Maybank Singapore National Day Time Deposit Promotion

If the OCBC Bank Singapore National Day Savings Promotion didn’t attract you, you may be interested in the above Singapore Dollar Time Deposit promotion from Maybank. You can choose between a 9 months or 12 months tenure period whereby the interest rate per annum is 2.10% p.a. and 2.22% p.a. respectively. This promotion is the best one I have found so far in terms of the interest rate it offers.

Here is the catch for the time deposit offered by Maybank:

  • You need to have a Maybank Current or Savings account.
  • For every S$1,000 deposited into Maybank Current or Savings accounts (minimum S$2,000), you can deposit S$10,000 into Maybank Singapore Dollar Time Deposit accounts (minimum S$20,000). This means you need at least S$22,000 (S$2,000 into Current or Savings account and S$20,000 into the time deposit account).
  • Choose between 9 months or 12 months period to enjoy 2.10% p.a. or 2.22% p.a. respectively.
  • Must be fresh funds.

For fresh funds of S$20,000 at 2.20% p.a. for 12 months, the interest you earn is S$440.

For fresh funds of S$20,000 at 2.10% p.a. for 9 months, the interest you earn is S$314.18.