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Maybank Fixed Deposit Rate 2020

 

Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Fixed Deposit or Singapore Savings Bonds?

Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

The Alternatives – Short Term Endowments

  1. If you put a P50,000 initial placement for a Regular or Peso Classic Time Deposit at Maybank, with a term of 91-359 days, the interest rate is 1.250%. Putting the same placement at Eastwest Bank with a term of 360 days, the interest rate as of 06 February 2020 is 1.500%. Valid from 04 – 10 February 2020.
  2. Effective 7 December 2019, Maybank will no longer be issuing certificates for new Conventional Fixed Deposit placements made over-the-counter (OTC) by retail individual customers. However, an acknowledgement slip will be provided to depositors as evidence of the placement made.

Maybank Family Plus is designed to reward the whole family. Earn up to 3X interest on the first S$30,000 of your child's savings when you save in Youngstarz and iSAVvy Savings Account and spend on your Maybank Family and Friends Card.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.

At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.

GIGANTICDash EasyEarnSinglife Account
Lock In PeriodNoNoNo
Minimum investment amountS$50S$2,000S$500
Return rate per annum2.0% per annum on your first S$10,000 for the first year

1.0% for amounts above S$10,000 for the first year

2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis)2.0% for first S$10,000

1.0% for next S$90,000

Note:
* Singlife will be adjusting their crediting rates on the Singlife Account from 2.5% to 2% per annum (p.a.) for the first S$10,000 with effect from 1 November 2020.

* From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS is the best fixed deposits in October 2020!

DBS Fixed Deposit (Recommended)

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.

Deposit Amount12 months (Renewal or Fresh Funds via PayNow)12 months (Fresh Funds At Branch)
S$20,000 and above0.85%0.80%

MayBank iSAVvy Time Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.

For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.

For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.

UOB Time Deposit

Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020

The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.

For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.

Maybank Fixed Deposit Rate 2020
Minimum Placement (Fresh Funds)TenorPromotional Rate
S$20,00010 months0.55% p.a.

OCBC Time Deposit

Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.

Minimum Placement (Fresh Funds)TenorPromotional Rate
S$5,00012 months0.50% p.a.

For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Maybank Fixed Deposit Rate 2020

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020

For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.

Minimum PlacementTenurePromotional RatePriority Banking Preferential Rate
S$25,0006 months0.20% p.a.0.30% p.a.

Looking for the best fixed deposits in September 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Next, forget about the Singapore Savings Bonds. The 1 year interest rate for October 2020 Singapore Savings Bonds has fallen as low as 0.26%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis. I have not done any look up for the best endowment plans in September yet. Thus, you can read more about Best Endowment Plans In August 2020 here.

In July, I have signed up for a Dash EasyEarn, which is an insurance savings plan that offers you 2.0% p.a. for the first year up to S$20,000. The estimated interest rate p.a. is 1.5% thereafter.

However, if you are planning to sign up for Dash EasyEarn, I suggest to sign up for Singlife Account first whereby you earn 2.5% p.a. for the first $10,000. For the balances beyond S$10,000, you can then place the rest of the money with Dash EasyEarn to earn 2.0% p.a.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for September 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS and MayBank given that they offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS Fixed Deposit (Recommended)

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

MayBank iSAVvy Time Deposit (2nd Best)

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

Here are the interest rates for MayBank iSAVvy Time Deposit as of 8th September 2020.

For a 6 months placement of S$5,000 at 0.55% p.a., the interest that you will receive upon maturity is S$13.75.

For a 12 months placement of S$25,000 at 0.85% p.a. and 24 moths at 1.20% p.a., the interest that you will receive upon maturity is S$212.50 and $603.60 respectively.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$120.00.

Deposit Amount12 month (Renewal and Fresh Funds via PayNow)15 month (Fresh Funds At Branch)
S$20,000 to < S$50,0000.60%0.60%
S$50,000 and above0.65%0.65%

UOB Time Deposit

Interest Rate: 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: 30th September 2020

The interest rate has fallen from 0.80% p.a. in August to 0.65% p.a. in August.

For 10 months placement of S$20,000 at 0.65% p.a., the interest that you will receive upon maturity is S$108.33.

Minimum Placement (Fresh Funds)TenorPromotional Rate
S$20,00010 months0.65% p.a.

OCBC Time Deposit

Maybank islamic fixed deposit rate 2020

Interest Rate: 0.60%, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 2020

Maybank Fixed Deposit Promotion

OCBC has reduced their fixed deposit rate from 0.70% p.a. in August to 0.60% p.a. in September.

Minimum Placement (Fresh Funds)TenorPromotional Rate
S$5,00012 months0.60% p.a.

For 12 months placement of S$5,000 at 0.60% p.a., the interest that you will receive upon maturity is S$30.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 30th September 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 30th September 2020

Maybank Fixed Deposit Rate April 2020

For 6 months placement of S$25,000 at 0.50% p.a., the interest that you will receive upon maturity is S$62.50.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.60% p.a., the interest that you will receive upon maturity is S$75.00.

Maybank Islamic Fixed Deposit Rate 2020

Minimum PlacementTenurePromotional RatePriority Banking Preferential Rate
S$25,0006 months0.50% p.a.0.60% p.a.