Maybank iSAVvy Savings Account is an online account that helps you save and earn money at the same time. It offers you a high rate of interest, which is computed on a daily basis. As it is an online account, you can access it at any time that is convenient for you.
Features and Benefits of Maybank iSAVvy Savings Account:
Insurance Coverage – Maybank iSAVvy Savings Account offers free travel insurance coverage to customers who have a balance of S$200,000 and more. Customers with a total balance of S$100,000 and more can avail free insurance coverage, which includes:
- Up to S$250,000 worth personal accident insurance coverage.
- Accidental Medical Reimbursement worth S$500 for each accident.
- Daily Cash Benefit worth S$50 a day for Hospital Admission caused because of an accident.
- Sub-Accounts – Customers are allowed to create sub-accounts that help them achieve their goals.
- Cash Withdrawal – Account holders can easily withdraw cash from their iSAVvy Savings Accounts using their ATM cards or Platinum Debit Cards issued by Maybank. In Singapore, they can withdraw money from ATMs using the atm5 – Shared ATM Network. In Cambodia, Brunei, Indonesia, Philippines and Malaysia, they can withdraw local currency from Maybank ATMs.
- Payment – You can pay for your purchases easily via NETS at any selected merchant stores using your Maybank Card that is linked to your iSAVvy Savings Account. Using this account, you can also pay your bills at any AXS Stations that is located in Singapore.
- Direct Crediting Service (DCS) – Account holders can use the Direct Crediting Service (DCS) for free, which allows them to credit their Cash Distributions or Dividends directly in their bank accounts.
The Interest Rate of Maybank iSAVvy Savings Account is calculated on a daily basis and is credited to the accounts on a monthly basis. Apart from the normal interest rate, the bank offers:
- An additional 6% interest-on-interest to account holders who maintain an average daily balance of S$5,000 and more, but less than S$100,000.
- An additional 18% interest-on-interest to account holders who maintain an average daily balance of S$100,000 and more, but less than S$200,000.
- Citizens and Permanent Residents of Singapore are eligible to apply for Maybank iSAVvy Savings Account.
- Foreigners are also eligible to apply for this account.
- Applicants have to be at least 16 years old to apply for this account.
- The minimum initial deposit of the applicants should be S$500.
- Singapore citizens and Permanent Residents have to submit their NRIC.
- Foreigners have to submit the following documents:
- Employment Pass and Passport.
- Original copy of the recent bank statement, telecommunication or utility bill, which has the residential address mentioned on it.
Fees and Charges:
|Monthly Service Fee||S$2 (it is waived if the average daily balance is a minimum of S$500)|
|Fee for Early Account Closure||S$30 (to be paid if the account is closed within a period of 6 months from the date of opening)|
|Transfer of funds from another account||S$5|
|Funds transfer to another account||S$15|
|Funds transfer from Maybank Time Deposits||Free|
|Cashier’s Order that has been issued to an Account Holder||S$10|
|Cashier’s Order that has been issued to a Non-Account Holder||S$15|
|Cancellation/Lost CO/Stop Payment||S$25|
|Ad-Hoc Statement Request||S$30 each month|
|Early Account Closure (which means account is closed within a period of 6 months)|
|Transfer of funds to another account||S$30|
|Cashier’s Order that has been issued to an Account Holder||S$30|
|Cashier’s Order that has been issued to a Non-Account Holder||S$40|
|Cash Withdrawal using ATM||Free|
|Cash Deposit using CDM||Free|
|Transfer of Funds||Free|
|RegionLink – Cross Border ATM Service|
|Cash withdrawn abroad using Maybank ATM (from a Maybank iSAVvy Savings Account opened in Singapore)||Free|
Disclaimer - The fees/charges/interest rates may change at the bank’s discretion.
How to Apply?
Singapore citizens and Permanent Residents can apply for a Maybank iSAVvy Savings Account online on the website of Maybank using their SingPass. To apply, they have to:
- Open the website of Maybank Singapore.
- Click on ‘Deposits and Banking’ under the ‘Personal’ Banking section.
- Locate the ‘Savings Accounts’ section and click on ‘iSAVvy Savings Account’.
- Once you are directed to the next page, click on ‘Apply with your SingPass now’.
- A new window will open where you can fill and submit the application form.
Foreigners can apply for Maybank iSAVvy Savings Account at any branch of the bank.