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 the 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?
- 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?
Apply Online via Maybank's website or Visit Maybank branches.
- 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
- An 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.