iSAVvy Time Deposit Offers 2.00% p.a.

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After I wrote about the The Best Fixed Deposits of September 2019, one of my readers asked about the time deposit offered by Maybank as the interest rate offered is 2.00% per annum. I went to the website to find out more. For a 2.00% interest rate p.a. the tenure is actually 24 months. Furthermore, you need S$50,001.

Here are the details for the iSAVvy Time deposit offered by Maybank:

  • You need to have a Maybank Current or Savings account.
  • The placement must be done via MayBank online banking.
  • The minimum placement amount is S$50,001 and the maximum is S$1 million.
  • Choose between 12 months or 24 months period to enjoy 1.70% p.a. or 2.00% p.a. respectively.
  • For placements via Online Banking, an upfront interest of 0.25% p.a. will be credited into customer’s savings or current account, opened and/or maintained with Maybank, on the next business day following the successful placement of the iSAVvy Time Deposit. The remaining interest will be paid upon maturity.

For a time deposit of S$50,001 at 2.00% p.a. for 24 months, the estimated interest you earn is S$2,001.04.

What if you place S$50,000 into October’s Singapore Savings Bonds and sell it after 2 years?

Based on the Singapore Savings Bonds calculator, the interest you get is $1,640.00. Thus in conclusion, if you can afford to lock down S$50,001 and not require the money for 2 years, then MayBank iSaVvy Time Deposit is still a good deal after all!

My Personal Analysis of Haw Par Corporation Limited

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In my past few months screening for dividend stocks using Stocks Café, Haw Par Corporation Limited has always appeared in the list, providing a dividend yield of 8.104%. I have always known Haw Par as a multinational company and I co-relate Haw Par with the iconic Tiger Balm brand. Is this a dividend yield stock or 8.104% dividend yield is too good to be true?

I decided to do further research to check this out.

Business Overview

The best place to find out what the business for Haw Par Corporation Limited is about is to check out the company’s website. Haw Par Corporation Limited is a Singapore grown multinational group that was listed on the Singapore Stock Exchange since 1969. They have businesses in Healthcare, Leisure, Property and Investments. Read More

The Best Fixed Deposits of September 2019

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As this month’s issue of Singapore Saving Bonds disappoints us with an effective interest rate of 1.64% p.a. if you held it for a year, let us take a look at some fixed deposit promotions that offers a higher interest rate if you have spare cash to lock down for a year. I am not going to list every fixed deposit promotions from every bank but a few which I think the bank is reliable and there is ease of doing a fixed deposit placement with them.

The winner this month is Standard Chartered Bank which I felt is a clear winner if you happen to be a priority banking customer of theirs as they are offering a interest rate of 1.90% per annum for priority banking customers. If you are not, you get still get to enjoy an interest rate of 1.80%.

I will settle with CIMB fixed deposit if I am not a Standard Chartered Bank priority banking customer as CIMB offers a slightly higher interest rate of 1.85% per annum for a placement of 12 months done online.

Below are the 12 months fixed deposit offered by three banks which beats October 2019 issue of the Singapore Savings Bonds: Read More