With Maybank iSAVvy Savings Plus Account, customers can earn a high rate of interest plus an additional interest of 1.56% p.a. as bonus on each additional dollar that they save.
Features and Benefits of Maybank iSAVvy Savings Plus Account:
- Using the Maybank iSAVvy Savings Plus Account, you can initiate up to 15 sub-accounts via Maybank Online Banking Service. These sub-accounts will help you in achieving your savings related goals.
- This account offers free travel insurance coverage to account holders who have a balance of S$200,000 and more. Customers who have a total balance of S$100,000 and more in their account will get free insurance coverage, which includes:
- Daily Cash Benefit worth S$50 per day for Hospital Admission caused due to an accident.
- Up to S$250,000 worth personal accident insurance coverage.
- Accidental Medical Reimbursement worth S$500 for each accident.
- Account holders can easily withdraw cash using their Maybank Platinum Debit Card or their ATM Cards.
- You can use the Maybank Card that you have linked your iSAVvy Savings Plus Account to make payment for your purchases via NETS at participating stores.
- Use iSAVvy Savings Plus Account to pay for shares. The share proceeds will be credited directly to the account.
- You can transfer funds from other accounts to your iSAVvy Savings Plus Account to increase your savings and to avail the bonus interest rate.
- The interest rate is computed daily and is credited on a monthly basis.
- You can earn a bonus interest rate of 1.56%, if there is an increase in your average daily balance.
- If your daily balance is less than S$5,000, the base interest rate will be 0.1875% p.a. If your daily balance is S$5,000 to less than S$50,000, the base interest rate will be 0.30% p.a. If your daily balance is S$50,000 and more, the base interest rate will be 0.38% p.a.
Maybank iSAVvy Savings Plus Account Interest Calculator:
You can calculate the interest rate on the website of Maybank using the iSAVvy Savings Plus Account Interest Calculator. On the calculator you have to mention your opening balance, top-up amount per month and the date on which the account was opened. Click on ‘Calculate’ to get the following details:
- Base interest.
- Bonus interest on Top-Up Amount.
- Total Interest.
Requirements for Funds Transfer from Other Accounts:
- Access to the Internet Banking service of the other accounts.
- Add your Maybank iSAVvy Savings Plus Account as a payee via the one-time registration process. The bank code is 7302.
- Transfer the funds to your iSAVvy Savings Plus Account or initiate recurring transfer, which will transfer funds automatically on the schedule you have selected.
- Applicants have to be 16 years old or more to apply for a Maybank iSAVvy Savings Plus Account.
- Singapore Permanent Residents, Singapore citizens and foreigners are eligible to apply for this account.
- Applicants have to make a minimum initial deposit worth S$500 to open the account.
- Singapore Citizens and Permanent Residents have to submit a copy of their NRIC.
- Original bank statement. It should not be more than 3 months old and it should be issued by a bank that is operating from Singapore.
- Foreigners have to submit the following documents:
- Employment Pass.
- Original copy of the recent telecommunication bill, utility bill or bank statement that has the residential address mentioned on it.
Fees and Charges:
|Fees and Charges||Amount|
|Early Account Closure (It has to be paid, if the account holder closes his/her account within 6 months, starting from the opening date)||S$30|
|Monthly Service Fee (It will be waived only if the average daily balance is at least S$500)||S$2|
|Transfer of funds from other accounts||S$5|
|Funds transfer from Maybank Time Deposits||Free|
|Funds transfer to other accounts||S$15|
|Cashier’s Order, which is issued to an Account Holder||S$10|
|Lost CO/Cancellation/Stop Payment||S$25|
|Cashier’s Order, which is issued to a Non-Account Holder||S$15|
|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 other accounts||S$30|
|Cashier’s Order, which is issued to an Account Holder||S$30|
|Cashier’s Order, which is 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 via Maybank ATM (from a Maybank iSAVvy Savings Plus Account that has been opened in Singapore)||Free|
Disclaimer – The rates/fees and charges can change at the discretion of the bank.
How to Apply?
It is easy for apply for a Maybank iSAVvy Savings Plus Account. To apply, you have to visit the website of Maybank. On the home page click on ‘Deposits and Banking’ present under the ‘Personal’ tab of the menu bar. Click on ‘iSAVvy Savings Plus Account’, which is mentioned under the ‘Savings Accounts’ section. On the next page, click on ‘Apply Now’. On clicking, a new window will open, which will ask you what type of account you wish to open. Select and click on ‘Next’. Fill and submit the application form.