Best Maybank Fixed Deposit Rates & Promotions in Singapore – MoneySmart Review

In 2019, Maybank offered some of the best fixed deposit promotions in town, busting even the 2% p.a. ceiling in some months. Sadly, Maybank is lagging behind this month — the January 2020 fixed deposit promotions are “meh” at best.

Nonetheless, if you’re an existing customer and want a Maybank account to chuck you money in, fixed deposits are a great choice. Especially for that lump sum of cash that you can’t risk losing, but don’t want to rot away in your bank account either.

Putting it in a fixed deposit is one way to earn a higher interest rate at almost negligible risk.

Let’s find out how much you need to put into a Maybank fixed deposit account to maximise your interest yield.

Maybank fixed deposit rates (Jan 2020)

Maybank fixed deposit promotions (Jan 2020)
Min. deposit	Tenure	Interest rate	Things to note
$50,001	24 months	1.75% p.a.	Must apply via online iSavvy
$20,000	12 months	1.60% p.a.	Must deposit $1,000 into current/savings account for every $10,000 in fixed deposits  (So $2,000 for the minimum $20,000 deposit)
$50,0001	12 months	1.45% p.a	Must apply via online iSavvy

Maybank fixed deposit promotions

There are 2 types of Maybank fixed deposit promotions: the first one is for deposits made via the iSavvy (online), and the other is for fixed deposits accompanied by current/savings account deposits.

Maybank fixed deposit iSavvy promotion

Currently, the best promotional interest rate is 1.75% p.a. However, to enjoy it, you need to deposit at least $50,001 for 24 months, via iSavvy.

I’d consider that quite a high commitment: other banks are offering competitive promotional rates for lower minimum deposit sums ($10,000 to $20,000) and shorter tenures (3 to 12 months).

Maybank fixed deposit current/savings account promotion

Next, there is the current/savings account (CASA) promotion, which may be more convenient for those who prefer having someone assist you over a counter. (The above-mentioned iSavvy is an online service.)

You can get up to 1.60% p.a. if you deposit at least $20,000 for 12 months. The catch is that at the same time, for every $10,000 in fixed deposits you must put $1,000 into a Maybank CASA account.

For example, if you want to put the minimum amount of $20,000 into fixed deposits to enjoy the promotional interest rate, you need to place $2,000 of fresh funds into a CASA account.

And no, to all you smart alecs who were thinking of trying to cheat the system by depositing cash into the Maybank CASA account and then withdrawing it right away, those funds need to remain in the account for the duration of the time deposit.

How good are the Maybank fixed deposit promotions?

Maybank’s iSavvy promotion is one of the highest in market, but as mentioned, requires both a large deposit and a long tenure. With half of that (or less), you can get better rates at CIMB and/or HSBC (more on that below).

As for the CASA fixed deposit promotion, the maximum rate of 1.60% p.a. is quite low (this month anyway). Most of the promotions are offering at least 1.70% p.a.

Plus, the whole process is complicated AND you need to set aside extra money (for the CASA) which won’t earn the bonus interest.

Let’s do some calculations to find out the “true” interest rate for this promo:

When you put aside $2,000 to put $20,000 into the Singapore Dollar Time Deposit, you earn 1.60% p.a. on the $20,000.

That works out to $320, which is about 1.45% p.a. on the total sum of $22,000 that you need to put aside.

Best fixed deposit promotions for $20,000 to $30,000

If Maybank’s rates are poor this month, what alternatives do you have?

The $20,000 to $30,000 deposit range where the most competition is, so there are quite a few decent promotions to choose from. Here are the promotions that offer more than 1.65% p.a.:

Bank/financial institution	Min. deposit amount	Tenure	Promotional interest rate
CIMB	$10,000	12 months	1.80% p.a. (online only, expires 31 Jan)
HSBC	$30,000	6 months	1.75% p.a. (expires 29 Feb)
CIMB	$10,000	3 or 6 months	1.70% p.a. (online only, expires 31 Jan)
Hong Leong Finance	$20,000	12 months	1.70% p.a.
ICBC	$20,000	12 months	1.70% p.a. (online only)
ICBC	$20,000	6, 9 or 12  months	1.65% p.a.

Do you have any fixed deposits? Share your tips and recommendations in the comments!

Image credit: Toshihiro Gamo via Flickr