Maybank current accounts
Learn more about Maybank's suite of banking accounts.
Maybank Singapore offers a wide range of financial services, including retail banking, corporate banking, investment products and more. In this review, we’ll cover the types of accounts offered by Maybank, including the features and fees involved.
S$2
Monthly fee
S$1,000
Minimum Initial Deposit
S$8.50
Fall below monthly fees
Details
| Product Name | Maybank Foreign Currrency Current Account |
|---|---|
| Monthly fee | S$0 |
| Minimum Initial Deposit | S$1,334 |
| Minimum balance | S$1,000 |
| Minimum annual interest rate | 0.1% p.a. |
| Maximum annual interest rate | 0.25% p.a. |
| Minimum Age Requirement | 18 years old |
| Mobile payments | NETSPay, PayLah! |
| Supported Currencies | AUD, HKD, NZD, USD |
| More Info |
About Maybank
Maybank is the largest financial services group in Malaysia and the fourth largest bank in Southeast Asia by assets. In Singapore, it operates as a Qualifying Full Bank (QFB) and provides a range of banking accounts, from bonus interest savings to foreign currency accounts.
What current accounts does Maybank offer?
Maybank offers two ranges of deposit accounts – Conventional banking and Islamic Banking. Find out which Maybank account best suits your needs:
Key features
Maybank accounts come with varying features depending on the type of account involved. For instance, a Maybank iSAVvy Savings Account has features that differ from those offered by a Maybank SaveUp account.
However, Maybank accounts generally come with the following features:
- iBanking
- Mobile payments
- Reward schemes
- Fee-free cash withdrawals from over 200 ATMs islandwide
What is Islamic banking?
Islamic banking is a non-interest banking system based on the Sharia law and guided by Islamic economics. Instead of paying interest, borrowers are required to give the Islamic bank a share of their profits through equity participation. As an Islamic bank, Maybank offers a wide array of Islamic deposits and financing products as well as potential bonuses in hibah (a word of Arabic origin meaning ‘gift’) that may be distributed at the bank’s discretion.
Maybank’s Islamic banking arm is ranked as the top Islamic bank in Asia Pacific and fifth in the world in terms of assets.
Fees and limits
Maybank bank accounts come with different fees. Here are some fee types you might encounter:
- Fall-below fee. Select Maybank accounts charge a small fee when your bank balance drops below a certain amount. For example, the PremierOne Current Account-i charges a S$8.50 monthly fee when your average daily balance falls below S$3,000.
- Service fee. Most Maybank bank accounts do not come with a monthly service fee. However, its PremierOne Current Account does charge a S$2 monthly service fee.
- Early account closure fee. Accounts that are closed before a stipulated time period may be subject to early account closure fees. For instance, individuals holding a Foreign Currency Current Account will face a S$20 fee if the account is closed within 6 months of opening.
- Miscellaneous fees. Maybank accounts are equipped with features such as a personal investment platform, which may incur additional fees such as trading fees, over-the-counter FAST transfer fees and demand draft handling commissions.
How to sign up
For Maybank current account application, you’d need to schedule an appointment with your preferred branch in advance.
Before you do so, make sure to meet the eligibility requirements for the specific Maybank account you’re interested in and have all the relevant documents and details you need on hand.
Eligibility criteria
While specific eligibility criteria may vary depending on the specific Maybank card you’re applying for, here are the general requirements:
- Age. You must be at least 18 years of age
- Initial deposit. Different account types require varying amounts for the initial deposit. For example, you’ll need to place a minimum of S$1,000 initial deposit for the PremierOne Current Account, or S$1,334 for the Foreign Currency Current Account.
Required documents
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. NRIC
- Foreigners. Valid passport, employment pass and proof of residential address (e.g. Local utility bills or bank statements with your residential address. Make sure that the name matches your passport and employment pass)
The verdict
Each Maybank account caters to a different banking need. For example, the Maybank SaveUp Account will most likely be the top choice for an individual looking for a high-yield savings account, while a consistent saver would more likely choose the iSAVvy Savings Account for steady, long-term growth.
The account you choose will ultimately depend on your banking needs and financial profile.