Looking for a high-yield savings account in Singapore? Look no further than the Maybank iSAVvy Savings Account. With an attractive base interest rate of up to 0.50% p.a. and the potential to earn up to 18.00% p.a. with interest-on-interest, this account is a great choice for those looking to grow their savings quickly.
One of the best features of the Maybank iSAVvy Savings Account is the flexibility it offers. You can open an account with just S$500, and there are no monthly fees or fall-below fees to worry about. Plus, you can easily manage your account online or through the Maybank2U app, making it easy to keep track of your savings and make transactions whenever you need to. Whether you’re saving for a rainy day or a big purchase, the Maybank iSAVvy Savings Account is a great choice.
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Short on time? Here’s a quick breakdown of the Maybank iSAVvy Savings Account:
- Attractive interest rate up to 0.50% p.a.
- Potential bonus interest opportunities
- Low $500 minimum deposit to open and maintain
- Easy online application and management with Maybank2u app
- Convenient fund transfer options and withdrawal flexibility
- Reasonable fees with a $5 minimum balance requirement
Great for:
- Beginners looking for a straightforward savings account
- Anyone who wants to grow their savings without jumping through hoops
- Users who value online banking and mobile app convenience
Consider alternatives if:
- You need the absolute highest interest rate (some require meeting criteria)
- You frequently withdraw cash (may affect interest rate)
Ready to learn more? Dive deeper into the full article!
Key Features of Maybank iSAVvy Savings Account
If you’re looking for a savings account that offers competitive interest rates and bonus interest opportunities, then the Maybank iSAVvy Savings Account is a great option for you. Here are some of the key features of this account that make it stand out:
Competitive Interest Rates
The Maybank iSAVvy Savings Account offers a base interest rate of up to 0.30% p.a. This means that you can earn interest on your savings just by keeping your money in the account. Plus, if you maintain a minimum balance of S$5,000, you can earn a higher interest rate of up to 0.50% p.a. This is a great way to make your money work harder for you.
Convenient Online Application
One of the best things about the Maybank iSAVvy Savings Account is that you can apply for it online. This means that you don’t have to visit a branch or fill out any paperwork. All you need to do is visit the Maybank website and follow the simple steps to open your account. This makes the process fast, easy, and convenient.
Bonus Interest Opportunities
In addition to the base interest rate, the Maybank iSAVvy Savings Account also offers bonus interest opportunities. For example, if you credit your salary and make/register for 2 types of payment/transaction, you can receive up to S$100 cash credit. Plus, if you maintain a minimum balance of S$5,000, you can earn bonus interest of up to 0.80% p.a. This means that you can earn even higher interest rates on your savings, which can help you reach your financial goals faster.
How to Apply for an iSAVvy Account
Are you looking to open an iSAVvy Savings Account with Maybank Singapore? Great news! Applying for an iSAVvy account is quick and easy. Here’s how you can get started:
Online Application Process
The easiest way to apply for an iSAVvy Savings Account is through Maybank’s online application process. To do this, you will need to have your SingPass ID and password ready. If you don’t have a SingPass ID, you can sign up for one on the SingPass website.
Once you have your SingPass ID, you can log in to Maybank’s online banking platform and apply for the iSAVvy Savings Account. During the application process, you will be asked to provide some personal information and upload an image of your signature. If you have your MyInfo profile set up, some of your personal information will be automatically filled in for you, making the application process even faster.
Required Documents
To complete your iSAVvy Savings Account application, you will need to provide the following documents:
- Original iSAVvy Savings Account Application Form, which you can download from the Maybank website.
- Photocopy of your NRIC (front and back).
Once you have completed the online application process and submitted all required documents, you will receive an email with your new account number in a password-protected PDF file. Congratulations, you’re now ready to start saving with Maybank’s iSAVvy Savings Account!
Remember, the minimum deposit required to open an iSAVvy Savings Account is S$500. So make sure you have that amount ready to go before you start the application process.
Account Management and Access
Managing your Maybank iSAVvy Savings Account is a breeze with its comprehensive online and mobile banking features.
Online Banking Features
To access your account online, you will need your Online Banking Access ID, Password, and PIN. Once you have these details, you can log in to your account and enjoy a range of online banking services.
As a Maybank iSAVvy Savings Account customer, you can perform a variety of transactions online, including fund transfers, bill payments, and setting up standing instructions. You can also view your account balance, transaction history, and eStatements online.
If you are a first-time login user, you will need to activate your account before you can access it online. Maybank will send you an SMS notification and email with a set of unique credentials that allow you to log in to Maybank2u Online Banking.
Mobile Banking Convenience
Maybank iSAVvy Savings Account also offers mobile banking convenience. With the Maybank2u mobile banking app, you can access your account and perform transactions anytime, anywhere.
The app allows you to check your account balance, view transaction history, and transfer funds to other Maybank accounts. You can also pay bills, reload your prepaid mobile, and purchase eVouchers using the app.
To use the Maybank2u mobile banking app, you will need to download it from the App Store or Google Play Store and log in using your Online Banking Access ID and Password.
Deposits and Withdrawals
Opening a savings account with Maybank iSAVvy is a breeze. The minimum initial deposit is S$500, which is quite reasonable compared to other savings accounts in Singapore. It means you don’t have to be a millionaire to start saving.
Minimum Initial Deposit
As mentioned, the minimum initial deposit for Maybank iSAVvy is S$500. However, if you’re looking for a savings account with a lower initial deposit, you may want to consider CIMB FastSaver, which only requires a minimum initial deposit of S$1,000.
Fund Transfer Options
Maybank iSAVvy offers a variety of fund transfer options, including FAST (Fast and Secure Transfers), MEPS (Malaysian Electronic Payment System), and GIRO (General Interbank Recurring Order). With these options, you can transfer funds easily between your Maybank iSAVvy account and other bank accounts in Singapore and Malaysia.
Withdrawal Flexibility
Maybank iSAVvy provides withdrawal flexibility, allowing you to withdraw funds from your account anytime you need them. However, it’s important to note that the interest rate on your savings account may be affected if you withdraw funds too frequently. Therefore, it’s best to plan your withdrawals carefully to avoid losing out on interest.
Tip
To make the most of your iSAVvy Savings Account, consider setting up automated transfers from your checking account to your iSAVvy account each month. This helps you save consistently without having to think about it.
Additionally, keep an eye out for special promotions or bonuses that Maybank may offer for iSAVvy account holders. Taking advantage of these perks can boost your savings even further. Finally, regularly review your account activity to track your progress towards your savings goals and to ensure your account remains in good standing.
Fees and Charges
When it comes to banking, fees and charges are always a concern. However, with the Maybank iSAVvy Savings Account, you’ll be pleased to know that the fees and charges are very reasonable. Here’s what you need to know:
Understanding Account Fees
The minimum balance required to maintain your account is S$5. If your account balance falls below this amount, a minimum balance fee of S$2 will be charged per month. If your account balance falls below S$1,000, the interest rate will drop to 0.1875% p.a. (as of March 2024).
Other fees that may apply include over-the-counter transaction fees and foreign exchange transaction fees. Please refer to the Maybank Singapore website for a full list of fees and charges.
Avoiding Penalty Charges
To avoid penalty charges, be sure to maintain a minimum balance of S$5. If you’re unable to maintain this balance, you may want to consider setting up a savings goal or budget to help you save more consistently. Additionally, be sure to avoid over-the-counter transactions and foreign exchange transactions unless absolutely necessary to avoid additional fees.
Comparison with Other Savings Accounts
Are you looking for the best savings account in Singapore? Maybank iSAVvy Savings Account is one of the most competitive options in the market. However, you may still want to compare it with other popular savings accounts to make an informed decision. Here is how iSAVvy stacks up against some of its competitors.
OCBC 360 vs iSAVvy
OCBC 360 is another popular savings account that offers an attractive interest rate. However, it requires you to fulfill certain criteria to earn the bonus interest. On the other hand, iSAVvy offers bonus interest without any such requirements. Here is a quick comparison:
Account | Interest Rate | Bonus Interest Criteria |
---|---|---|
OCBC 360 | Up to 1.2% p.a. | Salary credit + 2 GIRO transactions + spend on OCBC credit cards |
Maybank iSAVvy | Up to 0.4% p.a. + bonus interest | None |
As you can see, iSAVvy offers a more straightforward way to earn bonus interest. If you don’t want to hassle with fulfilling multiple criteria, iSAVvy may be a better option for you.
UOB One and DBS Multiplier Comparisons
UOB One and DBS Multiplier are two other popular savings accounts in Singapore. Both offer attractive interest rates and bonus interest. Here is how they compare with iSAVvy:
Account | Interest Rate | Bonus Interest Criteria |
---|---|---|
Maybank iSAVvy | Up to 0.4% p.a | Up to 0.4% p.a. + bonus interest |
UOB One | Up to 2.5% p.a. | Salary credit + Card Spend + 3 GIRO transactions |
DBS Multiplier | Up to 3.8% p.a. | Salary credit + Bill Payment + Credit Card Spend + Investment |
While UOB One and DBS Multiplier offer higher interest rates, they also require you to fulfill multiple criteria to earn the bonus interest. If you prefer a more straightforward savings account, iSAVvy may still be a better option for you.
Standard Chartered Accounts Showdown
Standard Chartered offers several savings accounts in Singapore, including Bonus Saver and eSaver. Here is how they compare with iSAVvy:
Account | Interest Rate | Bonus Interest Criteria |
---|---|---|
Standard Chartered Bonus Saver | Up to 1.78% p.a. | Salary credit + Bill Payment + Credit Card Spend |
Standard Chartered eSaver | Up to 0.2% p.a. | None |
Maybank iSAVvy | Up to 0.4% p.a. + bonus interest | None |
While Bonus Saver offers a higher interest rate than iSAVvy, it also requires you to fulfill multiple criteria to earn the bonus interest. If you prefer a more straightforward savings account, iSAVvy may still be a better option for you. On the other hand, if you are looking for a simple savings account without any bonus interest, eSaver may be a good option for you.
Additional Benefits and Rewards
Maybank iSAVvy Savings Account offers additional benefits and rewards to its account holders. Here are some of the benefits that you can enjoy:
Linking to Maybank Credit Cards
Linking your iSAVvy Savings Account to your Maybank Credit Cards can help you earn more rewards. You can earn up to 3.33% cash rebate on your credit card spending when you link your iSAVvy Savings Account to your Maybank Credit Cards. You can also enjoy up to 10% cash rebate on your dining, groceries, and petrol expenses with your Maybank Credit Cards.
Insurance and Wealth Management
Maybank iSAVvy Savings Account also offers insurance and wealth management services to its account holders. You can enjoy preferential rates on insurance products and wealth management solutions. Maybank offers a range of insurance products such as life insurance, health insurance, and travel insurance. You can also enjoy wealth management solutions such as investments, unit trusts, and structured deposits.
In addition to these benefits, Maybank iSAVvy Savings Account offers competitive interest rates on your savings. You can earn up to 0.50% p.a. interest on your savings with the iSAVvy Savings Account. The interest rates are tiered, which means the more you save, the more interest you earn.
Terms and Conditions
When considering opening a savings account, it is important to understand the terms and conditions that come with it. The Maybank iSAVvy Savings Account Singapore is no exception. Here are some key terms and conditions you should be aware of:
Interest Calculation
The interest on your iSAVvy Savings Account is calculated based on the daily balance of your account. The interest rate is made up of a base rate and a bonus rate. The base rate is determined by the bank and is subject to change. The bonus rate is only applicable if you meet certain criteria, such as salary crediting. The effective interest rate (EIR) of the account is up to 0.50% per annum.
Account Eligibility
To be eligible for the iSAVvy Savings Account, you must be at least 16 years old and either a Singapore citizen or permanent resident. You must also have an initial deposit of at least S$500. In addition, you must maintain an average daily balance of at least S$500 for the first six months to avoid a fall-below fee.
It is important to note that the terms and conditions of the iSAVvy Savings Account are subject to change and may vary depending on your individual circumstances. Be sure to read the full terms and conditions provided by Maybank before opening an account.
Frequently Asked Questions
What are the perks of opening an iSAVvy Savings Account?
Opening an iSAVvy Savings Account comes with several benefits. Firstly, you can enjoy an attractive interest rate of up to 0.40% on your savings. Additionally, you can create short or long-term savings goals via the Maybank2u SG (Lite) app. Moreover, you can conveniently view up to 12 months of transaction history via Maybank2u Online Banking. Lastly, the eligibility requirements are quite simple. You need to be a minimum of 16 years of age, and for Singapore citizens or permanent residents, you can apply via MyInfo. For foreigners, you can apply at the branch with your passport.
How does the iSAVvy Savings Account’s interest rates compare to other banks in Singapore?
The interest rates for the iSAVvy Savings Account are quite competitive compared to other banks in Singapore. The current interest rate is up to 0.40%, which is higher than the average interest rate of most savings accounts in Singapore.
Can you explain the bonus interest feature of the iSAVvy Savings Account?
The bonus interest feature of the iSAVvy Savings Account is awarded every six months if the average daily balance of the account increases each month during the six-month period. This means that you can earn more interest on your savings if you consistently maintain or increase your savings balance.
What is the required minimum balance for maintaining an iSAVvy Savings Account?
The required minimum balance for maintaining an iSAVvy Savings Account is $500. If your account balance falls below $500, you will be charged a fall-below fee of $2 per month.
How do the interest rates for iSAVvy Plus Savings Account differ from the regular iSAVvy Savings Account?
The iSAVvy Plus Savings Account offers a higher interest rate than the regular iSAVvy Savings Account. However, it comes with stricter requirements. You need to make a monthly deposit of at least $500 and not make any withdrawals for six months to qualify for the bonus interest rate.
What makes the iSAVvy Savings Account stand out amongst other savings accounts in Singapore?
The iSAVvy Savings Account stands out amongst other savings accounts in Singapore due to its competitive interest rates, bonus interest feature, and user-friendly mobile app. The app allows you to set savings goals and track your progress easily. Additionally, the account has no monthly fees and can be easily opened online.
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