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.

OCBC Bank Singapore National Day Savings Promotion

It seems that nobody is writing about this National Day Savings Promotion and I thought of sharing this with you. OCBC Bank is having a savings promotion whereby for every S$5,000 of fresh funds deposited into your OCBC Passbook and Statement Savings Account, you get S$54 in cash credit. However, here is the catch:

  • Minimum is S$5,000
  • Must be fresh funds
  • The funds deposited must be maintained in your OCBC account for 7 months

It looks like a fixed time deposit promotion to me. If you are wondering how much interest rate per annum the above promotion is worth, I did some backward calculations and the interest rate turns out to be around 1.86% per annum. The interest rate still beats the September issue of the Singapore Savings Bonds whereby the interest rate is only 1.65% for the first year.

The added deal if that if you deposit a minimum of S$30,000 of fresh funds in your OCBC passbook savings account, you get to take home limited edition passbook as shown in the above picture. The deposit must be made at OCBC branches. At this point of writing, I am not sure if the limited edition passbook is still available as there are only 5,400 pieces available.

The Best Fixed Deposits of July 2019

The effective interest rate for August 2019 Singapore Savings Bonds (GX19080E) is 2.01% if you held it for 10 years. As written previously in my monthly post on Singapore Savings Bonds, the interest rate is the lowest in 12 months. But what if you only want to hold it for 1 year?

As shown in the table below, the interest rate is only 1.68% if you buy August 2019 Bond and redeem it after 1 year. This is lower than the interest rate of 12 months fixed deposits offered by banks which makes this month issue of the Singapore Savings Bonds unattractive.

If you have spare cash to lock down for 1 year, why not take a look at some of the fixed deposit promotions currently offered by the banks? Below are the 12 months fixed deposit offered by banks which beats August 2019 issue of the Singapore Savings Bonds: Read More