iSAVvy Savings Account

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General

  1. What is an iSAVvy Savings Account?
  2. How does the iSAVvy Savings Account differ from a regular savings account?
  3. How does the Bank ensure that customers' information is safe and secure?
  4. For how long would the account transaction history be available via Maybank2u.com.sg?
  5. What is the interest-on-interest feature of the iSAVvy Savings Account?
  6. What is the rate for interest-on-interest?
  7. What are the criteria for opening an iSAVvy Savings Account?
  8. What is the minimum initial deposit needed to open an iSAVvy Savings Account?
  9. How much is the monthly service fee?
  10. What will happen to my iSAVvy Savings Account if my account balance is S$0?
  11. Can I apply for a chequebook using my iSAVvy Savings Account?
  12. What other transactions can my iSAVvy Savings Account perform?

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  1. What is an iSAVvy Savings Account?

    iSAVvy Savings Account is an online savings account that provides attractive interest rates along with easy access to your funds through ATMs, cash deposit machines, Phone Banking (Dial-Link) and Maybank2u.com.sg Online Banking.

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  2. How does the iSAVvy Savings Account differ from a regular savings account?

    With the iSAVvy Savings Account, there is no need to maintain a passbook. Your account transaction history can be accessed online via Maybank2u.com.sg at your own convenience. There would also be no hard copy Statements of Account sent to you. Funds in your iSAVvy Savings Account will be easily accessible via the ATM and Maybank2u.com.sg.

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  3. How does the Bank ensure that customers' information is safe and secure?

    To ensure data confidentiality and integrity, all information transmitted over the Internet is encrypted using the 128-bit Secure Sockets Layer (SSL) protocol from Verisign Certificate Authority. SSL is a secure way of transferring information between two computers on the Internet using encryption. Strong end-to-end encryption is also adopted within the Bank's computer networks and resources.

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  4. For how long would the account transaction history be available via Maybank2u.com.sg?

    Your past 90 days' transaction history will be made available to you via Maybank2u.com.sg.

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  5. What is the interest-on-interest feature of the iSAVvy Savings Account?

    It is a unique feature that pays additional interest credited to the iSAVvy Savings Account every 6 months. Eligibility for interest-on-interest is based on maintaining an average daily balance of at least S$5,000 over a 6-month period, starting from the 2nd month of account opening. Calculation of interest-on-interest will start on the 2nd month after account opening date, and will be credited to the account on the 1st day in the following calendar month after the end of each 6-month period.

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  6. What is the rate for interest-on-interest?

    Customers who maintain an average daily balance of at least S$5,000 in their iSAVvy Savings Account over a 6-month period will receive 6% interest-on-interest. Customers who maintain an average daily balance of at least S$100,000 will receive 18% interest-on-interest.

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  7. What are the criteria for opening an iSAVvy Savings Account?

    To be eligible for an iSAVvy Savings Account, you must:

    • Be at least 16 years of age
    • Place a minimum initial deposit of S$10.

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  8. What is the minimum initial deposit needed to open an iSAVvy Savings Account?

    The minimum initial deposit needed to open an iSAVvy Savings Account is S$10.

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  9. How much is the monthly service fee?

    The current monthly service fee is S$2. However, we will waive this fee if you maintain a minimum average daily balance of S$500 in your iSAVvy Savings Account.

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  10. What will happen to my iSAVvy Savings Account if my account balance is S$0?

    If your iSAVvy Savings Account has S$0 balance for 30 days, your account will be automatically closed.

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  11. Can I apply for a chequebook using my iSAVvy Savings Account?

    As iSAVvy is a savings account, there will be no chequebooks provided.

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  12. What other transactions can my iSAVvy Savings Account perform?

    Your iSAVvy Savings Account is designed to complement your lifestyle. In the comfort of your own home you can:

    • Pay your bills online
    • Pay your Maybank credit card bills online
    • Open a time deposit online
    • Make your share payment online
    • Remit funds online
    • Fix an appointment with our Relationship Managers online

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How to apply

  1. How do I apply for an iSAVvy Savings Account?
  2. Are there any points to note about account opening procedures?
  3. How do I open an account if I do not have the required documents?
  4. Can I open an iSAVvy Savings Account with a joint account holder?
  5. If I mail in my iSAVvy Savings Account application, how do I know if my account has been created?

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  1. How do I apply for an iSAVvy Savings Account?

    Singapore Citizens and Singapore Permanent Residents (PR) can apply for an iSAVvy Savings Account online at Maybank2u.com.sg, by mail-in application or at any of Maybank's 22 Branches in Singapore. Foreigners must apply at any Maybank Branch in Singapore

    Online at Maybank2u.com.sg (for existing Maybank customers with online banking login access to Maybank2u.com.sg)

    1. Login to Maybank2u.com.sg with Username, Password and 2FA Security Token/SMS
    2. Click on “Forms” tab
    3. Click on Deposits > iSAVvy Savings (on the left-hand side of the screen)
    4. Proceed to "Apply Now" to complete and submit the iSAVvy Savings Account Application form

    Mail-in application (for new Maybank customers with Internet access)

    1. Visit www.maybank2u.com.sg, go to Personal>Deposits & Banking> Savings>iSAVvy Savings Account
    2. Proceed to fill in the online iSAVvy Savings Account application form
    3. After keying in the details on the online application form, print and sign the application form
    4. Mail in the printed application form along with the following documents:
      a.Photocopy of your NRIC (front and back)
      b.An original bank statement dated not more than 3 months ago from any bank operating in Singapore
      c.Initial deposit in the form of a cheque drawn in your name from your personal account with any bank operating in Singapore.

    For the opening of a joint account, your joint applicant will also need to provide documents (a), (b) and (c). An original bank statement from a joint account maintained by the same applicants is acceptable in lieu of (b). A single cheque bearing both parties' signatures is acceptable in lieu of (c).

    Account opening at Maybank Branches

    Singaporeans / PR - You and your joint applicant (if any) are required to bring along your NRIC(s) and place an initial deposit in cash.

    Foreigners - You are required to bring your passport and work permit/employment pass/student pass/long term social visit pass or other valid supporting documents and place an initial deposit in cash.

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  2. Are there any points I need to be aware of about account opening procedures?

    For applications sent in via mail, please note that

    • Electronic bank statements are not acceptable for the requirement of original bank statement
    • For the initial deposit, Cashier's Orders, Demand Drafts and Travellers' Cheques are not acceptable
    • Please allow up to 7 working days for account opening. Applications not accompanied with the required documents or with incomplete information will cause a delay in processing.

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  3. How do I open an account if I do not have the required documents?

    If you do not have the required documents, please visit a Maybank Branch with your NRIC (Passports for foreigners) for assistance in opening your iSAVvy Savings Account.

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  4. Can I open an iSAVvy Savings Account with a joint account holder?

    Yes, you can open an iSAVvy Savings Account with another applicant. The joint account will be opened based on either party to sign mandate.

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  5. If I mail in my iSAVvy Savings Account application, how do I know if my account has been created?

    You will receive a welcome letter once your iSAVvy Savings Account has been created. The welcome letter will contain details of your account-related documents, which will be mailed separately to you.

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Deposits/Withdrawals

  1. How can I make a deposit into my iSAVvy Savings Account?
  2. How do I make a withdrawal using iSAVvy Savings Account?
  3. How do I make a balance enquiry of my iSAVvy Savings Account?

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  1. How can I make a deposit into my iSAVvy Savings Account?

    You can make your deposits free-of-charge via the following modes:

    • Cheque Deposit (via Branch counter or Fast Cheque Deposit)
    • Cash Deposit Machine
    • Funds transfer via ATM
    • Funds transfer from Maybank Time Deposits

    You can also make a deposit to your iSAVvy Savings Account via the Branch counter by cash deposit or transferring funds from another transactional account. There will be a charge of S$5 per deposit for such transactions. This charge is waived for the first deposit on account opening.

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  2. How do I make a withdrawal using iSAVvy Savings Account?

    You can make a withdrawal via the following modes:

    • Maybank ATMs in Singapore with your iSAVvy ATM Card/ ATM MasterCard Electronic Card
    • Via atm5 - Shared ATM Network
    • Maybank ATMs in Brunei, Cambodia, Indonesia*, Malaysia, Papua New Guinea and the Philippines

    You can also make a withdrawal from your iSAVvy Savings Account over the counter. A service fee of S$15 per withdrawal is chargeable for such withdrawals. Click here to view our Fees and Charges.

    *Bank Internasional Indonesia (BII) ATMs

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  3. How do I make a balance enquiry of my iSAVvy Savings Account?

    You can make a balance enquiry of your iSAVvy Savings Account using the following:

    • Maybank ATMs in Singapore
    • Maybank2u.com.sg
    • PhoneBanking (Dial-Link).

    You can also make a balance enquiry of your iSAVvy Savings Account over the counter, at a charge of S$5 per balance enquiry.

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Travel Insurance

  1. What are the eligibility criteria for the Complimentary Travel Insurance?
  2. What is the benefit amount for the travel insurance?
  3. I have a iSAVvy Savings Account / iSAVvy Savings Plus Account and qualify for the Complimentary Travel Insurance. Do my family members get any discounts if they purchase Travel Insurance?
  4. Does this insurance payout in addition to any other policy that I may have?
  5. How soon should I notify Maybank if I want to make a claim?

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  1. What are the eligibility criteria for the Complimentary Travel Insurance?

    • Account holder must maintain a minimum average daily balance of S$200,000 in the iSAVvy Savings Account or iSAVvy Savings Plus Account in the previous month from the departure date of the trip to qualify for the Complimentary Travel Insurance.
    • Account holders must be at least 18 years old on the date of the incident resulting in claim(s).
    • Joint accounts are also eligible for the Complimentary Travel Insurance coverage.

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  2. What is the benefit amount for the travel insurance? What is the emergency number to dial when I’m overseas?

    Please refer to the policy schedule for the details.

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  3. I have a iSAVvy Savings Account / iSAVvy Savings Plus Account and qualify for the Complimentary Travel Insurance. Do my family members get any discounts if they purchase Travel Insurance?

    Your family members will enjoy a 5% discount on per trip basis and 10% discount on the annual plan if they purchase TravelCare Plus.

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  4. Does this insurance payout in addition to any other policy that I may have?

    It depends on the terms and conditions provided by other Insurers. No person shall be insured under more than one Travel Insurance under Etiqa Insurance Berhad with exception of TravelCare Plus. Generally, Insurers will pay the difference between the amount paid under the 1st Travel policy with exception of Medical Claim.

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  5. How soon should I notify Maybank if I want to make a claim?

    You should submit the Claim Form with all supporting documents within 7 days after the event.

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Personal Accident Insurance

  1. What are the eligibility criteria for free insurance coverage?
  2. If I maintain a minimum total balance of S$100,000 as at the date of accident, will I be entitled to the insurance coverage?
  3. What is the benefit amount of the free personal accident insurance?
  4. How does daily cash benefit payout in the event Insured is admitted to hospital?
  5. What is the accidental medical reimbursement benefit?
  6. Does this insurance payout in addition to any other policy that I may have?
  7. Where can I get more details on the iSAVvy Account(s) Personal Accident Insurance?

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  1. What are the eligibility criteria for free insurance coverage?

    • Account holder must maintain a minimum total balance of S$100,000 in iSAVvy Account(s) - iSAVvy Savings Account and iSAVvy Savings Plus Account, to qualify for free insurance coverage.
    • Account holders must be aged between 20 to 70 years old on the date of accident.
    • Joint account holders are also entitled to the free personal accident insurance coverage.

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  2. If I maintain a minimum total balance of S$100,000 as at the date of accident, will I be entitled to the insurance coverage?

    Yes, the coverage will be based on date of accident. So long as you maintain a minimum total balance of S$100,000 in your iSAVvy Account(s) on the date of accident, you will be eligible for insurance coverage.

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  3. What is the benefit amount of the free personal accident insurance?

    The benefit amount will be the actual total account balance of the iSAVvy Account(s) maintained by the Account holder or S$250,000, whichever is lower, as at the date of the accident.

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  4. How does daily cash benefit payout in the event Insured is admitted to hospital?

    If Insured is hospitalized for more than 24 hours, Etiqa will pay the daily cash benefit of $50 each day up to maximum of 180 days in the event of an accident and is subjected to a maximum payout of $9,000 per accident.

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  5. What is the accidental medical reimbursement benefit?

    • The accidental medical reimbursement benefit is S$500 per accident for actual medical and hospital expenses incurred due to an accident, subject to the presentation of original invoices and receipts.
    • Traditional/alternative treatment is covered provided treatment is sought subsequent to any medical and hospital treatment, but is limited to S$50 per visit and a maximum of S$500 per accident. Treatment must be provided by a qualified traditional or alternative medical practitioner who is duly registered and approved by the relevant authorities.

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  6. Does this insurance payout in addition to any other policy that I may have?

    Yes, the benefits under this insurance coverage are in addition to any other insurance except for accidental medical reimbursement benefit. Accidental medical reimbursement is accorded only in excess of amounts recovered from any other source.

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  7. Where can I get more details on the iSAVvy Account(s) Personal Accident Insurance?

    Additional terms and conditions apply for the personal accident insurance coverage. Please refer to the policy schedule (PA) for details.

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Funds Transfer

  1. How do I transfer funds to 3rd party accounts with Maybank or other banks in Singapore via Maybank2u.com.sg?
  2. Can I use my Internet Banking PIN to access my iSAVvy Savings Account via PhoneBanking (Dial-Link)?
  3. Is there a limit to the amount of funds that I can transfer to 3rd party accounts with Maybank or other banks in Singapore via Maybank2u.com.sg?
  4. Can I transfer funds to 3rd party accounts with other banks outside Singapore via Maybank2u.com.sg?
  5. Can I set up a 3rd party payee account when I am overseas?
  6. Once I have set up a 3rd party payee account, can I transfer funds to this account immediately?
  7. When will the funds be available in the receiving account after I do a funds transfer to another Maybank account via Maybank2u.com.sg?
  8. When will the funds be available in the receiving account after I do a funds transfer to 3rd party accounts with other banks in Singapore via Maybank2u.com.sg?
  9. If my transfer of funds to a 3rd party account with Maybank/other banks in Singapore via Maybank2u.com.sg was unsuccessful, what could be the possible reasons?
  10. How can I transfer funds from a 3rd party account with another bank to my iSAVvy Savings Account?

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  1. How do I transfer funds to 3rd party accounts with Maybank or other banks in Singapore via Maybank2u.com.sg?

    For funds transfers to 3rd party accounts with Maybank or other banks in Singapore via Maybank2u.com.sg, you will need to register the payee name and account details using the <Update Payee Account List> function under <Funds Transfer>. 2-Factor Authentication (2FA) is needed for this transaction.

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  2. Can I use my Internet Banking PIN to access my iSAVvy Savings Account via PhoneBanking (Dial-Link)?

    No. A separate Dial-Link PIN has been issued to you. Please check your Dial-Link PIN mailer for your Dial-Link PIN.

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  3. Is there a limit to the amount of funds that I can transfer to 3rd party accounts with Maybank or other banks in Singapore via Maybank2u.com.sg?

    There is a daily transfer limit of S$3,000. If you wish to increase your transaction limit up to a maximum of S$20,000, login to Maybank2u.com.sg.

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  4. Can I transfer funds to 3rd party accounts with other banks outside Singapore via Maybank2u.com.sg?

    Yes, you can transfer funds to 3rd party accounts with other banks outside Singapore through Online Remittance via Maybank2u.com.sg. Remittance charges will apply.Link to remittance charges

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  5. Can I set up a 3rd party payee account when I am overseas?

    Yes, you can set up new 3rd party payee accounts by updating your account payee list. To facilitate this, you will need to use the New Security Token. On-screen instructions will be provided.

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  6. Once I have set up a 3rd party payee account, can I transfer funds to this account immediately?

    Yes, once the 3rd party payee account has been successfully set up, you may proceed to transfer funds within the same day.

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  7. When will the funds be available in the receiving account after I do a funds transfer to another Maybank account via Maybank2u.com.sg?

    Funds transfer to another Maybank account via Maybank2u.com.sg will take effect immediately.

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  8. When will the funds be available in the receiving account after I do a funds transfer to 3rd party accounts with other banks in Singapore via Maybank2u.com.sg?

    Upon confirmation of the funds transfer, the funds will be available to the payee 2 to 3 business days later, subject to the payee bank.

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  9. If my transfer of funds to a 3rd party account with Maybank/other banks in Singapore via Maybank2u.com.sg was unsuccessful, what could be the possible reasons?

    When you set up the 3rd party account, it is essential to provide the following information correctly: Payee Bank Code, Payee Branch Code and the Payee Account Number to effect the transfer. You are advised to contact the payee bank if you are unsure of any of the above requirements. The payee bank reserves the right to return any instructions of incomplete/invalid payee branch codes and account numbers.

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  10. How can I transfer funds from a 3rd party account with another bank to my iSAVvy Savings Account?

    You will need to apply for Internet Banking funds transfer to Maybank at the other bank. Maybank's Bank Code is 7302. Click here for the respective Branch codes.

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