Maybank Fixed Deposit Rate 2020

• Maybank Fd Rate 2020
• Maybank Fd Rate Singapore
• Maybank Malaysia Fixed Deposit Promotion

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.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S. By Joanne Poh on 9 January 2020 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. If you put a P50,000 initial placement for a Regular or Peso Classic Time Deposit at Maybank, with a term of 91-359 days, the interest rate is 1.250%. Putting the same placement at Eastwest Bank with a term of 360 days, the interest rate as of 06 February 2020 is 1.500%. Valid from 04 – 10 February 2020. Maybank Family Plus is designed to reward the whole family. Earn up to 3X interest on the first S$30,000 of your child's savings when you save in Youngstarz and iSAVvy Savings Account and spend on your Maybank Family and Friends Card.

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.

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.

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.

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.

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.

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.

Maybank Singapore Dollar Time Deposit

Earn higher interest, access overdraft facilities secured against your deposit; renew your deposit placements automatically upon maturity.

Promotion

Overview

Choice Date

Refer to the table for the interest rates applicable to Choice Date Time Deposit:

Eligibility

• Minimum age: 16 years old
• Initial deposit:
  • S$1,000 for tenures from 2 to 36 months
  • S$10,000 for 1-month tenure and Choice Date with flexible tenure
  • S$1,000,000 for a 1-week tenure, applicable only to corporate accounts

Maybank Fd Rate 2020

Documents Requirement for Singapore Citizens or Permanent Residents

• NRIC

Documents Requirement for Foreigners

• Passport
• Employment Pass
• Proof of Mailing Address (i.e. Utility/Telco/Bank statement with another bank in Singapore) where name must be the same as your Passport and Employment Pass

Fees and Charges

Useful Links

• Premature withdrawal of less than 3 months - No interest will be paid
• Premature withdrawal of more than 3 months - The interest is pro-rated based on the number of days the Time Deposit is placed, calculated on the lowest tier of the prevailing Savings Account rate at time of withdrawal or the contracted rate, whichever is lower.

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.

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.

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.

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.

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.

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.

Maybank Singapore Dollar Time Deposit

Earn higher interest, access overdraft facilities secured against your deposit; renew your deposit placements automatically upon maturity.

Promotion

Overview

Choice Date

Refer to the table for the interest rates applicable to Choice Date Time Deposit:

Eligibility

• Minimum age: 16 years old
• Initial deposit:
  • S$1,000 for tenures from 2 to 36 months
  • S$10,000 for 1-month tenure and Choice Date with flexible tenure
  • S$1,000,000 for a 1-week tenure, applicable only to corporate accounts

Maybank Fd Rate 2020

Documents Requirement for Singapore Citizens or Permanent Residents

• NRIC

Documents Requirement for Foreigners

• Passport
• Employment Pass
• Proof of Mailing Address (i.e. Utility/Telco/Bank statement with another bank in Singapore) where name must be the same as your Passport and Employment Pass

Fees and Charges

Useful Links

• Premature withdrawal of less than 3 months - No interest will be paid
• Premature withdrawal of more than 3 months - The interest is pro-rated based on the number of days the Time Deposit is placed, calculated on the lowest tier of the prevailing Savings Account rate at time of withdrawal or the contracted rate, whichever is lower.

Maybank Fd Rate Singapore

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Maybank Malaysia Fixed Deposit Promotion