Maybank iSAVvy Time Deposit Review

The Maybank iSAVvy Fixed Deposit is one of the best and most popular term deposits in Singapore currently because it offers you everything that you may be looking for in a term deposit. It combines the convenience of electronic banking with flexible tenors.

TheMaybank iSAVvy Time Deposit also offers attractive interest rates. You’ll get an upfront interest rate and also interest on interest. The bank also runs exciting promotional offers from time to time to recognise your value as a customer. Opening a Maybank time deposit account – Singapore Dollars or Foreign Currency – can be done from the convenience of your home using phone or internet banking facilities.

Features and Benefits

  • You can open your account online.
  • You’ll earn an interest upfront which means that you can start earning interest on your interest from the very next day of opening your time deposit account. Interest will be calculated on a daily basis. Upon maturity of the tenor, you’ll also receive an interest-on-interest.
  • You can start with a low minimum initial deposit of S$5,000 in your Singapore Dollar Time Deposit account.
  • You have the liberty to choose between a 3-, 6-, 9-, 12-, 24- or a 36-month tenure. However, for certain tenors, you’ll get a much higher promotional interest rate on maturity of the tenor.
  • You’re eligible to open a joint-account time deposit under the iSAVvy scheme. All you need to do is mail the bank your application form or submit it in person by visiting one of the many branches of the Maybank in Singapore. The “either party to sign” condition is applicable to your iSAVvy Time Deposit account. As soon as your fixed deposit is placed, your account will be opened automatically with the same set of conditions that govern your iSAVvy Savings Account.
  • Your iSAVvy Time Deposit account summary can be accessed through the same online banking credentials that you use for your iSAVvy Savings Account. As soon as the placement is correctly processed, you can view all the details in your online account summary. While no printed record of your transaction history, account statements or receipts will be mailed to you physically, you’ll have access to electronic forms of records maintained online and accessible through your online banking credentials.
  • If you’re a non-bank depositor, your Maybank iSAVvy Singapore Dollar Time Deposit will be insured by the Singapore Deposit Insurance Corporation (SDIC). Up to S$50,000 in aggregate per depositor per scheme member by law would be insured by SDIC. If you plan to make deposits denominated in Singapore dollars through your CPF Investment Scheme and/or CPF Retirement Sum Scheme, the aggregate amount would be separately insured up to S$50,000. However, your foreign currency deposits won’t be covered by any insurance.
  • The deposit can be renewed automatically post maturity. If you don’t leave specific instructions, the bank will renew the account with the same conditions at the prevailing rate of interest for the same tenure.
  • You can secure overdraft facilities against your iSAVvy Time Deposits.

Maybank iSAVvy Interest Rates

The interest rates on this account vary between 0.45% and 1.35% per year, depending on the tenor of the time deposit and the placement amount. You should be aware, however, that promotional rates are applicable only on Singapore Dollar deposits of $50,001 and above.

iSAVvy Singapore Dollar Time Deposit Rates

Amount Tenure – Interest Rate (including 0.25% upfront rate per year)
3 Months 6 Months 1 Year 2 Years 3 Years
S$5,000 – S$24,999 0.45% 0.55% - - -
S$25,000-S$50,000 0.45% 0.55% 0.85% 1.2% 1.40%
S$50,001-S$249,999 0.45% 0.55% 1.2% 1.2% 1.40%
S$250,000-S$1 Million 0.45% 0.55% 1.3% 1.2% 1.40%

Maybank iSAVvy Singapore Dollar Time Deposit Promotional Offers

Effective from 5 April 2018, enjoy an interest rate of up to 1.40% p.a. and receive the interest amount the day after you place a one year iSAVvy Time Deposit online.

Deposit Amount Rates (p.a.)
S$50,001 to below S$250,000 1.30%
S$250,000 to S$1 million 1.40%

Some of the terms and conditions of the promotion are as follows:

  • You must have a Maybank Current Account or Savings Account in addition to online banking access to put the money online.
  • For all placements made through online banking, an upfront interest rate of 0.25% p.a. will be credited to your current or savings account.

Eligibility Criteria for Maybank iSAVvy Fixed Deposits

  • You’ll have to be a valid account holder of a Maybank savings or current account with access to internet banking facilities.
  • An initial placement, not less than S$5,000, will have to be made from the linked account for the processing and opening of a Singapore Dollar Time Deposit under the iSAVvy scheme.
  • The linked Maybank account will have to be maintained through the entire tenure of the term deposit since any interests paid, pre- or post-maturity, and the principal will be credited directly to the account with the help of internet banking facilities.
  • You should be at least 16 years old on the date of opening of the Maybank iSAVvy Singapore Dollar Time Deposit.

Fees and Charges

The following fees and charges apply for this account:

Over-the-Counter Transaction Charges Applicable
Withdrawal by cash S$15
Withdrawal by transferring to own Maybank account Free
Withdrawal by transferring to third-party Maybank account S$10
Issuance of cashier’s holder to account holder S$10
Balance enquiry S$5 per receipt
Issue of physical statement of account S$30 per account
Change of maturity instruction issued physically S$5 per receipt

Maybank iSAVvy Time Deposit FAQs

Q. Are rollover options available on iSAVvy time deposits?

A. Currently, the scheme doesn’t offer an option to rollover your principal and interest on maturity. There is also no option of top-up on this scheme post-maturity. However, you can issue any of the two instructions mentioned below:

  • Make an automatic renewal of your deposit with the same terms and conditions as the previous one, including the tenor although the rate of interest will be in accordance with the prevailing board rate of the bank.
  • Get the principal and interest credited back to your iSAVvy savings account upon maturity of the tenor

Q. Can I change the maturity instructions after placement and when can it be done?

A. You can change the maturity instructions any time after the placement of your initial request. You can do so through the Maybank website or by visiting any of the 21 branches of the bank in Singapore. However, note that over the counter transactions will attract appropriate transaction charges. The maturity instructions can be changed any time after the initial date of placement and at least 1 business day before maturity.

Q. Will I be paid interest for premature withdrawal?

A. If you withdraw money before the maturity of the tenor, the upfront interest will be deducted from the final amount. Also, for premature withdrawal of less than three months, you’ll receive no interest payment. For premature withdrawals made after three months, the interest paid will be prorated on the number of days of placement of the term, calculated on the basis of the lowest tier of the prevailing savings account rate or the contracted rate, whichever is lower.

Q. Will interest rate fluctuations after the date of placement and before the date of maturity be factored in the final pay-out?

A. Although your interest will be calculated on a daily basis on a 365 day-year (or 366 day-year in case of a leap year), the rate once contracted at the time of placement will be applicable and will be paid at the time of maturity. Interest fluctuations, whatsoever, won’t impact the interest paid out on your iSAVvy Time Deposit.

Q. Will I receive statements?

A. As your Maybank iSAVvy Time Deposit comes with online banking facilities, you can check your account details, balance and withdrawal details online. No monthly statements will be mailed to you. However, you’ll receive a year-end statement with details of all your outstanding deposits.

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