Maybank targets $955M deposit increase

Maybank is targeting to increase deposits by US$955 million during the current four-month period through its deposit campaign.

Called the ‘Maybank Extra Rewards’ Deposit Campaign, it promises rewards for every single customer who has a US$147 increase in savings or current account each month.

The ‘Maybank Extra Rewards’ Deposit Campaign is unlike other campaigns which offers prizes to selected winners only upon completion of the promotion period. It is the “first of its kind” deposit campaign to provide assured rewards to all qualified depositors.

In addition to special discount offers for the RM500 increase in deposits, it also offers all customers a chance to win attractive monthly prizes during the campaign.

Maybank Head of Consumer Banking, Lim Hong Tat said this new programme was in line with the bank’s commitment to continuously offer innovative rewards to its customers as well as maintain its leadership in the loyalty programme segments. Maybank’s Treats Points programme already scored a first in 2008 with the offer of rewards point for debit card spend in addition to credit card charges.

"We recognise that given the prevailing interest rate environment customers are continuously looking for extra returns from their savings," Lim said.

Lim said that the campaign was designed in response to customer feedback. "Customers prefer tangible rewards over campaigns that only offer prizes where chances of winning are restricted to a few prizes. The Grand Prizes are a bonus to those who save more and our way of rewarding customers for their continued support."

"Maybank Extra Rewards campaign period is paced to coincide with periods of the year where savings can be put to good use, such as for the start of the new school term and major festivities. It is one way of helping customers benefit more from their relationship with Maybank," said Lim.