Maybank iSAVvy Savings Account: Earn interest rate of up to 2.00% p.a.

What happened?

The Maybank iSAVvy Savings Account is offering a promotional interest rate of up to 2.00% p.a. on qualifying fresh funds from 1 September to 31 October 2026.

This is higher than the 1.68% p.a. offered during its July and August promotion.

To qualify, you need to increase your average daily balance by at least S$20,000 compared with August 2026, using eligible fresh funds.

For accounts opened during September or October 2026, the August reference balance is treated as zero.

There are no salary-crediting or monthly card-spend requirements, but the bonus interest applies only to the qualifying increase in your average daily balance.

In this article, I will look at how the Maybank iSAVvy Savings Account promotion works, how much interest you can earn, and how it compares with other savings accounts in Singapore.

What is the Maybank iSAVvy Savings Account?

The Maybank iSAVvy Savings Account is a basic savings account which offers a base interest rate of 0.05% to 0.80% p.a., depending on how much is deposited.

The minimum deposit amount is just S$500, and you need to be at least 16 years old to open an account.

What are the eligibility requirements for Maybank iSAVvy Savings Account promo?

#1 - The bonus interest is only offered on the incremental average daily balance 

For existing customers, the bonus interest rate will be applied to the incremental ADB compared to August 2026.

This means that the promotional rate does not apply to your entire account balance by default. It applies only to the increase in your ADB during the promotion period.

For example, assume your August ADB was S$20,000 and you maintain S$50,000 throughout October after adding S$30,000 in fresh funds.

Your incremental ADB would be S$30,000. This portion would earn 2.00% p.a., while the original S$20,000 would earn the base rate of 0.20% p.a.

The blended interest rate across the full S$50,000 would therefore be approximately 1.28% p.a.

However, if you withdraw the original S$20,000 and maintain only S$30,000 throughout October, the increase would be S$10,000, below the qualifying minimum.

For accounts opened during the promotion, the reference balance is zero. In the opening month, ADB is calculated using the number of days the account has been open.

#2 – Bonus interest rate only applicable for promotional period 

The bonus interest rate will only be applied for the promotion period from 1 September 2026 to 31 October 2026.

Once the promotion ends, the interest earned will revert to the prevailing base interest rate.

The bonus interest will be credited within 10 business days of the following month, or on another date determined by Maybank.

No bonus interest will be paid if the account is closed before the bonus interest is credited.

#3 - Incremental ADB must be at least S$20,000

To be eligible for the bonus interest rate, the incremental ADB must be at least S$20,000 for the Maybank iSAVvy Savings Account.

For an existing account, topping up S$20,000 partway through October may not be enough to qualify, as the monthly average includes the days before your deposit.

Also, the deposits must come from new funds. This means that cheques or transfers from an Account Holder's existing Maybank account are not eligible.

The full terms and conditions of the Maybank iSAVvy Savings Account Promo can be found here. 

How does the Maybank iSAVvy Savings Account compare to other bank accounts?

Unlike the Maybank SaveUp Account which offers a higher interest rate when you fulfil certain criteria, the Maybank iSAVvy Account does not require you to jump through multiple hoops. 

That said, it’s worth noting that the headline “up to 2.00% p.a.” is not the default rate on all balances.

It only applies to eligible incremental fresh funds during the promotion period, and the incremental ADB must be at least S$20,000.

This makes the Maybank iSAVvy Savings Account more relevant for savers who have spare cash sitting outside Maybank and want to park it somewhere fuss-free for a short period.

At up to 2.00% p.a., the Maybank iSAVvy promotion is competitive compared to some other fresh funds promotions and no-frills savings accounts.

For example, Maybank’s promotional rate is higher than the CIMB FastSaver base effective interest rate of approximately 1.05% p.a. on S$75,000, excluding its fresh funds, salary and card-spend bonuses.

However, CIMB FastSaver’s October fresh funds promotion can offer approximately 2.25% p.a. on S$75,000 without salary-crediting or card-spend requirements, assuming the entire balance qualifies for the Personal Banking fresh funds bonus.

If you do not have at least S$20,000 in fresh funds, or if you prefer an account that pays interest on your existing balance without needing to top up, other savings accounts may be worth considering.

To compare the latest savings account rates and find out which account may work better for your cash, check out our guide to the best savings accounts in Singapore.

How to apply for the Maybank iSAVvy Savings Account

To open a Maybank iSAVvy Savings Account, you will need to be at least 16 years old and have a minimum initial deposit of $500 for Singaporeans and Singapore PRs.

There are a few options that you can use to apply for the iSAVvy Savings Account:

• apply online
• via Maybank2u SG app (for Singaporeans and Singapore Permanent Residents)
• or visit a Maybank branch.

To speed up this whole process, we will recommend using Singpass Myinfo when you apply online.

Step #1 - Submit application with Myinfo

Ensure you have your Singpass ID, password, and an image of your signature ready.

Click on Myinfo, granting Maybank permission to access your personal information and speed up the process.

Step #2 - Receive Account Number

After completing the initial step, you'll receive an email containing your account number. This email includes a password-protected PDF attachment. The password required to open it will be sent to you via SMS.

New bank customers will also receive the following:

• Your Online Banking Access ID in the PDF file
• An additional SMS with your PIN for signing up or performing your first-time login to Online Banking.

What would Beansprout do?

If I have at least S$20,000 in fresh funds and want to keep the money accessible, the Maybank iSAVvy Savings Account promotion could be worth considering.

The higher headline rate makes it more attractive, particularly if I prefer an account without salary-crediting or card-spend requirements.

The account offers a promotional rate of up to 2.00% p.a. on eligible incremental average daily balance from 1 September 2026 to 31 October 2026.

However, I would not look at the headline rate alone.

The bonus interest applies only to incremental fresh funds, and the incremental average daily balance must be at least S$20,000 to qualify. Once the promotion ends, the interest rate will revert to the prevailing base rate.

This means the Maybank iSAVvy Savings Account may be more useful for savers who already have spare cash sitting elsewhere and want a fuss-free place to park it for a short period.

For smaller balances, or if I do not have at least S$20,000 in fresh funds, I would compare it with other savings accounts that may offer more attractive rates with lower balance requirements.

To find out which savings account allows your money to work harder, check out our guide to the best savings account with highest interest rates in Singapore.

If you are deciding where to park your cash, you can also explore how Maybank iSAVvy Savings Account fits into your broader Liquidity Pot, alongside fixed deposits, T-bills, Singapore Savings Bonds and money market funds.

Once you have already set aside enough cash for your safety buffer and upcoming expenses, you may also want to explore how the Four Pots of Wealth framework can help you grow your wealth beyond savings accounts.

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