Fresh funds are money that comes from outside the bank offering the fixed deposit promotion. Most of the higher fixed deposit rates in Singapore are for fresh funds only, so money already sitting in the same bank, even in a savings account, usually does not qualify.
Here is how each bank defines it on its own page at the time of writing (November 2026), and the common ways people get caught out.
Why Banks Ask for Fresh Funds
A promotion is meant to bring new deposits into the bank. If existing customers could move their savings into a higher-rate deposit, the bank would pay more on money it already has. So the higher rate is limited to money arriving from elsewhere, and the bank defines exactly what that means.
How Banks Define Fresh Funds for a Fixed Deposit (November 2026)
Definitions are summarised from each provider’s own page or terms on 13 November 2026.
| Provider | What does not count as fresh funds |
|---|---|
| OCBC | Funds transferred from existing OCBC deposit accounts; OCBC cheques, cashier’s orders or demand drafts. SRS and CPF funds are not eligible |
| UOB | Funds transferred from existing UOB savings, current or fixed deposit accounts; UOB cheques; money withdrawn from a UOB account and re-deposited during the promotion period |
| Standard Chartered | Funds originating from any existing account with Standard Chartered Bank (Singapore); funds withdrawn and re-deposited within 30 days before the time deposit is opened |
| ICBC | Funds originating from any existing account with ICBC, including transfers between ICBC accounts |
| Sing Investments & Finance | Fresh funds must first come from an external bank into your SingFinance savings account before an online placement |
| HSBC | Requires S$30,000 “in fresh funds” for its SGD promotion; the definition is in its promotion terms |
GXS Bank’s Boost Pocket rate boost also applies only to fresh funds, between $10,000 and $100,000, until 30 November 2026.
The short version: Fresh funds means money from another bank. Moving savings within the same bank, paying by that bank’s cheque, or taking money out and putting it back shortly before placing usually does not count.
The Common Traps
Withdraw and re-deposit. Taking money out and putting it straight back does not make it fresh. Standard Chartered looks back 30 days before the deposit is opened; UOB looks at the whole promotion period.
Maturing deposits. A fixed deposit maturing at the same bank is money in an existing account, so it normally cannot be re-placed under a fresh-funds promotion. It is one reason promotional deposits often end up rolling over at the board rate.
Bank cheques and drafts. OCBC and UOB exclude their own cheques, and OCBC its own cashier’s orders and demand drafts, because the money comes from an OCBC or UOB account.
Timing. A transfer from another bank can take time to arrive. UOB says placement instructions outside its placement hours are processed the next business day. Make sure the money has landed, and the promotion is still running, before you place.
Some Banks Offer Renewal at Promotional Rates
Not every bank treats existing customers the same way.
- OCBC says on its page that you can renew an existing time deposit at the prevailing promotional rates if it is maturing in the next five days, by submitting a request through the OCBC Digital app.
- RHB says that for eligible renewals on auto-renewal instructions, promotional rates are applied automatically at the prevailing rates on the renewal date.
- Sing Investments & Finance says automatic renewals are at prevailing board rates.
Check the renewal terms before maturity, not after.
Worked Example: The Cost of Getting It Wrong
Illustration only, simple interest for 12 months, rates at the time of writing (November 2026).
You have S$50,000 sitting in an OCBC savings account and want OCBC’s 12-month online promotion at 1.85%. Because the money is already at OCBC, it is not fresh funds.
| What happens | Rate | Interest after 12 months |
|---|---|---|
| Placed under the promotion with fresh funds from another bank | 1.85% | $925 |
| Placed at the board rate with existing OCBC money | 0.10% | $50 |
The difference is $875. The alternative is to compare promotions at a bank where the same money would count as fresh; see this month’s FD rates.
How to Make Sure Your Money Qualifies
- Read the promotion’s own terms for its definition of fresh funds and any look-back period.
- Transfer from an account at a different bank, not from another account at the same bank.
- Do not withdraw and re-deposit in the weeks before placing.
- Check whether SRS or CPF money is excluded.
- Confirm the rate shown on the placement screen before you submit.
What To Do Next
- Plan maturities so money can move to another bank’s promotion; our fixed deposit ladder guide helps.
- Keep each bank’s insured total under $100,000 if that matters to you; see our SDIC deposit insurance guide.
- If moving money between banks every few months is too much effort, compare the best high interest savings accounts, which have their own conditions.
- For board rates against promotional rates at every bank, see this month’s best fixed deposit rates.
