Maybank launches programme for Singapore's over-50s

Programme encompasses banking products with preferential savings rates and lifestyle perks for over-50 age group

Aimed at meeting the financial needs of customers aged 50 and above, Maybank Singapore has launched the Maybank Passion Plus Programme (Programme), an integrated package encompassing banking products with preferential savings rates and lifestyle perks for this age group.

Against the backdrop of longer life expectancy in Singapore, Maybank analyzed the financial needs of its customer base in the silver generation category, and structured the Maybank Passion Plus Programme to help them grow their retirement funds.

Adam Tan, head of branch distribution at Maybank Singapore, says, “There are 1.4 million Singapore residents aged at least 50 years old. Many do not do enough to protect their savings against inflation, as average life expectancy has increased from 80 years old in 2007 to 83 years old currently. This is why we started Maybank Passion Plus Programme to offer our customers financial solutions on their retirement journey.”

Customers who sign up for the Maybank Passion Plus Programme will receive welcome vouchers and can consult a Maybank financial advisor to identify any shortfalls in their retirement income. Programme customers will enjoy an interest rate of up to 0.5% per annum on their Maybank Privilege Plus Savings Account, as well as receive additional interest when they place fixed deposits in Singapore Dollar Privilege Plus Time Deposit.

In addition, Programme customers are entitled to exclusive discounts on Maybank Platinum Debit Card, and are able to access an array of banking solutions including endowment plans, retirement plans, structured deposits and unit trusts. Those who maintain a minimum account balance of S$30,000 (US$22,000) in their Maybank Privilege Plus Savings Account receive complimentary personal accident insurance coverage. 

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