Invest
12 Months Time Deposit Promotion Earns You 2.05%
By My Sweet Retirement  •  February 8, 2019

While I thought CIMB currently offer the best fixed deposit promotion at 1.90% per annum, I found another fixed deposit promotion that offers even higher interest rate at 2.05% per annum! Maybank offers an interest rate of 2.05% per annum for 12 months time deposit. The promotion has been ongoing since 17 January 2019 and I wonder why I didn’t find this when I googled for fixed deposit promotions.

As mentioned previously, with the interest rates of Singapore Savings Bonds declining, short term fixed deposits may not be a bad idea to park your money which easily earns you interests.

A minimum of S$20,000 per placement is required for this promotion.

Using S$20,000 as an illustration,

If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is

A = 20000(1 + (0.0205 × 1)) = 20410
A = $20,410.00

Parking

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By My Sweet Retirement
I am a working salaried professional in my mid 30s. Just like most Singaporeans, I worked long office working hours, often trying very hard to find some work life balance. The Sweet Retirement Blog was created to share my journey towards achieving a comfortable retirement life. I believe we cannot simply rely solely on our Central Provident Fund savings when reaching old age. Neither can we rely solely on our bank savings as we all know the interest rates cannot beat inflation.
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4 Comments

4 responses to “12 Months Time Deposit Promotion Earns You 2.05%”

  1. Anonymous says:

    0.5

  2. David says:

    You have not mentioned that, at the same time, you need to deposit $2000.00 into a savings account for 12 months at a much lower interest rate. Therefore your FD rate is less than 2.05%.

  3. Anonymous says:

    3.5

  4. lim tong says:

    Instead of using fixed deposit, why don’t you consider SSB. The cost of investing cost only $2 and the same fees will apply for redemption. Quite worth it.

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