SINGAPORE - The battle for deposits continue to heat up for banks here, with Malaysian lender Maybank firing the latest salvo.
The lender launched a new programme on Thursday called Maybank Family Plus, where parents who conduct more of their banking transactions with it will earn bonus interest on their children's account.
Parents can earn up to two times the regular interest on their child's savings if they do two things: put at least $200 in their child's account monthly and maintain an average balance of $2,000 or more in their own iSAVvy savings account.
If they do those two things and in addition, spend $800 on the Maybank Family and Friends Platinum MasterCard each month, they can earn up to three times the interest for their child.
Maybank hopes to double its Youngstarz Savings accounts, which is a children's savings account, through the programme over the next two years.
It said in a statement that the introduction of the programme is part of its efforts to better cater to its customers' needs.
It is taking a more targeted approach in reaching out to its clientele, in particular the young family segment, which has been seeing good growth.
Maybank said the family customer segment now makes up 30 per cent of its base, which it said is a clear sign that the customers are doing more with it.
Mr Choong Wai Hong, the head of community financial services at Maybank Singapore said: "Our customers are already undertaking these activities with us and this is simply a way to provide them with even more rewards when they bank with us as a family.
"We hope that through Maybank Family Plus, parents encourage their children to learn, manage and grow their money."