My math in school is actually very poor but yours is worse than mine. When it comes to money I on the ball.
The amount in savings account do not enjoy 2.22% p.a. but at 0.1875% p.a.
You are a very good target audience for such gimmicks promotion by banks haha.
There is a reason why I always say don't fall for gimmicks by banks.
Let's use S$50,000 deposit as a comparison.
Maybank Savings Account
0.1875% p.a.
Maybank 12 Month Fixed Deposit 2.22% with gimmicks.
https://info.maybank2u.com.sg/promotion/deposits-banking/deposit-bundle.aspx
S$50,000 x 2.22% = S$1110.00
S$5000 x 0.1875% - S$9.375 <- Need to lock in S$1000 at savings account rate for every S$10,000 at 2.22%.
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1119.375
SBI 12 Month Fixed Deposit 2.05% with no gimmicks.
https://www.sbising.com/TD_promotions
S$55,000 x 2.05% = S$1127.50
TOTAL CAPITAL INVESTED: S$55,000
TOTAL INTEREST: S$1127.50
Although the difference is only marginable but you will be surpise that many will fall for such gimmicks such as Mr.ckong8!
The only pros about Maybank is that the interest is upfront. Don't say I only highlight cons but never highlight pros hahaha.
Bank is smart but I not stupid also.