Maybank SaveUp Account Reviews and Comparison - Seedly
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Maybank SaveUp Account

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  • Reviews (7)
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Maybank SaveUp Account

Up to 3% p.a.
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE

    Maybank SaveUp Account

    Up to 3% p.a.
    INTEREST RATES
    $500
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE

Details

Maybank SaveUp Savings Account Review 2020

SaveUp is a Savings Account offered by Maybank Singapore that is suitable for most average consumers. It has a rather broad range of base interest rates from 0.1875% - 0.3125%p.a., depending on your account balance. With any balance above S$50,000, you stand to earn the highest base interest rate of 0.3125% which is an impressive amount, 6 times higher than the market rate. The highest possible interest rate you can enjoy is up to 3.00% p.a. when you tier the bonus rates on top of the base. To obtain the bonus interest rates, simply complete 1 or more of these Maybank services:

  1. Giro Payment or Salary Crediting
  2. Card Spend
  3. Investing (Structured Deposits or Unit Trusts
  4. Insurance
  5. Borrowing (Home Loans, Car Loans, Renovation Loans, Education Loans)

Engaging in 1 of Maybank's Product or Service helps you earn a bonus of 0.30% p.a.

Engaging in 2 of Maybank's Product or Service helps you earn a bonus of 0.80% p.a.

Engaging in 3 of Maybank's Product or Service helps you earn a bonus of 2.75% p.a.

Read More about Maybank SaveUp Account
Reviews (7)

3.9

7 Reviews

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  • Updated on 04 May 2020

    Purchased

    Maybank SaveUp Account

    [updated on May 2020] We used to use Maybank SaveUp for their high interest, however this no longer holds true after interest rate adjustments. We are no longer using Maybank as our Savings/Transaction accounts nor credit card. I would only consider using Maybank again if their interest rates are upgraded to be competitive with other banks. [written on Jan 2018] same here! We use Maybank SaveUp for their 3% interest - very competitive rate + $50k insurance! We also use it for savings and not so much for transactions, so I'm ok with the user interface & lack of ATMs. Plus, their Maybank Platinum Visa Card has no annual fee, provided there is at least 1 transaction every quarter, and gives 3.33% cashback on almost any category of $300 spending - fuss-free! Agree that Maybank Saveup is really underrated, in fact, I had moved over from OCBC 360 to Maybank Saveup. For the same criteria Salary , Spending & GIRO: from 1.85% to 3% - straightforward decision ;) For daily transactions we use UOB One (3.33%). We get good interest with this combi :)
    0 comments
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  • Updated on 21 Jan 2020

    Purchased

    Maybank SaveUp Account

    For most people, the Maybank SaveUp account is attractive *only* if you plan to take up a new loan from Maybank. Even then, the highest bonus interest tier will only be awarded for the first 12 months. [What I like] • Effective interest rate of 3% p.a. at the highest bonus tier • Bonus interest based on number of qualifying products and not savings balance • No mandatory requirements for bonus interest [What I don't like] • Highest tier of bonus interest is only awarded for 12 months • Requirements for investment and insurance categories don't make sense -------------------------- DETAILED REVIEW The Maybank SaveUp account is Maybank’s version of a high-interest rate savings account. In terms of construct, it most closely resembles the DBS Multiplier account - the more you bank with Maybank across different product categories, the more bonus interest you earn. Bonus interest is awarded with just one qualifying product category, which can easily be achieved. But to get an attractive interest rate, you’ll need to meet the criteria for three categories (out of a total of five). Meeting this third category is not as easy, which puts the Maybank SaveUp account out of consideration for most people. [Who this account is for] If you are planning to take up either a home loan or car loan from Maybank, the Maybank SaveUp account allows you to earn slightly higher interest at a rate of 3% p.a. on your savings, compared to 2.0-2.5% at most other banks with a similar set of conditions. [Who this account isn't for] Without a loan from Maybank, the bonus interest that most people can expect to earn falls to just 1.1% p.a.. Technically, there are other categories that you can look at - namely, Investment and Insurance - but the steep criteria for them effectively puts them out of reach for most people. If you are not looking for a loan, you should consider other banks. [Why I like this account] The entry level conditions for earning bonus interest are easy to meet. You only need to credit your salary or spend $300 on GIRO transactions each month, and spend another $500 on an eligible Maybank credit card to meet the requirements for en effective interest rate of 1.4% p.a. The usual exclusions on what constitutes eligible credit card spend apply - i.e. as with all other banks, AXS payments and Grab Pay top-ups won’t count. Also, not everyone will like the credit card minimum spend requirement. But overall the basic requirements are no more onerous that the requirements of other banks. If you are planning to take up a home or car loan with Maybank, then opening up a SaveUp account becomes a no-brainer. Based on the details listed on Maybank’s website, this needs to be a new loan with the bank, so it appears that existing loan holders are unfortunately out of luck. [Flaws and possible dealbreakers] The biggest flaw is that bonus interest for taking up a loan with Maybank is only awarded for the first 12 months, even if the actual loan repayment period is longer than that (which it likely will be). Unless Maybank changes the programme’s rules, this means that you should only plan to open a SaveUp account for up to 12 months. There are other categories besides Loans that you could look at, but the steep requirements for the Investment ($30k in structured deposits or $25k in cash investments) and Insurance ($5k in annual premiums) categories effectively put them out of reach for most people.
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  • Updated on 24 Mar 2019
    I applied in late Feb, so I probably got the worst of their changing T&Cs. At first I was upset and decided to switch all my money out (it was a principles thing; I felt cheated after going the extra mile to get GIRO/salary crediting done, etc). Here's where it gets bad: When I tried to use their app to transfer my money out, I realised you can't add payees via your phone? So I used Safari and.. for some reason, the OTP would not work out. Sure. So I went down to the bank, and tapped the "Transfer to other bank" option, only to get an error message. Their branch officer reassured me that this was poor UX because even DBS wouldn't allow that, at which point I was distracted by why they would even put a button that doesn't work in their ATM.. but.. friends... pls remember that you can actually make inter bank transfers via the ATM. All in all the worst experience ever. I haven't listed all the sordid details of their crappy app experience (inaccurate use of language and poor use of colour, resulting in a lot of efficiency and confusion). I think it's a blessing in disguise that my telco rejected my GIRO application (wrong account number filled), and Maybank rejected my credit card application (it's okay guys, the card proposition is good, but I value sanity over miles).
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  • Updated on 10 Dec 2018
    This is especially good for if you prefer to earn miles from their credit card. I spend a minimum $500 monthly with Maybank Horizon Visa Signature Card and able to earn miles with 3% interest.
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  • Updated on 10 Jul 2018
    3% interest! Personally my account of choice over UOB ONE, DBS multiplier etc. Need to meet 3 out of 9 conditions. Just credit salary, $500 spend on credit card and $300 GIRO payment every month ( I use GIRO for IRAS and Utilities). Also possible to optimise further by combining with UOB ONE account for high spenders
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How does the Maybank SaveUp account work?

On top of the base interest rates, get bonus interest rates when you complete 1 or more of Maybank's products and services.

These products or services are:

  1. Giro Payment or Salary Crediting
  2. Card Spend
  3. Investing (Structured Deposits or Unit Trusts)
  4. Insurance
  5. Borrowing (Home Loans, Car Loans, Renovation Loans, Education Loans)

Engaging in 1 of Maybank's Product or Service helps you earn a bonus of 0.30% p.a.

Engaging in 2 of Maybank's Product or Service helps you earn a bonus of 0.80% p.a.

Engaging in 3 of Maybank's Product or Service helps you earn a bonus of 2.75% p.a.

Interest Rates for Maybank SaveUp Account

Balance Amount

Base Interest Rate

First S$3,000

0.1875% p.a.

Next S$47,000

0.2500% p.a.

Remaining balance above S$50,000

0.3125% p.a

Differing base interest rates will be credited depending on your account balance

Bonus Interest Rates for Maybank SaveUp

Criteria

Bonus Interest

Holds 1 Qualifying Product

0.30% p.a

Holds 2 Qualifying Product

0.80% p.a

Holds 3 or more Qualifying Products

2.75% p.a

How to maximise the interest rate for Maybank SaveUp Savings Account?

The base interest rate per annum for Maybank SaveUp savings account is 0.3125%

The bonus interest rate per annum for Maybank SaveUp savings account comes with a few criteria:

  • 0.30% p.a. bonus for consumers on 1 of the Maybank products
  • 0.80% p.a. bonus for consumers on 2 of the Maybank products
  • 2.75% p.a. bonus for consumers on 3 of the Maybank products

*Bonus interest only applies to the first S$60,000 in the bank balance.

Here are the minimum amount required for each of the eligible Maybank Product:

  • Minimum S$2,000 for salary crediting
  • Spend a minimum of S$500 for credit card
  • GIRO Payment of minimum S$300
  • Minimum S$10,000 new education loan
  • Minimum S$35,000 new hire purchase loan
  • Minimum S$200,000 new home loan
  • Spends a minimum of S$5,000 on annual premiums for Life Insurance
  • Minimum S$10,000 new renovation loan
  • Invests a minimum on S$30,000 annually or S$300 monthly on Unit Trust

Is Maybank SaveUp the best savings account for you in 2020?

Want to know how Maybank SaveUp compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020

Terms and fees for Maybank SaveUp Savings Account

  • Initial deposit: S$1,000 for foreigners and S$500 for Singaporeans and PRs
  • Minimum Average Daily Balance: S$500
  • Fall below fee: S$2
  • Early closure fee: S$30 if below 6 months

Eligibility: who can apply for Maybank SaveUp?

  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open an account: 18 years old
  • Be a SaveUp Account holder with a debit card linked to your SaveUp Account and
  • Be a Maybank Online Banking user

How to apply for Maybank SaveUp Programme?