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!