If you are a foreigner in Singapore and looking for a reliable savings account, Maybank offers various options that cater to your needs. With a minimum initial deposit of S$1,000, you can open a savings account with Maybank and enjoy competitive interest rates. Maybank is a reputable bank with a strong presence in Singapore, providing financial security and peace of mind for your savings.
Maybank offers different types of savings accounts, such as the iSAVvy Savings Account and the SaveUp Savings Account. The iSAVvy Savings Account offers a base interest rate of 0.1875% per annum and a maximum interest rate of 0.5% per annum. On the other hand, the SaveUp Savings Account allows you to earn up to 3% per annum on the first S$50,000 of your account when you save, spend, invest, insure, or borrow with Maybank. Additionally, you can earn bonus interest based on the number of qualifying products held.
As a foreigner, you can also enjoy additional financial services offered by Maybank, such as foreign currency deposits and remittance services. With Maybank’s savings accounts, you can save for your future while enjoying the convenience and security of a trusted bank.
Opening a Maybank Savings Account for Foreigners in Singapore
If you’re a foreigner looking to open a savings account in Singapore, Maybank is a great option to consider. With a minimum initial deposit of $1,000, you can enjoy complimentary insurance and birthday privileges with Maybank’s savings account.
Eligibility Criteria
To open a Maybank savings account as a foreigner in Singapore, you must meet certain eligibility criteria. You must be at least 18 years old and have a valid work permit or employment pass. You’ll also need to provide proof of your residence in Singapore, such as a utility bill or tenancy agreement.
Required Documents
When opening a Maybank savings account in Singapore, you’ll need to provide the following documents:
- Proof of identity, such as a passport or national ID card
- Proof of address, such as a utility bill or tenancy agreement
- Proof of income, such as a recent payslip or income tax statement
It’s important to note that these requirements may vary depending on your specific circumstances. It’s always best to check with Maybank directly to confirm what documents you’ll need to provide.
Overall, opening a Maybank savings account as a foreigner in Singapore is a straightforward process. With competitive interest rates and a range of benefits, it’s definitely worth considering if you’re looking for a reliable and convenient savings account option.
Types of Maybank Savings Accounts
If you are a foreigner looking to open a savings account in Singapore, Maybank offers a range of options to suit your needs. Here are the types of Maybank savings accounts you can choose from:
iSAVvy Savings Account
The iSAVvy Savings Account is a high-interest savings account that offers attractive interest rates of up to 0.45% p.a. for deposits of $50,000 and above. With no minimum balance required, this account is perfect for those who want to start saving without worrying about maintaining a certain balance. You can also enjoy the convenience of online banking with this account, allowing you to manage your finances from anywhere, anytime.
iSAVvy Savings Plus Account
The iSAVvy Savings Plus Account is a tiered savings account that offers higher interest rates for higher balances. With interest rates of up to 0.5% p.a. for deposits of $200,000 and above, this account is ideal for those who have a larger amount of savings to deposit. You can also enjoy the convenience of online banking with this account, allowing you to manage your finances from anywhere, anytime.
Passbook Savings Account
The Passbook Savings Account is a traditional savings account that comes with a passbook for easy record-keeping. With a minimum initial deposit of $500, this account offers competitive interest rates of up to 0.25% p.a. for deposits of $50,000 and above. This account is perfect for those who prefer the traditional method of banking and want to keep track of their transactions with a passbook.
Interest Rates
Maybank offers competitive interest rates for all its savings accounts, ensuring that you get the best returns on your savings. The interest rates vary depending on the type of account and the amount of deposit, so be sure to choose the account that best suits your needs.
In conclusion, Maybank offers a range of savings accounts for foreigners in Singapore, each with its own unique features and benefits. Whether you prefer the convenience of online banking or the traditional method of banking with a passbook, Maybank has an account that will suit your needs.
Account Features and Benefits
If you’re a foreigner living in Singapore, Maybank offers a range of savings accounts that suit your needs. Here are some of the features and benefits you can expect from opening an account with Maybank.
Competitive Interest Rates
Maybank offers competitive interest rates on their savings accounts, allowing you to earn interest on your savings. The interest rates vary depending on the type of account you choose, but they are generally higher than what you would get from a regular savings account. For example, the iSAVvy Savings Account offers up to 0.5% p.a. interest rate, which is higher than what you would get from a regular savings account.
Online Banking Services
Maybank offers online banking services that allow you to manage your account from the comfort of your own home. You can check your account balance, transfer funds, pay bills, and even apply for a loan online. This makes banking with Maybank convenient and hassle-free.
Personal Accident Insurance
Maybank offers personal accident insurance to all their account holders. The insurance covers accidental death and permanent disability, and it is provided free of charge. This gives you added peace of mind knowing that you and your family are protected in case of an accident.
Overall, Maybank offers a range of savings accounts that are tailored to suit the needs of foreigners living in Singapore. With competitive interest rates, online banking services, and personal accident insurance, Maybank is a great choice for those looking for a reliable and convenient banking solution.
Financial Security and Insurance Schemes
As a foreigner in Singapore, it is important to ensure that your savings are secure and protected. Maybank offers a range of financial security and insurance schemes to give you peace of mind.
Deposit Insurance Scheme
Maybank is a member of the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits with Maybank are insured up to S$75,000 per depositor per Scheme member. This includes monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme.
Insurance for Non-Bank Depositors
Maybank also offers insurance for non-bank depositors. This includes the Maybank Personal Accident Insurance, Accidental Medical Reimbursement, and Permanent Disablement Benefits. These insurance schemes are complimentary and are available to all Maybank customers.
In addition to the above, Maybank also offers a range of other insurance products to meet your specific needs. These include life insurance, travel insurance, and home insurance.
Overall, Maybank is committed to providing you with the financial security and protection you need. With the Deposit Insurance Scheme and a range of insurance products, you can rest assured that your savings are in safe hands.
Additional Financial Services for Account Holders
As a foreigner holding a Maybank savings account in Singapore, you have access to a range of additional financial services that can help you manage your money more effectively. Here are some of the most useful services available to account holders.
Investment Products
Maybank offers a wide range of investment products to help you grow your savings over time. These include assets, CPF Investment Scheme, CPF Retirement Sum Scheme, foreign currency deposits, dual currency investments, and structured deposits. With these investment products, you can enjoy attractive returns on your savings without taking on too much risk.
Funds Transfer and Currency Services
Maybank also offers a range of funds transfer and currency services to help you move money around more easily. These services include telegraphic transfers, demand drafts, and foreign currency notes. With these services, you can transfer money to other accounts both locally and overseas, and convert currencies at competitive rates.
In addition to these services, Maybank also offers a range of other benefits to account holders, including free ATM withdrawals, online banking, and mobile banking. With these benefits, you can manage your money more easily and conveniently, no matter where you are in the world.
Overall, Maybank savings accounts offer a range of benefits and services that make them an excellent choice for foreigners living in Singapore. Whether you’re looking to save for the future or manage your money more effectively, Maybank has everything you need to achieve your financial goals.
Frequently Asked Questions
What are the eligibility criteria for foreigners to open a Maybank savings account in Singapore?
As a foreigner, you are eligible to open a Maybank savings account in Singapore if you are 18 years or older and have a valid passport, employment pass or work permit. You will also need to provide proof of address in Singapore, such as a utility bill or a tenancy agreement.
Could you guide me through the process of opening a Maybank savings account in Singapore as a non-resident?
To open a Maybank savings account in Singapore as a non-resident, you can visit any Maybank branch in Singapore and provide the required documents. Alternatively, you can initiate the account opening process online and complete it in person at a Maybank branch.
What’s the minimum sum required to maintain in a Maybank savings account in Singapore for foreign clients?
The minimum sum required to maintain in a Maybank savings account in Singapore for foreign clients is S$1,000. If the average balance falls below this amount, a monthly fee of S$5 will be charged.
How do interest rates for Maybank savings accounts in Singapore compare for foreign account holders?
Maybank savings accounts in Singapore offer competitive interest rates for foreign account holders. The interest rate varies depending on the type of account and the amount deposited. You can check the latest interest rates on the Maybank website.
Is it possible for a foreign individual to initiate a Maybank savings account opening online while in Singapore?
Yes, it is possible for a foreign individual to initiate a Maybank savings account opening online while in Singapore. You will need to provide the required documents and complete the account opening process in person at a Maybank branch.
Are there any specific documents that a foreign national needs to provide when opening a Maybank savings account in Singapore?
Yes, foreign nationals will need to provide a valid passport, employment pass or work permit, proof of address in Singapore, such as a utility bill or a tenancy agreement, and any other documents as required by Maybank. It is advisable to check with Maybank for the specific documents required based on your individual circumstances.