Update: This 2019 promotion has long since ended and the rate below no longer applies. For current fixed deposit rates across all major Singapore banks, see our Best Fixed Deposit Rates in August 2026 guide.
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.
Are you sure you are reporting accurately?
You have missed out the following:
“Every S$1,000 deposited into Maybank Current or Savings accounts
(minimum S$2,000)”
Hi Chon Chon, yes you are right. I checked MayBank’s website again.
For every S$1,000 deposited into the CASA Account, S$10,000 can be placed into the Singapore Dollar Time Deposit, subject to a minimum of S$20,000 in Time Deposit and the corresponding minimum deposit of S$2,000 in the CASA Account.
This works out to 10000x 0.25% + 100000×2.05%= 2075/110000= 1.88%
Is it 1.86 % in actual fact if as those amounts in Savings Account is also freeze during that FD period …?
The effective interest rate of this promotion is lower than 2.05%, as there is a need to park an amount equivalent to 10% of the FD principal into specific CASA account for the same duration as the FD.