Maybank Fixed Deposit Rate 2020

Score up to 1.60% p.a. In Singapore Dollar Time Deposit. For every S$1,000 deposited in your savings account, you can place S$10,000 in Maybank Singapore Dollar Time Deposit. FIND OUT MORE: Deposit online and earn 1.75% p.a. With minimum deposit of S$50,001 in 24-month Maybank iSAVvy Time Deposit. Best viewed on the latest versions of Chrome, Firefox, Edge, Safari. Achieve your Goal; Open an Account; Apply for Credit Cards; Get a Loan; Grow your Wealth.

Looking for the best fixed deposits in September 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Next, forget about the Singapore Savings Bonds. The 1 year interest rate for October 2020 Singapore Savings Bonds has fallen as low as 0.26%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis. I have not done any look up for the best endowment plans in September yet. Thus, you can read more about Best Endowment Plans In August 2020 here.

In July, I have signed up for a Dash EasyEarn, which is an insurance savings plan that offers you 2.0% p.a. for the first year up to S$20,000. The estimated interest rate p.a. is 1.5% thereafter.

However, if you are planning to sign up for Dash EasyEarn, I suggest to sign up for Singlife Account first whereby you earn 2.5% p.a. for the first $10,000. For the balances beyond S$10,000, you can then place the rest of the money with Dash EasyEarn to earn 2.0% p.a.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for September 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS and MayBank given that they offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS Fixed Deposit (Recommended)

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

MayBank iSAVvy Time Deposit (2nd Best)

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

Here are the interest rates for MayBank iSAVvy Time Deposit as of 8th September 2020.

For a 6 months placement of S$5,000 at 0.55% p.a., the interest that you will receive upon maturity is S$13.75.

For a 12 months placement of S$25,000 at 0.85% p.a. and 24 moths at 1.20% p.a., the interest that you will receive upon maturity is S$212.50 and $603.60 respectively.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$120.00.

Deposit Amount12 month (Renewal and Fresh Funds via PayNow)15 month (Fresh Funds At Branch)
S$20,000 to < S$50,0000.60%0.60%
S$50,000 and above0.65%0.65%

UOB Time Deposit

Interest Rate: 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: 30th September 2020

The interest rate has fallen from 0.80% p.a. in August to 0.65% p.a. in August.

Maybank fixed deposit promotion

For 10 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$108.33.

Minimum Placement (Fresh Funds)TenorPromotional Rate
S$20,00010 months0.65% p.a.

OCBC Time Deposit

Interest Rate: 0.60%, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 2020

OCBC has reduced their fixed deposit rate from 0.70% p.a. in August to 0.60% p.a. in September.

Minimum Placement (Fresh Funds)TenorPromotional Rate
S$5,00012 months0.60% p.a.

For 12 months placement of S$5,000 at 0.60% p.a., the interest that you will receive upon maturity is S$30.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Maybank Islamic Fixed Deposit Rate 2020

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th September 2020

For 6 months placement of S$25,000 at 0.50% p.a., the interest that you will receive upon maturity is S$62.50.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.60% p.a., the interest that you will receive upon maturity is S$75.00.

Minimum PlacementTenurePromotional RatePriority Banking Preferential Rate
S$25,0006 months0.50% p.a.0.60% p.a.
Enjoy attractive interest rates (up to 1.0% p.a. for 36 months) with upfront interest on the next business day and interest-on-interest upon maturity.MaybankP21W2DUnknown End Date

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Starts2 Oct 2020 (Fri)Ends***UNKNOWN***
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Enjoy attractive interest rates (up to 1.0% p.a. for 36 months) with upfront interest on the next business day and interest-on-interest upon maturity. . Valid as of 7 February 2021

Round-the-clock service with Online and Mobile Banking

Choice of 3, 6, 12, 24 and 36 months

(Updated 7 Feb)

iSAVvy Time Deposit
S$5,000 to S$24,999
MonthsUpfront InterestInterest-on-interest paid upon maturityTotal Interest
30.2500 % p.a.40.0000% of upfront interest0.3500 % p.a.
60.2500 % p.a.60.0000% of upfront interest0.4000 % p.a.
S$25,000 to S$50,000
MonthsUpfront InterestInterest-on-interest paid upon maturityTotal Interest
30.2500 % p.a.40.0000% of upfront interest0.3500 % p.a.
60.2500 % p.a.60.0000% of upfront interest0.4000 % p.a.
120.2500 % p.a.100.0000% of upfront interest0.5000 % p.a.
240.2500 % p.a.160.0000% of upfront interest0.6500 % p.a.
360.2500 % p.a.300.0000% of upfront interest1.0000 % p.a.
S$50,001 to S$249,999
MonthsUpfront InterestInterest-on-interest paid upon maturityTotal Interest
30.2500 % p.a.40.0000% of upfront interest0.3500 % p.a.
60.2500 % p.a.60.0000% of upfront interest0.4000 % p.a.
120.2500 % p.a.100.0000% of upfront interest0.5000 % p.a.
240.2500 % p.a.160.0000% of upfront interest0.6500 % p.a.
360.2500 % p.a.300.0000% of upfront interest1.0000 % p.a.
S$250,000 to S$1,000,000
MonthsUpfront InterestInterest-on-interest paid upon maturityTotal Interest
30.2500 % p.a.40.0000% of upfront interest0.3500 % p.a.
60.2500 % p.a.60.0000% of upfront interest0.4000 % p.a.
120.2500 % p.a.100.0000% of upfront interest0.5000 % p.a.
240.2500 % p.a.160.0000% of upfront interest0.6500 % p.a.
360.2500 % p.a.300.0000% of upfront interest1.0000 % p.a.

Maybank Fixed Deposit Rate Oct 2020

Singapore Dollar Time Deposit (%p.a.)
Month(s)S$ 1,000
to
S$ 50,000
S$ 50,001
to
S$ 99,999
S$ 100,000
to
S$ 249,999
S$ 250,000
to
S$ 999,999
1*0.20000.20000.20000.2000
20.20000.20000.20000.2000
30.30000.30000.30000.3000
60.35000.35000.35000.3500
90.45000.45000.45000.4500
120.45000.45000.45000.4500
180.50000.50000.50000.5000
240.60000.60000.60000.6000
361.00001.00001.00001.0000
* Minimum deposit for 1 month is S$10,000.

How to place deposit

Login to Maybank Online Banking to place a deposit into iSAVvy Time Deposit:

  1. Step 1: Select Account >Time Deposit > Singapore Dollar Time Deposit > iSAVvy Time Deposit
  2. Step 2: Select the account to debit funds for this placement
  3. Step 3: Agree to confirm the placement

You must have a Maybank Savings or Current Account and Online Banking Access to make the placement online. Don’t have a Maybank account yet, apply for one online now.

Eligibility

  • Minimum age: 16 years old
  • Initial deposit: S$5,000
  • Maintain any Maybank Savings or Current account with Maybank Online Banking access.

Maybank Singapore Fixed Deposit Promotion

For more info, click here.

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