Maybank launches savings management tool

Maybank Singapore's new savings management tool will help depositors allocate funds towards their savings goals, all within the convenience of one main account.

Aptly termed "iSAVvy Sub-accounts", the feature can be found in Maybank's two online accounts, the iSAVvy Savings Account and the iSAVvy Savings Plus Account.

With this free tool, depositors no longer need to open multiple savings accounts when saving for different goals and occasions. All they need to do is to create sub-accounts that reside within their main savings account.

Up to 15 sub-accounts can be created, and the depositors will still enjoy the same interest rate in their sub-accounts.

"We wanted to enhance the proposition of our iSAVvy savings accounts to address this need. This is so that account holders, can more effectively manage their savings for the different goals they have in mind, said Lim Kuo Siong, Head of Information Technology and e-Business, Maybank Singapore.

"For each sub-account, they can input targets like savings amount and the timeline to achieve the goal, and name the sub-account according to that particular savings goal," he said, when launching the savings management tool here today . . . They will continue to enjoy the same interest rate for their sub-accounts. The interest will be paid on the total balance of the sub-accounts and main account. It will be credited into the main account," he added.