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9 May 2019

Maybank Launches an Integrated Banking Programme for the Silver Generation in Singapore

9 May 2019

Aimed at meeting the financial needs of customers aged 50 and above, Maybank Singapore has launched the Maybank Passion Plus Programme ("Programme"), an integrated package encompassing banking products with preferential savings rates and lifestyle perks for this age group, giving them peace of mind and greater rewards.

Against the backdrop of longer life expectancy in Singapore, Maybank analysed the financial needs of its customer base in the silver generation category, and structured the Maybank Passion Plus Programme to help them grow their retirement funds.

Mr. Adam Tan, Head of Branch Distribution at Maybank Singapore, said, "There are 1.4 million Singapore residents aged at least 50 years old. Many do not do enough to protect their savings against inflation, as average life expectancy has increased from 80 years old in 2007 to 83 years old currently. This is why we started Maybank Passion Plus Programme to offer our customers financial solutions on their retirement journey."

Customers who sign up for the Maybank Passion Plus Programme will receive welcome vouchers, and can consult a Maybank financial advisor to identify any shortfalls in their retirement income, so that they will be able to enjoy the standard of living they desire in their golden years. Programme customers will enjoy an attractive interest rate of up to 0.5% per annum on their Maybank Privilege Plus Savings Account, as well as receive additional interest when they place fixed deposits in Singapore Dollar Privilege Plus Time Deposit.  

In addition, Programme customers are entitled to exclusive discounts on their Maybank Platinum Debit Card, and are able to access an array of curated banking solutions to grow their retirement funds, including endowment plans, retirement plans, structured deposits and unit trusts. Those who maintain a minimum account balance of S$30,000 in their Maybank Privilege Plus Savings Account receive complimentary personal accident insurance coverage.

Mr. Alvin Lee, Maybank's Head of Group Wealth Management and Community Financial Services Singapore, said, "In line with our mission of Humanising Financial Services, we have designed the Maybank Passion Plus Programme with our customers in mind, growing with them at each life stage. With a well-planned retirement, our customers will be able to spend time pursuing their passions and interests. Beyond solutions to protect and grow retirement funds, Programme customers are invited to exclusive talks on active aging, and are entitled to card discounts on dining, medical, wellness and travel. With our rich offerings and wealth of knowledge, Maybank aims to be the bank of choice in retirement planning."

Together with Etiqa Insurance, Maybank has developed a retirement calculator on its website to help customers discover their level of preparedness, and determine the ideal retirement sum. Find out more at maybank.sg/passionplus.