Features of Maybank iSAVvy Savings Account
- A Competitive high base interest rate of 0.1875%-0.35% p.a. will be offered according to your account balance
- Interest-on-interest feature allows account holders to enjoy rates from 6% - 18% extra. (NOTE: This interest-on-interest feature is temporarily unavailable as of January 2021)
- Low minimum initial deposit of S$500, which is also the minimum average daily balance at S$500
- Easily check the status of your account online or on mobile
- No need for a passbook as all transaction history can be found online
How to Get the Highest Interest Rates for Maybank iSAVvy Savings Account?
NOTE: This interest-on-interest feature is temporarily unavailable as of January 2021
- On top of the base interest rate, iSAVvy credits extra interest to your savings account every 6 months. However, to be eligible, for additional interest, account holders need to hit a minimum daily balance for a sustained period of time.
- Maintaining a minimum daily balance of at least S$5,000 over a 6 months period (starting from the second month of account opening) will allow account holders to enjoy 6% interest-on-interest rate.
- Maintaining a minimum daily balance of S$100,000 a 6 months period (starting from the second month of account opening) will allow account holders to enjoy 6% interest-on-interest rate.
Is iSAVvy the Best Savings Account for You in 2021?
Despite removing their interest-on-interest feature, the Maybank iSAVvy Savings Account is still pretty attractive as it offers relatively high base interest rates, although it is not the highest offered. It is ideal for people who want an easy fuss-free savings account without additional criteria, and have a large account balance.
Want to know how Maybank iSAVvy compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.
Terms and Fees for iSAVvy Savings Account
- Minimum Initial Deposit: S$500
- Monthly service fee: S$2 (waived with a minimum average daily balance of S$500)
- Early account closure fee: S$30 if the account is closed within 6 months of opening
- Maintaining a $0 balance in the iSAVvy account for 30 days will result in an automatic account closure
Eligibility: Who Can Apply for Maybank iSAVvy?
- Minimum age: 16 years old and above
- Citizenship Status
Singaporeans and PR
Foreigners with their respective employment passes
How to Apply for Maybank iSAVvy Savings Account?
With the necessary documents like Passport, NRIC, and Proof of Mailing Address, you can apply Online on Maybank's website (via Myinfo or without) or Visit Maybank branches.
- If you're applying via MyInfo, have your SingPass ID, password, and image of your signature ready. If you're applying without MyInfo, have a scanned colour copy of your NRIC, Proof of mailing and image of your signature prepared.
- You will receive an email with your new account number in a password protected PDF file upon submission of the application*
- A password will be sent via SMS to the mobile number indicated on the application form to open the PDF file
- If you are not an existing Maybank Online Banking Customer, you will receive: Online Banking Access ID in the PDF file, and Another SMS which contains your PIN to sign-up or perform a First Time Login to Online Banking
- SMS notification will be sent once your new account is activated successfully.
- For those activating an account without MyInfo, you will need to make a FAST transfer of at least S$500 from your account with another bank (in the same name) to activate the new account.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.