Maybank iSAVvy Foreign Currency Time Deposit Review

Maybank iSAVvy Foreign Currency Time Deposit is a fixed deposit account, which, unlike most other term deposit accounts, can be operated only through online banking. This account lets you enjoy preferential interest and foreign exchange rates by placing a minimum deposit of just 10,000 units, as compared to the general requirement of 100,000 units as minimum deposit.

Under this account, you can place your deposits in five currencies, including Australian Dollar, Euro, New Zealand Dollar, Sterling Pound, and US Dollar. You can earn assured returns by placing your deposits in any of the five currencies for a tenure ranging from 1 month to 12 months.

Features and Benefits of iSAVvy Foreign Currency Account

  • This is a unique foreign currency term deposit account that can be operated only through online banking.
  • There are 5 foreign currencies to choose from: Australian Dollar, Euro, New Zealand Dollar, Sterling Pound, and US Dollar.
  • Placement period can be 1, 2, 3, or 6 months for all five currencies. In case of US Dollar fixed deposits, the placement period can go up to 12 months.
  • The minimum placement amount is 10,000 units for all foreign currencies.
  • Preferential interest rates and exchange rates are offered. As mentioned earlier, you can enjoy the same interest and exchange rates as available to the deposits of 100,000 units by making a minimum placement of just 10,000 units in the foreign currency of your choice.

Take a look at the table below to understand how you can earn additional interest from preferential interest rates that you enjoy with this term deposit scheme:

Account Type Interest rate – 12-month deposit Amount placed Interest earned Additional interest earned from Preferential Interest Rates
Conventional Foreign Currency Time Deposit 0.90% p.a. US$50,000 US$50,000 x 0.90% p.a. = US$450 US$475-US$450 = US$25
iSAVvy Foreign Currency Time Deposit 0.95% p.a. US$50,000 US$50,000 x 0.95% p.a. = US$475

An illustration on how you save more with preferential exchange rates:

Account Type Principal Amount (in US Dollars) Exchange Rate Principal Amount needed in Singapore Dollars Savings
Conventional Foreign Currency Time Deposit 50,000 1.3220 66,100 S$50
iSAVvy Foreign Currency Time Deposit 50,000 1.3210 66,050

Maybank iSAVvy Foreign Currency Time Deposit Interest Rates

Enjoy special interest rates with Maybank iSAVvy Foreign Currency Time Deposit account that requires a minimum deposit of just 10,000 units, compared to conventional foreign currency fixed deposit accounts that require minimum placement of 100,000 units in foreign currency. As of 12 December 2017, the interest rates available on this fixed deposit account are as follows:

Currency 1 month 2 months 3 months 6 months
US Dollar 1.25 1.30 1.35 1.50
Sterling Pound 0.00 0.00 0.00 0.05
Euro 0.00 0.00 0.00 0.00
Australian Dollar 1.25 1.30 1.35 1.45
New Zealand Dollar 1.50 1.55 1.60 1.70

Eligibility Criteria

Anyone who is a Singaporean, Singaporean PR, or a foreigner can apply for this term deposit account, if they are:

  • At least 18 years old
  • Maintaining a savings or current account at Maybank with access to the online banking. The bank will directly debit foreign currency fixed deposit principal from this account and will also credit the interest and maturity amount to this account.

Fees and Charges

The bank doesn’t charge any fees for opening the account online and for account maintenance. However, there are charges for over-the-counter transactions that you make at any branch of Maybank.

Over-the-counter deposits transactions charges:

This is not applicable as any placement in this foreign currency term deposit account can only be made through online banking. Also, you can’t top-up the principal amount.

Over-the-counter withdrawal transactions charges:

  • Cash withdrawal: S$15
  • Transferring balance to your own Maybank account: Free
  • Transferring balance to Maybank account of a third party: S$10
  • Withdrawal by cashier’s order (payable to your own name): S$10
  • Withdrawal by cashier’s order (payable to a third party): S$15
  • Balance check charges: S$5 per receipt
  • Ad-hoc account statement request: S$30 per account

Maybank iSAVvy Foreign Currency Time Deposit FAQs

Q. How can I apply for access to Maybank’s online banking service?

A. You can apply for online banking access in three different ways:

  • Visit a Maybank branch.
  • Download the application form from the bank’s website, complete it, and send it to the bank.
  • Apply through any Maybank ATM in Singapore.

Q. Why do I need an iSAVvy Savings Account before placing an iSAVvy Foreign Currency Time Deposit?

A. Since this fixed deposit account can be operated only via online banking, you will need an iSAVvy Savings Account to enable online transfer of funds to/from your term deposit account. Also, you will need to keep your iSAVvy Savings Account open throughout the tenure of the iSAVvy Foreign Currency Time Deposit. If the savings account gets closed before the term deposit matures, there might be some delay in crediting of your interest and principal amount.

Q. What is the maximum deposit amount allowed for an iSAVvy Foreign Currency Time Deposit?

A. You can deposit a maximum of 3 million units of a foreign currency of your choice.

Q. How to withdraw iSAVvy Foreign Currency Time Deposit?

A. Maybank allows you to have your principal and interest credited to your iSAVvy Savings Account after the maturity of your time deposit. Once it’s credited to the savings account, you can withdraw. Alternatively, you can also visit a Maybank branch to withdraw the amount. However, in that case, over-the-counter charges will apply.

Q. Is it possible to withdraw my iSAVvy Foreign Currency Time Deposit before maturity?

A. Normally, the bank doesn’t allow premature withdrawal. However, in certain cases, it can allow you to withdraw your iSAVvy Foreign Currency Time Deposit before maturity date. You will have to compensate the bank for any loss resulting from premature withdrawal. In any case, partial withdrawal is not allowed.

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