What is Savers-i ?
Maybank2u Savers-i is an online savings account that pays a much higher interest rates compared with conventional savings account. In this article we will go through the details, benefits and disadvantage of Savers-i account.
Savers-i offers higher interest rates compare to normal saving accounts. Then interest rates will very much depends on the amount that you have in Savers-i account. The table below would be the interest rates tier for Savers-i
Below RM 2,000
RM 2,000 to 50,000
RM 50,00 and above
Rates are subject to changes in OPR
To enjoy good interest rates , you must have at least RM 2,000 on your Savers-i account at any given time. This rate is much better than conventional saving accounts which is typically below 1% p.a. As for saving accounts, interest is calculated on daily basis however Savers-i will only pay the interest at monthly basis.
This is great if you have an account with high amount of cash for cash flow and rolling purpose. You can fully maximize your cash potential and enjoy a daily 2.1% interest.
The interest from Savers-i will be reflected in your account statement as hibah paid at the end of the month.
How to Open Savers-i account
There are no counter visit required if you are keen to open a Savers-i account. You cannot even apply Savers-i over the counter. To open Savers-i account, you will need an existing Maybank2u account. Amount of RM 250 is needed for the initial deposit. All these can performed over Maybank2u website. RM 20 will be charge if you close the account within 3 months of the activation date. There is a limit of 1 person per Savers-i account.
Its great way to roll saving accounts money with high interest rates.
What’s the catch ?
RM 5 will be charged for any over the counter transactions , or anything that is done via Maybank kiosk. This means that you will be charged RM 5 per transaction if you withdraw money from the ATM over Savers-i account or withdrawal from any over the counter on savers-i account. Please plan your cash flow ahead to avoid any non-online transaction with Savers-i. Always maintain RM 2,000 with this account at the end of day
If you are Internet savvy. This should not be a huge issue as with smartphones and mobile Internet, you can always transfer the money from Saver-i to your normal savings account before doing any withdrawal.