How to maximise the interest rate for Maybank iSAVvy Savings Plus Account?
Base interest rate(%) p.a. for iSAVvy Plus is as follows:
- 0.1875% p.a. for daily balance below S$5,000
- 0.30% p.a. for daily balance S$5,000 to below S$50,000
- 0.38% p.a. for daily balance above S$50,000
To be eligible for the bonus interest rate per annum for Maybank iSAVvy Savings account comes with one criterion:
- 1.56% p.a. bonus for every 6 months, on average daily balance of the account increasing every month during a 6-month period, starting from the 2nd month of account opening.
About Maybank iSAVvy Savings PLUS
- One of the highest base interest rates of 0.38% p.a.
- The highest possible bonus interest rate accruable is 1.56% p.a.
- Maximum possible Effective Interest Rate (EIR) of up to 1.94% p.a. (based on a S$50,000 balance)
- Unlike Maybank iSAVvy which compounds interest-on-interest, iSAVvy Plus compounds on the total incremental balance
- iSAVvy is more catered for people looking for a park and leave the money to grow kind of savings account
Is iSAVvy Savings Plus the Best Savings Account for You in 2020?
- Attractive base interest rates, higher than the usual 0.10% - 0.05% p.a.
- Straight-forward scheme, ideal for people who are looking to simply stash some money away, to let it grow
- Great for people who can increase their average daily balance, or stable saving habits
- Does not incentivise spending. Hence, if you are looking to spend or withdraw from this account, you might not be able to reap its full benefits
- Not ideal for people who cannot commit to 6 months of steady incremental savings
Want to know how Maybank iSAVvy Savings PLUS compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.
Terms and fees for Maybank iSAVvy Savings Plus Account
- Initial deposit: S$500 for Singaporeans and PRs
- Minimum Average Daily Balance: S$500
- Fall below fee: S$2 per month (waived with a minimum average daily balance of S$500)
- Early closure fee: S$30
Eligibility: who can apply for Maybank iSAVvy Savings Plus?
- Minimum age requirement: 16 years old
- Citizenship: Singaporeans and Permanent Residents, and Foreigners
How to apply for Maybank iSAVvy Savings Plus?