MayBank SaveUp Programme

[Panerex]

Something else I just noticed about Maybank account. If you're fortunate enough to draw a high salary and your monthly income tax is more than $1k, may as well pay GIRO through them.

http://info.maybank2u.com.sg/personal/promo/income-tax-giro.aspx

thanks for the lead on this...

however, I feel it may not be attractive as DBS multiplier of UOB one account.

Maybe after max contributions to these accounts, then to utilize this Maybank's?

 

[vince123123]

How does income tax payment fit into DBS Multiplier or UOB One?

thanks for the lead on this...

however, I feel it may not be attractive as DBS multiplier of UOB one account.

Maybe after max contributions to these accounts, then to utilize this Maybank's?

 

[Panerex]

How does income tax payment fit into DBS Multiplier or UOB One?

oh, sorry for not being clear.

What I meant was the overall interest return from this tax giro and deposit arrangement, still pales out if you put $$ into DBS Multiplier or UOB ONE, assuming if one can easily satisfy the qualifying criteria of those 2 accounts.

 

[TitanSmall]

Sorry not sure if this is asked before. For the giro, does it mean those pre arranged payment through giro or can do bill payment like ocbc?

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[Trazora]

Sorry not sure if this is asked before. For the giro, does it mean those pre arranged payment through giro or can do bill payment like ocbc?

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Must be giro, not bill payment via ibanking

 

[savinmax]

The only bad thing I'd say about MB (other than the fact I think UOB IB interface is probably better), is that the GIRO bill requires $300 and cannot be offset using the MB CC bill. So you have to spend $300 extra, in a sense. If you can meet that, then fine but not everyone can. For UOB, you just need three GIRO bills of which the UOB credit card GIRO counts too.

simple solution
- GIRO your UOB card to Maybank SaveUp account ( at least $300 )
- GIRO your Maybank card to UOB One account ( plus 2 more elsewhere )

 

[wealth_farmer]

That still does not get around the fact that you have to spend $300 extra to fulfill the GIRO requirement for Maybank. Arranging GIROs of smaller expenditures is much easier in comparison.

simple solution
- GIRO your UOB card to Maybank SaveUp account ( at least $300 )
- GIRO your Maybank card to UOB One account ( plus 2 more elsewhere )

 

[deepblueli]

oh, sorry for not being clear.

What I meant was the overall interest return from this tax giro and deposit arrangement, still pales out if you put $$ into DBS Multiplier or UOB ONE, assuming if one can easily satisfy the qualifying criteria of those 2 accounts.

Hmm.. I would disagree.
http://www.uob.com.sg/personal/deposits/chequeing/one_account.html#howitworks

It shows that maximum earning per year including card rebate is $1416.

Maybank 3% of 50K per year (excluding card rebate) is $1500.

How can UOB be better?

DBS multiplier account is much harder to hit, basically you have to get DBS loan, insurance or investment to get >2%, but still below 3%.

Not too sure how come UOB one or DBS multiplier are better.

(assuming you can hit all criterias in these 3 banks)

 

[deepblueli]

That still does not get around the fact that you have to spend $300 extra to fulfill the GIRO requirement for Maybank. Arranging GIROs of smaller expenditures is much easier in comparison.

Ya, agree doesn't make sense to purposely spend $300 extra to fulfill GIRO. But if you have income tax more than $300 per month then it will probably make sense. Then you end up need to spend only $500 in credit card, ie same criteria as UOB One

 

[Nofear40]

can one open maybank saveup account using maybank online?

 

[Panerex]

Hmm.. I would disagree.
http://www.uob.com.sg/personal/deposits/chequeing/one_account.html#howitworks

It shows that maximum earning per year including card rebate is $1416.

Maybank 3% of 50K per year (excluding card rebate) is $1500.

How can UOB be better?

DBS multiplier account is much harder to hit, basically you have to get DBS loan, insurance or investment to get >2%, but still below 3%.

Not too sure how come UOB one or DBS multiplier are better.

(assuming you can hit all criterias in these 3 banks)

Does the Maybank giro arrangement give 3% of $50K?

Based on the illustration on Maybank link, assuming if the monthly tax is $1K and one maintains 24 times of $1K in the saveup balance for 2 years, only then the returns will be slightly above 2.38% pa,definitely pales out of UOB 3.33% assuming can meet all criteria

 

[deepblueli]

Does the Maybank giro arrangement give 3% of $50K?

Based on the illustration on Maybank link, assuming if the monthly tax is $1K and one maintains 24 times of $1K in the saveup balance for 2 years, only then the returns will be slightly above 2.38% pa,definitely pales out of UOB 3.33% assuming can meet all criteria

If you combine income tax GIRO with salary credit and $500 credit card spend then you can get 3% of 50K on top of the income tax programme and credit card rebate. So you get more than 3%

 

[deepblueli]

Does the Maybank giro arrangement give 3% of $50K?

Based on the illustration on Maybank link, assuming if the monthly tax is $1K and one maintains 24 times of $1K in the saveup balance for 2 years, only then the returns will be slightly above 2.38% pa,definitely pales out of UOB 3.33% assuming can meet all criteria

UOB 3.33% is only for 20K

 

[TitanSmall]

Does the Maybank giro arrangement give 3% of $50K?

Based on the illustration on Maybank link, assuming if the monthly tax is $1K and one maintains 24 times of $1K in the saveup balance for 2 years, only then the returns will be slightly above 2.38% pa,definitely pales out of UOB 3.33% assuming can meet all criteria

Read the fine print. It states the effective interest rate if you meet the 2 condition and has 50k is 2.4+%.

Always read the fine prints

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[TitanSmall]

Here. I paste for you


Maximum effective interest rate (EIR) on the One Account is 1.60% p.a. for deposits of S$50,000, provided customers meet the criteria of S$500 Card Spend. Maximum effective interest rate (EIR) on the One Account is 2.43% p.a. for deposits of S$50,000, provided customers meet both criterias of S$500 Card Spend and S$2,000 salary credit or 3 GIRO debits per month.

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[1982-1994]

im on ocbc 360. just reopened an acc with MB.
Not sure when shall i apply giro tie up with MB. any advice?

 

[1982-1994]

the staff told me it takes 2 months to get the giro applications approved. Not sure would they approve my cc application. or just apply for giro thing first?

 

[dnlei123]

Just activated my Saveup account and submitted cc application along with it.. just wondering how long they take to approve cc application..?

 

[Shahmatt]

prepared four giro applications - ANZ cc, starhub, IRAS, and SP.

All going to mail out today.

Will be trying to regulate my Starhub GIRO out by paying partially through MB cc (also need to meet $500 min spend).

 

[1982-1994]

Just activated my Saveup account and submitted cc application along with it.. just wondering how long they take to approve cc application..?

2 weeks of working day, so all in all, probably 3 weeks.

submitted my telco forms,and town council with the latter takes up an average of 2 months to process.