Maybank iSAVvy Savings Plus Account Reviews and Comparison - Seedly
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Maybank iSAVvy Savings Plus Account

  • Overview
  • Reviews (4)
  • Questions (0)
  • More Details

Maybank iSAVvy Savings Plus Account

Up to 1.56% p.a.
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE

    Maybank iSAVvy Savings Plus Account

    Up to 1.56% p.a.
    INTEREST RATES
    $500
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE

Details

Highest Interest Rates for Maybank iSAVvy Savings Plus Account

  • 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
  • To be eligible for the bonus interest rates, you have to:
    i. increase your average daily balance at each month-end for 6 months consecutively
    ii. the bonus rates would then be calculated based on the incremental balance
Read More about Maybank iSAVvy Savings Plus Account
Reviews (4)

4.8

4 Reviews

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    3
  • 4
    1
  • 3
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  • 2
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  • 1
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  • Updated on 07 Jul 2020

    Purchased

    Maybank iSAVvy Savings Plus Account

    Maybank offers one of the highest interest rates without having to "stack up" (i.e. OCBC 360, DBS Multiplier). I use this account to "park" my excess money, because it gives higher interest:)
    0 comments
    0
  • Updated on 08 Jun 2020

    Purchased

    Maybank iSAVvy Savings Plus Account

    [Fuss Free] [Application Process] [Interest] Application via online was a breeze and this is one of the best account in the market for interest yield
    0 comments
    1
  • Posted on 23 Dec 2019

    Purchased

    Maybank iSAVvy Savings Plus Account

    Highest interest rate you can get. However, you can only put the money for 2 months and then you have to transfer out.
    0 comments
    0
  • Posted on 19 Sep 2019
    Maybank I savvy account offers a higher interest rate p.a comparing to other banks. Worth it to use as a savings account where money accumulated are able to get higher interest.
    0 comments
    0
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Interest Rates for Maybank iSAVvy Savings PLUS

Average Daily Balance (ADB)

Base Rates

below S$5,000

0.1875% p.a.

Daily balance of S$5,000 to below S$50,000

0.30% p.a.

Daily balance of S$50,000 and above

0.38% p.a.

Bonus Interest every 6 months (assuming all criteria are met)

1.56% p.a.

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?

Pros:

  • 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

Cons:

  • 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?