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There have been previous reviews of similar products in the market where the banks offer a tiered structure that rewards you when you fulfil either 1, 2 or 3 requirements:

1. DBS Multiplier

2. OCBC 360, Update 1

3. UOB ONE

4. BoC Smartsaver

Maybank has finally jumped onto the bandwagon and is currently offering up t0 3% p.a. on the first $50k in your bank account.

maybanksaveupAs you can see in the diagrammatic representation above, having 1 or 2 products makes only a difference to the tiered interest, but once you have 3 products, the base interest improves to almost 3% p.a. So what are these products?

bankproductsBased on the information from the Maybank website, it appears that if you have a home loan, renovation loan, education loan or car loan then you can get the bonus interest without lifting a finger! However, if you do not have any loans with Maybank at the moment, then there are 3 products that you can possibly consider to qualify for the 3 products – credit your salary (minimum $2000), GIRO payment of $300/month to other billing organisations (e.g. pay other credit cards or pay income tax) and lastly use the Maybank Platinum Visa Card to charge $500 a month. The Maybank Platinum Visa Card is similar to the UOB One Card, and gives $30 rebate per quarter if you spend $300 a month for the entire quarter and $100 per quarter if you spend $1000 a month for the entire quarter, so this works out to 3.33% rebate.

Do note that you will receive a statement every 2 months, and there is a service fee of $2 per month if the account balance falls below $1000.

More information is available on the Maybank website here.

PS: A comparison of the various bonus interest programs will be revealed soon, so watch out for it!

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