Summary:

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

• The best 12-month US Dollar fixed deposit rate we found was 4.00%p.a. offered by  RHB, for a minimum deposit of US$5,000

• The best 6-month US Dollar fixed deposit rate we found was 4.10% p.a. offered by ICBC  for a minimum deposit of US$500.

• The best 3-month US Dollar fixed deposit rate we found was 4.10%p.a. offered by Bank of China, for a minimum deposit of US$10,000.

• While USD fixed deposit rates are higher compared to Singapore dollar fixed deposit rates, you should beware of foreign currency risk. Also, foreign currency fixed deposits are not covered by the Singapore Deposit Insurance Scheme.

Link: https://growbeansprout.com/insights/savings/singapore-best-foreign-currency-fixed-deposit-rate