Choose from 6 different types of savings accounts offered by Maybank where the minimum initial deposits are as low as S$500. These accounts are open to Singapore citizens, Permanent Residents and foreigners. Age is not a limit when you want to open a savings account with Maybank. For instance, working senior citizens are not only eligible for a Maybank savings account but will also enjoy complimentary personal accident insurance.
Carry out online transactions at any time using the internet banking facility, withdraw cash from ATMs for free, use the phone banking facility, and more.
Types of Savings Accounts Offered by Maybank
- iSAVvy Savings Account: This account enables you to earn interest-on-interest of up to 18%. The minimum amount to open this account is S$500.
- iSAVvy Savings Plus Account: You can get bonus interest on your average daily balance along on top of the existing interest rate. You must have S$500 as a part of the initial deposit for opening the account.
- Privilege Plus Savings Account: It is meant for working adults who are 50 years old and above. The account comes with a complimentary personal accident insurance. The minimum account opening deposit is S$500 for Singapore citizens and Permanent Residents and S$1,000 for foreigners.
- SaveUp Account: This account offers a high base rate (up to 3% per year). Singapore citizens/Permanent Residents must have a minimum of S$500 and foreigners must have S$1,000 to open this account. Customers can maintain only 1 SaveUp Account at any given point in time but are eligible to open other savings accounts with the bank.
- Youngstarz Savings Account: This is a passbook savings account and is specially designed for children or teens below the age of 16 years. This account comes with birthday privileges including discounts on parties and complimentary insurance. The insurance includes personal accident, Hand, Foot and Mouth Disease. The minimum opening deposit is S$10.
- Passbook Savings Account: This account is designed for working adults. You can enjoy monthly interests on your savings and also keep a record of your monthly transactions. The account comes with a debit card with access to online banking. The initial deposit is S$500 for Singapore citizens/PRs, S$1,000 for foreigners and S$0 for foreigners with a valid work permit.
Features and Benefits: Withdraw Cash from ATM5 - Shared ATM Networks
- Get greater accessibility to your savings accounts. You can withdraw cash from Maybank shared ATM network which includes over 200 ATMs in Singapore.
- Use round-the-clock mobile banking and online banking services.
- Get base interest rate on your savings and also interest-on-interest on specific savings accounts.
- You can open sub-accounts online using your internet banking service.
- Get bonus interest if you increase your average daily balance in your account.
- Get personal accident insurance policy on certain accounts.
- Enjoy additional privileges during your and your child’s birthday month.
Promotions: Win a Staycation at Sentosa
SaveUp Account Promotion
Apply for a SaveUp Account and you can be one among 2 lucky winners who will get a Samsung Gear, an Apple Watch or a Fitbit!
- Open a SaveUp Account online or via the mobile banking app (use the code "WEARABLE2018").
- You will have to deposit fresh funds of at least S$100 within the month of account opening.
- 2 winners per month wil win a Fitbit Charge 2 and 8 winners at the grand draw on February 20 2019 will get the chance to choose between a Samsung Gear or an Apple Watch.
- The qualifying period for this promotion is 31 December 2018.
Youngstarz Savings Account
Get a chance to enjoy a staycation at Sentosa by applying for a Youngstarz Savings Account and maintaining a minimum account balance of S$8,000.
- This promotion is based on a lucky draw which happens bi-monthly. There will be 3 winners per draw. Each winner will be rewarded with:
- Stay at Le Méridien Singapore, Sentosa, in 2 Classic Rooms.
- Dining vouchers worth S$200.
- Tickets worth more than S$1,000 for 2 adults and 2 children to KidZania, Singapore.
- The promotion ends on 31 December 2018.
Fees Applicable on the Maybank Savings Accounts
- You should maintain a minimum amount in your savings account which will be specified by the bank for each type of savings account. If you fail to maintain this, you will be charged with a fall-below fee. The fee starts from S$2 per month. The minimum amount to be maintained in the account starts from S$500.
- The replacement of passbook charge is S$30.
- The Early Account Closure (before 6 months of account opening) is S$30.
- The interest rate varies for different savings accounts. The base interest rate starts from 0.38% p.a.
- SaveUp Account, Maybank iSAVvy Savings Account, Passbook Savings Account, and Maybank iSAVvy Savings Plus Account: 16 years
- Privilege Plus Savings Account: 50 years
- Youngstarz Savings Account: Children must be below 16 years and parents must be at least 16 years.
- If you apply in the branch you must have your NRIC.
- If you apply online, you must have your:
- Address proof documents such as bank statement, telco or utility bill, (your name & address must be same in NRIC).
- An image of your signature.
- You can only apply at a branch and must carry the following documents:
- Employment Pass .
- Address proof documents such as bank statement, telco or utility bill (your name must be same in Employment Pass or Passport).
Q. Can I open a joint account for an iSAVvy Savings Plus Account?
A. Yes, you can open a joint account with another applicant.
Q. What is the minimum age to apply for Maybank savings account?
A. The minimum age requirement is different for different accounts, and it is given below:
Q. Is the personal accident insurance cover applicable in other countries?
A. The personal accident insurance covers you worldwide.
Q. What are the documents required for opening a Maybank savings account?
A. The list of documents are given below:
Permanent Residents or citizens of Singapore:
For a Youngstarz Savings Account, you will need to submit a copy of your child’s birth certificate.
Q. Can I apply for more than one savings account with Maybank?
A. Yes. You can apply for more than one savings account with Maybank. However, you only apply for one SaveUp Account.