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.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Maybank SaveUp Account review
Accelerate your savings with a maximum interest rate of 3% p.a.
No reviews yet.
Write a review
S$2
Fall below monthly fees
2.75% p.a.
Maximum annual interest rate
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 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 |
|---|---|---|
| Save |
| 1 month |
| Spend |
| 1 month |
| Invest |
|
|
| Insure |
| 12 months |
| Borrow |
| 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
- Click on the “Apply now” button on the Maybank SaveUp Account page
- Choose your preferred mode of application: MyInfo (for Singaporeans and permanent residents only) or Online form (for applicants without SingPass)
- Upload any necessary documents and submit your application
- Complete a FAST transfer for the initial deposit to your new Maybank account
- 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
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.
