Maybank’s new Young Family segment in the MAE app offers comprehensive tools to save, grow and track family finances.
IN TODAY'S fast-paced world, managing family finances can often feel daunting.
Yet, the MAE app simplifies this task, providing parents with a comprehensive solution for banking and lifestyle management.
The MAE app offers features that assist in securing financial well-being, making it a valuable tool for the family. Notably, the MAE wallet within the app offers Shariah-compliant financial transactions, ensuring that all users can manage their finances effectively and ethically.
This wallet also empowers young users to manage their own funds and access comprehensive banking features such as setting daily spending limits to maintain budget control.
The new Young Family segment encompasses several products that help families with children achieve their financial goals while teaching financial literacy.
These tools better equip children with financial skills and facilitate a more effective management of family finances.
The products in this new segment also serve as tools that better equip children with financial literacy.
Importance of future-proofing
Every parent wants to provide their children with the best tools, such as quality education, to help set them up for success.
With Maybank Goal-based Investment, which is accessible through the MAE app, parents can create a goal and start their financial journey.
By answering a few simple questions to set up a risk profile, parents can begin by simulating, investing, and tracking their goals.
They can choose from a range of unit trust funds tailored to personal risk appetites and financial objectives, starting with a minimum of RM200 and no lock-in period.
Setting an education fund goal is simple: simply input the fund’s purpose, year and amount in the app. The app will simulate the goal and monthly investment amount, giving users a clear picture how to manage expectations.
Users can set up and track multiple funds for different objectives simultaneously, from growing wealth to planning retirement funds.
Starting while they’re young
While the education investment fund works in the background, parents can also secure their children’s financial future by instilling saving habits and financial responsibility from a young age.
With the MAE app, this process is simple and efficient, opening a Yippie/-i Savings Account has never been easier.
Existing Maybank customers who hold a Current/-i or Savings/-i Account can conveniently open a Yippie/-i Savings Account for their children using the MAE app in under 10 minutes.
Simply launch the app, click on 'Apply' and choose to open a Yippie or Yippie Islamic Savings Account.
Parents will need to verify their information, enter the child's details, and take a photo of the child's original birth certificate. Applicants can activate the account.
The Yippie/-i Account offers attractive profit rates, free personal accident coverage for the child and parents of up to RM100,000, and Perbadanan Insurans Deposit Malaysia (PIDM) protection of up to RM250,000 for each depositor.
Academic cash rewards for excellent SPM and tertiary education grades are also available, making it an attractive incentive.
Parents can manage and monitor all their children's Yippie/-i Accounts, set up recurring savings plans and personalise the dashboard to fit their needs. The 'view all' quick actions list provides parents easy access to the Junior dashboard on the app.
Instilling good habits from a young age
The Swedish proverb, ‘he who buys what he does not need steals from himself,’ emphasises mindful consumption.
Cultivating the habit of saving gives peace of mind during tough times and helps navigate tricky situations.
The ‘Tabung’ feature on the MAE app teaches children how to save using pocket money they earn. Parents can encourage good saving habits through this feature.
The Tabung feature allows for solo or group saving, making financial education fun and interactive.
Parents can set up a group Tabung, enabling the whole family to save together towards a common goal like a family vacation or a new gadget.
Once children are comfortable using Tabung, they can start their own goals to save for their personal wants and grow their savings.
The ‘Expenses’ feature on the app offers an easy way to track and log spending. It displays monthly expense breakdowns and categorises each transaction, clearly showing where the money is going, thus teaching financial responsibility.
For young families, financial planning is no longer a chore but an empowering, interesting and educational journey with the MAE app.
From tracking expenses to enriching family lives, the MAE app offers a comprehensive suite of tools to help parents manage their family finances effortlessly.
Explore new ways to help manage your family’s financial future with the MAE app today.
New Maybank customers can get RM10 instantly when they sign up for a MAE wallet.
Simply download the MAE app, register for a MAE wallet and use the promo code JOMMAE to get RM10 credited to your new MAE wallet. Begin your journey with smart, Shariah-compliant financial management.
For more information, visit maybank.my/signupmae
