If you’re looking for a savings account that offers reasonable interest rates and exclusive benefits, the Maybank Privilege Plus Savings Account might be worth considering. With a base interest rate of 0.4375% p.a. and a maximum interest rate of 0.5% p.a., this account is less competitive compared to other savings accounts in Singapore. However, it does offer a range of benefits that might be appealing to you.
To qualify for the Maybank Privilege Plus Savings Account, you need to maintain a minimum balance of S$30,000 and be between 50 and 70 years old. If you have a joint account, only the older account holder will be entitled to the complimentary personal accident insurance coverage. While the account might not be suitable for everyone, it could be a good option for those who meet the eligibility criteria and are looking for a savings account with added benefits.
In this article, we’ll provide a quick review of the Maybank Privilege Plus Savings Account in Singapore, including its features, benefits, and eligibility criteria. We’ll also compare it to other savings accounts in Singapore to help you decide if it’s the right account for you.
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Looking for a decent savings account with some perks? The Maybank Privilege Plus Savings Account in Singapore might be worth a peek. It offers reasonable interest rates (up to 0.5% p.a.) and complimentary insurance, but it’s not the most competitive option out there.
Here’s the gist:
- You’ll need to be at least 50 years old and maintain a minimum balance of S$30,000.
- Earn up to 0.5% p.a. on your savings balance.
- Get free personal accident insurance, accidental medical reimbursement, and permanent disability benefits.
- Enjoy exclusive privileges and birthday month treats.
- Maybank’s online and mobile banking make access easy.
Think about this before you apply:
- Other savings accounts might offer higher interest rates.
- You need to be 50 or above to qualify.
Want to learn more? This article dives deeper into the features, fees, and how it compares to other options.
Overview of Maybank Privilege Plus Savings Account
If you are looking for a savings account that offers attractive interest rates and exclusive privileges, the Maybank Privilege Plus Savings Account in Singapore might be the perfect fit for you. With this account, you can enjoy greater rewards through the Maybank Passion Plus Programme.
Upon sign up and during your birthday month, you will receive exclusive privileges. These include complimentary Personal Accident Insurance, Accidental Medical Reimbursement, and Permanent Disablement Benefits. Additionally, you can withdraw cash with no admin fee at all Maybank ATMs and atm 5 network in Singapore.
The interest rates for the Maybank Privilege Plus Savings Account are reasonable, but less competitive compared to other savings accounts. The base interest rate is 0.4375% p.a. for the first S$3,000, and 0.4375% p.a. for the next S$47,000. For the remaining amount above S$50,000, you can earn up to 0.5% p.a.
Key Features and Benefits
Are you looking for a savings account that offers high-interest rates, insurance benefits and convenience? Look no further than Maybank Privilege Plus Savings Account. Here are some of the key features and benefits of this account:
Interest Rates and Returns
With Maybank Privilege Plus Savings Account, you can enjoy attractive interest rates of up to 0.5% p.a. on your savings. The base interest rate for the account is 0.4375% p.a. for the first S$50,000 and 0.5% p.a. for the remaining amount above S$50,000.
What’s more, you can earn even higher interest rates of up to 0.6875% p.a. if you are aged 50 and above. Plus, with the Maybank Save Up Programme, you can earn up to 7% p.a. on your savings by choosing from a range of 11 products and services.
Insurance Benefits
Maybank Privilege Plus Savings Account offers you complimentary personal accident insurance coverage of up to S$50,000. This coverage includes accidental medical reimbursement and permanent disablement benefits.
Convenience and Flexibility
Maybank Privilege Plus Savings Account offers you the convenience and flexibility to access your account anytime, anywhere. You can manage your account through Maybank’s online banking services, which allow you to check your account balance, transfer funds, and pay bills from the comfort of your own home.
What’s more, you can apply for the account online using your MyInfo profile, which makes the application process quick and easy. Plus, you can enjoy exclusive privileges upon sign up and during your birthday month.
Account Management
Managing your Maybank Privilege Plus Savings Account is easy and convenient. With a range of digital banking services and the option to receive e-statements, you can access your account information anytime, anywhere.
Digital Banking Services
Maybank offers a comprehensive suite of digital banking services to help you manage your account. You can access your account information, check your account balance, and transfer funds between accounts using Maybank2u online banking or the Maybank2u mobile app. You can also pay bills and perform other transactions, all from the comfort of your own home.
To access Maybank2u online banking, you will need your account number and a PIN. If you do not have a PIN, you can obtain one by visiting your nearest Maybank branch. For added security, you will also need to sign a signature card.
Passbook and e-Statements
If you prefer to keep track of your account transactions using a passbook, Maybank offers a passbook savings account option. You can update your passbook at any Maybank branch, or at a digital event.
Alternatively, you can opt to receive e-statements, which are sent to your registered email address. E-statements are a convenient way to keep track of your account transactions, and are environmentally friendly too.
Additional Perks
When you sign up for the Maybank Privilege Plus Savings Account, you are not only getting a competitive interest rate, but you are also getting access to a range of exclusive perks and benefits. Here are some of the additional perks that come with this account:
Rewards and Programmes
Maybank Passion Plus Programme is an exclusive rewards programme that is available to all Privilege Plus Savings Account holders. You can earn reward points for every dollar spent on your Maybank credit card, and these points can be redeemed for a range of exciting rewards such as shopping vouchers, dining vouchers, and travel packages. You can also enjoy exclusive discounts and privileges at participating merchants.
Exclusive Partnerships
Maybank has partnered with a range of exclusive partners to offer Privilege Plus Savings Account holders even more benefits. For example, you can enjoy discounts on dining, shopping, and entertainment at participating merchants such as Resorts World Sentosa, Takashimaya, and more. You can also enjoy special rates on travel packages and hotel bookings.
In addition, Maybank has partnered with a range of airlines to offer exclusive privileges to Privilege Plus Savings Account holders. For example, you can enjoy priority check-in, extra baggage allowance, and lounge access when you fly with participating airlines such as Singapore Airlines, Cathay Pacific, and more.
Eligibility and Application Process
Eligibility Criteria
To be eligible for the Maybank Privilege Plus Savings Account in Singapore, you need to meet the following requirements:
- You must be at least 50 years old.
- For Singapore citizens or permanent residents, you can apply via MyInfo. You will need your NRIC (National Registration Identity Card) number to complete the application process.
- For foreigners, you can apply at the branch. You will need to bring your passport and a valid pass, such as an Employment Pass (EP), S-Pass, or Student Pass.
Application Steps
The application process for the Maybank Privilege Plus Savings Account is straightforward and can be completed online or in person at the branch.
Online Application
To apply online, follow these simple steps:
- Visit the Maybank2u website.
- Click on the “Apply Now” button under the “Privilege Plus Savings Account” section.
- Fill in your personal details and upload a copy of your NRIC (for Singapore citizens or permanent residents) or passport (for foreigners).
- Review and confirm your application details.
- Sign the application form electronically using your SingPass or MyInfo.
In-Person Application
To apply in person at the branch, follow these steps:
- Visit your nearest Maybank branch.
- Bring along your NRIC (for Singapore citizens or permanent residents) or passport (for foreigners).
- Request for the Maybank Privilege Plus Savings Account application form.
- Fill in the required details and sign the form.
- Submit the completed form and your supporting documents to the Maybank staff.
Overall, the Maybank Privilege Plus Savings Account is a great option for those who are 50 years old and above and looking to earn higher interest rates on their savings. With easy eligibility criteria and a simple application process, you can start enjoying the benefits of this account in no time.
Tip
Looking to maximize your savings even further? Consider setting up automatic transfers to your Maybank Privilege Plus Savings Account from your salary or other accounts. This effortless strategy ensures consistent contributions to your savings, helping you reach your financial goals faster.
Additionally, keep an eye on Maybank’s promotional offers and bonuses, which could further boost your savings. Don’t forget to explore other Maybank products and services tailored to your needs, such as investment options or insurance plans, to enhance your overall financial well-being.
Financial Planning and Tools
When it comes to financial planning, Maybank Privilege Plus Savings Account Singapore offers a range of tools and resources to help you make informed decisions.
Comparison and Calculators
Maybank’s website has a range of comparison tools and calculators to help you compare savings accounts and make the best decision for your financial needs. With these tools, you can easily compare interest rates, fees and charges, and other key features of different savings accounts. This objective analysis can help you make an informed decision and choose the right savings account for your needs.
Investment Opportunities
In addition to savings accounts, Maybank Privilege Plus also offers investment opportunities through its SaveUp Account. With this account, you can earn up to 3% p.a. interest on your savings, and also have the opportunity to invest in a range of products and services.
Fees and Charges
If you’re considering opening a Maybank Privilege Plus Savings Account, it’s important to be aware of the fees and charges that come with it. Here’s a breakdown of the fees and charges you can expect:
Minimum Balance and Fall-Below Fee
To maintain your Maybank Privilege Plus Savings Account, you’ll need to keep a minimum balance of S$30,000. If your account balance falls below this amount, you’ll be charged a fall-below fee of S$5 per month. This is a relatively low minimum balance compared to other savings accounts in Singapore, making it accessible for many savers.
Other Potential Costs
In addition to the minimum balance and fall-below fee, there are a few other potential costs to keep in mind. For example, if you request a paper statement, you’ll be charged S$2 per statement. However, if you opt for eStatements, you won’t be charged anything.
Another potential cost to be aware of is the early account closure fee. If you close your account within 6 months of opening it, you’ll be charged S$30. This fee is waived if you’re closing your account due to a change in your personal circumstances, such as leaving Singapore permanently.
Customer Support and Assistance
Maybank Privilege Plus Savings Account Singapore offers excellent customer support and assistance. If you have any queries or issues, you can contact Maybank through various channels.
The Maybank website provides comprehensive information about the Privilege Plus Savings Account, including the account features, benefits, and eligibility criteria. You can also find information about other Maybank products and services on the website.
If you need further assistance, you can contact Maybank customer service through the hotline or email. The hotline is available 24/7, and the customer service representatives are friendly and knowledgeable. They will assist you with any queries or issues you may have.
Maybank also has a network of branches and ATMs across Singapore, making it easy for you to access your funds and perform transactions. You can find the nearest Maybank branch or ATM using the Maybank website or mobile app.
Comparative Analysis
Maybank Privilege vs Other Savings Accounts
When it comes to choosing a savings account, it is important to compare the features and benefits offered by different banks. Maybank Privilege Plus Savings Account offers a competitive interest rate, but how does it compare to other savings accounts in Singapore?
According to MoneySmart.sg, Maybank Privilege Plus Savings Account offers a base interest rate of 0.4375% per annum and a maximum interest rate of 0.5% per annum. While these rates are reasonable, they may be less competitive compared to other savings accounts in the market.
One of the most popular savings accounts in Singapore is the DBS Multiplier Account, which offers an interest rate of up to 3.8% per annum. The UOB One Account is another popular option, offering up to 2.5% per annum.
Interest Rate Comparison
When it comes to interest rates, Maybank Privilege Plus Savings Account may not be the most competitive option in the market. However, it does offer a range of other benefits, such as exclusive privileges and complimentary personal accident insurance.
If you are looking for a savings account that offers higher interest rates, you may want to consider using a comparison tool such as SingSaver to compare different savings accounts in Singapore.
Frequently Asked Questions
What fabulous benefits does one receive with a Maybank Privilege Plus Savings Account?
A Maybank Privilege Plus Savings Account offers a range of benefits that can help you grow your wealth. You can enjoy up to 7% p.a. interest rate with the Privilege Save Up Programme, which allows you to spend, save, and invest all in one platform. Additionally, you can enjoy free personal accident insurance coverage and priority banking services with Maybank’s Privilege Banking.
How does the interest rate for a Maybank Privilege Plus Savings Account compare to other banks in Singapore?
Maybank Privilege Plus Savings Account offers reasonable interest rates that are competitive with other banks in Singapore. The interest rate for the first S$3,000 is 0.4375% p.a., the next S$47,000 is 0.4375% p.a., and the remaining amount above S$50,000 is 0.5% p.a.
Could you enlighten me on the minimum deposit required to open a Maybank Privilege Plus Savings Account?
The minimum deposit required to open a Maybank Privilege Plus Savings Account is S$1,000. This amount must be maintained in your account to avoid falling below the minimum balance requirement.
What are the requirements to qualify for Maybank’s privilege banking services?
To qualify for Maybank’s privilege banking services, you need to maintain a minimum balance of S$200,000 in your Maybank accounts or have a gross monthly income of at least S$30,000.
Is there a special time deposit scheme linked to the Maybank Privilege Plus Savings Account?
Yes, there is a special time deposit scheme linked to the Maybank Privilege Plus Savings Account. The iSAVvy Time Deposit allows you to earn higher interest rates on your savings for a fixed period of time.
How does the Maybank Prestige Account’s interest rate stack up against the Privilege Plus Savings Account?
The Maybank Prestige Account is a premium banking account that offers higher interest rates compared to the Privilege Plus Savings Account. However, it requires a higher minimum deposit and income requirement to qualify for this account.
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