% | USD5,000 |
| 12 months | 3.75% | USD5,000 |
*Data as of 2 June 2025
💡 Why choose SBI?
SBI stands out for offering consistently solid USD fixed deposit rates across medium-term tenures, with no tiered rates based on channel or deposit type. If you're looking for a simple and reliable option with fixed returns and low minimums, SBI is a straightforward pick — especially for 3-month and 12-month tenures at 4.00% and 3.75% p.a., respectively.
Hong Leong Bank USD Fixed Deposit Rates [June 2025]
Hong Leong Bank offers board rates for USD fixed deposits across common tenures. These rates apply to deposit amounts between USD 50,000 and under USD 1,000,000 and a minimum USD 50,000 is required for account opening.
| Tenure | Rate (p.a.) | Minimum Deposit |
|---|---|---|
| 3 months | 3.6195% | USD50,000 |
| 6 months | 3.5585% | USD50,000 |
| 12 months | 3.3595% | USD50,000 |
*Data as of 2 June 2025
💡 Why choose Hong Leong Bank?
While Hong Leong Bank’s rates may not be promotional, they remain consistently competitive and transparent. With no hidden hoops, it’s a stable choice for depositors comfortable with a larger minimum placement and looking for straightforward USD FD options. The 3-month board rate of 3.62% is especially noteworthy.
Bank of China USD Fixed Deposit Rates [June 2025]
Bank of China offers competitive promotional rates on USD fixed deposits for online placements from USD10,000. They also offer board rates following different tiers based on amount and tenure starting from 1 month up to 24 months.
Mobile Banking Promo Rates (New Placements):
| Tenure | Rate (p.a.) | Minimum Deposit |
|---|---|---|
| 1 month | 4.15% | USD10,000 |
| 3 months | 4.30% | USD10,000 |
| 6 months | 4.20% | USD10,000 |
Board Rates:
| Tenure | Rate (p.a.) | Deposit Tier |
|---|---|---|
| 3 months | 4.15% - 4.20% | Below USD500,000 |
| 6 months | 4.05% - 4.10% | Below USD500,000 |
| 12 months | 4% - 4.05% | Below USD500,000 |
| 3 months | 4.25% | USD500,000 & above |
| 6 months | 4.15% | USD500,000 & above |
| 12 months | 4.25% | USD500,000 & above |
*Data as of 2 June 2025
💡 Why choose Bank of China?
Bank of China offers one of the highest USD FD rates across 3- and 6-month tenures, especially through mobile banking placements. They also have no complex conditions and no minimum for board rates up to 4.25% (below USD500,000), making it a great option for attractive short-term yields.
UOB Bank USD Fixed Deposit Rates [June 2025]
UOB offers tiered board rates for USD fixed deposits based on deposit amount. Rates apply to tenors from 1 week to 12 months, with higher rates available for larger deposit tiers. Unlike other banks, UOB’s most competitive rates appear in the shorter tenors (1–2 months) for deposits above USD250,000.
| Tenure | Rate (p.a.) | Deposit Tier |
|---|---|---|
| 1 months | 3.75% - 3.85% | Up to USD249,999 |
| 2 months | 3.76% - 3.85% | Up to USD249,999 |
| 3 months | 3.70% - 3.80% | Up to USD249,999 |
| 6 months | 3.33% - 3.63% | Up to USD249,999 |
| 12 months | 3.02% - 3.32% | Up to USD249,999 |
| 1 months | 3.95% | USD250,000 - USD499,999 |
| 2 months | 3.95% | USD250,000 - USD499,999 |
| 3 months | 3.90% | USD250,000 - USD499,999 |
| 6 months | 3.63% | USD250,000 - USD499,999 |
| 12 months | 3.32% | USD250,000 - USD499,999 |
*Data as of 2 June 2025
💡 Why choose UOB Bank?
UOB’s board rates stand out for their strong short-term yields, particularly for larger deposits. If you're planning to park USD250,000 or more, you could enjoy rates of up to 3.96% p.a. for just a 2-month tenure. With no need to hunt for limited-time promotions, UOB appeals to depositors who prefer transparent, tier-based returns.
DBS Bank USD Fixed Deposit Rates [June 2025]
DBS offers board rates for USD fixed deposits with tenors ranging from 1 month to 12 months. The rates increase with larger deposit sizes, with the most competitive yields available for deposits of USD250,000 and above.
| Tenure | Rate (p.a.) | Deposit Tier |
|---|---|---|
| 1 month | 4.02% | Up to USD249,999 |
| 2 months | 4.05% | Up to USD249,999 |
| 3 months | 3.92% | Up to USD249,999 |
| 6 months | 3.54% | Up to USD249,999 |
| 12 months | 3.27% | Up to USD249,999 |
| 1 months | 4.12% | USD250,000 - USD500,000 |
| 2 months | 4.15% | USD250,000 - USD500,000 |
| 3 months | 4.07% | USD250,000 - USD500,000 |
| 6 months | 3.84% | USD250,000 - USD500,000 |
| 12 months | 3.57% | USD250,000 - USD500,000 |
*Data as of 2 June 2025
💡 Why choose DBS Bank?
DBS offers competitive USD fixed deposit rates with clear tiering based on deposit size. Their highest rates are reserved for deposits of USD250,000 and above, making it a strong option for high-net-worth individuals or corporates. With tenures ranging from 1 to 12 months and no promotional gimmicks, DBS provides a reliable, transparent board rate structure backed by one of Singapore’s most trusted banks.
CIMB Bank USD Fixed Deposit Rates [June 2025]
CIMB offers straightforward board rates on USD fixed deposits, with interest rates increasing slightly for higher deposit tiers. Tenures range from 1 to 12 months, and maximum deposit capped at USD250,000.
| Tenure | Rate (p.a.) | Deposit Tier |
|---|---|---|
| 3 months | 3.33% | Below USD50,000 |
| 6 months | 3.25% | Below USD50,000 |
| 12 months | 3.25% | Below USD50,000 |
| 3 months | 3.38% | USD50,000 - USD250,000 |
| 6 months | 3.30% | USD50,000 - USD250,000 |
| 12 months | 3.30% | USD50,000 - USD250,000 |
*Data as of 2 June 2025
💡 Why choose CIMB Bank?
CIMB offers stable and transparent board rates across common tenures. While the interest rates are slightly lower than market-leading options, it remains a reliable choice for those who value predictability and flexible deposit tiers without complex conditions.
OCBC Bank USD Fixed Deposit Rates [June 2025]
OCBC provides board rates on USD fixed deposits with tiered interest based on deposit size. Higher deposit tiers enjoy more competitive rates, especially for shorter-term tenures. Deposits start from USD10,000, with interest rates available for tenures up to 12 months.
| Tenure | Rate (p.a.) | Deposit Tier |
|---|---|---|
| 1 months | 3.64% - 3.74% | Up to USD249,999 |
| 2 months | 3.66% - 3.76% | Up to USD249,999 |
| 3 months | 3.63% - 3.73% | Up to USD249,999 |
| 6 months | 3.32% - 3.62% | Up to USD249,999 |
| 12 months | 2.91% - 3.23% | Up to USD249,999 |
| 1 months | 3.84% | Above USD250,000 |
| 2 months | 3.86% | Above USD250,000 |
| 3 months | 3.83% | Above USD250,000 |
| 6 months | 3.62% | Above USD250,000 |
| 12 months | 3.23% | Above USD250,000 |
*Data as of 2 June 2025
💡 Why choose OCBC Bank?
OCBC offers competitive short-term USD fixed deposit rates, especially for amounts above USD250,000. Its 2-month rates are particularly attractive for larger deposit tiers, reaching up to 3.87% p.a. The bank also provides flexible tenure options and a wide range of supported deposit sizes, making it a reliable choice for both retail and high-net-worth clients looking to park USD with minimal risk.
Earn in USD, without the fixed deposit lock-in
Beyond the conventional route of bank-based foreign currency fixed deposits, Singaporean investors have the opportunity to pursue potentially higher returns through alternative financial products like the StashAway USD Cash Yield portfolio.
This innovative option grants investors access to a portfolio concentrated on short-duration US Treasury bills. A standout feature of StashAway's USD Cash Yield is its attractive yield of 4.2% p.a. yield to maturity.
Distinct from traditional fixed deposits, this investment avenue breaks away from the norm by not enforcing any minimum or maximum investment thresholds and steering clear of lock-in periods, thereby offering greater flexibility and liquidity to investors.
What are the pros and cons of foreign currency fixed deposit
Foreign currency fixed deposits emerge as an enticing option, notably for their potential to offer higher deposit rates. As we explore the landscape of foreign currency fixed deposits, it's crucial to weigh both sides of the coin. Let's delve into the pros and cons of this investment avenue, equipping you with the insights needed to make a well-informed decision.
Pros:
- Higher Interest Rates: In economies where interest rates are higher, foreign currency fixed deposits can offer better yields compared to local currency deposits.
- Currency Appreciation: If the foreign currency appreciates against the SGD, investors can benefit from exchange rate gains in addition to interest earnings.
Cons:
- Currency Risk: The principal risk in foreign currency fixed deposits comes from the possibility of the chosen currency depreciating against the SGD, which could erode the value of the interest earned and even the principal amount.
- Lack of Insurance: Although generic fixed deposit accounts are insured by the Singapore Deposit Insurance for up to S$75,000 in a single account, foreign currency deposits are not covered under the Singapore Deposit Insurance Scheme.
Navigating foreign currency fixed deposits: Is it right for you?
Considering a foreign currency fixed deposit account might be beneficial if you already have USD savings or expenses. It's an attractive option for those willing to wait for favorable exchange rates before converting back to SGD. However, the specific advantages might not extend to everyone, highlighting the importance of aligning such investments with your financial goals and circumstances.
USD fixed deposits currently offer some of the highest interest rates due to the relatively higher rates in the US. If you're not in a hurry to convert your foreign currency, opting for an account with the highest interest could be wise. Yet, remember that foreign currency deposits come with their own set of risks, including currency fluctuation and the lack of Deposit Insurance Scheme protection.
It's essential to perform due diligence before diving into foreign currency fixed deposits or any high-interest product. While the lure of higher returns is strong, such options may not suit everyone's risk tolerance or financial strategy.
For a safer approach, you might consider SGD fixed deposits or explore cash management accounts for potentially high returns on foreign currency savings with different risk profiles.
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