Maybank iSAVvy Savings Account
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Summary
Maybank iSAVvy Savings Account Review 2021
iSAVvy is a savings account by Maybank that allows easy access to your funds via ATM or Maybank2u Online Banking. iSAVvy has one of the highest base interest rates starting from 0.1875% to 0.35%p.a., depending on your account balance. Only account balances above S$200,000 will get to enjoy the highest accruable rate of 0.35% p.a.
Maybank's iSAVvy Savings Account used to offer interest-on-interest that pays out every 6 months if you increase your average daily balance but they are temporarily halting this feature. Hence, as of Jan 2021, only the base prevailing interest rates will apply
Maybank iSAVvy Savings Account
Up to 1.90% p.a.
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
Maybank iSAVvy Savings Account
Up to 1.90% p.a.
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
4.0
1 Reviews
- 08 Jul 2020
Purchased
Maybank iSAVvy Savings Account
I have opened this Isavvy account since their initial launch in November 2005 at the branch. The account was mostly no-frills, earning higher deposit interest rates only if I keep my monthly deposit of over $5000 for at least 6 consecutive months period. It was not a problem to maintain this amount since there was no other bank earning similar such higher interest rates. Fund deposit is simple, I could do a fund transfer from other banks or a cash deposit using Maybank's ATM deposit machine by just keying in my account number, there was not a need to use an ATM card. However, withdrawal of cash using the ATM still needs a Maybank card. But, there was quite a few things that I do not like about this account. Firstly, there will be a fee charged if I were to use a physical branch's counter for any services, it could be to withdraw a cashier order/cash or deposit a large denominated cash note which was not accepted by the ATM deposit machine. Secondly, there was no monthly E-statement, either by email notification or available in ibanking. I have to self initiate to login to ibanking and view or download the account transactions in pdf or excel file. The viewable account transactions are only available for the past 90 days. Over 90 days, there was no way to view the transactions in ibanking. If I ever need to view those transactions, I would need to visit a physical branch to pay a fee for a copy of my past account transactions. Overall, I would still keep this account for higher deposit interest rates. And occasionally topping up this account when I have extra funds, as every 3 monthly, there would be a topup promotion earning bonus deposit interest rates.0
What are your thoughts?
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Interest Rates for Maybank iSAVvy Savings Account
Incremental Average Daily Balance (ADB) | Base Rates (p.a.) | Interest-on-Interest (paid every 6 months) | Total Effective Interest Rate (p.a.) |
|---|---|---|---|
Below S$5,000 | 0.1875% p.a. | - | 0.1875% p.a. |
S$5,000 to below S$50,000 | 0.25% p.a. | - | 0.2500% p.a. |
S$50,000 to below S$100,000 | 0.25% p.a. | - | 0.25% p.a. |
S$100,000 to below S$200,000 | 0.25% p.a. | - | 0.25% p.a. |
S$200,000 and above | 0.35% p.a. | - | 0.35% p.a. |
Rates available from 1 March - 30 April 2020
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.
Confused about Maybank's iSavvy vs iSaVvy Plus? Our Seedly Community answers them here.
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.
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