[Bigiron]

Maybank is now offering fixed deposits for CPF funds, promising a rate of 2.9% per annum.


 https://str.sg/adb3

[starbugs]

The rate of 2.9% is quite derisory. Just an extra 0.4% for the hassle of dealing with a Malaysian bank.

[Stoki]

Oh malaysian bank ah. Careful

[sgxin]

The rate of 2.9% is quite derisory. Just an extra 0.4% for the hassle of dealing with a Malaysian bank.

If I remember correctly, CPF only pays interest for the lowest balance in each month.
So placing a 12 month FD of $100K with MayBank will actually incur a CPF OA 13 months interest loss of $2.708K (or $2.917K for 14 months if OA fund withdrawal was done on the last day of the month). So not worth the effort if the nett interest gain is minimal.

[red3]

Is Maybank doing this correctly? Sgreans know they owe CPF accrued interests if they move ....

[talky]

no 3% not worth it
u immediately lost 2 mths interest on oa