Surprisingly, different banks offer different interest rates for the same countries. Offered currencies usually include USD (United States), AUD (Australia), CAD (Canada), GBP (UK) and more. When the deposit tenure ends, the deposited funds are converted back to SGD according to prevailing foreign exchange rate.īanks across Singapore offer foreign currency fixed deposits for a variety of foreign currencies, each with unique interest fixed deposit rates. For the most part, longer periods and higher deposit amounts will earn you the best fixed deposit interest rates. These bank-offered interest rates are contingent on the tenure of the deposit, as well as the amount of funds deposited. What are Foreign Currency Fixed Deposit Accounts?įoreign currency fixed deposit accounts allow consumers to convert SGD to foreign currency units, which are then deposited for a set period of time, earning interest at a predetermined rate.

Risks and benefits of foreign currency fixed deposits.

How exchange rates impact bank-offered interest rates.

Factors that determine total deposit earnings.What are foreign currency fixed deposit accounts?.

Rhb foreign currency fixed deposit