Maybank Fixed Deposit Rate Singapore: September 2026 — All Tenors & Honest Comparison
Published 4 September 2026 · Data verified monthly
In This Article
- Maybank Fixed Deposit Rates: September 2026
- iSAVvy vs Standard SGD Time Deposit
- How Much Interest Will You Actually Earn?
- Maybank vs Other Banks: Honest Comparison
- How to Open a Maybank Fixed Deposit
- Key Rules You Must Know Before You Lock In
- Verdict: Who Should Choose Maybank?
- Frequently Asked Questions
Maybank Singapore currently offers fixed deposit rates of up to 1.20% p.a. for a 6-month tenure under its iSAVvy Time Deposit promotion, with a minimum placement of S$20,000 in fresh funds. The 9-month and 12-month iSAVvy rates sit at 1.10% p.a. Standard board rates are significantly lower — around 0.20% p.a. for 3-month tenures. Below we break down every tenor, compare Maybank against DBS and UOB, and tell you exactly who should park money here.
Not financial advice. All figures are for educational reference only. Data verified as at 4 September 2026 from official Maybank sources and third-party aggregators.
- Best Maybank FD rate: 1.20% p.a. (6-month iSAVvy, min S$20,000, fresh funds only)
- Standard board rates are much lower (0.20% for 3 months) — only the iSAVvy promo is worth it
- Maybank lags behind UOB (1.40%) and best market rate (2.00%) — consider alternatives if chasing the top rate
Maybank Fixed Deposit Rates: September 2026
Maybank runs two main fixed deposit products for Singapore residents. The iSAVvy Time Deposit is the promotional one worth targeting — it carries higher rates but stricter conditions. The standard SGD Time Deposit offers the board rate, which is much lower.
iSAVvy Time Deposit — Promotional Rates (Individual Customers Only)
| Tenure | Rate (p.a.) | Min. Deposit | Who Can Apply |
|---|---|---|---|
| 6 months | 1.20% | S$20,000 | Individuals only |
| 9 months | 1.10% | S$20,000 | Individuals only |
| 12 months | 1.10% | S$20,000 | Individuals & non-individuals |
Source: Maybank Singapore official rates page & SingSaver, verified 4 September 2026. Fresh funds required — cannot originate from existing Maybank CASA accounts.
Standard SGD Time Deposit — Board Rates (All Customers)
| Tenure | Board Rate (p.a.) | Min. Deposit |
|---|---|---|
| 1 month | 0.10% | S$10,000 |
| 2–5 months | 0.15% | S$1,000 |
| 3 months | 0.20% | S$1,000 |
| 6–12 months | 0.30% | S$1,000 |
Source: Maybank Singapore board rates, September 2026. Board rates apply at auto-renewal and for amounts below S$20,000.
iSAVvy vs Standard SGD Time Deposit: What’s the Difference?
Maybank has two products that look similar on the surface. You need to know the difference before you place your money.
The iSAVvy Time Deposit is the promotional product. It offers the higher rates — up to 1.20% p.a. — but comes with restrictions. It is only available to individual customers. You must place fresh funds, meaning money that is not already in any Maybank current, savings, or fixed deposit account. The minimum is S$20,000.
The SGD Time Deposit is the standard product. Individuals and companies can both apply. The minimum deposit is just S$1,000 for most tenures (S$10,000 for 1-month). However, the interest rates are significantly lower — these are the board rates shown in the table above, sitting well below 0.50%.
The practical takeaway: if you have S$20,000 or more in genuinely fresh funds, go for iSAVvy. If you have less than S$20,000, you’re stuck with the board rate, and Maybank becomes much less competitive.
For context on how DBS fixed deposit rates compare to Maybank’s promotional tiers, that guide covers all DBS tenors with the same detail.
How Much Interest Will You Actually Earn?
Let’s make this concrete. The table below shows the interest earned at different deposit sizes under the September 2026 iSAVvy promotional rates. These are simple interest calculations — Maybank pays interest as a lump sum at maturity, with no compounding during the tenure.
| Principal | Tenure | Rate (p.a.) | Interest Earned | Maturity Amount |
|---|---|---|---|---|
| S$20,000 | 6 months | 1.20% | S$120 | S$20,120 |
| S$20,000 | 9 months | 1.10% | S$165 | S$20,165 |
| S$50,000 | 6 months | 1.20% | S$300 | S$50,300 |
| S$100,000 | 6 months | 1.20% | S$600 | S$100,600 |
Calculations: Principal × Rate × (Tenure/12). Maybank iSAVvy promotional rates, September 2026. Interest paid at maturity in full.
SDIC covers your Maybank deposits up to S$100,000 per depositor per institution. If you place more than S$100,000 with Maybank, the excess is uninsured. For large sums, split across multiple banks.
Maybank auto-renews at maturity — but at the board rate, not the promotional rate. Set a calendar reminder 1 week before maturity to withdraw or re-place at the then-current rate.
If you’re weighing fixed deposits against government instruments, our Singapore T-bills 2026 guide and Singapore Savings Bonds guide cover these alternatives in full.
Maybank vs Other Banks: Honest September 2026 Comparison
Here’s the honest picture. Maybank is not the most competitive bank for fixed deposits right now. Its best rate of 1.20% p.a. (6-month iSAVvy) is decent, but rivals are offering more.
| Bank | Best Rate (p.a.) | Tenure | Min. Deposit | Key Condition |
|---|---|---|---|---|
| Maybank | 1.20% | 6 months | S$20,000 | iSAVvy, fresh funds, individuals only |
| UOB | 1.40% | 10 months | Varies | Promotional, fresh funds |
| DBS | ~1.20% | 6–12 months | From S$1,000 | Promotional rate, lower min deposit |
| Best in Market | 2.00% | Various | Varies | Top promotional rates, Sep 2026 |
Source: Bank official sites, SingSaver & MoneySmart, September 2026. Rates are promotional and subject to change. Verify with each bank before placing funds.
On S$50,000 over 6 months, the difference between Maybank’s 1.20% and the market-best 2.00% is S$200 in interest. That’s not trivial — especially for a no-effort decision.
That said, Maybank has its place. If you already bank with Maybank for your mortgage or salary, the convenience matters. And if you’re splitting deposits across banks for SDIC coverage, Maybank is a legitimate second or third tranche. Also explore the best savings accounts in Singapore — some high-yield accounts are beating fixed deposits for smaller amounts right now.
How to Open a Maybank Fixed Deposit in Singapore
Opening a Maybank fixed deposit is straightforward. You have three routes.
Via the Maybank2u SG app (existing customers): Log in, tap “Apply”, then select “Time Deposits”. Choose your product, enter the tenure and amount, and confirm. Funds transfer instantly from your linked Maybank CASA. This is the fastest route.
Via the Maybank website (new customers): Click “Apply Now” on the Time Deposit page. Use Singpass to autofill your personal details. New customers must open a Maybank CASA first — this is where interest will be credited at maturity.
At a Maybank branch: Bring your NRIC or passport. A relationship manager will set up the deposit for you on the spot. Bring source-of-funds documentation if placing a large amount.
Eligibility: minimum age 16 years old. Singaporeans, PRs, and foreigners with valid documentation can all apply.
Important for iSAVvy applicants: Your fresh funds must come from outside Maybank. Transfer from DBS, POSB, or UOB. If your only account is with Maybank, you will receive the board rate instead of the promotional rate.
Key Rules You Must Know Before You Lock In
Maybank’s fixed deposit terms have a few catches that trip people up. Read these before you place your money.
Early withdrawal penalty: Break your fixed deposit before 3 months and you receive zero interest. Your principal comes back, but all the interest is forfeited. After 3 months, early withdrawal yields interest pro-rated at the lower of your contracted rate or the prevailing savings account rate. In practice, this is very low. Treat a fixed deposit as locked-in money you won’t need.
Auto-renewal trap: When your fixed deposit matures, Maybank automatically renews it — at the board rate, not the promotional rate. The board rate for 6 months is around 0.30%, far below 1.20%. Act on your maturity notice immediately. Better: set a calendar reminder 7 days before maturity.
SDIC protection limit: Deposits are insured by SDIC up to S$100,000 per depositor per institution, covering principal and accrued interest combined. Place more than S$100,000 with Maybank and the excess is uninsured. Spread large sums across banks.
Interest payment timing: Maybank pays all interest in a lump sum at maturity — not monthly or quarterly. If you need regular cash flow, consider Singapore Savings Bonds, which pay interest every 6 months.
Verdict: Who Should Choose Maybank Fixed Deposit?
Maybank’s 1.20% iSAVvy rate is competitive but not the market leader. Here’s our honest take.
Maybank makes sense if:
- You already have a Maybank relationship (mortgage, salary account) and want convenience
- You are spreading deposits across multiple banks to maximise SDIC coverage
- You have S$20,000–S$50,000 in fresh funds and want a simple, fuss-free 6-month placement
- You are happy earning 1.20% without shopping around monthly
Consider alternatives if:
- Maximising yield is your priority — UOB offers 1.40% and top market rate is 2.00%
- Your deposit is below S$20,000 — the board rate is too low to be competitive
- You want flexibility — SSBs or T-bills may offer comparable returns with better liquidity
- You want the same rate for a longer lock-in — Maybank’s 9-month and 12-month rates (1.10%) are actually lower than the 6-month rate, so there’s no benefit in locking longer
The bottom line: Maybank’s iSAVvy promotion is solid but not standout. Use it as part of a diversified cash strategy, not your sole fixed deposit placement. Always verify the current rate directly on the Maybank Singapore official site before placing funds, as rates change monthly.
Frequently Asked Questions
What is the current Maybank fixed deposit rate in Singapore?
As at September 2026, the best Maybank fixed deposit rate is 1.20% p.a. for a 6-month tenure under the iSAVvy Time Deposit promotion. The 9-month and 12-month iSAVvy rates are 1.10% p.a. These promotional rates require a minimum of S$20,000 in fresh funds and are available to individual customers only. Standard board rates are lower — around 0.20%–0.30%.
What are “fresh funds” for the Maybank iSAVvy promotion?
Fresh funds are funds that do not already exist in any Maybank account — current, savings, or fixed deposit. You must transfer money in from another bank (such as DBS, POSB, or UOB) to qualify for the iSAVvy promotional rate. Moving money from an existing Maybank savings account gives you the board rate instead.
What happens if I withdraw my Maybank fixed deposit early?
If you break your fixed deposit before 3 months, you forfeit all interest — your principal is returned but you earn nothing. If you withdraw after 3 months but before maturity, interest is paid on a pro-rated basis at the lower of your contracted rate or the prevailing savings account rate at the time. Treat Maybank FDs as truly locked-in money for the full tenure.
Is my Maybank fixed deposit covered by SDIC?
Yes. Singapore Dollar deposits with Maybank are insured by SDIC up to S$100,000 per depositor per institution, covering principal and accrued interest combined. If your total Maybank deposits exceed S$100,000, the excess is not insured. Split large amounts across multiple banks to maximise protection.
How does Maybank’s fixed deposit rate compare to DBS and UOB?
Maybank’s best rate of 1.20% p.a. (6-month iSAVvy) is broadly in line with DBS’s current promotional rates but lags behind UOB, which offers up to 1.40% p.a. for its 10-month promotional deposit. The best rate in the Singapore market as at September 2026 is approximately 2.00% p.a. If maximising yield is your priority, Maybank is not the market leader — but it is SDIC-insured and reliable.
What is the minimum deposit for Maybank fixed deposits?
For the iSAVvy Time Deposit (promotional rates), the minimum is S$20,000. For the standard SGD Time Deposit at board rates, the minimum is S$1,000 for tenures of 2 months or longer, and S$10,000 for the 1-month tenure. You must be at least 16 years old to open a fixed deposit with Maybank Singapore.
This article was researched with the help of AI. While we strive to keep all information accurate and up to date, there may be errors. If you notice any discrepancies, please contact us.
