Maybank iSAVvy Savings Account: Earn interest rate of up to 1.68% 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 1.68% p.a. for new customers and fresh funds of existing customers from 1 July 2026 to 31 August 2026.

To earn the promotional interest rate of up to 1.68% p.a., you will need to have incremental deposits of at least S$20,000 during the promotional period compared to your June 2026 balances.

For existing Maybank iSAVvy Savings Account customers, the bonus interest is paid on the incremental average daily balance (ADB) during the promotion period.

If your incremental ADB is from S$20,000 to below S$200,000, you will earn a base interest rate of 0.20% p.a. and a bonus interest rate of 1.48% p.a., bringing the total promotional interest rate to 1.68% p.a.

If your incremental ADB is S$200,000 and above, you will earn a higher base interest rate of 0.80% p.a. and a bonus interest rate of 0.88% p.a., also bringing the total promotional interest rate to 1.68% p.a.

For new customers, the average daily balance for June 2026 will be considered as zero. This means that eligible fresh funds deposited into the account during the promotion period may qualify for the promotional interest rate.

The promotional interest rates on incremental deposits are valid from 1 July 2026 to 31 August 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 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 June 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, if your June 2026 ADB was S$20,000 and you top up another S$30,000 during the promotion period, the incremental ADB would be S$30,000 if you maintain a total balance of S$50,000.

In this case, only the incremental S$30,000 would qualify for the promotional rate of up to 1.68% p.a.

Assuming the original S$20,000 earns the base rate of 0.20% p.a., the blended interest rate across the full S$50,000 would work out to about 1.09% p.a.

However, if you withdraw the original S$20,000 and only maintain S$30,000 in the account, your incremental ADB would be about S$10,000 compared to June 2026.

In this case, you may not qualify for the bonus interest, as the incremental ADB would be below the minimum requirement of S$20,000.

For new customers who open an account during the promotion period, the June 2026 ADB is considered as zero.

Hence, eligible fresh funds deposited into the account during the promotion period may qualify for the promotional interest rate, as long as the incremental ADB is at least S$20,000.

#2 – Bonus interest rate only applicable for promotional period 

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

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 1.68% 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 1.68% p.a., the Maybank iSAVvy promotion is competitive compared to some other fresh funds promotions and no-frills savings accounts.

For example, it is higher than the prevailing CIMB FastSaver effective interest rate of about 1.05% p.a. on S$75,000 if you do not meet CIMB’s additional conditions such as fresh funds top-up, salary credit or recurring transfer, and credit card spend.

It also compares favourably with the Standard Chartered e-Saver promotional rate of 1.20% p.a. for customers without wealth holdings, and up to 1.60% p.a. for customers with wealth holdings.

However, 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 account offers a promotional rate of up to 1.68% p.a. on eligible incremental average daily balance from 1 July 2026 to 31 August 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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