Maybank iSAVvy Savings Account: Earn interest rate of up to 1.50% p.a.

What's the deal with Maybank iSAVvy Savings Account Promo?

The Maybank iSAVvy Savings Account is offering a promotional interest rate of up to 1.50% per annum for new customers and fresh funds of existing customers from 1 May 2026 to 30 June 2026.

To earn the promotional interest rate of up to 1.50% per annum, you will need to have incremental deposits of at least S$20,000 during the promotional period compared to your April 2026 balances.

For existing customers of Maybank iSAVvy savings account, you will be able to earn a bonus interest of 1.30% p.a. on top of the base interest rate of 0.20% p.a. on your incremental average daily balance (ADB) if your ADB is in the range of S$20,000 to S$200,000. This means that you would be able to earn an interest rate of 1.50% per annum by increasing your average daily balance (ADB) compared to April 2026. 

If your ADB is higher than S$200,000, you will earn a higher base interest rate of 0.80% p.a., but a lower bonus interest rate earned of 0.70% p.a. This means that you would be able to earn an interest rate of 1.50% per annum by increasing your average daily balance (ADB) compared to April 2026.

The promotional interest rates on incremental deposits are valid from 1 May 2026 to 30 June 2026.

What is the Maybank iSAVvy Savings Account?

The Maybank iSAVvy Savings Account is a basic savings account which offers a base interest rate of 0.20% to 0.80% p.a. depending on how much is deposited.

The minimum deposit amount is just $500, and you just need to be 16 years of age 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 Average Daily Balance (ADB) compared to April 2026.

If your ADB is between S$20,000 and S$200,000, you will earn a base interest of 0.40% p.a. on funds already in your account, while your incremental ADB, will earn the additional promotional rate of 0.90% p.a.

For example, if you are an existing Maybank iSAVvy Savings Account holder with $20,000 in your bank account in April 2026, and have added $20,000 to your Maybank iSAVvy Savings Account in May 2026, the existing deposits of $20,000 will earn the base rate of 0.20% p.a. while the incremental $20,000 of deposits will earn an interest rate of 1.30% p.a. 

On the other hand, if your ADB is above S$200,000, your incremental ADB will earn the promotional rate of 1.50% p.a.

For new customers, the ADB for April 2026 is considered as zero. Hence, you will enjoy the interest rate of up to 1.50% p.a. during the promotional period.

#2 – Bonus interest rate only applicable for promotional period 

The bonus interest rate will only be applied for the promotional period from 1 May 2026 to 30 June 2026.

Once the promotion ends on 30 June 2026, the interest earned will revert back to the base interest rate. 

The credited interest will be processed within 10 business days of the following month. Note that no bonus interest will be granted if the account is closed.

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

To be eligible for the bonus interest rate, the Incremental ADB must be a minimum of S$20,000 for the iSAVvy Savings Account. 

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 the other bank account?

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 1.50% p.a.” is not the default rate. 

It is only achievable if your incremental ADB is at least S$20,000. For incremental ADB from S$20,000 to < S$200,000, the promo rate shown is 1.50% p.a., and the bonus applies only to the incremental ADB portion.

The promotional interest rate of up to 1.50% per annum is comparable to other fuss-free accounts.

If you're able to have an incremental ADB of at least S$200,000, the promotional interest rate will then be higher than the CIMB FastSaver account which offers an effective interest rate of up to 1.35% p.a. on the first S$75,000 as well as the promotional interest rate of 1.20% p.a. offered by the Standard Chartered e-Saver account for balances above $200,000 without wealth holdings. 

However, if our incremental ADB is less than S$200,000, there are other options for hassle-free bank accounts that offer more competitive interest rates for a lower amount of ADB requirement.

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 account offers a promotional rate of up to 1.50% p.a. on eligible incremental average daily balance during the promotion period from 1 May 2026 to 30 June 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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