If you’re looking for a savings account that offers higher interest rates and additional perks, Maybank Privilege Plus Savings Account in Singapore might be the right choice for you. With a minimum balance of S$1,000, you can earn up to 0.5% p.a. interest rate, which is competitive compared to other savings accounts.
One of the key features of Maybank Privilege Plus Savings Account is the free personal accident insurance coverage of up to S$50,000. Account holders aged 50 and above can enjoy higher interest rates of up to 0.6875% p.a. Additionally, you can access your account anytime and anywhere with Maybank’s online and mobile banking services.
To open a Maybank Privilege Plus Savings Account, you need to be at least 18 years old and have a valid Singaporean or Permanent Resident identification card. You can apply for the account online, at a Maybank branch, or through Maybank’s mobile app. Once your account is approved, you can start depositing funds and earning interest right away.
Key Takeaways
- Maybank Privilege Plus Savings Account offers competitive interest rates and free personal accident insurance coverage.
- Account holders aged 50 and above can enjoy higher interest rates of up to 0.6875% p.a.
- You can apply for the account online, at a Maybank branch, or through Maybank’s mobile app.
Key Features of Maybank Privilege Plus Savings Account
If you’re looking for a savings account that offers competitive interest rates and insurance coverage benefits, the Maybank Privilege Plus Savings Account may be the perfect fit for you. Here are some key features you should know about:
Competitive Interest Rates
Maybank Privilege Plus Savings Account offers attractive interest rates on your savings. The interest rate is tiered, so the more you save, the higher the interest rate you’ll earn. The interest rates are as follows:
- First S$3,000: 0.4375% p.a.
- Next S$47,000: 0.4375% p.a.
- Remaining amount above S$50,000: 0.5% p.a.
Insurance Coverage Benefits
As a Maybank Privilege Plus Savings Account holder, you’ll also enjoy free personal accident insurance coverage, accidental medical reimbursement benefit, and permanent disablement benefits. The insurance coverage benefits are as follows:
- Complimentary Personal Accident Insurance
- Accidental Medical Reimbursement
- Permanent Disablement Benefits
To qualify for the insurance coverage benefits, you need to maintain a minimum balance of $30,000 in your account.
Overall, the Maybank Privilege Plus Savings Account is an excellent choice if you’re looking for a savings account that offers competitive interest rates and insurance coverage benefits. With attractive interest rates and free insurance coverage, you can be sure that your savings are in good hands.
Account Eligibility and Opening Procedures
If you’re looking for a savings account that offers reasonable rates and convenient online banking services, Maybank Privilege Plus Savings Account could be the right choice for you. To help you get started, we’ve put together a guide to the account eligibility and opening procedures.
Eligibility Criteria
To open a Maybank Privilege Plus Savings Account, you need to meet certain eligibility criteria. The account is available to Singapore citizens, permanent residents, and foreigners who are at least 50 years old. Singapore citizens and permanent residents can apply for the account via MyInfo, while foreigners must apply at a branch and provide a valid passport and other documents such as an Employment Pass (EP), S-Pass, or Student Pass.
Required Documents
To open a Maybank Privilege Plus Savings Account, you’ll need to provide the following documents:
- Singapore Citizens or Permanent Residents: NRIC or passport (if you’re using MyInfo, you won’t need to provide any additional documents)
- Foreigners: Passport and valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass)
Once you have all the required documents, you can apply for the account online or at a Maybank branch. If you’re applying online, you’ll need to provide your personal and contact details, as well as information about your employment and income. You’ll also need to make an initial deposit of at least $1,000.
Overall, opening a Maybank Privilege Plus Savings Account is a straightforward process that can be completed online or at a branch. With its reasonable rates and convenient online banking services, this account could be a good choice for those looking to grow their savings with ease.
Balancing Your Savings
When it comes to savings, it is important to find the right balance between maintaining a minimum balance and maximising your account balance. With Maybank Privilege Plus Savings Account, you can enjoy attractive interest rates and exclusive privileges while keeping your savings in check.
Maintaining Minimum Balance
To enjoy the full benefits of Maybank Privilege Plus Savings Account, you need to maintain a minimum balance of S$50,000. While this may seem like a large amount, it is important to remember that the interest rates offered by this account are more favourable than other savings accounts in Singapore.
If you are unable to maintain the minimum balance, you may still enjoy reasonable rates with the Maybank SaveUp Account. This account allows you to earn up to 3% p.a. interest on your savings, with no minimum balance required.
Maximising Account Balance
To maximise your account balance, consider depositing more funds into your Maybank Privilege Plus Savings Account. With a maximum interest rate of 0.5% p.a., you can earn more on your savings compared to other savings accounts.
Another way to maximise your account balance is by taking advantage of the Maybank Passion Plus Programme. This programme offers exclusive privileges and rewards, including complimentary Personal Accident Insurance, Accidental Medical Reimbursement and Permanent Disablement Benefits. Additionally, you can withdraw cash with no admin fee at all Maybank ATMs and atm 5 network in Singapore.
In conclusion, finding the right balance between maintaining a minimum balance and maximising your account balance is important for your savings. With Maybank Privilege Plus Savings Account, you can enjoy attractive interest rates and exclusive privileges while keeping your savings in check.
Additional Perks and Services
Maybank’s Privilege Plus Savings Account offers more than just attractive interest rates. Here are some additional perks and services that come with the account:
Structured Deposits
Maybank offers structured deposits that allow you to invest your money in a variety of ways. You can choose from a range of different investment options, each with its own level of risk and potential return. These structured deposits are a great way to diversify your portfolio and potentially earn higher returns than traditional savings accounts.
Wealth Management Opportunities
Maybank’s Privilege Plus Savings Account also offers wealth management opportunities. This includes access to a team of experienced financial advisors who can help you make informed investment decisions. Whether you’re looking to invest in stocks, bonds, or other assets, Maybank’s wealth management team can help you create a personalized investment plan that aligns with your financial goals.
In addition to these services, Maybank also offers a range of other investment products, including mutual funds, exchange-traded funds (ETFs), and more. With so many options available, you can find the investment products that are right for you and your financial situation.
Overall, Maybank’s Privilege Plus Savings Account offers a range of benefits beyond just attractive interest rates. Whether you’re looking to diversify your portfolio, invest in new opportunities, or work with a team of experienced financial advisors, Maybank has the tools and resources you need to achieve your financial goals.
Current Promotions and Events
Are you looking for a savings account that offers attractive interest rates and other benefits? Maybank’s Privilege Plus Savings Account might be the one for you. In addition to the base interest rate of 0.4375% p.a., you can earn up to 0.5% p.a. with a minimum balance of S$1,000.
Advertising Campaigns
Maybank has recently launched an advertising campaign to promote its Privilege Plus Savings Account. The campaign highlights the account’s features and benefits, such as attractive interest rates and free personal accident insurance coverage. You might have seen these ads on print and digital media platforms.
Partnership Programmes
Maybank has partnered with various industry leaders to offer its customers more benefits. For example, Maybank’s Privilege Plus Savings Account is part of the Maybank Passion Plus Programme, which offers discounts and privileges at selected merchants. Additionally, Maybank has partnered with Takashimaya to offer S$100 vouchers when you deposit S$25,000 in selected Maybank Savings Accounts.
Overall, Maybank’s Privilege Plus Savings Account is a great option if you’re looking for a savings account that offers attractive interest rates and other benefits. Keep an eye out for Maybank’s advertising campaigns and partnership programmes to make the most out of your savings account.
Frequently Asked Questions
How can one open a Privilege Plus Savings Account with Maybank in Singapore?
Opening a Maybank Privilege Plus Savings Account is easy and straightforward. If you are a Singapore Citizen or Permanent Resident, you can apply via MyInfo. For foreigners, you can visit a Maybank branch and present a valid passport and other necessary documents such as an Employment Pass (EP) or Student Pass.
What are the enticing benefits of the Maybank Privilege Plus Savings Account?
Maybank Privilege Plus Savings Account offers a range of benefits, including attractive interest rates and free personal accident insurance coverage. It is exclusively available for customers aged 50 and above, making it an excellent choice for retirees looking to grow their savings.
Could you tell me the minimum balance required to maintain a Maybank Privilege Plus Savings Account?
The minimum balance required to maintain a Maybank Privilege Plus Savings Account is S$1,000. This amount is relatively low, making it accessible to many customers.
What are the charges if my Privilege Plus Savings Account falls below the required minimum?
If your Privilege Plus Savings Account falls below the required minimum balance of S$1,000, you will be charged a fall-below fee of S$2 per month. This fee is relatively low compared to other banks in Singapore.
How does the interest rate for the Privilege Plus Savings Account compare with regular savings accounts?
The interest rate for the Privilege Plus Savings Account is competitive, with a base interest rate of 0.4375% p.a. for the first S$3,000 and 0.5% p.a. for amounts above S$50,000. These rates are higher than regular savings accounts, making it an excellent choice for customers looking to grow their savings.
What distinguishes the Maybank iSAVvy from the iSAVvy Plus Savings Account?
The Maybank iSAVvy and iSAVvy Plus Savings Account are both high-interest savings accounts. However, the iSAVvy Plus Savings Account offers higher interest rates and more significant potential returns. It also requires a higher minimum balance of S$5,000. On the other hand, the iSAVvy Savings Account has a lower minimum balance of S$500 and is an excellent choice for customers looking for a basic savings account.