Maybank Singapore (Maybank) has raised its bonus interest rates for three of its savings programmes to offer Singaporean customers higher returns of up to 7% p.a., starting June 1, amid competition among banks to capture a larger slice of deposits from customers.
The three savings programmes are its Save Up Programme for retail customers, Privilege Save Up Programme for its privilege clients, and Premier Save Up Programme for its premier clients. Maybank has also increased the maximum balance eligible for bonus interest on each of its programmes.
The programmes will offer customers up to 4% p.a., 7% p.a, and 8% p.a. respectively, which will only apply if customers hit the maximum balance eligible of $75,000, $150,000 and $200,000. These figures were previously $50,000, $100,000 and $150,000.
The bonus interest rates only apply to customers who have more than three or four products with Maybank, depending on the type of savings account.
This news comes as a time where banks across Singapore are offering up higher interest rates for fixed deposits in a battle for cash. Last October, Oversea-Chinese Banking Corporation (OCBC) O39 raised the interest rates on its flagship 360 savings account to offer customers 4.65% p.a. on the first $100,000 in bank accounts, while Standard Chartered Bank raised its interest rates to offer 4.88% p.a., on its Bonus$aver account.
