iSAVvy Time Deposit Offers 2.00% p.a.

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!

The Best Fixed Deposits of September 2019

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

October 2019 Singapore Savings Bonds is 1.75%

The effective interest rate for October 2019 Singapore Savings Bonds (GX19100N) fell to a new low which is 1.75% if you held it for 10 years. The interest rate is the lowest and the worst for the past 12 months. The minimum amount you can purchase for Singapore Savings Bonds is S$500. If you decide to hold and sell it for 1 year, the effective interest rate is 1.64%.

Currently, CIMB Fast Fixed Deposit offers a fixed deposit interest rate of 1.70% p.a. for 3 months period. CIMB Fast Fixed Deposit also offers an interest rate of 1.85% p.a. for a 12 months period. However, there is a minimum placement of S$10,000 required and only for online deposit.

DBS Multiplier Account + Singapore Savings Bonds

If you hold a DBS Multiplier Account, you can perhaps try the hack I previously wrote about to achieve a higher interest rate payout. (Read more: Earn More Interest With DBS Multiplier Account + Singapore Savings Bonds).

Tracking Singapore Savings Bonds via StocksCafe

My favorite website, StocksCafe has introduced a new feature to allow adding of Singapore Savings Bonds into your portfolio. If you didn’t know, I signed up as a Friend of StocksCafe as my most favorite feature of StocksCafe is the automated tracking of dividends payout.

I have renewed my subscription with StocksCafe and this is the second year that I continue to use StocksCafe to track my dividends.

Tracking Singapore Savings Bonds via My Savings Bonds Portal

MAS has launched My Savings Bonds Portal where you can track your Singapore Savings Bonds purchases separately from your stock purchases. I have done up a simple guide here. (Read more: Guide to My Savings Bonds Portal)