Maybank One Solution - Flexi Saver Plan / Plan-i

Maybank has recently come up with the brand-new Maybank One Solution, a new "banking solution" that makes it easy for you to manage all your finances with just one service. But is this product worth a try? We'll review each of the products offered over this whole week, and this review will focus on the Flexi Saver Plan / Plan-i.

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Maybank One Solution - Flexi Saver Plan / Flexi Saver Plan-i 
Drawbacks: Low 1.5% p.a. interest rate.

Maximum Flexi Saver Plans: Three (3).
Flexi Saver Plan Options:
i. Education
ii. Business
iii. Wedding
iv. Vehicle
v. Household Goods
vi. Holiday
vii. Investment
viii. Others
Interest Rate:
Flexi Saver Plan - 1.5% p.a. per plan.
Flexi Saver Plan-i - 1.6% p.a. per plan.
Tenures: 12, 24, 36, 48, and 60 months.
Minimum Monthly Contribution: RM50.00
Maximum Monthly Contribution: RM300.00
Terms & Conditions:
1. Customers can have up to a maximum of 3 Flexi Saver plans / plan-i at any one time.
2. All contributions must be in multiples of RM10.
3. Instruction for automated monthly fund transfers (i.e. standing instruction) from Personal Saver account to Flexi Saver Plan is a mandatory feature of Personal Saver.
4. Upon maturity, the Flexi Saver Plan will be auto-closed and the balance which is the principal plus interest will be transferred to the Personal Saver account.
5. Customers are allowed a maximum of 2 lapses per annum. After 2 lapses, the respective plan will be closed and the balance will be transferred to the Personal Saver.
6. Customers are allowed to withdraw up to 2 times per calendar year and each time the amount withdrawn shall not exceed 20% of the outstanding balance of the Flexi Saver Plan at the point of request.
7. Interest on Flexi Saver Plan is computed daily and will be credited every 31st December.

Full Terms and Conditions.

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Maybank has come up with the Flexi Saver Plan / Plan-i to help customers (i.e. you) save up for a goal. These "goals" can be anything, but Maybank suggests several categories such as Business, Wedding, Vehicle, and many others for you to choose from. Basically, just imagine creating a maximum of three piggy banks, and inserting a fixed amount of money into each piggy bank every month. After a year, your savings will definitely have grown and will thus allow you to buy or invest in something you've always wanted, right? A similar concept is injected into this Maybank Flexi Saver Plan / Plan-i, where you are allowed to set up to three Flexi Plans at one time. What makes this Flexi Saver different from your average piggy bank is the 1.5% p.a. interest rate (1.6% p.a. for Flexi Saver Plan-i) that you get for each plan.
So how do you go about it? To open up a Flexi Saver Plan / Plan-i, you must first open a Personal Saver Account. Next, you have to decide on the number of Flexi Saver plans that you want to open up (a maximum of three at a time), their tenure (up to five years), and the monthly amount that you are willing to deposit into each Flexi Saver plan (minimum of RM50 and maximum of RM300). Once that has been established, a standing instruction will be created to make the transfer(s) from your Personal Saver account into the Flexi Saver plans. Each year, you'll get the interest rate of 1.5% p.a. to 1.6% p.a. for each plan, and once these plans reach its maturity, they will be automatically closed and all of your monthly deposits plus interest will be plonked into your Personal Saver account.
In case of emergencies, you can make withdrawals up to 2 times a year, but each withdrawal is limited to 20% of your current outstanding balance available at that time. It's worth noting that this Flexi Saver Plan / Plan-i might be more suitable for those who can afford to save only a minimum amount every month. If you can afford to part with a larger sum of money, we say try opening up a fixed deposit account instead for a much higher interest than 1.5% p.a. Check out the comparison table between the Flexi Saver Plan and Bank Rakyat's Fixed Deposit account below:
Flexi Saver PlanBank Rakyat Qiradh
Interest Rate1.5%4.01%
Tenure 12 months12 months
AmountRM50 per month = RM600 for 12 monthsRM600
Interest GainedRM9RM24.06
Try checking our FD guide for the latest FD tips and reviews!

 

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