Best for Average Consumers With Moderate Savings
Maybank Save Up Savings Account
Interest Rates
Min. Initial Deposit
Min. Avg Daily Balance
Promotion
The Maybank SaveUp Savings Account offers rewarding returns, especially if you’re willing to work for it. In fact, it offers a bonus rate of up to 3% p.a. on your first S$50,000 in your account balance. Plus, its base interest of 0.25% p.a. is nothing to scoff at, especially since it is far above market norms. You can unlock higher returns through salary crediting and engaging with Maybank’s financial products.
All details
Key Features
- Earn up to 3% p.a. on the first S$50,000 in your account balance.
- Prevailing interest rate of 0.25% p.a.
- Unlock bonus rates when you save, spend, invest, insure, or borrow with Maybank Singapore
- Earn bonus interest based on the number of qualifying products or services availed.
- 1 qualifying product or service: 0.1% p.a. bonus rate
- 2 qualifying products or services: 0.7% p.a. bonus rate
- 3 products or services: 2.75% p.a. bonus rate
- Minimum balance of S$1,000
- The monthly fall-below fee of S$2 is waived for customers below 25 years old
Promotion
- Transact on the Maybank2u SG app and win any mobile phone of your choice. A total of 10 mobile phones are to be won. This promotion is valid from 1 August to 31 December 2021.
Pros & Cons
Pros
- Above-average prevailing interest rate of 0.25% p.a.
- High EIR of up to 3% p.a.
- Earn bonus rate of up to 2.75% p.a. when you fulfill at least 3 transaction types
- Low initial deposit of S$500 when you’re a Singapore Citizen or Permanent Resident
- Flexible transactions with up to 9 products and services across 5 categories to choose from
Cons
- Bonus rates apply up to S$50,000 only
- A monthly minimum card spend of S$500 is required to qualify for bonus interest
- Minimum of S$2,000 salary crediting required
- It requires a lot of effort and capital to maximize bonus rates
General Information
Eligibility
- Minimum Age: At least 18 years old
- Nationality: Singaporean/ Permanent Resident/ Foreigner
Documents Requirements
For Singapore Citizens or Permanent Residents online account opening:
Apply online or via the Maybank2u SG app
- NRIC
- Proof of residences, such as utility/telco bills or bank statements from another bank in Singapore
- Image of your signature
For Foreigners:
Apply at the nearest Maybank branch
- Passport
- Valid Employment Pass or Student Pass
- Proof of residences, such as utility/telco bills or bank statements from another bank in Singapore
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does Maybank Save Up Savings Compare with Other Savings Accounts in Singapore?
Bank Name | Interest Rate | Minimum Deposit | Minimum Balance |
Maybank SaveUp Account | 0.25% base interest rate p.a.
3% max. interest rate p.a. | S$500 | S$1,000 |
Standard Chartered Bonus$aver Account | 0.01% base interest rate p.a.
2.38% max. interest rate p.a. | S$0 | S$3,000 |
DBS Multiplier Account | 0.05% base interest rate p.a.
3% max. interest rate p.a. | S$0 | S$3,000 |
CIMB FastSaver Account | 0.30% p.a. | S$1,000 | S$0 |
OCBC 360 Account | 0.05% base interest rate p.a.
2.38% max. interest rate p.a. | S$1,000 | S$3,000 |
UOB One Account | 0.05% base interest rate p.a.
2.50% max. interest rate p.a. | S$500 | S$1000 |
Compared to the other major savings accounts, Maybank SaveUp Account offers the highest prevailing interest rate at 0.25% p.a. It also offers a competitive maximum interest rate. However, in order to enjoy these high returns, you’ll need to go all-in.
For example, assuming you have S$10,000 in your account balance, credit a salary of S$2,000, and a minimum card spend of S$500. With Maybank Save Up, you’ll earn a total interest of S$92/year. On the other hand, using the same criteria for the DBS Multiplier Account, you’ll only earn S$40.15/year.
Maybank Save Up Savings Account – Our Verdict
The Maybank Save Up Savings Account is perfect for average consumers with moderate savings. It is especially attractive to those with financial responsibilities, such as breadwinners or head-of-households. For one, the base rate is above the market average. Secondly, its qualifying products and services are attainable, making it easy to unlock bonus rates.
For instance, by hitting two transactions, such as salary credit and credit card spend, you can get a 0.7% bonus rate, which is highly competitive in the current market. Plus, if you happen to be looking for a home loan, renovation loan, or car loan, you can unlock the 3rd tier which gives a 2.75% bonus rate on top of the prevailing interest.
Final Thoughts
Key Takeaways:
- The Maybank Save Up Savings Account offers an above-average base interest rate of 0.25%.
- The SaveUp Account also offers a bonus interest rate of up to 3% p.a. on your first S$50,000 in your account balance.
- There are 3 tiers to earning bonus interest. Plus, you have up to 9 qualified products and services in five categories to choose from to earn bonus interest.
Maybank SaveUp Savings Account is best for average consumers who want to earn at a high interest rate without putting in a lot of effort. With an earnings peak at S$50,000, it is also an attractive option for moderate savers.
However, MB Save Up Account is more favorable for those who can fulfill the 3-product transactions. The 1- and 2-product transactions are low at 0.1% p.a. and 0.7% p.a. respectively. However, the bonus interest for 3-product transactions jumped to 2.75% p.a. So, unless you are in the market for a home, renovation, or education loan, life insurance, or investment product, you may not be able to maximize returns.
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FAQs
Can Foreigners Open a Maybank Account in Singapore?
Yes, foreigners can open a Maybank Account in Singapore. To open a Maybank SaveUp Savings Account, they will need to bring their Passport, a valid pass, and proof of residence. Additionally, they will need a S$1,000 minimum initial deposit to start using their Save Up Account.
I Already Own An Existing Maybank Product (Loan/Insurance/Maybank Platinum Visa Card). Can I Avail Of The Save Up Programme Bonus Interest?
If you credit your salary, spend using your credit card, or pay by GIRO, you’ll get bonus interest rates. If you have an existing loan or insurance product, it is considered a qualifying product for 1 year. If you have an existing Unit Trust investment of at least S$30,000, you can enjoy bonus interest for 12 months from the month of investment.
When and How Will The Bonus Interest Be Paid?
The bonus interest will be credited to your Maybank SaveUp Account by the middle of the following calendar month. However, you must fulfill the qualifying transactions to be eligible for the bonus interest.
What Are The Qualifying Maybank Products and Services To Get Bonus Interest?
Take up any of the eligible products and services and you will be rewarded bonus interest on top of the prevailing interest of the Save Up Savings Account.
- Salary credit (minimum S$2,000) or GIRO payment (minimum S$300)
- Credit card spend with Maybank Platinum Visa Card and/or Horizon Visa Signature Card (minimum S$500)
- Invest in structured deposits (minimum S$30,000)
- Invest in Unit Trust (minimum S$25,000)
- Purchase insurance policy (minimum S$5,000 yearly)
- Home Loan (minimum S$200,000)
- Renovation Loan (minimum S$10,000)
- Car Loan (minimum S$35,000)
- Education Loan (minimum S$10,000)
How Will Bonus Interest Be Rewarded?
Bonus interest will be rewarded on:
- The first S$50,000 of your Maybank SaveUp Account; and
- Based on the number of eligible products you fulfilled per month
Qualifying Product | Bonus Interest |
1 eligible product or service | 0.10% p.a. |
2 eligible products or services | 0.70% p.a. |
3 or more eligible products or services | 2.75% p.a. |
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