MayBank SaveUp Programme

[ThreeSteps]

Hi. Checking if anyone here has invested in the unit trust to get additional category for higher interest? What is the typical sales charge like, and if any of the unit trusts qualify as invest category for the saveup program? Like money market funds or etf are excluded?
I am interested in this but haven't gone ahead to open a unit trust investment account. Does that take a while to open online?

Refer to t&cs: https://www.maybank2u.com.sg/iwov-resources/sg/pdf/saveup-tnc.pdf (point#21) …….21. This programme is applicable to all Unit Trusts on Maybank’s platform except for those with zero percentage sales charge.
https://www.maybank2u.com.sg/en/wealth/privilege/docs/privilege-saveup-tnc.pdf (point#20)

I open my unit trust a/c at a branch some years ago using hardcopy forms.

 

[koolkool]

Refer to t&cs: https://www.maybank2u.com.sg/iwov-resources/sg/pdf/saveup-tnc.pdf (point#21) …….21. This programme is applicable to all Unit Trusts on Maybank’s platform except for those with zero percentage sales charge.
https://www.maybank2u.com.sg/en/wealth/privilege/docs/privilege-saveup-tnc.pdf (point#20)

I open my unit trust a/c at a branch some years ago using hardcopy forms.

Thanks. I saw this Maybank Goal-Based Investment that is 1% sales charge. This is higher than SCB and OCBC, and plus need $25k investment, will take longer to "recover" the sales charge. Given the opportunity cost of the $25k, plus more time to "recover" the sales charges, the total cost is higher to get the invest category than SCB and OCBC. Anyway, I am keeping this option open since the EIR is still reasonable while I do more research on the Saveup programme. I guess this is not a particular popular HYSA since I can hardly get anyone responding to my queries on this account.

 

[hotdrs]

Anyone knows if GIRO or PayNow from own account is considered eligible salary?

 

[ericcsn]

Anyone knows if GIRO or PayNow from own account is considered eligible salary?

yes

 

[hotdrs]

Thanks! Thinking of doing pure $800 CardUp on the Platinum Visa card (for no cashback) to clock the Card category, from the Privilege SaveUp terms it seems like it should work, would you happen to know if that's the case?

 

[ericcsn]

Thanks! Thinking of doing pure $800 CardUp on the Platinum Visa card (for no cashback) to clock the Card category, from the Privilege SaveUp terms it seems like it should work, would you happen to know if that's the case?

i have no experience utilizing cardup on this account nor this particular cc but it appears to be not eligible as it is named in item number 6 of the tnc https://www.maybank2u.com.sg/iwov-resources/sg/pdf/cards/platvisa-rebate-tnc.pdf under Professional Services (e.g. CardUp, IPAYMY) MCC 7399

 

[hotdrs]

i have no experience utilizing cardup on this account nor this particular cc but it appears to be not eligible as it is named in item number 6 of the tnc https://www.maybank2u.com.sg/iwov-resources/sg/pdf/cards/platvisa-rebate-tnc.pdf under Professional Services (e.g. CardUp, IPAYMY) MCC 7399

Yup I'm aware that $800 spend on CardUp using the Platinum Visa cc won't get me cashback, but Clause 24 of the Privilege SaveUp terms (www.maybank2u.com.sg/en/wealth/privilege/docs/privilege-saveup-tnc.pdf) doesn't seem to exclude such transaction from being eligible card spend for the purpose of satisfying the SaveUp Card category.

Similar to how CardUp on UOB EVOL works for hitting card minimum spend but not hitting UOB One account's card spend requirement.

 

[ericcsn]

Yup I'm aware that $800 spend on CardUp using the Platinum Visa cc won't get me cashback, but Clause 24 of the Privilege SaveUp terms (www.maybank2u.com.sg/en/wealth/privilege/docs/privilege-saveup-tnc.pdf) doesn't seem to exclude such transaction from being eligible card spend for the purpose of satisfying the SaveUp Card category.

Similar to how CardUp on UOB EVOL works for hitting card minimum spend but not hitting UOB One account's card spend requirement.

yes, u could be right.

u might have to spend a little and call up the bank and see whether the transaction qualifies before using the full amount for nought (might be 1% fee on CU $8? ok not painful).

 

[ThreeSteps]

Thanks. I saw this Maybank Goal-Based Investment that is 1% sales charge. This is higher than SCB and OCBC, and plus need $25k investment, will take longer to "recover" the sales charge. Given the opportunity cost of the $25k, plus more time to "recover" the sales charges, the total cost is higher to get the invest category than SCB and OCBC. Anyway, I am keeping this option open since the EIR is still reasonable while I do more research on the Saveup programme. I guess this is not a particular popular HYSA since I can hardly get anyone responding to my queries on this account.

https://www.maybank2u.com.sg/en/promotions/investments/ut-online.page?
Maybank SG60 Exclusive Offer for Online Unit Trust Investments
Commencing 22 July to 30 September 2025 (both dates inclusive), Maybank customers will enjoy a 0.60% net sales charge on all new unit trust subscription..........

 

[koolkool]

https://www.maybank2u.com.sg/en/promotions/investments/ut-online.page?
Maybank SG60 Exclusive Offer for Online Unit Trust Investments
Commencing 22 July to 30 September 2025 (both dates inclusive), Maybank customers will enjoy a 0.60% net sales charge on all new unit trust subscription...

Just saw this and it is good news. Have not started this journey for the saveup programme. This is the only HYSA left in my list I can target for better interest rates that is realistic. Seemed like it is a good opportunity with lower sales charge. Thanks for your help as always.

 

[hotdrs]

yes

Paynow salary from own account didn't get me the salary bonus interest for Sep, how did you manage to do it?

 

[koolkool]

Paynow salary from own account didn't get me the salary bonus interest for Sep, how did you manage to do it?

I also interested to know if Paynow or Fast will work.
I used GIRO instead.
There is a 0.8% sales charge promotion for online unit trust currently.

 

[ericcsn]

Paynow salary from own account didn't get me the salary bonus interest for Sep, how did you manage to do it?

Not done this for a while. Best to talk to the bank rep.

 

[hotdrs]

I also interested to know if Paynow or Fast will work.
I used GIRO instead.
There is a 0.8% sales charge promotion for online unit trust currently.

I can confirm Paynow from own account does not work. The terms stipulate that FAST is not an eligible method, only "interbank GIRO salary crediting, PayNow salary crediting or Maybank Payroll into SaveUp Account".

Not done this for a while. Best to talk to the bank rep.

...not exactly a good idea to essentially ask the bank rep "can i exploit/sidestep your BI requirements", which is why I asked in this forum. I appreciate your effort in responding to my initial query, but would be better if there was some degree of accuracy or even a caveat so that others would not rely on possibly wrong info to their detriment.

 

[ericcsn]

I can confirm Paynow from own account does not work. The terms stipulate that FAST is not an eligible method, only "interbank GIRO salary crediting, PayNow salary crediting or Maybank Payroll into SaveUp Account".

...not exactly a good idea to essentially ask the bank rep "can i exploit/sidestep your BI requirements", which is why I asked in this forum. I appreciate your effort in responding to my initial query, but would be better if there was some degree of accuracy or even a caveat so that others would not rely on possibly wrong info to their detriment.

My apologies, giro worked, not fast.

My case was not about exploiting bank.
This was quite a while back ( more than a year) with initial fresh funds and I made it clear to the bank rep that I need to understand what they accept as eligible form to meet salary BI .
If not I will not bring in the funds then and put it with other banks.
Any sharing with banks on what is eligible has to be done sensibly and sensitively (yes u do have to be careful what can be shared or not, and recognize that what all of us have typed here in the forums are also read by bank ppl and suitably informed).

Now sala were quite widespread (it is simply a fundamental showstopper for most ppl to bringing in big sums to the bank so there can be no uncertainty to how this can be done) and the bank rep was quite forthcoming with his reply to the written terms and conditions on SALA.

But i also moved on not long after as there were plenty of other banking options.

 

[royalmix]

Anyone knows if GIRO or PayNow from own account is considered eligible salary?

My apologies, giro worked, not fast.

In future, be more specific in your question by breaking it down into 2 questions (for each method).

He is one person who is always eager to help. Some people like to reply fast, with or without reading the specifics or differences, first method works, go.

Some people like to post wrong answers, like the one who like your comment, posted wrong answers in DBSM thread, what is his intention?

Always do your own due diligence, by clarifying, reading the tnc, even asking the cso the right questions (without showing you are exploiting loopholes). I always prefer to test it myself!