There is a new player in town who is trying to compete with BOC SmartSaver, called Maybank SaveUp Account. It lets you enjoy up to 3% p.a(cap at $50k) if you are able to complete 3 sets of action out of a choice of 9. You can click here to view their website.

The interest setup looks pretty similar to BOC Smartsaver. It has a separate base interest rate tier and a special interest rate tier. From the diagram above, your first S$3k deposit gives you a base rate of 0.1875% p.a, the next S$47k gives you 0.25% p.a and anything above S$50k gives you 0.3125% p.a. If you manage to fulfill all three requirements and have $50k deposit in this account you will get (2.75% + 0.1875% for the $3k) and (2.75% + 0.25% for the $47k). Which adds up …