Maybank’s fixed deposits offer some of the best interest rates in town.
Got a lump sum of cash that you can’t risk losing, but don’t want it to rot away in your bank account earning your savings account’s pathetic interest rate? 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 your money into a Maybank fixed deposit account.
Maybank fixed deposit rates
|Maybank fixed deposits||$20,000||$50,001 to $1 million|
|Minimum sum||2.05%||2% or 1.70%|
|Tenure||12 months||24 months / 12 months|
|Promotional interest rate?||Yes||Yes|
Maybank fixed deposit promotions
Maybank is running promotions on its $20,000 and $50,000 time deposits.
For 12-month Singapore Dollar Time Deposits of at least $20,000, you get to enjoy an interest rate of 2.05%. This is one of the most generous rates in all of Singapore.
Sounds perfect, right?
The catch is that you need to deposit $1,000 into a Maybank Current or Savings Account in order to be given the right deposit $10,000 into your Maybank Singapore Dollar Time Deposit. That means that you would need to deposit at least $2,000 into your Maybank Current or Savings Account in order to qualify for the minimum $20,000 fixed deposit.
And no, to all you smart alecs who were thinking of trying to cheat the system by depositing cash into the Maybank Current or Savings Account and then withdrawing it right away, those funds need to remain in the account for the duration of the time deposit.
The promotion started on 17 January 2019 and Maybank has not disclosed until when it will run.
Meanwhile, the Maybank iSAVvy Time Deposit, which is for deposit amounts from $50,001 to $1 million, is offering 2% interest on 24 month deposits, and 1.7% for 12 month deposits.
These, too, are promotional rates which began on 10 Jan 2019.
Whichever time deposit you choose, the interest rates are very attractive. So, which one is the best?
Maybank fixed deposits are best for people who have at least $22,000 to spare
When you put aside $2,000 to put $20,000 into the Singapore Dollar Time Deposit, you earn 2.05% on the $20,000. That works out to be 1.86% on the total sum of $22,000 that you need to put aside.
Thus, we can see that the deposit with the highest overall earn rate is actually the Maybank iSAVvy 24-month Time Deposit with at least $50,001 (but not more than $1 million), at an earn rate of 2%.
That being said, if you only want your money to be locked away for 12 months, the $20,000 Singapore Dollar Time Deposit (with $2,000 to be deposited separately into the Maybank Current or Savings Account) is your next best option.
In any case, all the Maybank fixed deposits offer some of Singapore’s highest interest rates, so pick the one that matches your budget and the amount of time you’re willing to lock your money up in the deposit.
Best fixed deposit accounts for $20,000 or more
For people who have $22,000 or more to put in a fixed deposit, Maybank currently offers one of the highest rates.
Just have $20,000 with nothing else to spare? The ICBC 12-month fixed deposit offers a pretty decent rate of 1.98% p.a.
|Bank/financial institution||Min. deposit amount||Tenure||Promotional interest rate|
|Maybank||$20,000||12 months||2.05% p.a. (with $2,000 deposit in current/savings account)|
|ICBC||$20,000||12 months||1.98% p.a. (online only)|
|ICBC||$20,000||9 months||1.88% p.a.|
|ICBC||$20,000||6 months||1.85% p.a.|
|UOB||$20,000||10 months||1.8% p.a. (expires 30 Mar)|
|Hong Leong Finance||$20,000||13 months||1.78% p.a.|
Do you have any fixed deposits? Share your tips and recommendations in the comments!
Image credit: Toshihiro Gamo via Flickr
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Tags: Fixed Deposits