How does a foreign currency fixed deposit account work?įixed deposit accounts earn you a guaranteed amount of interest for the money you put in over a specific period of time. Let us find out what is the best foreign currency fixed deposit rate in December 2023. However, with the Fed indicating that interest rates may be cut in 2024, we decided to check if USD fixed deposit interest rates have declined too.

Previously, we presented our guide on the best fixed deposit rate for SGD fixed deposit. There are two main types of fixed deposit – foreign currency fixed deposit and Singapore dollar (SGD) fixed deposit. With interest rates remaining fairly high, fixed deposit (FD) has become more popular amongst those looking for a safe place to park their savings. Also, foreign currency fixed deposits are not covered by the Singapore Deposit Insurance Scheme. While USD fixed deposit rates are higher compared to Singapore dollar fixed deposit rates, you should beware of foreign currency risk.offered by DBS, for a minimum deposit of S$5,000. The best 2-month US Dollar fixed deposit rate we found was 5.03 % p.a.offered by RHB, for a minimum deposit of S$5,000. The best 12-month US Dollar fixed deposit rate we found was 5.

The best 6-month US Dollar fixed deposit rate we found was 5.25% p.a.

For example, UOB has lowered its 12-month fixed deposit rate for a US$5,000 deposit to 4.30%.

Banks in Singapore have lowered their USD fixed deposit rates in December 2023 with the decline in US bond yields.

If you have existing foreign currency and intend to keep it, you can consider putting your money in a foreign currency fixed deposit account.

Ocbc fixed deposit rate in singapore