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 yo