Maybank vs Citibank Savings Interest

As stated in my previous post: High Interest Rate Savings Account, the interest rates of the better savings account of Maybank and Citibank are as below

1) Citibank Stepup Account

• Base interest – 0.16%p.a.
• Step-Up to 1%p.a.over 12 months

2) Maybank iSAVvy Savings Account

• 0.50%/0.75% + 6% IOI — iSAVvy savings (min $5k/$50k)
• Daily balance below S$5,000 (0.25% p.a.)
• Daily balance of S$5,000 to below S$50,000 (0.50%p.a.)
• Daily balance of S$50,000 and above (0.75% p.a.)
• Interest-on-interest every 6 months (6.00%)

I would suggest opening both accounts at the same time.

Maybank iSAVvy Savings Account initial deposit is S$500 while Citibank Stepup Account is S$2000 (no initial deposit required with salary credit)

Credit your salary into iSAVvy and automate fund transfer a small amount of money (eg. S$100) monthly to the StepUp Account to build up the interest to the max of 1% p.a.

It will be good if you have S$5000 in iSAVvy to enjoy the 0.5% p.a. interest on the savings while building up the StepUp interest.

After which you can change the salary credit to the StepUp Account, and/or move your money from iSAVvy to StepUp to enjoy the 1% p.a. interest while ensuring that the current month minimum balance is not less than last month. (hope that the interest doesn’t drop by then)

Incoming Search:

• maybank step up account
• why may bank interest is high?
• citibank savings interest rate
• maybank savings
• maybank monthly savings account