Maybank Singapore raised its fixed deposit promotion on Thursday 24 September 2026, and this time the number that matters is the plain one. Its standalone board now pays 1.85% p.a. at 6 and 12 months from S$20,000 with no fresh-funds rule, which is more than CIMB's 1.80% online promotion and 0.40 percentage points above what the same board paid on 11 September.
> Quick view: 1.85% p.a. at 6 months and 12 months, 1.80% at 9 months · minimum S$20,000 · no fresh funds needed · online or at a branch · from 24 Sep 2026, no end date published · the 2.10% Deposits Bundle is 1.91% effective on Maybank's own maths · no interest if you withdraw within 3 months
The two offers
Maybank's Time Deposit promotion page and its two terms documents (both marked "correct as at 24 September 2026") list two separate promotions.
1. Standalone Time Deposit and Term Deposit-i (branch or online, individuals and companies):
| Tenor | Promotional rate (p.a.) | Interest on S$20,000 |
|---|---|---|
| 6 months | 1.85% | about S$184 |
| 9 months | 1.80% | about S$269 |
| 12 months | 1.85% | S$370 |
2. Deposits Bundle (branch or online, individuals only):
| Tenor | Headline rate (p.a.) | Maybank's effective rate (p.a.) |
|---|---|---|
| 9 months | 2.00% | 1.82% |
| 12 months | 2.10% | 1.91% |
The branch-only "Special Time Deposit" that paid 1.55% on 11 September is no longer on the page.
How much it has moved
When we checked Maybank for our fixed deposit guide on 11 September, the standalone board paid 1.45% at 6 and 12 months and 1.30% at 9 months, and the bundle's headline was 1.85% (1.69% effective). On S$20,000 for a year, today's standalone rate earns S$80 more than it did two weeks ago.
Against the other promotions we are tracking this week:
- CIMB Fast Fixed Deposit: 1.80% at 12 months and 1.75% at 6 months, from S$10,000, to 30 September. On S$20,000 Maybank pays about S$10 more at either tenor, but CIMB takes half the minimum.
- SingFinance FD Online: 1.80% at 6 and 12 months from S$10,000, fresh funds only.
Is the 2.10% worth it?
The bundle's condition is in its terms: for every S$1,000 of fresh funds paid into a Passbook Savings, Privilege Plus Savings, SaveUp or PremierOne account, you can place S$10,000 in the Time Deposit. The cash must arrive no more than 30 days before you place, cannot be a transfer from another Maybank account, and is earmarked for the whole tenor. Pull it out and the promotional deposit ends.
So the real comparison is S$22,000 against S$22,000:
- Bundle, 12 months: S$20,000 at 2.10% = S$420, plus S$2,000 at about 0.05% = S$1. Total S$421.
- Standalone, 12 months: S$22,000 at 1.85% = S$407.
The bundle wins by S$14 a year. Scale it to S$100,000 fixed plus S$10,000 earmarked and the gap is about S$70, though at that size you are also past the S$100,000 SDIC cover. At 9 months the bundle's 1.82% barely beats the standalone 1.80%, so it is not worth the fresh-funds paperwork there.
The fine print
From Maybank's terms for both promotions:
- Minimum S$20,000 per placement, or another amount Maybank sets.
- No end date. Each promotion "shall end on a date to be determined by Maybank".
- Early withdrawal: no interest within the first 3 months. After that, the lowest savings-account tier or the contracted rate, whichever is lower. A partial withdrawal counts as early termination.
- Term Deposit-i (the Islamic version) pays its profit upfront into your Maybank account the next business day, but break it after 3 months and only 50% of the prorated profit is kept.
- Auto-renewal: at maturity the deposit renews for the same tenor at the prevailing board rate unless you instruct otherwise before then. Set a calendar reminder.
- No stacking with other Maybank promotions.
- Online placement needs a Maybank savings or current account plus Maybank2u access. The online application uses Myinfo, which is set up for Singaporeans and PRs.
- SDIC insures Singapore dollar deposits up to S$100,000 per depositor per bank.
How to place it
- Online: the "Apply online now" button on Maybank's Time Deposit promotion page, then "Retrieve Myinfo with Singpass" and choose the deposit.
- App: existing customers log in to the Maybank2u SG app and tap Apply > Time Deposits. New customers can start from the same menu and apply with Singpass.
- Branch: any Maybank branch.
Tips
- Pick the 6-month tenor if you want flexibility. It pays the same 1.85% as 12 months, so you are not paid extra to lock up for longer.
- Screenshot the rate when you place. The terms let Maybank change the promotion at any time, but your contracted rate holds for the tenor.
- Only use the bundle if you already have new money coming in from another bank. For money already at Maybank, the standalone deposit is the only one that qualifies.
- Under S$20,000? CIMB (S$10,000, to 30 Sep) and SingFinance (S$10,000) are the nearest alternatives at 1.80%.
*Photo: Maybank Singapore official Time Deposit promotion page banner and Deposits Bundle graphic. Rates, conditions and placement steps are from maybank2u.com.sg and Maybank's two promotion terms documents, both dated 24 September 2026 and checked the same day. Rates can change without notice, so confirm before placing.*
