Maybank iSAVvy Savings Account Review – Earn promo interest rate of 3.5% p.a.

Summary

• What's the promo: The Maybank iSAVvy Savings Account is offering a promotional interest rate of 3.50% per annum for new customers and fresh funds of existing customers for August and September 2023. 
• Eligibility requirements: To earn the promotional interest rate of 3.50% per annum, you will need to have incremental deposits of at least S$10,000 during the promotional period compared to your July balances. 
• Promo dates: The promotional interest rates on incremental deposits are valid from 01 August 2023 to 30 September 2023.

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

For new customers of Maybank iSAVvy savings account, you can enjoy an interest rate of 3.50% p.a. for the months of August and September 2023. 

For existing customers of Maybank iSAVvy savings account, you will be able to earn a bonus interest of 3.10% per annum on top of the base interest rate of 0.40% per annum on your incremental account balance. 

This means that you would be able to earn an interest rate of 3.50% per annum by increasing your average daily balance (ADB) compared to July 2023. 

What is the Maybank iSAVvy Savings Account?

The Maybank iSAVvy Savings Account is a basic savings account which offers a base interest rate of 0.40% per annum. 

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 rate of 3.10% p.a. will be applied to the incremental Average Daily Balance (ADB) compared to July 2023.

This means that your existing account balance will earn an interest of 0.40% p.a. Your incremental ADB, will earn the promotional rate of 3.50% p.a.

For example, if you are an existing Maybank iSAVvy Savings Account holder with $10,000 in your bank account in July 2023, and have added $15,000 to your Maybank iSAVvy Savings Account in August 2023, the existing deposits of $10,000 will earn the base rate of 0.40% p.a. while the incremental $15,000 of deposits will earn an interest rate of 3.50% p.a. 

For new customers, the ADB for July is considered as zero. Hence, you will enjoy the interest rate of 3.50% 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 01 August to 30 September 2023

Once the promotion end on 30 September 2023, the interest earned will revert back to 0.40% per annum. 

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$10,000

To be eligible for the bonus interest rate, the Incremental ADB must be a minimum of S$10,000 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 MaybBank iSAVvy Account does not require you to jump through multiple hoops. 

Compared with other fuss-free accounts, the promotional interest rate of 3.50% per annum appears fairly attractive.

The promotional interest rate is on-par with the CIMB FastSaver account promo, but the promotion is for a shorter period of time compared to the CIMB FastSaver promo.

It is slightly higher than the promotional interest rate of 3.40% offered by the Standard Chartered e-Saver account. 

However, if we are just considering the prevailing base interest rate of 0.40% p.a., there are other options for hassle-free bank accounts that offer more competitive interest rates.

You can find out which account allows you to earn the highest interest rate using our Compare Savings Tool.

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.