Maybank Singapore targets the elderly in new integrated banking package

They will have access to products such as endowment and retirement plans.

Maybank Singapore launched an integrated package encompassing banking products with preferential savings rates and lifestyle perks for customers aged 50 and above as part of its efforts to help them grow their retirement funds.

The Maybank Passion Plus programme enables customers to consult a Maybank financial advisor to identify any shortfalls in their retirement income and have access to an interest rate of up to 0.5% per annum on their Maybank Privilege Plus Savings Account, as well as receive additional interest when they place fixed deposits in Singapore Dollar Privilege Plus Time Deposit.

Customers can also unlock exclusive discounts on Maybank Platinum Debit Card, as well as access to other products to grow their retirement funds such as endowment plans, retirement plans, structured deposits and unit trusts. Those who maintain a minimum account balance of $30,000 in their Maybank Privilege Plus Savings Account will receive a complimentary personal accident insurance coverage.

“Programme customers are invited to exclusive talks on active ageing, and are entitled to card discounts on dining, medical, wellness and travel,” Alvin Lee, Maybank’s head of group wealth management and community financial services Singapore, said in a statement.

There are 1.4 million Singapore residents aged at least 50 years old and average life expectancy has increased from 80 years old in 2007 to 83 years old currently, according to the bank.