Maybank SaveUp Account
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3.8
8 reviews
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Summary
Maybank SaveUp Savings Account
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 depending on your account balance. The highest possible interest rate you can enjoy is up to a total of 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 Maybank services
Account Features & Details
1) Key Features
- Earn base interest rate of up to 0.25% p.a
- Earn up to 3.00% p.a on the first S$50,000 of your account with SaveUp Programme, and when you fulfil categories in spending, saving, investing, or borrowing with Maybank:
- 1 product or service: 0.10% p.a bonus interest
- 2 products or services: 0.70% p.a bonus interest
- 3 products or services: 2.75% p.a bonus interest - Choose from 9 qualifying products or services to earn bonus interest rates
2) Interest Rates
- Earn base interest rate of up to 0.25% p.a
- First S$3,000: 0.13% p.a
- Next S$47,000: 0.15% p.a
- Remaining balance above S$50,000: 0.20% p.a - Maximum interest rate: 3.00% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$500 (for Singaporeans) and S$1,000 (for Foreigners)
4) Fees
- Minimum average monthly balance: S$1,000
- Fall below fee: S$2 (if average daily balance falls below S$1,000; waived for customers below 25 years old)
- Early account closure: S$30 (if closed within 6 months of opening)
5) Application Process
How to apply?
- Apply online, via Maybank2u SG app, or in-person at any OCBC branch
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Summary
Maybank SaveUp Savings Account
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 depending on your account balance. The highest possible interest rate you can enjoy is up to a total of 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 Maybank services
Account Features & Details
1) Key Features
- Earn base interest rate of up to 0.25% p.a
- Earn up to 3.00% p.a on the first S$50,000 of your account with SaveUp Programme, and when you fulfil categories in spending, saving, investing, or borrowing with Maybank:
- 1 product or service: 0.10% p.a bonus interest
- 2 products or services: 0.70% p.a bonus interest
- 3 products or services: 2.75% p.a bonus interest - Choose from 9 qualifying products or services to earn bonus interest rates
2) Interest Rates
- Earn base interest rate of up to 0.25% p.a
- First S$3,000: 0.13% p.a
- Next S$47,000: 0.15% p.a
- Remaining balance above S$50,000: 0.20% p.a - Maximum interest rate: 3.00% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$500 (for Singaporeans) and S$1,000 (for Foreigners)
4) Fees
- Minimum average monthly balance: S$1,000
- Fall below fee: S$2 (if average daily balance falls below S$1,000; waived for customers below 25 years old)
- Early account closure: S$30 (if closed within 6 months of opening)
5) Application Process
How to apply?
- Apply online, via Maybank2u SG app, or in-person at any OCBC branch
Maybank SaveUp Account
Maybank SaveUp Account
Up to 3% p.a.
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
Reviews (8)
3.8
8 Reviews
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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.0
What are your thoughts?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 spenders0
What are your thoughts?18 Mar 2018
I have been using both OCBC 360 and SCB Bonus $saver but have switched from those to Maybank Saveup for several reasons: (1) the interest is attractive (up to 3%); (2) Maybank Platinum Visa card has no annual fee to deal it - big deal for me; (3) min. amount to be kept in the account is $1K versus $3K for the other 2; (4) no cheque book issued; (5) Debit mastercard & internet banking token is issued on the same day of account opening - that is so efficient! (6) i just need 1 giro transaction of at least $300 to hit one of the hurdles - this means i can leave the other giros for other hurdle savings account. So if you haven't consider Maybank Saveup do give it a serious look.0
What are your thoughts?24 Jan 2018
My husband and I applied maybank saveup joint account as we have applied housing loan through maybank, with his salary crdeit and $300 giro bills we can enjoy up to 3% interest. I'm very happy with it so far. This maybank account meant for saving so much transaction done, thus I'm ok with their internet banking design.0
What are your thoughts?Posted 07 Nov 2022
Purchased
Maybank SaveUp Account
Am a saveup customer since 2018.. Service was good but deteriorating.. Interest rate is not as good in considering with other banks.. But still better than uob..0
What are your thoughts?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
What are your thoughts?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.0
What are your thoughts?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).0
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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:
- at least S$300 monthly Giro Payment or S$2,000 Salary Crediting
- Card Spend
- Investing (Structured Deposits or Unit Trusts)
- Insurance
- 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 0.1875% to 0.3125%. To maximise your interest rates, it would be best to achieve the highest tier of base interest rates possible at 0.3125% which is only applicable for account balances above S$50,000.
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:
- Save: Minimum S$2,000 for salary crediting OR Monthly GIRO Payment of minimum S$300
- Spend: a minimum of S$500 for credit card monthly spend (On Maybank Platinum Visa Card or Horizon Visa Signature Card )
- Borrow: Minimum of S$10,000 new education loan, OR Minimum S$35,000 Car loan, OR Minimum S$200,000 new home loan, OR Minimum S$10,000 new renovation loan
- Insure: Spends a minimum of S$5,000 on annual premiums for Life Insurance
- Invests: a minimum on S$30,000 annually or S$300 monthly on Unit Trust
Want to know how Maybank SaveUp compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2021
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?
- Apply Online via Maybank SaveUp's website or Visit Maybank Branches
Contact us at [email protected] should you require any assistance or spot any inaccuracies.