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Maybank SaveUp Savings Account: Is It Right For You?

Accessible Bonus Rates for Average Consumers

Maybank SaveUp Savings Account: Is It Right For You?

Accessible Bonus Rates for Average Consumers

4.8/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Average consumers with broad financial responsibilities
  • Moderate savers seeking flexibility
  • Individuals looking for a relatively low-effort account

Cons

  • People with limited engagement in financial products
  • Wealthier consumers with balances above S$50k
  • Consistent savers seeking rewards for incremental growth

Maybank SaveUp Savings Account is an ideal match for average consumers with moderate savings–especially those with broader financial responsibilities (such as the head-of-household). Account holders earn a base rate of up to 0.3125% p.a.–more than 6x the market standard–even before considering bonuses. Thereafter, consumers can earn up to +2.75% p.a. interest just for salary crediting and using select Maybank financial products. Cumulatively, individuals can earn up to an effective interest rate [EIR] of 3.00% p.a., earning peak interest at just S$50k balance. The accessibility of bonus rates and ability to maximise earnings with moderate savings makes Maybank SaveUp Account a great fit for the average consumer.

ProsCons
  • High EIR of up to 3.00% p.a.
  • Above-average base rate, up to 0.3125% p.a.
  • Accessible bonus rates for average consumer
  • Peak interest attainable at just S$50k balance
  • Bonus rates apply up to S$50k only
  • Bonus based solely on product engagement
  • Bonus highly skewed to max product use
Pros & Cons
Pros:
  • High EIR of up to 3.00% p.a.
  • Above-average base rate, up to 0.3125% p.a.
  • Accessible bonus rates for average consumer
  • Peak interest attainable at just S$50k balance
Cons:
  • Bonus rates apply up to S$50k only
  • Bonus based solely on product engagement
  • Bonus highly skewed to max product use

What Makes Maybank SaveUp Savings Account Stand Out

For the average consumer–especially those in charge of broader financial responsibilities–Maybank SaveUp Savings Account offers the absolute best way to truly maximise interest earnings. Account holders earn at base rates far above market norms and can easily unlock bonus rates through salary crediting and financial product engagement. Qualifying products are quite accessible to the average consumer, ranging from using a Maybank credit card to securing insurance, loans, or investments. Account holders can achieve an EIR of up to 3.00% p.a., with interest peaking at S$50k balance–making MB SaveUp Account perfect for moderate savers.

Maybank SaveUp Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.1875% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.3125% p.a. beyond S$50k
Product Bonus
  • Use at least 1 Maybank service or product,
  • ie loan, insurance, investment, credit card etc.
  • (Bonus interest based on number of products
  • & applied to entire balance, up to 1st S$50k)
+0.30% p.a. for 1 product
+0.8% p.a. for 2 products
+2.75% p.a. for 3+ products
Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank SaveUp Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.1875% p.a. on 1st S$3k
  • 0.25% p.a. on next S$47k
  • 0.3125% p.a. beyond S$50k
Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
  • +0.30% p.a. for 1 product
  • +0.8% p.a. for 2 products
  • +2.75% p.a. for 3+ products

One reason MB SaveUp Savings Account especially stands out is that unlocking its bonus rates is comparatively easy for the average consumer. Consumers are rewarded for the number of MB products they use, with rates increasing for each additional product. In total, 9 products are bonus-eligible, including credit cards, a variety of loans, and even GIRO payments or salary crediting (which are included as a 'product' as well). Other multi-product accounts base bonus rates on transaction volumes or limit eligible products to just a few categories (insurance, investments). Ultimately, engaging with at least 3 products to earn a +2.75% p.a. bonus is reasonably easy for a head-of-household. For example, one could simply spend with a credit card, credit their salary, and pay off a loan.

9 Bonus-Eligible Maybank Products and Services

Qualifying ProductMinimum Transaction Amt
GIRO Payment or Salary Crediting
  • S$300/mo (GIRO)
  • S$2k/mo (Salary)
Credit Card (MB Platinum Visa, Horizon Visa Sig)S$500/mo
Structured DepositsS$30k
Unit TrustsS$25k (cash investments)
Regular Premium InsuranceS$5k (annual premium)
Home Loan (exc. Equity Loan)S$200k
Car LoanS$35k
Renovation LoanS$10k
Education LoanS$10k
Bonus-Eligible Maybank Products & Services
GIRO Payment or Salary Crediting
  • S$300/mo (GIRO) -or-
  • S$2k/mo (Salary)
Credit Card (MB Platinum Visa Card, MB Horizon Visa Signature Card)
  • S$500/mo
Structured Deposits
  • S$30k
Unit Trusts (Cash investments)
  • S$25k
Regular Premium Insurance (In annual premium)
  • S$5k
Home Loan (Exc. equity loan)
  • S$200k
Car Loan
  • S$35k
Renovation Loan
  • S$10k
Education Loan
  • S$10k
Maybank Horizon Visa Signature Card
  • Annual Fee: S$180 (waived w/ S$18k annual spend)
  • Stand-Out: Market-leading 3.2 miles per S$1 select local spend
  • Promotion:
  • Read Our Full Review

Maybank Platinum Visa Credit Card
  • Annual Fee: S$80 (waiver applied)
  • Stand-Out: Up to 3.33% rebate with S$300 monthly spend
  • Promotion:
  • Read Our Full Review

MB Horizon Visa Sig. Card

  • Annual Fee: S$180 (waived w/ S$18k annual spend)
  • Stand-Out: Market-leading 3.2 miles per S$1 select local spend
  • Promotion:
  • Read Our Full Review

MB Platinum Visa Card

  • Annual Fee: S$80 (waiver applied)
  • Stand-Out: Up to 3.33% rebate with S$300 monthly spend
  • Promotion:
  • Read Our Full Review
Maybank Home Loan
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Maybank Home Renovation Loan
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  • Cheapest option for 4 & 5 year terms at 4.88% p.a.
  • Preferred rates for existing MB home loan customers at 2.88% p.a.
  • Read Our Full Review
Maybank Education Loan
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  • Offers largest education loans on the market: S$5k–S$200k
  • Discounted rates at preferred institutions: 4.5% p.a. + 1.5% processing fee
  • Best rates available for low-income, part time students
  • Read Our Full Review
Maybank Home Loan
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Maybank Home Renovation Loan
  • Cheapest option for 4 & 5 year terms at 4.88% p.a.
  • Preferred rates for existing MB home loan customers at 2.88% p.a.
  • Read Our Full Review
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Maybank Education Loan
  • Offers largest education loans on the market: S$5k–S$200k
  • Discounted rates at preferred institutions: 4.5% p.a. + 1.5% processing fee
  • Best rates available for low-income, part time students
  • Read Our Full Review
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Still, there are a few drawbacks to MB SaveUp Savings Account. To begin with, bonus rates are specifically tied to product use. Alternatives tend to award bonuses for a wider variety of actions, such as increasing balance size or depositing fresh funds. MB SaveUp Account also heavily skews bonus rates to favor 3-product usage. The rates for 1 and 2-product usage are somewhat low at +0.3% p.a. and +0.8% p.a. respectively, while the bonus rate for 3-product use jumps to an incredible +2.75% p.a. Consumers who aren't likely to engage with at least 3 categories may not especially benefit from MB SaveUp Savings Account.

Nonetheless, MB SaveUp Savings Account offers an easy way for average consumers to earn at a top interest rate without much of an extra effort. Even further, earnings peak at just S$50k balance, which is ideal for moderate savers (less ideal for those with larger balances, however). Overall, salaried individuals open to limited product engagement should definitely consider MB SaveUp Savings Account.

Maybank SaveUp Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement16
Minimum Initial DepositS$500 for Singaporeans & PR, S$1,000 for foreigners
Minimum Balance RequirementS$1,000
Fall-Below FeeS$2 (Waived if less than 25 years old)

How Does Maybank SaveUp Savings Account Compare to Other Accounts?

Read our comparisons of Maybank SaveUp 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 SaveUp Savings Account has one of the highest maximum effective interest rates on the market

Maybank SaveUp Savings Account v. Standard Chartered Bonus$aver Account

Consider this if you're a high-earner open to a banking relationship with Standard Chartered
  • Min. Age Requirement
    • 18
    • Min. Initial Deposit
      • S$0
      • Min. Balance Requirement
        • S$3,000

        Wealthier individuals who are open to a banking relationship with Standard Chartered may want to consider Standard Chartered Bonus$aver Account. Account holders earn a variety of boosts for their banking activity: crediting a S$3k+/month salary (+1.00% p.a.), spending S$500-S$2k+/month on a dedicated Bonus$aver credit or debit card (up to +1.50% p.a.), buying an insurance policy or unit trust subscription with SC (+1.28% p.a.) and paying 3+ bills monthly online via GIRO (+0.10% p.a.). In fact, those that fulfill requirements for all of these bonuses can earn an effective interest rate of up to 3.88% p.a., achieved at a S$100k balance. Unlocking these boosts may not be easy for the everyday consumer however, especially given the high salary requirement and minimums for product engagement (S$12k for insurance, S$30k for a unit trust). However, those who are relatively affluent should definitely consider SC Bonus$aver, as they can potentially earn at one of the highest effective interest rates on the market.

        Rate TypeDetails & RequirementsInterest Rate
        Base Rate
        • No Requirements
        • (Applied to entire balance)
        0.05% p.a.
        Credit/Debit Bonus
        • Spend/mo on Bonus$aver card
        • (Bonus added to base rate)
        +0.50% p.a. w/ S$500-S$1.99k spend
        +1.50% p.a. w/ S$2k+ spend
        Salary Credit Bonus
        • Credit S$3k+/month salary
        • (Bonus added to base rate)
        +1.00% p.a. on 1st S$100k
        Product Bonus
        • Invest with or buy SC insurance
        • (Bonus added to base rate)
        +1.28% p.a. on 1st S$100k
        Bill-Pay Bonus
        • Make 3+ bill payments via GIRO
        • (Bonus added to base rate)
        +0.10% p.a. on first S$100k
        Max Effective Interest Rate:3.88% p.a. (at S$100k balance)
        Promotional rates, if any, are not included
        SC Bonus$aver Account Interest Rates
        Base Rate: No requirements (applied to entire balance)
        • 0.05% p.a.
        Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
        • +0.50% p.a. w/ S$500-S$1.9k spend
        • +1.50% p.a. w/ S$2k+ spend
        Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
        • +1.00% p.a. on first S$100k
        Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
        • +1.28% p.a. on first S$100k
        GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
        • +0.10% p.a. on first S$100k
        Max Effective Interest Rate:
        • 3.88% p.a. (at S$100k balance)
        Promotional rates, if any, are not included

        Maybank SaveUp Savings Account v. DBS Multiplier Account

        Consider this if you're a high-earning DBS loyalist with financial savvy
        • Min. Age Requirement
          • 18
          • Min. Initial Deposit
            • S$0
            • Min. Balance Requirement
              • S$3,000

              High-earning consumers who are financially-savvy should definitely consider DBS Multiplier Account. Account holders earn interest based on their balance size and level of engagement with DBS products. This includes both involvement with products like DBS credit cards, loans, insurance, and investments, as well as the volume of such product transactions every month. Individuals who engage with 3+ products at high volume can earn up to 3.65% p.a. effective interest–the highest rate on the market. However, this level of involvement requires significant banking activity and financial management. Everyday consumers seeking more accessible bonus rates might prefer MB SaveUp Savings Account.

              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2-3+ Categories
              • (first S$50k)
              • 3+ Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k1.40%1.80%2.00%
              S$2.5k – below S$5k1.60%2.00%2.20%
              S$5k – below S$15k1.80%2.20%2.40%
              S$15k – below S$30k1.90%2.30%2.50%
              S$30k+2.00%3.50%3.80%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
              Promotional rates, if any, are not included
              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2-3+ Categories
              • (first S$50k)
              • 3+ Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k1.40%1.80%2.00%
              S$2.5k – below S$5k1.60%2.00%2.20%
              S$5k – below S$15k1.80%2.20%2.40%
              S$15k – below S$30k1.90%2.30%2.50%
              S$30k+2.00%3.50%3.80%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
              Promotional rates, if any, are not included

              Maybank SaveUp Savings Account v. OCBC 360 Savings Account

              Consider this if you're a consistent saver with a stable budget
              • Min. Age Requirement
                • 18
                • Min. Initial Deposit
                  • S$1,000
                  • Min. Balance Requirement
                    • S$3,000

                    OCBC 360 Savings Account is ideal for consumers with a predictable budget, who are interested in rewards for both saving and product engagement. Most other savings account reward either incremental growth or product use; OCBC 360 Account is one of the few options that handsomely rewards both. Account holders unlock bonus rates in a variety of ways: depositing funds, crediting their salary, spending with an OCBC credit card, engaging with OCBC insurance or investments, and more. Such bonus rates apply only to the first S$70k of a balance, which is the peak size for maximising interest. The highest potential EIR is 3.35% p.a., which is high by market standards. Those who want a less involved account or who are inconsistent savers may benefit more from MB SaveUp Savings Account.

                    Rate TypeDetails & RequirementsInterest Rate
                    Base RateNo Requirements; applied to entire balance0.05% p.a.
                    Grow Bonus
                    • Maintain balance of at least S$200k
                    • (Bonus interest added to base rate)
                    +0.80% p.a. on first S$70k
                    Step-Up Bonus
                    • Deposit at least S$500/month
                    • (Bonus interest added to base rate & applied
                    • to specific band of balance)
                    +0.20% p.a. on first S$35k
                    +0.40% p.a. on next S$35k
                    Spend Bonus
                    • Spend S$500/month on OCBC credit card
                    • (Bonus interest added to base & applied to
                    • specific band of balance)
                    +0.20% p.a. on first S$35k
                    +0.40% p.a. on next S$35k
                    Salary Bonus
                    • Credit S$2k+ salary to account via GIRO
                    • (Bonus rates added to base rate & applied
                    • to specific band of balance)
                    +1.20% p.a. on first S$35k
                    +2.40% p.a. on next S$35k
                    "Wealth" Bonus
                    • Insure or invest with OCBC Bank
                    • (Bonus rates added to base rate & applied
                    • to specific band of balance)
                    +0.60% p.a. on first S$35k
                    +1.20% p.a. on next S$35k
                    Max Effective Interest Rate:3.35% p.a. (at S$70k balance)
                    Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
                    OCBC 360 Account Interest Rates
                    Base Rate: No requirements (applied to entire balance)
                    • 0.05% p.a.
                    Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
                    • +0.80% p.a. on first S$70k
                    Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
                    • +0.20% p.a. on first S$35k
                    • +0.40% p.a. on next S$35k
                    Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
                    • +0.20% p.a. on first S$35k
                    • +0.40% p.a. on next S$35k
                    Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
                    • +1.20% p.a. on first S$35k
                    • +2.40% p.a. on next S$35k
                    "Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
                    • +0.60% p.a. on first S$35k
                    • +1.20% p.a. on next S$35k
                    Max Effective Interest Rate:
                    • 3.35% p.a. (at S$70k balance)
                    Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive

                    Maybank SaveUp Savings Account v. UOB One Savings Account

                    Consider this if you're interested in a UOB credit card in addition to your savings account
                    • Min. Age Requirement
                      • 18
                      • Min. Initial Deposit
                        • S$1,000
                        • Min. Balance Requirement
                          • S$1,000

                          If you'd like to enjoy the high interest rates associated with a multi-product account but don't want to deal with excessive tracking or management, UOB One Savings Account could be a great match for you. Consumers earn bonus rates simply by using a UOB credit card and by crediting their salary (or making 3 GIRO debit transactions/month). These bonuses apply to the overall balance in 'bands,' according to balance size. For example, crediting your salary earns a +0.75% p.a. bonus applied to the first S$15k of your balance, +0.80% p.a. applied to the next S$15k, and so on. Overall, consumers can earn an EIR of up to 1.80% p.a., with interest peaking at a S$75k balance. Those who are open to a UOB credit card and want limited tracking might prefer UOB One Account, but those engaged with several product categories can earn a higher interest rate with MB SaveUp Savings Account.

                          Rate TypeDetails & RequirementsInterest Rate
                          Base RateNo Requirements; applied to entire balance0.05% p.a.
                          Credit Card Bonus
                          • Spend S$500/month on UOB One,
                          • UOB YOLO, or UOB Lady's credit card
                          • (Bonus interest added to base rate)
                          +0.45% p.a.
                          Salary/GIRO Bonus
                          • Credit S$2k+ salary to account or
                          • make 3 GIRO debit transactions per month
                          • (Bonus rates added to base rate &
                          • applied to specific band of balance)
                          +0.75% p.a. on first S$15k
                          +0.80% p.a. on next S$15k
                          +0.85% p.a. on next S$15k
                          +0.90% p.a. on next S$15k
                          +3.18% p.a. on next S$15k
                          Max Effective Interest Rate:1.80% p.a. (at S$75k balance)
                          Promotional rates, if any, are not included
                          UOB One Account Interest Rates
                          Base Rate: No requirements (applied to entire balance)
                          • 0.05% p.a.
                          Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
                          • +0.45% p.a.
                          Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
                          • +0.75% p.a. on first S$15k
                          • +0.80% p.a. on next S$15k
                          • +0.85% p.a. on next S$15k
                          • +0.90% p.a. on next S$15k
                          • +3.18% p.a. on next S$15k
                          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.