12 Months Time Deposit Promotion Earns You 2.05%

While I thought CIMB currently offer the best fixed deposit promotion at 1.90% per annum, I found another fixed deposit promotion that offers even higher interest rate at 2.05% per annum! Maybank offers an interest rate of 2.05% per annum for 12 months time deposit. The promotion has been ongoing since 17 January 2019 and I wonder why I didn’t find this when I googled for fixed deposit promotions.

As mentioned previously, with the interest rates of Singapore Savings Bonds declining, short term fixed deposits may not be a bad idea to park your money which easily earns you interests.

A minimum of S$20,000 per placement is required for this promotion.

Using S$20,000 as an illustration,

If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is

A = 20000(1 + (0.0205 × 1)) = 20410
A = $20,410.00

Parking $20,000 into a short term 12 month time deposit with Maybank easily earns you an interest of $410.

CIMB Chinese New Year 2019 Fixed Deposit Promotion

Looking for somewhere to park your Ang Bao money? Well, I always looked for Chinese New Year Fixed Deposit Promotions every year during this festive season. However, there are not many banks offering special higher interest rates because of Chinese New Year. The best one I have found so far is from CIMB Bank. CIMB Bank is offering an interest rate of up to 1.90% per annum. This is in fact the same as what CIMB has offered during their Birthday celebration and last year Christmas.

With the interest rates of Singapore Savings Bonds declining, CIMB’s fixed deposit promotion may not be a bad idea to park your money for a short duration of 12 months.

You can choose the duration of 3 months, 6 months or 12 months and if you apply online, they offer higher interest rates as shown in the table below.

Interest Rates (% p.a.)
3 Months 6 Months 12 Months
Branch Rate 1.30 1.45 1.55
Online Exclusive Rates 1.50 1.70 1.90

A minimum of S$10,000 per placement is required.

Using S$10,000 as an illustration,

If you place a fixed deposit for 3 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0150 × 0.25)) = 10037.50
A = $10,037.50

If you place a fixed deposit for 6 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0170 × 0.5)) = 10085
A = $10,085.00

If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0190 × 1)) = 10190
A = $10,190.00

I believe the above is a good deal if you have extra cash to park aside for a short duration of maximum 12 months.

My Sweet Retirement Goals for 2019

I should have done this last year back in December 2018 but honestly, I didn’t know what I wanted to achieve in the year 2019. Goals have to be SMART (S – Specific, M – Measurable, A – attainable, R – relevant, T – time-based). Giving myself 1 month to think about it, here are the things that I wanted to focus on in the year 2019.

#1 Achieve 11K of Passive Income

The total amount of dividends collected in the year 2018 was $9,789.19. I have not met this goal in 2018. I am still $1,210.81 away from my goal of achieving 11K worth of passive income from dividends collected. I am maintaining my goal of achieving 11K of passive income in 2019 instead of increasing it as increasing it will become not realistic for my current financial situation and not attainable.

If you didn’t know, I am using StocksCafe to track my dividends as it automatically tracks dividend payouts and there is no need for manual entry. This has saved my a lot of time.

#2 Declutter

My second goal seems to be difficult to measure. The book that I read not long ago gave me lots of inspiration. My life is too cluttered and at times I find it difficult to find inner peace. I have hogged on to things that I do not need such as books, souvenirs etc. Perhaps a good measure of this goal is to stock take the unwanted things that I give or donate away.

“It is easier to be happy when you are not surrounded by the confusion and the clutter of life.” – Unknown

#3 Contribute Back to Society

Attending the Alpha Summit gave me this urge to contribute back to the society like what The Fifth Person did. If you didn’t know, they donated frequently to charity organisations and during the Alpha Summit, they have donated to built a school in Africa. Being a financial blogger doesn’t mean that we always earn money for ourselves.

In the pursue of financial freedom, I must not forget how lucky we are as compared to some who are unfortunate. Even though I am already donating to a charity organisation from my monthly salary, I wanted to do more. As such, I will be contributing a portion of my Adsense earnings from this blog to a charity organisation of my choice around the end of 2019. The amount might not be significant but I hope to do my bit.

You can help too by supporting my blog and providing me with feed backs on my posts.

That is all I have planned for 2019 and I shall revisit the above goals towards the end of this year!