Fixed Deposits

Best Maybank Fixed Deposit Rates & Promotions in Singapore – MoneySmart Review 2019

maybank fixed deposit

Maybank’s fixed deposits offer some of the best promotions in Singapore, with interest rates going up to 2% p.a.

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 (Nov 2019)

Maybank fixed deposit promotions (Nov 2019)
Min. deposit Tenure Interest rate Things to note
$50,001  24 months 2% p.a.  Must apply via online iSavvy 
$20,000 12 months 1.88% Must deposit $1,000 into current/savings account for every $10,000 in fixed deposits  
$50,0001 12 months  1.70% 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 2% p.a. and to enjoy it, you need to deposit at least $50,001 for 24 months, via iSavvy.

This is perfect for the tech-savvy ones who find going down to the actual branch a chore.

Maybank fixed deposit current/savings account promotion

For those who prefer having someone assist you over a counter, the current/savings account (CASA) promotion may be more convenient.

You can get up to 1.88% 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.

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 can deposit $50,001 for 2 years

Maybank’s iSavvy promotion is currently the highest in market, and is the only promotion that lets customers hit 2% p.a. If you put in the minimum $50,001 deposit for 24 months (as required), you will earn a total of $2,000.04.

The trouble with this attractive promotion is that most Singaporeans (well, people in general I suppose) don’t have $50,000 lying around.

So the real question is: If you only have $20,000 to spare, is the Maybank fixed deposit CASA account promotion any good?


How good is the Maybank fixed deposit CASA account promotion?

The advertised rate is 1.88% p.a. for minimum $20,000 deposit for 12 months. At first glance, that is very high. In fact, based on that number alone, it looks like the next highest in the market.

However, as explained earlier, you need to set aside an extra 10% of your fixed deposit sum to place in a CASA account.

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 2% p.a. on the $20,000. That works out to $400, which is about 1.81% p.a. on the total sum of $22,000 that you need to put aside.

Maybank vs ICBC fixed deposit promotions

The earn rate of 1.81% p.a. is quite competitive, but it isn’t exactly the best in the market for this tier of deposits (min. $20,000).

Currently, ICBC has a better promotional interest rate of 1.85% p.a. for $20,000 deposits for 12 months. All you have to do is apply online.


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

The $20,000 to $30,000 deposit range is the most competition is, so there are quite a few decent promotions to choose from:

Bank/financial institution Min. deposit amount Tenure Promotional interest rate
Maybank $20,000 12 months 1.88% p.a. (with $2,000 deposit in current/savings account)
ICBC $20,000 12 months 1.85% p.a. (online only)
CIMB $10,000 12 months 1.80% p.a. (online only, expires 30 Nov)
ICBC $20,000 3, 6, 9 or 12  months 1.80% p.a.
ICBC $500 12 months 1.75% p.a. (online only)
Hong Leong Finance $20,000 12 months 1.73% p.a.
ICBC $500 3, 6, 9 or 12  months 1.70% p.a.
CIMB $10,000 3 or  6 months 1.70% p.a. (online only, expires 30 Nov)

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


Related articles

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

The Best Fixed Deposit Promotions in Singapore 

Your Savings Account Sucks, Here Are Some That Don’t 

Image credit: Toshihiro Gamo via Flickr

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