The tool saves depositors from opening multiple savings accounts for different goals and occasions.
Maybank Singapore has launched a savings management tool to help depositors allocate funds towards their savings goals, all within the convenience of one main account.
Aptly termed "iSAVvy Sub-accounts", the feature can be found in Maybank's two online accounts, the iSAVvy Savings Account and the iSAVvy Savings Plus Account.
With this free tool, depositors no longer need to open multiple savings accounts when saving for different goals and occasions. All they need to do is to create sub-accounts that reside within their main savings account.
Up to 15 sub-accounts can be created, and the depositors will still enjoy the same interest rate in their sub-accounts.
Maybank Singapore, Head of Information Technology and e-Business, Lim Kuo Siong said through several focus group discussions, customers gave the feedback that they opened multiple savings accounts to better manage their finances.
"We wanted to enhance the proposition of our iSAVvy savings accounts to address this need. This is so that account holders, can more effectively manage their savings for the different goals they have in mind.
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