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Details
Maybank Time Deposit and Deposit Account
Bundle Promotion
^ Excluding a min. deposit of $2,000 into a Maybank
account
Every $1,000 deposited into Maybank savings accounts will allow
a deposit of $10,000 into Maybank Singapore Dollar Dollar Time Deposit
account
Enjoy 1.75% p.a. on SGD Time Deposit with a minimum
placement of $20,000 in a Maybank Singapore Dollar Time Deposit
account and a minimum deposit of $2,000 into a Maybank Passbook
Savings, Privilege
Plus Savings or Maybank
SaveUp Account
Click here
to go to Maybank website for more details about the bundle deposit
promotion
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Reviews or Comments (12)
This website editor sleeping!!!
Should indicated in Cons, effective rate for 1.75% is 1.59%
Example:
Deposit FD $30000 + $3000 compulsory to saving account
Effective interest rate: $525/$33000 = WEAK 1.59%
Hi,
Thank you for your comment but the reason why the effective interest rate isn't listed as 1.59% is because applicable Maybank Saving Account for this bundled promotion is not only limited to passbook savings account (0.1875% interest rate p.a.)
It also includes higher yielding banking accounts such as Privilege Plus Savings account (0.4375% p.a. and hence effective rate of 1.63% p.a. based on your example) or SaveUp account (up to 3% p.a. and hence effective rate of 1.86% p.a. based on your example)
Hence depending on the chosen savings or current account to be applied to this bundle promotion, effective interest rates may vary. You may visit the links about the applicable banking accounts if that helps you better with your fixed deposit placement decisions.
In any case, we did list that opening a Maybank banking account in order to take part in this bundled promotion is certainly making this promotion not as attractive as other promotions.
Appreciate your explanation.
Most of the people will opt for passbook saving account (0.1875% interest rate p.a.) if not getting any Maybank financial products.
Included negligible passbook saving account interest will be 1.60% only.
Deposit FD $20000 + $2000 compulsory to saving account.
FD interest $350, saving account interest $3.75.
Effective interest rate: $353.75/$22000 = 1.60%
But able to get special benefit the interest amount will be credited into customer’s account on the next business day
Agree that the headline 1.40% is quite misleading as the effective rate is around 1.20%. Better to put money in other banks.