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.