• Maybank Savings Account

    To make it easy and convenient for people to save money, Maybank offers different types of Savings Accounts. These accounts are designed keeping in mind the requirements of the customers and to provide them with maximum benefits.

    Types of Savings Account offered by Maybank

    • Maybank Savings Account.
    • Maybank iSAVvy Savings Account.
    • Maybank iSAVvy Savings Plus Account.
    • Maybank Privilege Plus Savings Account.
    • Maybank SaveUp Account.
    • Maybank Youngstarz Savings Account.

    Features of Maybank Savings Account

    Maybank Savings Account offers tiered rates of interest that allows people to earn money on the amount they save.

    • It helps customers in tracking their account history using their passbook.
    • Anyone who is a minimum of 16 years old can open this account.
    • To open this account Singaporeans, Societies and clubs are required to make a minimum initial deposit of S$500 and foreigners are required to make a minimum initial deposit of S$1,000.
    • The rate of interest offered by this account is calculated on a daily basis and credited on a monthly basis.

    Maybank iSAVvy Savings Account

    Maybank iSAVvy Savings Account is an online savings account that offers a very good rate of interest.

    • This account allows you to create sub-accounts that help you achieve your savings related goals.
    • If you maintain a certain balance in your iSAVvy Savings Account, the bank will provide you with free insurance coverage.
    • This account offers additional 6% interest-on-interest to account holders who have an average daily balance worth a minimum of S$5,000 and less than S$100,000.
    • This account offers additional 18% interest-on-interest to account holders who have an average daily balance worth a minimum of S$100,000 and less than S$200,000.

    Maybank iSAVvy Savings Plus Account

    Apart from offering an attractive rate of interest, Maybank iSAVvy Savings Plus Account offers a bonus interest worth 1.56% p.a. to all the account holders on every extra dollar they save.

    • This account can be accessed 24/7 through Online banking, Phone Banking, ATMs, etc.
    • Free insurance coverage is offered to account holders who maintain a certain balance in their iSAVvy Savings Plus Account.
    • This account allows customers to pay for their shares and receive the proceeds directly in the account.
    • The interest rate of this account is calculated on a daily basis and credited on a monthly basis.

    Maybank Privilege Plus Savings Account

    Maybank Privilege Plus Savings Account offers attractive interest rates to the privileged customers of the bank. This account also protects the customers by providing them with a complimentary personal accident insurance coverage.

    • This account also offers AMR (Accidental Medical Reimbursement Benefit and APD (Accidental Permanent Disablement Benefit) to the account holders.
    • You can link your Maybank Card to this account and make payments for your purchases via NETS at selected merchant outlets.
    • Anyone who is at least 50 years old can open this account.
    • To open this account, customers need to make a minimum initial deposit of S$500. Foreigners have to make a minimum initial deposit of S$1,000.

    Maybank SaveUp Account

    Maybank SaveUp Account offers a high rate of interest and it does not require customers to visit the bank to update their passbook, instead statements are sent to them one in a period of 2 months.

    • You can earn an interest of up to 3% p.a. through the SaveUp Programme.
    • When you GIRO your IT (Income Tax) through this savings account, you can earn cash rewards.
    • This account can be opened by anyone who is at least 16 years old.
    • Customers can easily withdraw money from this account using their ATM Card or Maybank Platinum Debit Card.

    Maybank Youngstarz Savings Account

    Maybank Youngstarz Savings Account is a junior savings account that help you fulfil the dreams of your children.

    • This account provides complimentary personal accident insurance and Hand, Foot and Mouth Disease Insurance coverages.
    • This account offers a high rate of interest.
    • This account offers exclusive privileges during the birthday month of the account holder.
    • This account can be opened as a trust account for anyone who is less than 16 years old.

    Applying for Maybank Savings Accounts

    It is very easy to apply for a Savings Account with Maybank. Customers have to first select the type of account they wish to open.

    If they select Maybank Privilege Plus Savings Account, Maybank Savings Account or Maybank Youngstarz Savings Account, they have to simply make an appointment with the bank branch they prefer. They can do so online on the website of Maybank.

    If they select Maybank iSAVvy Savings Account or Maybank SaveUp Account, they can apply on the website of the bank using their SingPass.

    If they choose Maybank iSAVvy Savings Plus Account, they have to open the bank’s website, go to the ‘Savings Accounts’ Section present under ‘Deposits and Banking’ and select ‘iSAVvy Savings Plus Account’. Once the page opens, read up the information and click on the ‘Apply Now’ button.

    Maybank Savings Account Interest Rates

    Account Name Min Interest Rates Max Interest Rates Min Deposit Amount Max Deposit Amount
    SaveUp Account 0.1875% p.a. 0.3125% p.a. Singaporeans and PR: S$500 Foreigners: S$1,000 Unlimited
    iSAVvy Savings Account 0.1875% p.a. 0.45% p.a. S$500 Unlimited
    iSAVvy Savings Plus Account 0.1875% p.a. 0.38% p.a. S$500 Unlimited
    Youngstarz Savings Account 0.1875% p.a. 0.375% p.a. S$10 Unlimited
    Passbook Savings Account - - Singaporeans and PR: S$500 Foreigners: S$1,000 Foreigners with Work Permit: S$0 Unlimited
    Privilege Plus Savings Account 0.4375% p.a. 0.5% p.a. Singaporeans and PR: S$500 Foreigners: S$1,000 Unlimited

    Note: The values and rates mentioned in the table are subject to change without notice and as per Maybank’s discretion.

    Eligibility and Documents Required

    SaveUp Account

    • Eligible age: At least 16 years.
    • Initial minimum deposit for Singaporeans, Permanent Residents and foreigners: S$1,000.
    • Monthly minimum Average Daily Balance: S$1,000.
    • Documents required for online submission: Singaporeans and Permanent Residents need to submit the NRIC along with a document that reflects your address like bank statements, utility or Telco bill.
    • Documents required for offline submission: Singaporeans and Permanent Residents need to submit the NRIC. Foreigners need to submit a copy of the passport, employment pass and proof of your mailing address like the

    Maybank iSAVvy Savings Account

    • Eligible age: At least 16 years.
    • Initial minimum deposit for Singaporeans, Permanent Residents and foreigners: S$500.
    • Documents required for Singaporeans and Permanent Residents: If you are submitting at any branch of the bank you need to submit a copy of the NRIC. For online submission it requires a copy of the NRIC, a proof of your mailing address and an image of your signature.
    • Documents required for foreigners: You will have to visit any branch of the bank to submit a copy of your passport, employment pass and proof of your mailing address.

    Maybank iSAVvy Savings Plus Account

    • Eligible age: At least 16 years.
    • Initial minimum deposit: S$500.
    • Document requirement for Singaporeans as well as Permanent Residents: For offline application, you need to submit a copy of the NRIC. If applying online, you would need to upload an image of your signature, a copy of the NRIC and a proof of your mailing address.
    • Documents required for foreigners: Foreigners cannot apply online and will have to submit a copy of your valid employment pass, passport and proof of your mailing address.

    Youngstarz Account

    • Eligible age: Children below 16 years, with parents/legal guardians above the age of 16.
    • Initial minimum deposit: S$10.
    • Documents for Singapore Citizens/Permanent Residents: You will need to submit a copy of your child’s Birth Certificate along with your NRIC.
    • Documents for foreigners: You need to submit a copy of your child’s Birth Certificate along with your valid passport employment pass and address proof.

    Passbook Savings Account

    • Eligible age: At least 16 years.
    • Initial minimum deposit for Singapore Citizens/Permanent Residents: S$500.
    • Initial minimum deposit for foreigners: S$1,000.
    • Initial minimum deposit for foreigners with work permit: S$0.
    • This account can be created by Clubs and Societies too.
    • Documents for Singapore Citizens/Permanent Residents: You need to submit a copy of your NRIC.
    • Documents for foreigners: Foreigners must submit copies of a valid passport, address proof like Telco/bank statement/Utility along with the employment pass.
    • Documents for foreigners with Work Permit: Your salary should be through Maybank. You must also provide a copy of the employment pass, passport and address proof, with the same name as on your other documents.

    Privilege Plus Savings Account

    • Eligible age: At least 50 years.
    • Initial minimum deposit for Singapore Citizens/Permanent Residents: S$500.
    • Initial minimum deposit for foreigners: S$1,000.
    • Documents for Singapore Citizens/Permanent Residents: You must submit a copy of the NRIC.
    • Documents for foreigners: Foreigners must submit copies of a valid passport, address proof like Telco/bank statement/Utility along with the employment pass.
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