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.
Fall below monthly fees
Maximum annual interest rate
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:
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 requirement||Additional interest||Base interest rate||Total interest|
|1 product or service||0.10% p.a.||0.25% p.a.||0.35% p.a.|
|2 products or services||0.70% p.a.||0.25% p.a.||0.95% p.a.|
|3 products or services||2.75% 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:
|Bonus||Qualifying products||Bonus interest period|
The Maybank SaveUp Account doesn’t charge any opening, monthly or maintenance fees.
Here are some other account-related fees to take note of:
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).
To apply for the Maybank SaveUp Account, you must be:
If you’re a new Maybank customer, you should have the following documents on hand to speed up your application:
Singaporeans and permanent residents
Online application process
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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