Maybank savings account is a perfect account for you to save your money. You can deposit or withdraw cash anytime, anywhere in the world.
Types of Maybank savings accounts
- Save'n’Protect Savings Account. You save money and enjoy free life insurance coverage when you maintain an average daily balance of ₱50,000. The average daily balance required to earn interest is ₱20,000 at 0.25%.
- iSave. You can only open this account via the Maybank2u app. You can withdraw from any Bancnet ATM in the Philippines for free and any ATM worldwide carrying the Visa logo.
- Classic Savings Account. It is a regular passbook-based savings account with a free regional ATM card. You can access funds anytime as you maintain a minimum balance of ₱10,000 to enjoy interest.
- Yippie Savings Account. Kids below 12 years old can use this savings account with personal accident insurance and medical reimbursement benefits. To get an interest rate of 0.25% per year, you must ensure the account always has at least ₱500 and a balance of ₱5,000. Kids with a Yippie savings account are eligible for free personal accident insurance with coverage up to ₱500,000 or five times the ADB from the previous month.
- IM Teen Savings Account. The IM Teen Savings account is an additional savings option for children. With built-in personal accident insurance and medical reimbursement benefit, children between the ages of 13 and 17 are covered. A minimum balance of ₱5,000 is required to earn interest on the savings account, and ₱500 is needed to keep the account active.
How to apply for a Maybank savings account?
You can apply for Maybank savings account at the branch. Here's how:
Gather all relevant documents, including your identification and proof of residence.
Visit your nearest Maybank branch and meet with a banker to discuss your needs and what type of account would suit you best.
The banker will process your application and provide you with a temporary passbook so that you can make transactions until the bank issues the permanent passbook.
Requirements for a Maybank savings account
Below are some of the requirements to open a Maybank savings account:
General requirements
- Current and Foreign Currency Account submission of proof of latest billing for walk-in customers.
- Alien Certificate of Registration (ACR) for non-Filipino customers conducting business or authorized signatories on a company or business account.
- Certificate of Registration from the BSP for foreign remittance agents.
- The child's birth certificate for an In-Trust-For (ITF) account.
- A Certificate of Registration of Business or Trade Name issued by DTI i for sole proprietorships.
- Securities and Exchange Commission (SEC) registration to confirm partnership.
- The list of directors, significant investors who own at least 2% of the company's capital stock, and beneficial owners, if any, for corporations.
- The Registration Certificate by the Cooperative Development Authority.
Valid IDs
- Passport
- Driver's license
- Birth certificate
- Postal ID
- Barangay certification
- Senior citizen card
- Library ID
Pros and cons of a Maybank savings account
Here are some advantages and disadvantages of Maybank savings accounts.
Pros
- You may use Maybank2u to deposit and withdraw money from your savings anytime.
- You can manage your money anytime, anywhere, and from the comfort of your smartphone with the Maybank mobile banking app.
- It is simple to set up an automatic transfer into your monthly, weekly, or even daily savings account. If you are worried about forgetting to save money, this is a great way to ensure you don't.
Cons
- The maximum deposit amount for your iSave account is ₱100,000, which still needs to be verified by Maybank within the first 12 months of operation.
- The kids who own the IM Teen Savings Account must have a minimum balance of ₱ 50,000 to access the included personal accident insurance.