Let me start by making it clear that priority banking and premier banking are two different things. They’re a long way apart. To benefit from premium banking, you must have a minimum initial deposit of RM250K or more in your account. It must be at least RM3 million to qualify for priority banking.
What is a Maybank2U Premier Current Account?
The Maybank Premier 1 Account combines the convenience of a current account with the opportunity to earn competitive interest rates, giving you the best of both worlds. The monthly interest gained will be credited to this current account and is computed daily according to the current rate of interest.
You can earn additional rewards of up to 2% p.a. on incremental balance growth of between RM1,000 and RM250,000 in your Premier 1 Account when you use your Maybank Credit Cards and pay your bills using Maybank2u or Kawanku phone banking if you maintain any amount greater than RM5,000 of monthly average balance in your account. You must keep an Average Daily Balance of at least RM1,000 by the end of each month.
To level up on your current account, follow these steps:
Image source: iMoney
You must complete a few requirements before you may level up:
Image source: iMoney
Interest Rates
Below are the interest rate calculated daily that you can earn with this premier banking:
Image source: Maybank
Fees and Charges
You should be informed of the following few substantial fees and charges:
- If the average balance is less than RM1,000, or there are insufficient funds,there is an RM10 half-yearly service charge.
- Early Account Closure Fee of RM20 if completed within three months of account opening
- Cheque returned unpaid: RM 100, for lack of money
- Stop payments cheque: RM10
Benefits of Maybank2U Premier Current Account
1. Skip the long queues
For those who are busy, this perk is especially good as you can skip queues if want to deposit cash or cheque over the counter. Plus point is that you also get a designated parking spot for premier banking customers.
2. Improved services
This differs for different Maybank branches but you will typically enjoy a better and faster service. Some branches serve coffee, snacks, and even wifi.
3. Better loan rates
When you apply for mortgages and hire purchases, you can access significantly better rates. You will also benefit from a less strict loan approval process as a top banking client.
4. A personal relationship manager (RM)
As a client of premier banking, you are given a personal banker, also referred to as a relationship manager (RM), who serves as a point of contact and attends to your banking needs. You can conduct some transactions over the phone (phone banking) rather than having to go immediately to the branch.
Who is eligible to open this current account?
Anyone who is at least 18 years old in Malaysia, a permanent resident with an original identity card ic, or a foreigner with a valid work permit may apply for a Maybank2u Premier current account.
You require a passport, a working or student visa, a letter of confirmation from your employer or educational institution, and you also need to be a non-Malaysian.
After that, stroll over to the nearest Maybank branch with these documents in hand and create a current account there.
How am I supposed to make 5% Bonus Interest?
This unique Maybank2u Premier delivers you more rewards on your growing savings.
You must maintain an average monthly account balance of RM5,000 each month in order to be eligible for an Interest-on-Interest pay of 5%, payable on the first of the following month.