Maybank Singapore first to offer complimentary travel insurance for online savings accounts
Bank also offers depositors SGD 50 cash credits for every SGD 50,000 placed
20 March 2012
Singapore – To reward online savers, Maybank Singapore is offering complimentary year-long travel insurance to all Maybank iSAVvy Savings and iSAVvy Savings Plus accounts with a minimum balance of SGD 200,000. Maybank is the first and only Bank in Singapore to offer this feature, providing customers with peace of mind as their travel insurance needs are covered all year round, regardless of how they pay for their air tickets and where they travel to.
For the Maybank iSAVvy Savings account, the Bank recently launched a new interest rate tier that will offer even more attractive returns when account holders step up their savings. For funds of SGD 200,000 and above, account holders get to enjoy an interest rate of 0.5 per cent per annum for the entire account balance. For accounts with balances of SGD 5,000 to below SGD 200,000, customers will be rewarded with an interest-on-interest feature, which further boosts their savings.And for a limited period of time, customers will receive SGD 50 in cash credits for every SGD 50,000 placed in a new Maybank iSAVvy Savings account.
Alan Lau, Head, Consumer Banking, Maybank Singapore, said, "We want to help our customers maximise their savings in the current low interest rate environment. With this new interest rate tier, iSAVvy Savings account customers can get more mileage out of their savings with Maybank, while maintaining liquidity and convenient access to their funds for any investment opportunity."
"The travel insurance we're offering complements the lifestyle of our customers. Growing affluence, along with more affordable airline options, has led to a trend of increased travel among Singaporeans. Given this, offering complimentary travel insurance is a relevant way to thank our customers. Having access to worldwide travel protection for a whole year means greater convenience for customers, who can now avoid the hassle of securing travel insurance on a per trip basis."
Interested customers can open an iSAVvy Savings or iSAVvy Savings Plus accounts at www.maybank2u.com.sg or at any of Maybank's 22 Branches throughout the island.
iSAVvy Savings Account Rates
|Average daily balance||Base Interest Rate||Interest-on-Interest (paid every 6 months)||Effective Interest Rate|
|Below S$5,000||0.1875% p.a.||-||0.1875% p.a.|
|S$5,000 to below S$50,000||0.3000% p.a.||6%||0.3200% p.a.|
|S$50,000 to below S$100,000||0.3800% p.a||6%||0.4000% p.a.|
|S$100,000 to below S$200,000||0.3800% p.a||18%||0.4500% p.a.|
|S$200,000 and above||0.5000% p.a.||-||0.5000% p.a.|
Maybank is Malaysia's largest financial services group with total assets exceeding USD 142 billion as of end December 2011. In Malaysia, Maybank is the number one Bank in terms of reach, assets, loans, net profit and market cap as well as leaders in the fast-growing Islamic banking market. The Group has an extensive global network of 2,100 offices in 17 countries including Singapore.
In Singapore, Maybank is a Qualifying Full Bank (QFB) and has established itself as a niche market player with asset size of SGD 32.6 billion as of end December 2011, and staff strength of approximately 1,400. Maybank Singapore operates one of the largest networks of 22 full service Branches amongst the foreign banks, offering a total of 27 service locations together with its five offsite ATMs. It is also part of atm5 – Singapore's only shared ATM network among six QFBs with a combined reach of more than 140 ATMs.
Maybank Singapore believes that human resource is the Bank's best asset. In 2009, Maybank became the first and only Bank to receive triple certification for Singapore Quality Class, Singapore Service Class and People Developer given out by SPRING Singapore. We pressed on in our pursuit for business excellence and in 2010, Maybank was awarded I-Class status by SPRING Singapore, becoming the first Bank in Singapore to achieve all four certifications at an enterprise level.
In the area of employee relations, we received the Excellence in Employee Engagement Award as part of The Asian Banker Excellence in Retail Financial Service Awards 2010. In addition, Maybank also received the Work-Life Excellence Award given out by the Tripartite Committee on Work-Life Strategy, becoming the only Bank to receive this award three times in a row in 2006, 2008 and 2010. In recognition of our fair and merit-based employment practices, Maybank was also conferred the inaugural Exemplary Employer Award given out by the Tripartite Alliance for Fair Employment Practices (TAFEP) in 2010.
In 2011, Maybank Singapore reached another milestone in its business excellence journey by becoming the first and only financial institution to receive the People Excellence Award at an enterprise level. Awarded by the Singapore Quality Award Governing Council, this Award is a strong testament to the Bank's people-first culture.
To find out more about Maybank Singapore, please visit www.maybank2u.com.sg