Maybank SaveUp Account review

Accelerate your savings with a maximum interest rate of 3% p.a.

3 things to know about the Maybank SaveUp Account

  • Earn up to 2.75% p.a. in bonus interest on the first S$50,000 of your balance
  • Choice of 9 products and services to fulfil and meet the bonus interest criteria
  • High base interest rate of 0.25% p.a.
No reviews yet. Write a review

S$2

Fall below monthly fees

2.75% p.a.

Maximum annual interest rate

Details

Product NameMaybank SaveUp Account
Minimum Age Requirement16 years old
Mobile paymentsNETSPay, MaybankPay
Supported CurrenciesSGD
More Info

How does the Maybank SaveUp Account work?

The Maybank SaveUp Account is a high yield savings account that offers the opportunity to earn up to 2.75% bonus interest for the first S$50,000 of your account balance, on top of its 0.25% base interest rate.

The bonus interest is available in 3 tiers, depending on the number of qualifying criteria you meet:

  • Save. Earn bonus interest when you credit a monthly salary (mininum S$2,000) and/or make a GIRO payment of at least S$300 to other billing organisations.
  • Spend. Charge at least S$500 for eligible expenses on either of the 2 eligible Maybank credit cards (Maybank Platinum Visa Card or Horizon Visa Signature Card).
  • Invest. Purchase any new eligible Maybank financial product (structured deposits or unit trusts from Maybank’s platform) to earn bonus interest for 12 months. Do note that the investment product(s) you commit to are required to meet a minimum qualifying amount.
  • Insure. Purchase any new eligible insurance product that meets a qualifying amount from Maybank. The bonus interest from this category is only valid for 12 months and will only be computed 1 month after the inception date of the insurance policy.
  • Borrow. Take up a new car, education, home or renovation loan from Maybank to qualify for 12 months of bonus interest.

Key features

  • Higher interest rates. Earn high maximum interest rates (up to 3% p.a.) by fulfilling any number of the 5 bonus categories available. The bonus interest rate is only applicable to the first S$50,000 of your account.
  • Multiple bonus interest categories. Depending on your financial habits, you have the option to consolidate any of the qualifying bonus earn categories to attain a higher interest rate: credit your salary/make GIRO payments, spend at least S$500 per month, insure or invest in eligible financial products or commit to a new loan.
  • Round-the-clock online/mobile banking services. Manage your finances with ease anytime and anywhere with Maybank’s online and mobile banking platforms.

Interest rates and fees

Interest structure

Unlock higher interest rates (up to 3% p.a.) on your Maybank SaveUp Account when you fulfil more transaction categories.

The following interest rates are accurate as of 9 October 2021 and are subject to change:

Bonus interest requirementAdditional interestBase interest rateTotal interest
1 product or service0.10% p.a.0.25% p.a.0.35% p.a.
2 products or services0.70% p.a.0.25% p.a.0.95% p.a.
3 products or services2.75% p.a.0.25% p.a.3.00% p.a.

These are the 9 products and services that you can fulfil to qualify for bonus interest:

BonusQualifying productsBonus interest period
Save
  • GIRO payment (minimum S$300/month); and/or
  • Salary crediting (minimum S$2,000/month)
1 month
Spend
  • At least S$500 monthly spend on eligible Maybank cards:
    • Maybank Platinum Visa Card
    • Horizon Visa Signature Card
1 month
Invest
  • Structured deposits (minimum S$30,000)
  • Unit trusts (minimum S$25,000 cash investments)
  • Structured deposits: 3 months
  • Unit trusts: 12 months
Insure
  • Regular premium insurance (minimum S$5,000 in annual premium)
12 months
Borrow
  • Home loan (minimum S$200,000, excludes equity loan)
  • Car loan (minimum S$35,000)
  • Renovation loan (minimum S$10,000)
  • Education loan (minimum S$10,000)
12 months

Fees

The Maybank SaveUp Account doesn’t charge any opening, monthly or maintenance fees.

Here are some other account-related fees to take note of:

  • Fall below fee. S$2 if the minimum average daily balance falls below S$1,000. Waived for account holders below 25 years old.
  • Early account closure. S$30 if the account is closed within 6 months from its opening date.

Pros and cons

Pros

  • High interest rates. The peak EIR of 3% p.a. is attainable on the first S$50,000 of your balance.
  • Above-average base interest. The Maybank SaveUp Account offers a relatively high base interest rate of 0.25% p.a., which is at least 5 times the base interest rate offered by most savings accounts in Singapore.
  • Accessible bonus interest criteria. The products and services required for bonus interest are comparatively easier for average consumers to fulfil, unlike most of the other similar high yield accounts – which are mostly designed for high-net-worth individuals.

Cons

  • 12-month limit on eligible insurance, investment and loan products. Signing up for a new eligible financial product from Maybank will only fulfil the Insure, Invest and Borrow categories and be recognised for bonus interest in the first year. After that, it’ll no longer be valid to unlock this bonus.
  • No bonus interest for any additional balance over S$50,000. Only the first S$50,000 of your account balance can earn bonus interest rates. Any balance above S$50,000 will only accrue interest at the prevailing base interest rate.

How to sign up

To begin your application for the Maybank SaveUp Account, simply head to the account page and click on the “Apply now” button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.

Do note that this account requires a minimum initial deposit of S$500 (or S$1,000 for non-Singapore NRIC holders).

Eligibility

To apply for the Maybank SaveUp Account, you must be:

  • A Singaporean, Singapore PR or foreigner with a valid visa
  • At least 16 years old (you’ll need to be at least 18 years old to be eligible for the Maybank SaveUp programme)

Required documents

If you’re a new Maybank customer, you should have the following documents on hand to speed up your application:

Singaporeans and permanent residents

  • Front and back photocopy of your NRIC/passport
  • Proof of mailing address (if it’s different from the one in your NRIC)
  • Image of your signature

Foreigners

  • Valid passport (at least 6 months’ validity)
  • Proof of employment/study or visit pass
  • Proof of mailing address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months

Online application process

  1. Click on the “Apply now” button on the Maybank SaveUp Account page
  2. Choose your preferred mode of application: MyInfo (for Singaporeans and permanent residents only) or Online form (for applicants without SingPass)
  3. Upload any necessary documents and submit your application
  4. Complete a FAST transfer for the initial deposit to your new Maybank account
  5. Allow time for Maybank to get in touch with further instructions (if necessary)

The verdict

Unlike most standard savings accounts, the Maybank SaveUp Account offers the opportunity for the average consumer to rack up an attractive maximum interest rate of 3% p.a. if they’re willing to go the extra mile. Fortunately, meeting the bonus rate requirements is comparatively easier than other alternatives in the market, such as the DBS Multiplier and OCBC 360 account.

While bonus interest is awarded for using 1 or 2 products, the rates are somewhat low at +0.1% p.a. and +0.7% p.a. respectively. But if you’re able to take on at least 3 qualifying transaction types (e.g. credit card spend, salary credit and service a car/home loan), the additional interest attainable jumps to a whopping 2.75% p.a.

Not to mention, the base interest rate that applies to your entire balance in the Maybank SaveUp Account is 0.25%, which is significantly higher than the 0.05% p.a. base interest offered by most savings accounts in Singapore.

But before you decide on the Maybank SaveUp Account, be sure to compare it with other bonus saver accounts to find one that’s best suited to your needs.

Compare other savings accounts in Singapore

1 - 20 of 47
Name Product Mobile View Savings Account Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2.78% p.a.

S$1,000
S$2
0.05% p.a.
2.78% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$5

  • Minimum annual interest rate

    0.01% p.a.

  • Maximum annual interest rate

    2.38% p.a.

S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
  • Minimum Initial Deposit

    S$50

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.25% p.a.

S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$5

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    3% p.a.

S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    1% p.a.

S$1,000
S$2
0.05% p.a.
1% p.a.
Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
Maybank iSAVvy Savings Account
Maybank iSAVvy Savings Account
  • Minimum Initial Deposit

    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.19% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$500
S$2
0.19% p.a.
0.5% p.a.
Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.
Maybank SaveUp Account
  • Minimum Initial Deposit

    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.25% p.a.

  • Maximum annual interest rate

    2.75% p.a.

S$500
S$2
0.25% p.a.
2.75% p.a.
Save and engage in qualifying Maybank products to unlock a maximum interest rate of 3% p.a. on the first S$50,000 of your balance.
POSB eMySavings Account
POSB eMySavings Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.25% p.a.

S$0
S$0
0.05% p.a.
0.25% p.a.
Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.
POSB SAYE Account
POSB SAYE Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2% p.a.

S$0
S$0
0.05% p.a.
2% p.a.
Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.
SC JumpStart Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0%

  • Maximum annual interest rate

    0.4% p.a.

S$0
S$0
0%
0.4% p.a.
A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.
CIMB StarSaver (Savings) Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.3% p.a.

S$1,000
S$0
0.3% p.a.
0.3% p.a.
A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.
KrisFlyer UOB Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.05% p.a.

S$1,000
S$2
0.05% p.a.
0.05% p.a.
Access your finances anytime with this interest-bearing passbook savings account.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.3% p.a.

S$1,000
S$0
0.3% p.a.
0.3% p.a.
This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.
BOC SmartSaver
BOC SmartSaver
  • Minimum Initial Deposit

    S$1,500

  • Fall below monthly fees

    S$3

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$1,500
S$3
0.3% p.a.
0.5% p.a.
Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.
POSB My Account
POSB My Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2% p.a.

S$0
S$0
0.05% p.a.
2% p.a.
This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.
CIMB FastSaver Account
CIMB FastSaver Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.15% p.a.

  • Maximum annual interest rate

    1% p.a.

S$1,000
S$0
0.15% p.a.
1% p.a.
The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance
UOB Passbook Savings Account
UOB Passbook Savings Account
  • Minimum Initial Deposit

    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$500
S$2
0.05% p.a.
0.5% p.a.
Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.
OCBC Bonus + Savings Account
OCBC Bonus + Savings Account
  • Minimum Initial Deposit

    S$5,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$5,000
S$2
0.05% p.a.
0.5% p.a.
A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.
POSB Everyday Savings Account
POSB Everyday Savings Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.2% p.a.

S$0
S$2
0.05% p.a.
0.2% p.a.
An everyday savings account that offers cashback on your DBS/POSB debit card spend.
UOB Lady’s Savings Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.05% p.a.

S$1,000
S$2
0.05% p.a.
0.05% p.a.
Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.
loading

Compare up to 4 providers

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.

Frequently asked questions

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Privacy Policy.
Go to site