Have extra cash lying around somewhere? If you have more than enough savings and would like to explore time deposits, this is the perfect time to compare rates. Earn higher interests whether you choose a short-term or long-term holding period.
We have already compared BDO time deposit promotions and rates. Now let’s check what Maybank offers, and if the interest rates you earn per annum are worth it.
| Product | Minimum Initial Placement | Terms of Placement | Withholding Tax on Interest Earned |
| Classic Time Deposit | P25,000 | 31, 60-90, 91-359 days | 20% |
| ADDvantage Flex Deposit | P50,000 | 1-year and 2-year term | 20% |
| ADDvantage Advance Time Deposit | P50,000 or $3,000 | 1-year term | 20% |
| ADDvantage 5-year Time Deposit | P50,000 | 5-year term + 1 day | Tax-exempt if the placement is held until maturity. If pre-terminated, interest earned is subject to withholding tax |
| Flexi Rate Time Deposit | P50,000 | 31-359 days | 20% |
Maybank has five types of time deposit accounts. Depending on your financial goals and how long you want to hold your money in the bank, you earn higher interest rates than the regular peso savings account.
Keep in mind that if you withdraw your money before the maturity date, the amount is subject to a pre-termination penalty on top of the 20% withholding tax.
Meanwhile, the 5-year time deposit is exempted from 20% if you hold it until the maturity date.
You’ll also have a certificate of your time deposit as proof of ownership.
Note: Rates and placements are as of time of writing and publishing this post, 06 February 2020 via Maybank
What are the key features of the Maybank Classic Time Deposit?
It’s never too late to grow your savings, even if it’s just for a short-term period. With the Maybank Classic Time Deposit, you can start an investment of P25,000 as the minimum initial placement.
You earn more depending on the amount of placement and tenure, which means there are tiered interest rates per deposit and length of the term.
You can choose from either 31 days, 60-90 days, or 91-359 days. The interest earned is credited to your Maybank savings account or existing checking account.
Keep in mind that the rates are subject to change. Visit your nearest Maybank branch for the most up-to-date rates.
What are the key features of the Maybank ADDvantage Flex Time Deposit?
Maybank ADDvantage FlexTime Deposit has a higher initial placement than the Classic type.
The minimum placement is P50,000, and the interest rates may increase or decrease during the holding period.
But it will not be lower than the initial rate given during the start of your placement.
If you have an extra P50,000 and you’re happy to earn a 1.750% interest rate for a 1-year tenure, you may seize the opportunity to maximize such offer with low risk involved.
For the 2-year term, the interest rate is 2.125%.
Keep in mind that the interest rates are subject to change, so it’s better to visit your nearest Maybank branch for updates.
What are the key features of the Maybank ADDvantage Advance Time Deposit?
Another type of time deposit is the ADDvantage Advance that allows you to receive the interest rate upfront with a holding period of 1 year.
How does this work? It’s simply reversing the process.
Instead of waiting for your placement to mature and earning the interest, this type of time deposit gives you the interest earnings instantly upon deposit. The term is still 1 year, though.
The minimum placement is P50,000 or $3,000 USD. Placements for P50,000 and above get an interest rate of 1.75%.
What are the key features of the Maybank ADDvantage 5-Year Time Deposit?
Thinking of multiplying your hard-earned money for the long-term? The ADDvantage 5-year time deposit guarantees a fixed rate for five years plus 1 day, which is also tax-free and exempted from 20% withholding tax (for individual accounts).
The minimum placement is P50,000, with an interest rate of 3.5% per annum.
Rates are subject to change, so make sure to check the website for updated rates, or visit the nearest Maybank branch and find out more about how to get started.
What are the key features of the Maybank Flexi Rate Time Deposit?
Last but not least, Maybank Flexi Rate time deposit offers flexible options and arrangements where the interest earned is an add-on rate to your FlexiRate Deposit Account.
What you earn is based on the ADB (Average Daily Balance) qualifications linked to either your Savings or Checking account.
The minimum placement is P50,000, and the interest rates vary depending on the amount you deposit.
The Flexi Rate time deposit has available terms of 31 to 359 days.
Compared to the rates mentioned above, the Flexi Rate time deposit rates are lower and not enticing for an ambitious saver. There are corresponding interest rates per amount of placement.
The interest earned can be credited to your existing account and can be withdrawn upon maturity.
The minimum investment is P50,000, and interest rates range from 0.750% to 1.750%
Maybank Time Deposit Rates
If you put your money in a time deposit account, you will earn higher interest rates than what you will get from a regular savings account.
Maybank time deposit rates range from 0.750% to 3.5%, and you can choose the terms for your placements.
Maybank offers 3.5% on its ADDvantage 5-year time deposit, which is one of the highest rates in the market. It also guarantees a fixed rate during the holding period with a minimum placement of P50,000.
Another bank that has a high-interest rate is Eastwest Bank. It offers 3.25% (as net) for a 5-year time deposit + 1 day with a minimum placement of P10,000.
Eastwest Bank is neck and neck with Maybank in terms of 5-year time deposits. But let’s take a look at the short-term holding period.
If you put a P50,000 initial placement for a Regular or Peso Classic Time Deposit at Maybank, with a term of 91-359 days, the interest rate is 1.250%.
Putting the same placement at Eastwest Bank with a term of 360 days, the interest rate as of 06 February 2020 is 1.500%. Valid from 04 – 10 February 2020. Eastwest Bank offers a better rate than the latter.
Maybank vs Security Bank and other time deposit promo rates in the Philippines
Maybank time deposit rates are quite enticing and higher than other banks. Compared to BDO time deposit rates, you’ll see a huge difference when it comes to promotional rates.
Let’s say you want to deposit P50,000 as your placement for a short-term period of more than 350 days.
You may click the links to see the duration of the promo rates per bank. Keep in mind that the rates are subject to change.
| Bank | Placement of P50,000 | Period | Promotional Rate |
| Maybank | Classic Time Deposit | 91-359 days | 1.250% |
| Security Bank | N/A minimum is P100,0000 | ||
| Eastwest Bank | Peso Time Deposit | 360 days | 1.500% |
| RCBC Bank | Peso Time Deposit | 181-364 days | 2.000% |
| BPI Family Savings | Regular Time Deposit | 364 days | 1.125% |
| China Bank | Regular Time Deposit | 360 days | 1.075% |
| Bank of Philippine Islands | Regular Time Deposit | 364 days | 0.875% |
| UnionBank | Peso Time Deposit | 180 – 359 days | 0.825% |
| Metrobank | Regular Time Deposit | 6 months – 1 year | 0.750% |
| BDO | Regular Peso Time Deposit | 360 days | 0.750% |
| PSBank | Peso Time Deposit | 180 days – 1 year | 0.7500% |
| Landbank | Peso Time Deposit | 181 – 364 days | 0.6250% |
For peso time deposits ranging from 91 days to 12 months, RCBC Bank offers the highest rate at 2.000%. At a glance, their minimum placement is P50,000.
But for as low as P10,000, you can enjoy the same interest rate of 1.500% at Eastwest Bank.
Meanwhile, the minimum placement at Maybank ranges from P25,000 to P50,000.
BDO still offers one of the lowest time deposit placements at P1,000.
Whether it’s P1,000 or P50,000 investment, what’s important is you start saving and growing your money.
Maybank Time Deposit vs Maybank Regular Savings Account
Time deposit accounts have higher rates compared to regular savings accounts. At Maybank, the regular passbook-based peso savings account offers 0.25% interest rate per annum. The minimum deposit is P10,000.
If you have P50,000 and you would like to grow your money, the short-term 91-359 days term offers 1.250% promotional rate for the Classic Time Deposit.
If you put this in a regular savings account, you’ll just earn 0.25% interest rate per annum.
Both accounts are subject to 20% withholding tax.
So you have an advantage if you place them under the time deposit account. But of course, you’d only earn interest upon maturity.
If you can hold it off for a year or so, you can enjoy a better rate than the regular savings account.
What do you think of the Maybank Time Deposit accounts? Did they motivate you to save more and put your funds in a time deposit? Let us know in the comments below.