The risk is miniminal for all deposits made in banks operating in Singapore due to stringent criteria by MAS. MAS is very strict on allowing banks for retail license . Another advantage is ICBC is one huge bank from China . This is not a small bank. As long as it is Singapore dollar deposits (and not structural products), you can check whether it is under SDIC deposit scheme where up to $75,000 SGD is covered if there is a bank run (bank failure). https://www.sdic.org.sg/smlist/dischememembers ICBC is a member, as all local banks are. Higher interest rate for USD is offered by all banks, and ICBC may be just offering it higher than the other banks, as they are not as recognised as UOB / DBS or OCBC. Heck, it is not even as recognised as other foreign banks such as Maybank, SCB, Citibank or HSBC. Hence they have no choice but to offer a higher USD interest rate. The risks for USD deposits = exchange rate risk - u get higher returns, but may be later your USD is worth less SGD, then its bad. thats the biggest risk i feel. Another risk is ICBC folds up? I can't comment since I am not a bank expert. Of course Singaporeans will always feel not as secured with ICBC or other foreign banks than local banks. That is why local banks always offer less. Because they can.