You need to read this Maybank SaveUp Account Review Singapore, especially if you’re looking for a savings account in Singapore. Perhaps the Maybank SaveUp Account might be worth considering.
This account offers a range of benefits and features that can help you save money and earn interest on your deposits. In this article, we’ll review the Maybank SaveUp Account in detail so you can decide if it’s the right choice for you.
We’ll start by giving you an overview of the account, including its key features and benefits. We’ll also look at the account requirements and eligibility criteria, so you can see if you’re eligible to apply. Then, we’ll dive into the interest rates offered by the account, and compare them to other savings accounts in Singapore. We’ll also show you how to apply for the Maybank SaveUp Account, and give you an idea of what additional banking products and services are available.
Key Takeaways
- The Maybank SaveUp Account offers a range of benefits and features that can help you save money and earn interest on your deposits.
- To be eligible for the account, you’ll need to meet certain requirements and criteria.
- The interest rates offered by the account are competitive, and the application process is straightforward.
Maybank SaveUp Account Review Singapore: The Overview
If you’re looking for a savings account that allows you to earn higher interest rates while still giving you the flexibility to spend and save, then the Maybank SaveUp Account is worth considering.
This savings account is one of the most popular products offered by Maybank, a leading financial institution in Singapore.
High Interest Rate
With the Maybank SaveUp Account, you can earn up to 4% p.a. interest on your savings. This high interest rate is made possible through the Save Up Programme, which rewards you with bonus interest rates when you spend, save, or invest with Maybank.
The more you do with Maybank, the higher your bonus interest rate will be.
No Worries With High Maintaining Balance
One of the great things about the Maybank SaveUp Account is that you don’t have to worry about maintaining a high balance to earn interest. You can start earning interest on your savings with just S$500.
Plus, you can withdraw your money anytime you need it without penalty.
Range of Services and Products
Another advantage of the Maybank SaveUp Account is that it comes with a range of services and products that can help you manage your finances more effectively. For example, you can link your Maybank credit card to your SaveUp Account to enjoy even more benefits.
You can also use the Maybank mobile app to track your savings and spending, make payments, and more.
Overall, the Maybank SaveUp Account is a great option for anyone who wants to earn higher interest rates on their savings while still having the flexibility to spend and save. With its attractive interest rates, flexible withdrawal options, and range of services and products, it’s easy to see why this savings account is so popular among Singaporeans.
Maybank SaveUp Account Review Singapore: Key Features and Benefits
If you are looking for a savings account that offers attractive interest rates and multiple bonus interest categories, the Maybank SaveUp Account is worth considering. Here are some of the key features and benefits that make this account stand out:
Attractive Interest Rates
The Maybank SaveUp Account offers an attractive base interest rate of up to 0.2500% p.a. This is more than 6x the market standard, making it a great option for those looking to grow their savings. On top of the base interest rate, you can earn even higher interest rates through the SaveUp Programme.
Multiple Bonus Interest Categories
The SaveUp Programme offers multiple bonus interest categories that you can qualify for by transacting in different ways. For example, you can earn bonus interest by spending on a Maybank credit card, purchasing insurance, making investments, taking out a loan, or even by salary crediting. This means that you can earn bonus interest on top of your base interest rate by simply transacting in different ways.
Convenience of Integrated Banking Services
One of the key benefits of the Maybank SaveUp Account is the convenience of integrated banking services. By opening a SaveUp Account, you can enjoy a range of other Maybank products and services, including credit cards, insurance, investments, and loans. This means that you can manage all of your financial needs in one place, making it easier to keep track of your finances.
In addition, the Maybank SaveUp Account offers online application and GIRO payment services, making it easy to manage your account from the comfort of your own home. With the ability to transact and manage your finances online, you can save time and hassle by avoiding the need to visit a physical branch.
Overall, the Maybank SaveUp Account is a great option for those looking to earn attractive interest rates and enjoy the convenience of integrated banking services. With multiple bonus interest categories and the ability to manage your account online, it’s a flexible and convenient savings option that can help you grow your savings over time.
Maybank SaveUp Account Review Singapore: Account Requirements and Eligibility
If you’re looking for a savings account that offers competitive interest rates, then the Maybank SaveUp Account might be the one for you. Here are some of the requirements and eligibility criteria that you need to know before opening an account.
Minimum Deposit and Balance
To open a Maybank SaveUp Account, you need to make an initial deposit of S$500 if you’re a Singapore Citizen or Permanent Resident, and S$1,000 if you’re a foreigner. Additionally, you need to maintain a minimum average daily balance of S$1,000 to avoid the fall-below fee of S$2 per month.
Age and Residency Criteria
The Maybank SaveUp Account is available to individuals who are at least 16 years old. If you’re a Singapore Citizen or Permanent Resident, you can apply for the account through MyInfo. Foreigners, on the other hand, need to apply at a Maybank branch and provide a valid pass, such as an Employment Pass (EP), S-Pass, or Student Pass.
Overall, the Maybank SaveUp Account is a great option for those who want to earn higher interest rates on their savings. With its accessible rates and flexible eligibility requirements, it’s an ideal match for average consumers with moderate savings. So, if you’re looking for a savings account that can help you achieve your financial goals, consider opening a Maybank SaveUp Account today!
Maybank SaveUp Account Review Singapore: Interest Rates in Detail
If you are looking for a savings account that offers competitive interest rates, then the Maybank SaveUp Account is worth considering. This account offers both base and bonus interest rates, allowing you to earn more on your savings.
Understanding Base Interest
The base interest rate for the Maybank SaveUp Account is 0.1875% p.a. This rate is applicable to all account holders and is calculated daily based on the daily balance of your account. The base interest rate is not the highest in the market, but it is still a good option for those who want a safe and reliable savings account.
How to Earn Bonus Interest
To earn bonus interest on your Maybank SaveUp Account, you need to fulfill certain criteria. There are several categories that you can choose from to earn bonus interest, such as salary, credit card, loans, insurance, and investment.
For example, if you choose the salary category, you can earn up to 3% p.a. bonus interest on your first S$60,000 deposit. To qualify for this bonus interest, you need to credit your salary of at least S$2,000 into your Maybank SaveUp Account and maintain a minimum average daily balance of S$1,000.
Another way to earn bonus interest is through the credit card category. By spending a minimum of S$500 on your Maybank credit card, you can earn up to 2% p.a. bonus interest on your first S$60,000 deposit.
It is important to note that the bonus interest rates are subject to change and may vary depending on the category you choose. Make sure to check the latest rates on the Maybank website.
In conclusion, the Maybank SaveUp Account offers a competitive base interest rate and the opportunity to earn bonus interest by fulfilling certain criteria. If you are looking for a savings account that can help you grow your wealth, then the Maybank SaveUp Account is definitely worth considering.
Comparison with Other Savings Accounts
If you’re looking for a savings account that offers high interest rates and attractive rewards, then you might want to consider the Maybank SaveUp account. Compared to other savings accounts in the market, the Maybank SaveUp account offers competitive interest rates and a range of benefits that make it a good option for many Singaporeans.
Maybank SaveUp vs OCBC 360
The OCBC 360 account is a popular savings account in Singapore that offers a range of benefits, including high interest rates and cashback rewards. However, when compared to the Maybank SaveUp account, the OCBC 360 falls short in terms of interest rates. While the OCBC 360 offers interest rates of up to 1.2% p.a., the Maybank SaveUp account offers interest rates of up to 3% p.a. on your first S$50,000. Additionally, the Maybank SaveUp account offers a range of rewards and benefits that are not available with the OCBC 360 account.
Maybank SaveUp vs UOB One Account
The UOB One account is another popular savings account in Singapore that offers high interest rates and cashback rewards. However, when compared to the Maybank SaveUp account, the UOB One account falls short in terms of interest rates. While the UOB One account offers interest rates of up to 1.5% p.a., the Maybank SaveUp account offers interest rates of up to 3% p.a. on your first S$50,000. Additionally, the Maybank SaveUp account offers a range of rewards and benefits that are not available with the UOB One account.
Maybank SaveUp vs DBS Multiplier
The DBS Multiplier account is a popular savings account in Singapore that offers high interest rates and a range of benefits. However, when compared to the Maybank SaveUp account, the DBS Multiplier falls short in terms of interest rates. While the DBS Multiplier offers interest rates of up to 1.8% p.a., the Maybank SaveUp account offers interest rates of up to 3% p.a. on your first S$50,000. Additionally, the Maybank SaveUp account offers a range of rewards and benefits that are not available with the DBS Multiplier account.
Overall, the Maybank SaveUp account is a great option for those who are looking for a savings account that offers high interest rates and a range of benefits. While there are other savings accounts in the market that offer similar benefits, the Maybank SaveUp account stands out for its competitive interest rates and attractive rewards.
Maybank SaveUp Account Review Singapore: How to Apply
If you’re interested in opening a Maybank SaveUp Account, you’ll be glad to know that the application process is straightforward and can be completed online. Here’s what you need to do to apply for a Maybank SaveUp Account:
Online Application Process
To apply online, you’ll need to visit the Maybank website and fill out the online application form. You’ll need to provide some personal information, such as your full name, NRIC or passport number, and contact details. You’ll also need to choose the type of account you want to open, which in this case is a SaveUp Account.
During the application process, you’ll be asked to provide your MyInfo details. MyInfo is a secure government online service that allows you to share your personal information with banks and other organizations quickly and easily. By using MyInfo, you won’t need to fill in as much information manually, which can save you time and effort.
Once you’ve completed the application form, you’ll need to sign it electronically using your SingPass or an SMS One-Time PIN. You can also choose to print and sign the form manually if you prefer.
Required Documentation
To open a Maybank SaveUp Account, you’ll need to provide some documentation. Here’s what you’ll need:
- Singaporeans and Singapore PRs: NRIC or passport
- Foreigners: Passport and Employment Pass or S Pass
It’s important to note that the above information is only a general guideline, and the specific requirements may vary depending on your individual circumstances. You should check with Maybank directly to confirm what documents you need to provide.
In conclusion, applying for a Maybank SaveUp Account is a simple and straightforward process that can be completed online. By using MyInfo and electronic signatures, you can save time and effort and get your account up and running quickly.
Maybank SaveUp Account Review Singapore: Additional Banking Products and Services
Maybank offers a range of banking products and services to complement the SaveUp account. Here are some of the options available to you:
Maybank Credit Cards
Maybank offers a range of credit cards to suit your lifestyle and spending habits. If you’re looking for a card that offers cashback on everyday spending, the Maybank Family & Friends Card could be a good choice. With this card, you can earn up to 8% cashback on groceries, dining, and petrol. If you’re a frequent traveller, the Maybank Horizon Visa Signature Card could be a good option. This card offers air miles for every dollar spent and comes with travel insurance coverage. For those who want a premium card, the Maybank Platinum Visa Card offers exclusive privileges and rewards.
Loan Options
Maybank offers a range of loans to help you achieve your financial goals. If you’re looking to buy a car, the Maybank Car Loan offers competitive interest rates and flexible repayment options. If you’re a homeowner, the Maybank Home Loan could help you finance your dream home. Maybank also offers renovation loans and education loans to help you fund your home renovation or your child’s education.
Insurance and Investment Products
Maybank offers a range of insurance and investment products to help you protect your wealth and grow your savings. If you’re looking for a low-risk investment option, Maybank offers structured deposits that provide a fixed return over a fixed period. For those who want to invest in the stock market, Maybank offers unit trusts that are managed by professional fund managers. Maybank also offers regular premium insurance plans that provide protection and savings benefits.
Overall, Maybank offers a range of complementary banking products and services that can help you achieve your financial goals. Whether you’re looking for a credit card, a loan, or an investment product, Maybank has options that can meet your needs.
Maybank SaveUp Account Review Singapore: Pros and Cons
Advantages Summarised
If you’re looking for an account that offers a high interest rate, Maybank SaveUp Account might be a great option for you. With an effective interest rate of up to 3.33% p.a. for up to S$75,000 of deposits, you can earn a lot of money on your savings. Additionally, the account offers bonus interest if you fulfill certain requirements, such as spending on your Maybank credit card or taking up a Maybank loan.
Another benefit of the Maybank SaveUp Account is the convenience it offers. You can easily access your account through Maybank’s online banking platform or mobile app. The account also comes with a debit card that you can use to withdraw cash or make purchases at any Visa or NETS terminal.
Potential Drawbacks
One potential drawback of the Maybank SaveUp Account is the fall-below fee. If your balance falls below the minimum average daily balance of S$1,000, you will be charged a fee. This fee can be avoided if you maintain the minimum average daily balance or fulfill certain requirements to earn bonus interest.
Another potential drawback is the limited services offered by Maybank. Unlike other banks, Maybank does not offer a wide range of financial products and services. This means that if you’re looking for a one-stop-shop for all your financial needs, Maybank may not be the best choice for you.
Lastly, it’s worth noting that the interest rate on the Maybank SaveUp Account is subject to change. While the account currently offers a high interest rate, there is no guarantee that this rate will remain the same in the future.
Overall, the Maybank SaveUp Account is a great option if you’re looking for a high-interest savings account with convenient access. However, it’s important to be aware of the potential drawbacks, such as the fall-below fee and limited services, before opening an account.
Maybank SaveUp Account Review Singapore: Customer Experience and Service Locations
Maybank SaveUp account offers a great customer experience with a wide range of service locations. Whether you prefer to visit a branch or use digital banking, Maybank has got you covered.
Branch and Customer Service
Maybank Singapore Limited has a strong presence in Singapore with 22 branches and more than 35 ATMs across the island. You can visit any of the branches to open a SaveUp account or get assistance with any queries. The staff at the branches are friendly and knowledgeable and will assist you with any questions you may have. You can also reach out to Maybank’s customer service team via phone or email for any support.
Digital Banking Experience
Maybank’s digital banking platform is user-friendly and offers a seamless experience. You can easily open a SaveUp account online with MyInfo and start saving money in minutes. The online application process is straightforward and hassle-free. You can also perform various transactions such as fund transfers, bill payments, and view your account balance using Maybank’s online banking platform.
Maybank is part of the Maybank Group, one of the leading banking groups in Southeast Asia with an extensive international network. This ensures that Maybank customers have access to a wide range of banking services and products. Overall, Maybank offers an excellent customer experience with a wide range of service locations and a user-friendly digital banking platform.
Frequently Asked Questions
What splendid benefits can one expect from opening a SaveUp savings account?
By opening a SaveUp savings account with Maybank, you can enjoy a host of benefits. Firstly, you can earn bonus interest rates of up to 3% p.a. on your first S$75,000 deposit. You can also earn cashback on your debit card transactions when you link your SaveUp account with a Maybank debit card. Additionally, you can enjoy free fund transfers and bill payments, as well as free eStatements.
How can I elevate my interest rates with a Maybank SaveUp account?
To elevate your interest rates with a Maybank SaveUp account, you need to perform certain activities, such as making a minimum of S$300 worth of transactions with your Maybank debit card, crediting your salary into your SaveUp account, or taking up a Maybank loan. By doing so, you can earn bonus interest rates of up to 3% p.a. on your first S$75,000 deposit.
What are the steps for seamlessly closing a Maybank savings account in Singapore?
If you wish to close your Maybank savings account in Singapore, you can do so by visiting any Maybank branch and filling out an account closure form. You will need to provide your identification documents, such as your NRIC or passport, and return your debit card and cheque book (if applicable). Once your account is closed, any remaining balance will be transferred to your designated bank account.
Could you enlighten me on the minimum balance required for a SaveUp account?
The minimum balance required for a SaveUp account is S$1,000 for non-Singaporeans and S$500 for Singaporeans and Permanent Residents. However, to enjoy bonus interest rates, you will need to maintain a minimum average daily balance of S$10,000.
Is it possible to open a joint SaveUp account at Maybank, and how does it work?
Yes, it is possible to open a joint SaveUp account at Maybank. To do so, all account holders must be present at the branch and provide their identification documents, such as their NRIC or passport. Each account holder will have their own debit card, and all transactions will require the consent of all account holders.
What are the charges associated with maintaining a Maybank SaveUp account?
Maybank SaveUp account holders enjoy free fund transfers, bill payments, and eStatements. However, there are certain charges associated with maintaining a Maybank SaveUp account, such as a S$2 monthly fall-below fee if your account balance falls below S$1,000, a S$30 early account closure fee if you close your account within 6 months of opening it, and a S$30 fee for replacing a lost or damaged debit card.