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
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  • 3
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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
    Post
  • 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
    Post
  • 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
    Post
  • 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
    Post
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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.

Features of 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

Confused about Maybank's iSavvy vs iSaVvy Plus? Our Seedly Community answers them here.

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?