Maybank Save Up: The Complete Review Guide (2021)

Maybank Save Up Programme Review (2021): Get Up To 3% Interest With This Multitasking Savings Account

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Perfect for those who like to multitask on one account, Maybank Save Up Programme delivers by rewarding you with a bonus interest rate of up to 3% p.a. on your first S$50,000.

These days, finding a savings account that rewards you with an interest rate of higher than 2.5% p.a. can be few and far between. Fortunately, the Maybank Save Up Programme offers a maximum interest rate of 3% p.a. — that is, if you’re willing to do what it takes to achieve it.

However, this comes on the back of a mass interest rate cut that we’ve seen with many high-yield savings accounts.

Once known as the savings account that’s able to bring you 0.3% p.a. simply by crediting salary, this has now been slashed to 0.1% p.a. with effect from May 2021.

Source: Maybank

How the Maybank Save Up Programme Works 

Here’s what you can do to maximise the interest earned on the first S$50,000 of your account balance: 

  • Save: Save a minimum of S$300 a month via GIRO or credit a minimum salary of S$2,000 a month
  • Spend: Spend a minimum of S$500 a month using a Maybank Platinum Visa Card and/or Horizon Visa Signature Card
  • Invest: Invest at least S$30,000 in structured deposits or at least S$25,000 cash investments in unit trusts
  • Insure: Get a regular premium insurance plan with S$5,000 in annual premium for 12 months
  • Borrow: Take up a home loan (min. S$200,000), car loan (min. S$35,000), renovation loan (min. S$10,000) or education loan (min. S$10,000) 
Source: Maybank

Pros and cons of the Maybank Save Up Programme

Maybank Save Up product summary: 

  • Base interest rate: 0.25% p.a.
  • Maximum interest rate: 3% p.a.
  • Minimum average daily balance for automatic waiver of monthly fall-below fee: S$1,000
  • Minimum initial deposit: S$500 for Singaporeans and permanent residents, S$1,000 for other nationalities 
ProsCons
Earn bonus interest rate of up to 2.75% p.a. when you fulfill 3 transaction typesMonthly minimum card spend of S$500 required
Low initial deposit of S$500 requiredMinimum salary of S$2,000 required
Low age requirement (18 years old)Minimum of S$25,000 in unit trusts
Flexible savings account that lets you choose from up to 9 products and services across 5 categoriesMinimum of S$30,000 in structured deposits
Relatively high base interest rate of up to 0.25% p.a.Minimum of S$5,000 in annual insurance premiums

Why should you choose the Maybank Save Up Programme?

#1: Far cry from a low-effort savings account

Unlike other accounts that may have no-brainer requirements, you can only enjoy the maximum 3% p.a. interest rate if you’re willing to go all in with this one savings account. This means taking on three transaction types from the five different categories listed above. While you’re able to fulfill two of the three requirements easily by crediting your salary and spending S$500 a month with a Maybank credit card, the third category may require more elbow grease on your part.

Based on the transaction types available, you can either invest, buy a premium insurance plan or take up a loan with Maybank to qualify. As these are heavier commitments, unlocking the maximum interest rate might not be an easy feat unless you’re willing to part with some cash. That, or you’re in need of a loan to begin with.

To put this in perspective, the UOB One Account only requires account holders to credit your salary and spend a minimum of S$500 with a UOB card to earn the highest interest rate of up to 2.50% p.a.

However, if you’re eyeing the second-highest 0.7% p.a. bonus interest instead, you’re only required to meet two Maybank products to qualify. In total, your interest rate will add up to 0.95% p.a. which is not too shabby if you were to compare it to current 12-month fixed deposit rates.

#2: Use this savings account if you’re comfortable linking it with everything

To nab that sweet 3% p.a., you’ll have to jump through a number of hoops. However, this is not necessarily a bad thing. Maybank Save Up Programme offers a wide variety of products under one category, which allows you to customise your account according to your financial needs. 

For instance, the Borrow category has a total of four qualifying products to choose from, namely home loan, car loan, renovation loan and education loan. If you were to time the account opening perfectly, you’ll be able to unlock the maximum interest rate plus finance your car purchase to boot. 

#3: Enjoy the perks of the participating Maybank credit cards

To fulfill the S$500 credit card spend, you can choose between spending with the Maybank Horizon Visa Signature card or the Maybank Platinum Visa card. If you want to rack up some miles while shopping, it’s best to go with the Maybank Horizon Visa Signature card as it gives you 3.2 miles per S$1 spent on everyday things like Grab rides, petrol and dining (among others). If you prefer cashback instead, the Maybank Platinum Visa card is the one for you — it gives you a decent 3.33% cash rebate for all your local and foreign currency spend. 

Maybank-Horizon-Visa-Signature-Card
maybank-platinum-visa-card

What charges or fees should you look out for?

  • Minimum initial deposit: S$500
  • Fall-below fee: S$2
  • Early account closure fee: S$30
  • Cheque book fee: NA

How to apply?

You have a few options when applying for the Maybank Save Up Programme. For convenience sake, apply through the Maybank website. Utilise Myinfo to help auto-fill the application form and shave down precious minutes. 

If you’re opting to fill out the online application form manually, be sure you have these items ready: 

  • NRIC 
  • Proof of address 
  • Your signature
  • S$500 initial deposit 

Note that the Maybank Save Up Programme has a minimum age requirement — you’ll have to be at least 18 years old to open an account.

Read these next:
Best Savings Accounts in Singapore to Park Your Money (2021)
5 Best Car Insurance Plans in Singapore (2021)
Credit Card Comparison: Maybank Family & Friends Card vs Citi Cash Back vs CIMB Visa Signature Card
Best Maybank Credit Cards in Singapore (2021)
Maybank Horizon Visa Signature Review: Amass Miles Over Dining And Regular Commutes


By Marissa Saini
Your friendly neighbourhood cat enthusiast who enjoys not being broke. Spend less, save more is the name of the game. Firm believer that being financially savvy is not about the destination, but the friends you make along the way.