Banks offer innovative term deposit products

Standard Chartered Bank yesterday unveiled a step-up 12-month time deposit which allows for early withdrawal but rewards savers if they leave the funds for the full period. The step-up time deposit pays up to one per cent if the funds are left for the entire 12 months, said Stanchart. For the first three months, the deposit earns 0.3 per cent, with the interest rate increasing to 0.4 per cent for the next three months; 0.6 per cent for the third three-month period and one per cent for the last three months. The average interest rate works out to 0.58 per cent for 12 months. Another bank with an innovative time deposit product is Maybank which is throwing in a lucky draw of $1,000 Best Denki vouchers. Its online isavvy time deposit pays an upfront interest of 0.25 per cent and the rest of the interest upon maturity of the deposit. isavvy offers time deposits with maturities ranging from three months to 36 months. The highest interest rate of 1.85 per cent is for the 36-month time deposit for amounts between $250,000 and $1 million. Maybank's promotion ends on Nov 30 this year http://www.businesstimes.com.sg/sub/news/story/0,4574,406928,00.html?