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Maybank iSAVvy Plus Savings Account: How Does it Compare?

Bonus Rates on Incremental Growth for Consistent Savers over 6 Month Period

Maybank iSAVvy Plus Savings Account: How Does it Compare?

Bonus Rates on Incremental Growth for Consistent Savers over 6 Month Period

3.9/5.0

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Pros

  • Individuals who can commit to 6mo of incremental saving
  • People with stable budgets who rarely make withdrawals
  • Consumers who can make large monthly deposits

Cons

  • People who may need to make withdrawals
  • Consumers who make small monthly deposits
  • Individuals with irregular or changing saving behaviours

If you're a consistent saver making large monthly deposits–but can only commit to 6 months without making a withdrawal–you may want to consider Maybank iSAVvy Plus Savings Account. Account holders earn a competitive base rate of up to 0.38% p.a., according to their balance size. What makes this account truly stand out, however, is that individuals who increase their balance month-on-month for 6 months total (again, without making a withdrawal) earn an elevated 1.56% p.a. rate on their incremental gains. At just S$50k balance, it's possible to earn an effective interest rate [EIR] of up to 1.94% p.a. Ultimately, consumers with a moderate balance who can make large, consistent deposits may find Maybank iSAVvy Plus Account a great fit to their needs.

ProsCons
  • Respectable EIR, up to ~1.94% p.a.
  • High max. base rate of 0.38% p.a.
  • Low min. balance requirement of S$500
  • Bonus only available to consistent savers
  • Must forgo withdrawals for 6mo to earn bonus
  • Bonus rate primarily favors large deposits
Pros & Cons
Pros:
  • Respectable EIR, up to ~1.94% p.a.
  • High max. base rate of 0.38% p.a.
  • Low min. balance requirement of S$500
Cons:
  • Bonus only available to consistent savers
  • Must forgo withdrawals for 6mo to earn bonus
  • Bonus rate primarily favors large deposits

What Makes Maybank iSAVvy Plus Savings Account Stand Out

Maybank iSAVvy Plus Savings Account is a great option for consistent savers who can comfortably make large monthly deposits (and no withdrawals) for a 6 month period. To begin with, Maybank iSAVvy Plus Account rewards account holders with a high base rate according to their balance size, reaching up to 0.38% p.a. for consumers with a S$50k+ balance. Considering the market standard is just 0.05% p.a., this base–which comes without any requirements or criteria–is remarkably competitive. Additionally, consumers earn a substantial 1.56% p.a. bonus rate on their incremental growth after 6 months, assuming consistent deposits with no withdrawals.

Maybank iSAVvy Plus Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies
  • according total balance amt)
0.1875% p.a. if < S$5k
0.30% p.a. if S$5k–below S$50k
0.38% p.a. if S$50k+
Consistent Increase
  • Monthly deposit + no withdrawals
  • for 6 mo (Bonus rate applied to
  • incremental increase only)
1.56% p.a. (on increase)
Max Effective Interest Rate:1.94% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank iSAVvy Plus Savings Account Interest Rates
Base Rate: No requirements (rate varies according to balance size)
  • 0.1875% p.a. if < S$5k
  • 0.30% p.a. if S$5k–below S$50k
  • 0.38% p.a. if S$50k+
Consistent Increase: Monthly deposit + no withdrawals for 6 mo (bonus rate applied to incremental increase only)
  • 1.56% p.a. (on increase)

This bonus rate, however, may not be accessible–or even rewarding–for some individuals. Account holders who cannot consistently increase their balance size from the previous month, for an entire half year, are not eligible for this elevated rate. Consumers who make withdrawals during this period are also ineligible. It's worth pointing out that even individuals who fulfill both criteria won't necessarily enjoy a substantial increase in earnings. The 1.56% p.a. rate applies only to incremental growth, rather than to the overall balance. This means people who make small or medium deposits will not benefit nearly as much as those making large deposits, regardless of their total savings.

Impact of Size of Monthly Deposit on Bonus Interest Earned

Size of Balance IncreaseBonus Interest Earned
+S$500S$0.66
+S$5,000S$6.62
Bonus interest earned reflects 1.56% p.a. bonus applied to incremental gains, assuming consistent growth and no withdrawals for the entire 6 month period

Nonetheless, consumers who both fulfill the savings criteria and can also make consistently large deposits can enjoy a respectable EIR of up to 1.94% p.a. It's also worth mentioning that the 6 month requirement period is just ¼ of the time required by some top competitors. As a result, Maybank iSAVvy Plus Savings Account offers consistent savers making larger deposits a great way to boost earnings, even if they can only commit to a moderate time period without making withdrawals.

Maybank iSAVvy Plus Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement16
Minimum Initial DepositS$500
Minimum Balance RequirementS$500
Fall-Below FeeS$2

How Does Maybank iSAVvy Plus Account Compare to Other Accounts?

Read our comparisons of Maybank iSAVvy Plus Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Maybank iSAVvy Plus Savings Account offers a maximum effective interest rate above the market average

Maybank iSAVvy Plus Savings Account v. POSB SAYE Savings Account

Consider this if you can commit to long-term incremental saving and want a maintenance-free account
  • Min. Age Requirement
    • 16
    • Min. Initial Deposit
      • S$0
      • Min. Balance Requirement
        • S$50

        If you prioritise convenience and can commit to saving without withdrawals for at least 24 months, you may want to consider POSB SAYE Savings Account. Current DBS / POSB banking customers can link their POSB SAYE Account to an account to which their salary is already credited. Thereafter, a fixed amount between S$50–S$3k+ is automatically transferred monthly, growing the POSB SAYE Account without effort or maintenance. Simply "ignoring" the account–allowing these auto-deposits and not making any withdrawals–leads to a +2.00% p.a. bonus rate after a 24 month period. Ultimately, account holders can enjoy an EIR of up to 2.25% p.a.–higher than possible with similar competitors. Consumers who can't make a lengthy 24 month commitment, however, may prefer Maybank iSAVvy Plus Account, which has a requirement period of just 6 months.

        Rate TypeDetails & RequirementsInterest Rate
        Base Rate
        • No requirements; applied to total balance (varies by monthly deposit size)
        0.05% p.a. if no deposit made
        0.05% p.a. for S$50–290 deposit
        0.20% p.a. for S$300–790 deposit
        0.25% p.a. for S$800–3k deposit
        0.05% p.a. for S$3k+ deposit
        No Withdrawals + Deposit
        • No withdrawals + deposit (Bonus interest added to base rate & applied to total balance)
        +2.00% p.a.
        Max Effective Interest Rate:2.25% p.a. (at S$800–3k deposit)
        Promotional rates, if any, are not included
        POSB SAYE Account Interest Rates
        Base Rate: No requirements (applied to entire balance)
        • 0.05% p.a. if no deposit made
        • 0.05% p.a. for S$50–290 deposit
        • 0.20% p.a. for S$300–790 deposit
        • 0.25% p.a. for S$800–3k deposit
        • 0.05% p.a. for S$3k+ deposit
        No Withdrawals + Deposit: Bonus interest added to base rate and applied to entire balance
        • +2.00% p.a.
        Max EIR: 2.25% p.a. (at S$800–3k deposit)

        Maybank iSAVvy Plus Savings Account v. OCBC Bonus+ Savings Account

        Consider this if you want a boosted rate on months you boost your balance
        • Min. Age Requirement
          • 16
          • Min. Initial Deposit
            • S$5,000
            • Min. Balance Requirement
              • S$3,000

              Consumers who aren't especially consistent with making deposits, but who still want to earn boosted rates when they grow their account balance, can enjoy both flexibility and respectable rates with OCBC Bonus+ Savings Account. Account holders earn a standard 0.05% p.a. base rate, but enjoy a +0.45% p.a. boost on months where they don't make a withdrawal. Even further, consumers earn an additional +0.50% p.a. for making a S$500+ deposit that month. Ultimately, it's possible to earn an EIR up to 1.00% p.a., without committing to extended periods of time without withdrawals. Consumers who can commit to longer periods of incremental saving, however, can earn more with Maybank iSAVvy Plus Savings Account.

              Rate TypeDetails & RequirementsInterest Rate
              Base Rate
              • No Requirements; applied to entire balance
              0.05% p.a.
              No Withdrawals
              • No withdrawals during month (Bonus interest
              • added to base rate & applied to entire balance)
              +0.45% p.a.
              Extra Deposit
              • No withdrawals + deposit at least S$500
              • (Bonus interest added to base rate & applied
              • to entire balance)
              +0.50% p.a.
              Max Effective Interest Rate:1.00% p.a. (any balance size)
              Promotional rates, if any, are not included
              OCBC Bonus+ Savings Account Interest Rates
              Base Rate: No requirements (applied to entire balance)
              • 0.05% p.a.
              No Withdrawals: No withdrawals during month (bonus interest added to base rate & applied to entire balance)
              • +0.45% p.a.
              Extra Deposit: No withdrawals + deposit at least S$500 (bonus interest added to base rate & applied to entire balance)
              • +0.50% p.a.

              Maybank iSAVvy Plus Savings v. UOB Stash Savings Account

              Consider this if you have a large balance, but make smaller deposits
              • Min. Age Requirement
                • 15
                • Min. Initial Deposit
                  • S$1,000
                  • Min. Balance Requirement
                    • S$1,000

                    If you're a consistent saver with a large balance, but make deposits that are relatively small or irregular in size, you may be able to benefit from UOB Stash Savings Account. Consumers earn a standard 0.05% p.a. base rate and can earn an elevated rate on months where they increase their balance size. Bonus rates vary by bands within a balance size: while there's no boost on the 1st S$10k of the balance, the next S$40k (up to the S$50k mark) earns a bonus +0.75% p.a., and amounts above (up to the S$100k mark) earn a bonus of +0.95% p.a. Overall, this translates to a maximum EIR of up to 0.83% p.a., achieved at a S$100k balance.

                    UOB Stash Account's interest rates are driven by balance size and growth within a given month, rather than across an extended period. Individuals who make larger deposits and can commit to 6+ months without making a withdrawal would likely benefit more from Maybank iSAVvy Plus Account.

                    Rate TypeDetails & RequirementsInterest Rate
                    Base Rate
                    • No requirements (Rate applied to balance)
                    0.05% p.a.
                    Balance Increase
                    • Balance is greater than previous month's
                    • (Bonus interest added to base rate & applied
                    • to specific bands of balance)
                    (base rate on 1st S$10k)
                    +0.75% p.a. on next S$40k
                    +0.95% p.a. on next S$50k
                    Max Effective Interest Rate:0.83% p.a. (at S$100k balance)
                    Promotional rates, if any, are not included
                    UOB Stash SA Interest Rates
                    Base Rate: No requirements (applied to entire balance)
                    • 0.05% p.a.
                    Balance Increase: Balance is greater than previous month's (bonus added to base rate & applied to specific bands of balance)
                    • No bonus boost on 1st S$10k
                    • +0.75% p.a. on next S$40k
                    • +0.95% p.a. on next S$50k
                    Max EIR: 0.83% p.a. (at S$100k balance)

                    Maybank iSAVvy Plus Savings v. Maybank iSAVvy Savings Account

                    Consider this if you have a small-to-moderate size balance and want a low-maintenance account
                    • Min. Age Requirement
                      • 16
                      • Min. Initial Deposit
                        • S$500
                        • Min. Balance Requirement
                          • S$500

                          Maybank iSAVvy Savings Account varies from MB iSAVvy Plus Account as consumers can earn elevated rates just for maintaining a balance between S$5k–S$200k for 6 months–regardless of deposits or withdrawals made. However, perhaps because of this flexibility, bonus rates are quite low. Consumers who maintain a S$5k–S$100k balance during this period earn a +0.02% p.a. boost, and those with balances of S$100k–S$200k earn +0.07% p.a. Factoring in base rates, the highest EIR an account holder can earn is just 0.50% p.a., achieved at a S$200k balance. As this is not a particularly competitive rate, individuals who can commit to growing their account without making withdrawals for 6 months can certainly earn more with Maybank iSAVvy Plus Savings Account.

                          Rate TypeDetails & RequirementsInterest Rate
                          Base Rate
                          • No requirements (Rate varies
                          • according total balance amt)
                          0.1875% p.a. if < S$5k
                          0.30% p.a. if S$5k–below S$50k
                          0.38% p.a. if S$50k+
                          Consistent Increase
                          • Monthly deposit + no withdrawals
                          • for 6 mo (Bonus interest applied to
                          • incremental increase only)
                          1.56% p.a. (on increase)
                          Max Effective Interest Rate:1.94% p.a. (at S$50k balance)
                          Promotional rates, if any, are not included
                          Maybank iSAVvy Plus Savings Account Interest Rates
                          Base Rate: No requirements (rate varies according to balance size)
                          • 0.1875% p.a. if < S$5k
                          • 0.30% p.a. if S$5k–below S$50k
                          • 0.38% p.a. if S$50k+
                          Consistent Increase: Monthly deposit + no withdrawals for 6 mo (bonus rate applied to incremental increase only)
                          • 1.56% p.a. (on increase)
                          Carrie Arndt

                          Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.