USD fixed deposit rates in Singapore are well above Singapore-dollar rates this month: up to 4.60% a year for 12 months, at RHB and on Bank of China’s app, at the time of writing (November 2026). The comparable top SGD promotion is 2.30%.
The extra interest comes with two risks a Singapore-dollar deposit does not have. The exchange rate can move against you, and foreign currency deposits are not covered by deposit insurance.
How We Checked
We opened each bank’s own foreign currency fixed deposit page or promotion page in November 2026 and copied the US dollar rates for 3, 6, 9 and 12 months, for an ordinary personal customer. Rates are “at the time of writing (November 2026)” unless the bank gives its own date.
We could not read USD rates for UOB, OCBC, CIMB, Maybank or State Bank of India today: UOB’s and OCBC’s rate tables did not load, CIMB’s page showed no foreign currency product, and Maybank’s and SBI’s sites did not open. They are left out of the table.
USD Fixed Deposit Rates in Singapore: The Table
Rates are % a year for an ordinary personal customer. A dash means no rate shown for that tenor.
| Bank | 3 months | 6 months | 9 months | 12 months | Minimum | Conditions |
|---|---|---|---|---|---|---|
| RHB | 4.00% | 4.20% | — | 4.60% | US$5,000 | Promotion; branch or RHB Mobile SG app |
| Bank of China | 4.00% | 4.40% | 4.30% | 4.60% | US$2,000 | Mobile app, new placements, 10 to 15 November 2026 |
| ICBC | 3.70% | 4.25% | 4.25% | 4.35% | US$5,000 | E-banking rate for US$5,000 to under US$100,000 |
| Standard Chartered | — | — | — | 4.30% | US$25,000 | Fresh funds, 3 to 19 November 2026; Priority 4.40% |
| DBS (board rate) | 3.89% | 4.15% | — | 4.25% | S$5,000 equivalent | Below US$100,000; effective 9.47am, 13 November 2026 |
| HSBC | 3.85% | 3.40% | — | 3.30% | US$30,000 | Fresh funds, HSBC Singapore app; Premier Elite up to 4.60% |
Larger sums can earn more: DBS pays 4.55% for 12 months from US$100,000, and ICBC 4.50% from US$100,000. DBS states its foreign currency rates with a time stamp, so they can change during the day.
The short version: At the time of writing (November 2026), 12-month USD deposits pay 3.30% to 4.60% a year at the banks we could check, roughly double the highest 12-month SGD promotion of 2.30%. Whether you keep that gain depends on the exchange rate when you convert back.
Worked Example: What the Exchange Rate Does to Your Return
Illustration only, not a forecast. Assumptions: you convert S$50,000 to US dollars at 1.30 Singapore dollars per US dollar, place it for 12 months at 4.30%, then convert back. We ignore the bank’s buy-sell spread, which would reduce every result below.
- You get US$38,461.54 to deposit.
- Interest after 12 months: US$1,653.85. You hold US$40,115.38.
| Exchange rate when you convert back | You get back | Gain or loss in S$ |
|---|---|---|
| 1.35 (US dollar stronger) | S$54,155.77 | +$4,155.77 |
| 1.30 (unchanged) | S$52,150.00 | +$2,150.00 |
| 1.27 | S$50,946.54 | +$946.54 |
| 1.25 | S$50,144.23 | +$144.23 |
| 1.22 (US dollar weaker) | S$48,940.77 | −$1,059.23 |
Two break-even points matter here:
- To get your S$50,000 back, the rate must stay above about 1.246. That is a fall of about 4.1% in the US dollar.
- To beat a 2.30% SGD deposit (S$51,150 after a year), it must stay above about 1.275, a fall of only about 1.9%.
So a USD deposit wins by a wide margin only if the exchange rate holds or moves your way. If you will spend the money in US dollars anyway, for school fees or a trip, the conversion risk matters less.
Not Covered by Deposit Insurance
MoneySense states that foreign currency deposits are not insured under the Deposit Insurance Scheme. Bank of China, ICBC, UOB and HSBC carry the same statement on their own pages: “Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.”
At the time of writing (November 2026), SDIC’s own website (sdic.org.sg) showed a verification screen rather than its content. The coverage rule above comes from MoneySense and the banks’ statutory notices. Our SDIC deposit insurance guide explains what is covered.
Other Costs and Catches
- Conversion spread. Banks convert at their own buy and sell rates. The difference comes out of your return twice: going in and coming out.
- Early withdrawal. Standard Chartered says penalty charges and replacement cost apply to all premature withdrawals of foreign currency deposits. RHB says premature penalty fees apply. UOB says an early withdrawal fee may be imposed. ICBC says it charges no penalty but pays only its current account rate.
- Cash handling. ICBC charges 1% for depositing or withdrawing foreign currency in cash.
- Fresh funds and windows. Standard Chartered’s promotion ends on 19 November and Bank of China’s on 15 November.
What To Do Next
- Decide first whether you will need the money in Singapore dollars. If so, use the break-even approach above with today’s exchange rate.
- Compare against Singapore-dollar options in our FD rates this month table.
- If you hold US dollars for spending abroad, our guide to multi-currency accounts covers where to keep them between trips.
- Ask the bank for its exchange rate spread and early withdrawal charges before placing.
