If you’re looking to save money and earn interest on your savings, the Maybank SaveUp Account in Singapore might be just what you need. With this account, you can earn up to 3% p.a. on the first S$50,000 of your account balance. Plus, there are a range of products and services that you can use to qualify for higher interest rates.
One of the key benefits of the Maybank SaveUp Account is that it’s easy to use. You can link it to a Maybank Debit Card and manage your account online or via the Maybank2u SG app. There’s also no need to worry about minimum balance requirements, so you can start saving with just S$500 if you’re a Singapore Citizen or Permanent Resident, or S$1,000 if you’re a foreigner.
To maximise your savings with the Maybank SaveUp Account, you can save, spend, invest, insure or borrow with Maybank. By doing so, you can earn bonus interest rates on top of the base rate. However, there are some potential drawbacks to consider, such as fees and charges for certain transactions. Overall, the Maybank SaveUp Account is a great option for those looking to earn interest on their savings while enjoying the convenience of a simple and easy-to-use account.
Key Takeaways
- The Maybank SaveUp Account in Singapore offers up to 3% p.a. interest on the first S$50,000 of your account balance.
- You can link the account to a Maybank Debit Card and manage it online or via the Maybank2u SG app.
- To maximise your savings, you can save, spend, invest, insure or borrow with Maybank, but watch out for potential fees and charges.
Overview of Maybank SaveUp Account
If you are looking for a savings account in Singapore that rewards you for saving, then Maybank SaveUp Account is worth considering. This account is one of the products offered by Maybank Singapore, a subsidiary of Maybank Group, one of the largest banks in Southeast Asia.
With Maybank SaveUp Account, you can earn bonus interest on top of your base interest rate. The bonus interest is awarded when you save more and perform certain transactions. The account is designed to encourage you to save and grow your wealth.
The base interest rate for Maybank SaveUp Account is 0.1875% p.a. However, you can earn up to 3% p.a. bonus interest if you fulfill certain criteria. For example, you can earn bonus interest by saving more, transacting more, or taking up other Maybank products.
Maybank SaveUp Account is a flexible account that allows you to manage your finances easily. You can access your account online or via Maybank2u SG app. You can also link your SaveUp Account to a Maybank Debit Card for easy transactions.
In terms of eligibility, Maybank SaveUp Account is available to Singapore Citizens, Singapore Permanent Residents, and foreigners. The minimum deposit required to open an account is S$500 for Singapore Citizens and Singapore Permanent Residents, and S$1,000 for other nationalities.
Overall, Maybank SaveUp Account is a great option if you are looking for a savings account in Singapore that rewards you for saving. With its bonus interest feature and flexible management options, it can help you grow your wealth and achieve your financial goals.
Key Features and Benefits
If you’re looking for a savings account with attractive interest rates and exclusive card privileges, the Maybank Save Up Account might be the perfect fit for you. Here are the key features and benefits of this account.
Attractive Interest Rates
One of the main benefits of the Maybank Save Up Account is its attractive interest rates. With the Save Up Programme, you can earn up to 4% p.a. on the first S$75,000 if you open a saving account today and link it to a debit card. The base interest rate is S$72, and the bonus interest rate is S$90. This means that you can earn a total interest of S$162. The minimum average daily balance for automatic waiver of monthly fall-below fee is S$1,000.
Multiple Product Tiers
The Maybank Save Up Account offers multiple product tiers to suit your needs. With the Privilege Save Up Programme, you can choose from 11 products and services. This means that you can enjoy the flexibility of using one platform to spend, save, invest, and much more. You can start customising the programme to your life’s plans today!
Exclusive Card Privileges
In addition to attractive interest rates and multiple product tiers, the Maybank Save Up Account also offers exclusive card privileges. You can choose from two different cards: the Maybank Horizon Visa Signature Card and the Maybank Platinum Visa Card. With the Maybank Horizon Visa Signature Card, you can enjoy up to 3.2 air miles (8X TREATS Points) for every S$1 spent on dining, petrol, and taxi rides. With the Maybank Platinum Visa Card, you can enjoy up to 3.33% cash rebate on local and overseas purchases. These exclusive card privileges can help you save even more money while enjoying the benefits of the Maybank Save Up Account.
Overall, the Maybank Save Up Account is a great choice if you’re looking for a savings account with attractive interest rates, multiple product tiers, and exclusive card privileges. With its flexible programme and exclusive benefits, this account can help you achieve your financial goals and save money at the same time.
Eligibility and Requirements
If you are a resident of Singapore, you can open a Maybank Save Up account. The account is also available to foreigners and Permanent Residents. Here are the eligibility and requirements for opening a Maybank Save Up account:
Minimum Age and Residency
To open a Maybank Save Up account, you must be at least 16 years old and a resident of Singapore. If you are a foreigner, you must have a valid work permit or employment pass.
Initial Deposit and Balance Requirements
The initial deposit for a Maybank Save Up account is S$500 for Singapore Citizens and Singapore Permanent Residents. For other nationalities, the initial deposit is S$1,000. There is no minimum balance requirement for the account.
However, to earn interest on your savings, you need to fulfill the Save Up Programme criteria. You can earn up to 3% p.a. on the first S$50,000 of your account with the Save Up Programme. You can earn bonus interest based on the number of qualifying products held:
- 1 qualifying product: 0.3% p.a. bonus interest.
- 2 qualifying products: 0.8% p.a. bonus interest.
The qualifying products include spending a minimum of S$500 a month using a Maybank Platinum Visa Card and/or Horizon Visa Signature Card, investing at least S$30,000 in structured deposits, or at least S$25,000 cash investments in unit trusts. You can also earn bonus interest by insuring or borrowing with Maybank.
Fall-Below Fee
If your account balance falls below S$1,000, you will be charged a fall-below fee of S$2 per month. However, the fee is waived if you are below 21 years old or above 55 years old.
In summary, the Maybank Save Up account is a great option for Singaporeans, Permanent Residents, and foreigners who want to earn interest on their savings. With no minimum balance requirement and a low initial deposit, it’s easy to get started. Plus, with the Save Up Programme, you can earn bonus interest by using Maybank’s products and services.
How to Maximise Your Savings
Saving money is one of the most important things you can do for your financial well-being. If you have a Maybank SaveUp account, there are several ways you can maximise your savings and earn higher interest rates.
Utilising the SaveUp Programme
One way to maximise your savings is to utilise the SaveUp programme. The programme encourages you to save and spend wisely, and rewards you with higher interest rates for doing so. To qualify for the programme, you need to have a SaveUp account linked to a Maybank debit card and fulfil certain criteria.
To earn higher interest rates, you need to save a minimum of $300 a month via GIRO or credit a minimum salary of $2,000 a month into your SaveUp account. You also need to spend a minimum of $500 a month using a Maybank Platinum Visa Card and/or Horizon Visa Signature Card. By meeting these requirements, you can earn up to 3% p.a. interest on the first $50,000 of your account balance.
Leveraging Loans and Insurance
Another way to maximise your savings is to leverage Maybank’s qualifying products such as loans and insurance. Maybank offers a range of loans, including renovation loans, education loans, home loans, and car loans, that can help you achieve your financial goals. By taking advantage of these loans, you can save money on interest and fees, and free up cash for other investments.
Maybank also offers structured deposits and insurance products that can help you grow your savings. Structured deposits are a type of investment that offer a fixed return over a specific period of time. Insurance products, on the other hand, provide protection for you and your family in case of unexpected events.
By leveraging these products, you can maximise your savings and achieve your financial goals faster. Make sure to speak to a Maybank representative to find out which products are right for you.
In summary, by utilising the SaveUp programme and leveraging Maybank’s qualifying products, you can maximise your savings and achieve your financial goals faster. Start saving and investing wisely today to secure your financial future.
Potential Drawbacks to Consider
When considering opening a Maybank Save Up account, it’s important to be aware of the potential drawbacks that come with it. In this section, we’ll explore two main areas of concern: fees and charges, and interest rate conditions.
Fees and Charges
One of the main drawbacks of the Maybank Save Up account is the monthly fall-below fee. If your account balance falls below the minimum average daily balance of S$1,000, you’ll be charged a fee. This fee can be avoided by maintaining the minimum balance, but if you’re unable to do so, it can add up over time.
Another fee to be aware of is the S$2 fee for every ATM withdrawal made overseas. If you travel frequently and need to withdraw cash while abroad, this can quickly add up and eat into your savings.
Interest Rate Conditions
While the Maybank Save Up account offers a base interest rate of 0.25% p.a., the maximum effective interest rate of 3% p.a. is only achievable if you meet certain conditions. To earn the bonus interest rate, you’ll need to use at least three Maybank products, such as a credit card, home loan, or insurance policy. This can be a hassle if you don’t need or want these products, and may not be worth the effort for some customers.
Additionally, the bonus interest rate is only applicable on the first S$75,000 in your account. If you have more than this amount, you won’t earn the bonus interest on the excess balance. This may not be a concern for everyone, but it’s something to keep in mind if you have a large amount of savings.
Overall, the Maybank Save Up account offers competitive interest rates and can be a good option for those who are able to meet the bonus interest rate conditions. However, the potential fees and restrictions may not be worth it for everyone. Be sure to weigh the pros and cons carefully before opening an account.
Comparing with Other Accounts
When it comes to choosing a savings account, it is important to compare the different options available to you. Here, we’ll take a look at how the Maybank Save Up account stacks up against some of its competitors.
DBS Multiplier Account
The DBS Multiplier account is a popular choice among savers in Singapore. It offers up to 3.8% p.a. interest on your savings, but this is dependent on meeting certain criteria such as salary credit and spending on a DBS credit card. While the interest rate is higher than the Maybank Save Up account, it may not be suitable for everyone due to the criteria for earning the bonus interest.
OCBC 360 Account
The OCBC 360 account is another popular choice for savers in Singapore. It offers up to 3.45% p.a. interest on your savings, but like the DBS Multiplier account, this is dependent on meeting certain criteria such as salary credit and spending on an OCBC credit card. While the interest rate is higher than the Maybank Save Up account, it may not be suitable for everyone due to the criteria for earning the bonus interest.
UOB One Account
The UOB One account is a unique savings account that offers tiered interest rates based on the amount of money you have in your account and the number of transactions you make each month. It offers up to 2.5% p.a. interest on your savings, but this is dependent on meeting certain criteria such as salary credit and making at least 5 transactions per month. While the interest rate is lower than the Maybank Save Up account, it may be a good option for those who can meet the criteria for earning the bonus interest.
Standard Chartered Bonus$aver Account
The Standard Chartered Bonus$aver account offers up to 3.88% p.a. interest on your savings, but like the other accounts mentioned above, this is dependent on meeting certain criteria such as salary credit and spending on a Standard Chartered credit card. While the interest rate is higher than the Maybank Save Up account, it may not be suitable for everyone due to the criteria for earning the bonus interest.
Overall, the Maybank Save Up account offers a competitive interest rate of up to 3% p.a. on your savings without the need to meet any additional criteria. While the interest rates offered by some of its competitors may be higher, they come with additional requirements that may not be suitable for everyone. It is important to consider your individual needs and financial situation when choosing a savings account.
Frequently Asked Questions
What perks can you anticipate from opening a SaveUp Account with Maybank in Singapore?
By opening a SaveUp Account with Maybank, you can enjoy a range of perks and benefits. The account offers a competitive interest rate, and you can earn bonus interest by meeting certain criteria such as making regular monthly deposits. Additionally, you can enjoy discounts on a range of products and services, including travel insurance and dining.
Could you tell me the required minimum balance for a SaveUp Account at Maybank?
To open a SaveUp Account with Maybank, you will need to deposit a minimum of $500 if you are a Singapore Citizen or Singapore Permanent Resident. If you are of another nationality, the minimum deposit requirement is $1,000.
How does one go about setting up a SaveUp Account with Maybank in Singapore?
You can apply for a SaveUp Account online or via the Maybank2u SG app if you are a Singapore Citizen or Singapore Permanent Resident. Alternatively, you can visit a Maybank branch in person to open an account. You will need to provide proof of identification and address, as well as meet the minimum deposit requirement.
What are the current interest rates offered for the SaveUp Account by Maybank?
Maybank offers a competitive interest rate for the SaveUp Account, with the current rate being up to 3% per annum. You can earn bonus interest by meeting certain criteria, such as making regular monthly deposits and maintaining a certain balance in your account.
Is there a fee if my SaveUp Account balance falls below the minimum requirement?
Yes, if your SaveUp Account balance falls below the minimum requirement, you may be charged a fall-below fee. The fee amount varies based on your account type and balance.
What are the essential criteria to be eligible for a SaveUp Account at Maybank?
To be eligible for a SaveUp Account at Maybank, you must be a Maybank Retail Customer, at least 18 years old or turning 18 in that year of enrollment, and have a debit card linked to your SaveUp Account as the primary account or for ATM withdrawals. Additionally, you must meet the minimum deposit requirement and maintain the minimum balance to avoid fall-below fees.