Maybank doesn’t get the same reflexive mention as DBS, OCBC, and UOB when Singaporeans talk about fixed deposits, but it’s worth a look precisely because it’s a foreign bank operating here with a different funding strategy — which sometimes means sharper promotional rates than the local three, especially for larger deposit sizes. Here’s how its FD rates actually work.
Board rate vs promotional campaigns
Maybank Singapore follows the same general structure as other banks here: a standard board rate that applies by default, and promotional campaigns that run periodically with better rates for specific tenures and minimum deposit amounts. Because Maybank is smaller in Singapore than the three local banks, it sometimes uses FD promotions more actively to attract deposits — which is why it occasionally tops rate comparison tables, particularly for shorter tenures like 3 or 6 months.
As with every bank in this space, don’t rely on a specific rate you’ve seen quoted anywhere, including here — check Maybank’s current fixed deposit rate page, or call a branch, for the number that’s live today.
What determines your rate
Deposit size matters more at Maybank than at some local banks. Maybank is known for being willing to offer better-than-published rates for larger placements, particularly through direct conversation with a branch or relationship manager rather than the rate shown online. If you’re placing a meaningful sum — think tens of thousands of dollars or more — it’s worth asking directly rather than assuming the advertised online rate is the ceiling.
Tenure. Maybank’s promotional rates are often concentrated on shorter tenures, which suits people who want to rotate cash every few months rather than lock it away for a year. Check each tenure rather than assuming the longest one pays best.
Fresh funds. Like other banks, Maybank promotional rates are frequently reserved for new money — funds not already parked with Maybank — with the board rate applying otherwise.
SGD vs foreign currency. Maybank, given its Malaysian parent, also offers foreign currency fixed deposits including MYR, which can be relevant if you have genuine MYR needs (e.g. cross-border spending or family obligations) — but treat it as a currency decision first and a yield decision second, since currency movements can outweigh the rate difference.
Minimum deposit and typical eligibility
Minimum placement amounts for Maybank FDs are generally in line with the rest of the market — often starting from a few thousand dollars for standard tenures, with better promotional tiers unlocking at higher sums. Eligibility can also depend on whether you’re a Singapore resident or a foreigner, since some promotional campaigns are restricted to residents, or come with different terms for non-residents. If you’re unsure which category you fall into, it’s worth confirming directly with a branch before you assume you qualify for the advertised rate.
How to open one
- Maybank2u online banking or the mobile app, for existing customers.
- In branch, which is worth doing specifically at Maybank if your deposit is large enough that a negotiated rate might be on the table.
- CPFIS or SRS funds, if you hold the relevant investment account with Maybank.
Applying as a foreigner vs a Singapore resident
Maybank’s FD promotions sometimes carve out different eligibility for Singapore Citizens and PRs versus foreigners holding a Maybank account here. If you’re a foreigner on an employment pass or similar, check specifically whether the promotional rate you’re eyeing applies to your residency status — the board rate is usually open to everyone, but the sharper promotional tiers aren’t always universal.
What to check before committing
- The actual live rate for your tenure and amount, confirmed directly with Maybank rather than from an older comparison.
- Whether the promotional rate requires fresh funds, and whether your deposit qualifies.
- Early withdrawal penalties — as with all Singapore bank FDs, breaking the placement early generally means losing some or all of the interest you would have earned.
- What happens at maturity — confirm whether the FD auto-renews and at what rate, so you’re not silently rolled into a lower board rate.
Where it fits against the bigger banks
Maybank is worth including in your comparison specifically because it doesn’t always follow the same rate cycle as DBS, OCBC, and UOB — sometimes it’s ahead, sometimes behind. It’s rarely the wrong move to check Maybank’s current rate alongside the local banks before deciding, particularly if your deposit size is large enough to make a phone call to a relationship manager worthwhile. For the fuller cross-bank comparison, see our guide to the highest FD rates in Singapore, and if you’re deciding between an FD and a savings account with built-in bonus tiers, our guides to the DBS Multiplier and OCBC 360 Account cover that alternative path.