Opening a savings account isn’t as hard as you think. With digital banks, you don’t even have to visit the branch anymore, given that most of us would rather stay home these days.
Yes, you still go through the same process of filling out forms and submitting the required documents. Only this time, it’s quick, convenient, and paperless!
With that said, let’s learn more about Maybank’s iSave savings account. Find out how to open one, as well as its key features, interest rates, and more.
Maybank iSave Peso Savings Account Key Features
|Interest rate||0.25% per annum|
|Maintaining balance to earn interest||P20,000|
|ATM withdrawals||Yes (both local and Maybank ATMs in Singapore, Vietnam, and Cambodia; no charge and low conversion rate)|
|Maximum deposit limit (unverified account)||P100,000|
Maybank iSave Peso Savings allows you to open an account using the Maybank2U PH app that you can download from the iOS Store and Google Play Store.
Like ING digital bank and CIMB digital bank, you register and fill in the form on the mobile app.
There’s no initial deposit required. You can also fund your account through bank transfers, GCash, and over the counter transfers at 7-Eleven stores.
Go to any 7-Eleven and use the CLIQQ kiosks to deposit money or generate a deposit code using the CLIQQ mobile app.
You can also drop by at any of the more than 10,000 deposit outlets nationwide, such as USSC, Tambunting, and RD pawn shops for your cash-ins.
The iSave Peso Savings has an EMV-enabled debit card, which you will be entitled to once you deposit at least P1,000. The bank will send your debit card within the next 10 banking days to your registered delivery address.
What are the requirements to open a Maybank iSave Savings Account?
You’re eligible to open an account if you’re:
- 18 to 60 years old
- A resident of the Philippines (Filipino citizens, foreigners with permanent residence, and OFWs)
Prepare the following documents:
- One (1) Philippine government-issued ID
- One (1) document as proof of billing (e.g., recent utility bill, credit card statement, condominium dues bill)
How do you open a Maybank iSave Savings Account?
Opening an account will only take you about 10 minutes. Just complete the application form in the mobile app.
- Download Maybank2U PH App to get started.
- Open the mobile app and choose ‘Open an iSave Account.’
- Complete the digital application form with your personal information.
- Take a photo of your valid government ID together with your signature on a white piece of paper. Make sure that your signature is readable.
- Take a selfie, and you’re done. You will receive an SMS and email confirming your registration.
Upon approval of your account, it will be automatically tagged as a ‘Restricted’ account with the following restrictions:
- Maximum of P100,000 deposit for 6 months from the date of registration
- No foreign remittances allowed
To lift the restrictions, simply schedule an account validation.
Maybank iSave Savings Account interest rate vs other banks
Maybank iSave savings account offers 0.25% interest rate per annum with a maintaining balance of P20,000.
Most banks offer interest rates from 0.10% to 0.50%, depending on the type of savings account. On the other hand, digital banks like ING Philippines and CIMB Bank offer higher interest rates than other banks, ranging from 0.50% to 4.10%.
Here’s a quick look at the interest rates of other banks which we have reviewed so far.
|Bank||Interest Rate (per annum)||Minimum Initial Deposit (depending on the type of savings account)|
|Maybank iSave Savings Account||
|CIMB Bank Philippines||
|Bank of Philippine Islands (BPI)||
||P100 – P100,000 +|
|Banco De Oro (BDO)||
||P100 – P30,000 +|
||P5,000 – P50,000 +|
|China Bank Corporation||
||P2,000 – P20,000 +|
Is Maybank iSave Savings Account for you?
If you’re looking for convenience, the iSave Savings Account is a good option. You can open one at home using just your mobile phone.
Second, there’s no maintaining balance, no initial deposit, and no annual fees. There are many convenient ways to fund your account.
But if you’re looking for a high-interest rate earner savings account, you’d be better off with other digital banks like ING Philippines or CIMB Bank Philippines.
There’s no maintaining balance to earn interest, unlike with Maybank where you need to have an average daily balance of P20,000 in your account.
We hope this review helped you sort out your savings account options. Drop us a comment below and let us know what you think of these digital banks in the Philippines.