24 May 2017
Customers get more flexibility in selecting products to earn bonus interest with Maybank's enhanced Save Up Programme
24 May 2017
Deposit cap raised, additional products make it easier to achieve maximum interest of 3% per annum
SaveUp accounts have quadrupled over past two years, with deposits rising 66% in 2016
With effect from 1 June 2017, customers will have even more options to choose from, to help them achieve the maximum interest of 3% p.a. under the Maybank Save Up Programme. The deposit cap for the bonus interest will also be raised, so customers can enjoy higher interest on the first S$60,000 in their SaveUp Account, up from the current S$50,000.
Under this bundled savings programme, customers can earn additional interest of 0.3% p.a. to 2.75% p.a. for their SaveUp Account, on top of the base interest of up to 0.3125% p.a. if they bundle the account with one or more products and services. (Please refer to the Appendix for details of how the programme works and for an illustration.)
Unlike some of the similar competitor offerings, where the additional interest varies for different products, SaveUp customers can earn the maximum bonus interest of 2.75% p.a. as long as they take up any three out of nine qualifying products and services.
Programme enhancement to offer more choice to customers
The Save Up Programme has proven popular among customers, and the number of SaveUp Accounts has quadrupled over the past two years. In order to extend the programme to more customers, options have been added under two of the product categories - Unit Trust investment and Credit Card.
In addition to investing a minimum monthly investment of S$300 in Unit Trust via a Regular Subscription Plan, customers can choose to place a lump sum Unit Trust investment of minimum S$30,000. For this one-time investment, they can enjoy the bonus interest in their SaveUp Account for a 12-month period.
Under the Credit Card category, besides the current Maybank Platinum Visa Card, which offers customers cash rebates, customers can instead choose to hit the minimum S$500 monthly spend using the Maybank Horizon Visa Signature Card, which offers points redeemable for rewards such as air miles. They can also use a combination of both cards to reach the minimum spend.
Maybank had launched the Horizon Visa Signature Card in September 2016 to offer more rewards (for example air miles) across more spending categories, including daily expenses such as dining, petrol and taxi fares. (Please see the Appendix for more information.)
"The monthly card spend on our Horizon Visa Signature Card is 50% higher than our average monthly credit card spend due to its attractive air miles-earning proposition, and a growing number of Maybank Cardmembers are using this as their primary credit card. We are confident that adding this card into the bundle will make it easier for more customers to qualify for the higher interest offered under the Save Up Programme," said Mr Choong Wai Hong, Head, Community Financial Services, Maybank Singapore.
Strong growth in SaveUp deposits in 2016
Mr Choong added, "With nine products and services for customers to choose from, Maybank Save Up is the most flexible and straightforward programme available in the market for customers to combine products to earn the maximum bonus interest."
The extensive list range from more common products and services such as salary crediting, monthly outward GIRO transactions and credit card expenditure, to others that only Maybank offers: auto-finance hire purchase, renovation loan and education loan. This allows customers the flexibility to choose the products they require, depending on their different life stages.
The total deposits under SaveUp have grown significantly by 66% in 2016. "We see a rising interest among customers to park their money in high-earning savings accounts. By increasing the deposit cap to S$60,000, we want to reward customers who want to save more with us," Mr Choong said.
The SaveUp customer base comprises 64% PMETs, majority of whom are between the ages of 25 and 54.
Information on Save Up Programme
Open a SaveUp account and bundle it with other products/services to earn additional interest.