Maybank gives customers the freedom to combine the products they want to enjoy higher interest rates

New Save Up Programme enables customers to enjoy up to 1.5 per cent p.a. additional interest by bundling three out of six eligible products with the Save Up Account

2 June 2015

Singapore, 2 June 2015 — Consumers looking to gain additional interest on their banking activities can now do so with greater flexibility thanks to the new lifestyle-oriented approach that Maybank is taking with its new Save Up Programme. The programme rewards customers with up to 1.5 per cent of additional interest p.a. for simply combining their existing banking activities such as their credit card, home loans or life insurance plans with its already popular SaveUp Account.

What sets this programme apart is the holistic approach that it takes and the ease with which it can be integrated into a customer’s lifestyle. Instead of having to meet a specific criteria, customers have the freedom to choose the type of product they want to bundle to enjoy the higher interest rate. There are six qualifying products, spanning across credit card, life insurance, unit trusts, and education, renovation or home loans, complementing the customer’s needs regardless of what life stage they are at.

Table 1 – Interest earned on a Save Up Account balance of S$50,000

Qualifying Product
Bonus Interest
Total interest
Total interest earned
Hold 1 Qualifying Product
0.30% p.a.
0.546% p.a.
$273
Hold 2 Qualifying Product
0.80% p.a.
1.046% p.a.
$523
Hold 3 or more Qualifying Products
1.50% p.a.
1.0746% p.a.
$873

Note: Interest amount is for illustration only and actual interest amount may differ.

Head of Community Financial Services, Mr Choong Wai Hong said, “Consumers want to grow their money in a simple manner and Maybank’s Save Up Programme is very achievable for our target customers. Those with a family are already taking up housing loans and insurance plans. Rather than needing to make regular transfers, all they have to do is consolidate their banking activities and watch their savings grow. This also provides them with the convenience of having a clear overview of all their monthly finances and benefits on one platform.”

“We want to go beyond just looking at the number of accounts opened or cards signed up. Banking products are now so commoditised that we want to move away from that and reward our customers based on their total relationship with the bank”, Mr Choong said.

The bank aims have at least 4,000 customers enjoying higher interest rates through this programme within three months. This follows the introduction of the bank’s Maybank Family Plus programme in September last year as part of the Group’s regional initiative to offer the right suite of products for each segment such as families and young professionals. The Maybank Family Plus programme has been well-received with a 15% growth in the Youngstarz Savings portfolio.

Mr Choong added, “At Maybank, we are always looking to reward our customers more for their loyalty and relationship in banking with us. We strive to look at delivering more innovative solutions for customers moving ahead.”

Maybank – Humanising Financial Services

Maybank is among Asia's leading banking groups and South East Asia’s fourth largest bank by assets. It has been ranked among the World's Top 20 Strongest Banks by Bloomberg Markets for two consecutive years - 2013 and 2014. The Maybank Group has an international network of 2,400 offices in 20 countries namely Malaysia, Singapore, Indonesia, Philippines, Brunei Darussalam, Vietnam, Cambodia, Thailand, Papua New Guinea, Hong Kong SAR & People's Republic of China, Bahrain, Uzbekistan, Myanmar, Laos, Pakistan, India, Saudi Arabia, Great Britain and the United States of America. The Group offers an extensive range of products and services, which includes consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance and takaful and asset management. It has over 47,000 employees serving more than 22 million customers worldwide.(www.maybank.com)

Maybank is committed to bringing seamless banking and a wider spectrum of value-added financial services to our valued customers. By harnessing the latest technological advances to increase our network's effectiveness, our customers are able to conduct their banking transactions at anytime and anywhere in the world, via the traditional as well as electronic channels.

Maybank Singapore is one of the Group’s largest overseas operations. As at December 2014, Maybank's total assets in Singapore were S$57 billion. With 1,800 employees, we are well-positioned to provide highly personalised services and locally oriented approaches, which will further enhance the Bank's standing in the local banking scene.

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