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Maybank current accounts

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Learn more about Maybank's suite of banking accounts.

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.

This review will cover the types of accounts offered by Maybank in Singapore, including the features and fees involved.

S$1

Monthly fee

S$5,000

Minimum Initial Deposit

S$0

Fall below monthly fees

Details

What features come with Maybank current accounts?

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 fees are charged with Maybank accounts?

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-icharges 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.

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.

What type of Maybank current accounts are available?

Maybank offers two range of deposit accounts – Conventional banking and Islamic Banking. Find out which Maybank account best suits your needs:

  • Maybank PremierOne Current Account / PremierOne Account-i. An interest-bearing savings account with checking facility and monthly account statements.
  • Maybank Foreign Currency Current Account / Current Account-i . Receive and make payments in your chosen foreign currency. Available in USD and other major foreign currencies including AUD, NZD, HKD and CAD, EUR, GBP and JPY.

What other types of accounts does Maybank offer?

  • iSAVvy Savings / iSAVvy Savings-i Account. An online savings account that provides base interest of up to 0.50% p.a, and up to 18% interest-on-interest which will be paid out every 6 months depending on your account balance. There is also an ongoing salary credit and remittance promotion starting from 1 April 2020.
  • iSAVvy Savings PlusAccount. With this savings account, you’re entitled to a bonus interest of 1.56% p.a. every 6 months on any increment in the average daily balance of your account. iSAVvy Savings Account pays interest-on-interest (if applicable) every 6 months depending on your account balance.
  • Passbook Savings Account / Savings Account-i / Regular Savings Account-i. A simple savings account that comes with your own account passbook to keep track of your transactions.
  • Privilege Plus Savings Account. Targeted at customers aged 50 and above, this account provides sign up perks, birthday privileges, attractive interest rates and free personal accident insurance coverage, and greater rewards with Maybank Passion Plus Programme.
  • Youngstarz Account. Designed for children and teens under 16, this passbook savings account only requires a $10 minimum deposit and comes with a complimentary insurance and birthday privileges.
  • SaveUp Account. Earn up to 3% p.a. EIR with tiered bonus rates on your balance and whenever you use a Maybank service or product.

Compare a range of current accounts in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
POSB current account
S$2
S$0
S$2
CIMB StarSaver Account
S$1
S$5,000
S$0
OCBC Frank Account
S$2
S$0
S$2
UOB Current Account
S$0
S$1,000
S$7.50
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

What are the types of savings programmes offered by Maybank?

Maybank offers uniquely tailored programmes to help customers earn bonus interest and access exclusive perks. Here are two programmes which you may benefit from:

Maybank Passion Plus Programme:

The Maybank Passion Plus programme is an integrated package designed to help customers above the age of 50 to grow their retirement funds through a broad range of banking products, attractive interest rates and lifestyle perks.

  • Welcome vouchers and birthday-month perks.
  • Preferential interest rate of up to 0.5% p.a. on Maybank Privilege Plus Savings Account
  • Bonus interest from fixed deposits in Singapore Dollar Privilege Plus Time Deposit.
  • Complimentary personal accident insurance coverage for customers aged between 50 and 70 years old who maintain at least $30,000 account balance.
  • Access to banking products such as endowment plans, retirement plans, structured deposits and unit trusts.
  • Exclusive deals and privileges on the Maybank Platinum Debit Card and Maybank Family & Friends Card

Maybank SaveUp Programme:

The Maybank SaveUp Programme is a tiered bonus interest programme that allows you to earn additional interest on top of a base interest when you spend on other Maybank products. Qualifying products include car loans, education loans, home loans, renovation loans, insurance, investments, and credit card expenses. Currently, you can earn up to 3% p.a. on the first $50,000 in your account.

How will I know which Maybank account is best for me?

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.

Compare a range of Maybank current accounts in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees
Maybank PremierOne Current Account
S$2
S$1,000
S$8.50
Maybank Foreign Currrency Current Account
S$0
S$1,334
S$5
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How do I open an account with Maybank?

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)

Frequently Asked Questions

Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.
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