Am I eligible to apply for Maybank imteen Account?
This personal savings account is tailored for teenagers aged between 12 to 18 years old. You are not allowed to open a joint or trust account with your parents or guardian, but you will need their presence during account opening to verify and sign documents.
Also, you need to prepare an initial deposit of RM50, and RM10 for Indemnity Letter stamping fees - this one could be sponsored by your elders.
What do I get upon opening of Maybank imteen Account?
Upon successful account opening, you will be issued with a debit card, which can be used to withdraw money from ATM machines, as well as to pay for your purchases. You should also know that this is a passbookless savings account, whereby all of your transactions will be recorded in a statement.
To view the statement, you need to sign up for Maybank2u online banking facility. That's not all, you can also manage your account and keep track of your cash flow without having to leave your house!
What are the benefits of this savings account?
Having a savings account at a young age will do you a heck of a favor when you reach adulthood. Apart from shaping a culture of financial literacy, this savings account offers a slew of benefits, such as:
- 1-month Fixed Deposit rate on your balance, if you make only ONE withdrawal every half year;
- Free Personal Accident coverage of up to RM30,000, with a minimum account balance of RM1,000;
- Cash Awards for academic excellence in elementary and tertiary-level education
How to qualify for Cash Awards?
First of all, there are 4 categories of examinations you could be excelled from: PT3, SPM, STPM / A-Level and University Degree. All you need to do is maintain a minimum account balance of RM1,000 during the examination year until the submission of Cash Awards claim form.
Once the result is officially out, you have until 1 month to submit the claim form to your home branch.
Is it safe to keep my money in this savings account?
Absolutely, compared to keeping them in your piggy bank at home. Your saved money will be guaranteed for up to RM250,000 under PIDM.