17 Apr 2020
Do you think it is worth it to just go for the plus account or does it not make a huge difference? What are the pros and cons of both?
Maybank iSAVvy and iSAVvy Plus certainly have different max effective interest rates, as listed by the previous commenter (max EIR of 0.50% p.a. achieved at S$200k+ balance with iSAVvy, max of 1.94% p.a. achieved at S$50k with iSAVvy Plus). However, actual value-to-consumer varies by your saving behaviour.
Maybank iSAVvy Account offers a +0.02%–0.07% p.a. boost (applied to their entire balance) as long as you maintain a balance of S$5k–S$200k across 6 months. Essentially, maintaining an account of S$5k without making withdrawals guarantees you a boost–though your ultimate interest rate will still be relatively low.
Maybank iSAVvy Plus seems much more competitive because of it's potential max EIR, but it's actually slightly _less _competitive if you're an inconsistent saver. You'll earn at the same base rate as with MB iSAVvy, but the +1.56% p.a. boost only applies if you make deposits every month for 6 months, without making any withdrawals. If you do not do both of these things for the entire 6 month period, you lose out on your boost completely–therein earning less than you would with MB iSAVvy.
It's also worth mentioning that while +1.56% p.a. seems like a big bonus, it's only applied to your incremental increase from one month to the next. As a result, MB iSAVvy Plus is best suited to very consistent savers who don't need access to their funds over an extended period, and who can make fairly large deposits on a month to month basis (therein making the most of the bonus boost).
That being said, Maybank iSAVvy Plus is certainly competitive for those who fall into this category.
If you're interested in learning more, here's a guide covering most savings accounts in Singapore, plus a review of Maybank iSAVvy Plus:
Hope this helps!
Base interest: up to 0.5% (achievable: 0.30%)
6% interest-on-interest for min. daily average balance of $5,000. (6% of 0.30% is 0.018%)
Savings Plus Account:
Base interest: 0.38%
Bonus interest: 1.56% if increase in the average daily balance (for 6 months)
You can tell which is more worth.
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Maybank iSAVvy Savings Plus Account
Up to 1.56% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
Maybank iSAVvy Savings Account
Standard Chartered JumpStart Account