2.38% p.a. Savings Account Lobang

I thought maybe I'll share with you a lobang that KY shared with me last night:

With Maybank's iSAVvy Savings Account (personal or joint), you get to enjoy 2.38%* p.a. PLUS 6%** interest-on-interest every 6 months that you normally associate with time deposits.
If you can't afford to put ur savings into fixed deposits for one reason or another, this may be suitable for you!

Eligibility
Be at least 16 years of age
Place a minimum initial deposit of S$10 to open an acct.

ANY CATCH???
Not that I know of but you need to take note of the following:
1. Account balance(s) must be S$5,000 and above for 2.38% to apply.
2. This is an online savings account - this means no passbook, no statement of accounts sent to you, and no cheque books provided... everything performed through ATM / ATM MasterCard Electronic card / online banking (records of 60 days' transaction history).
3. There will be a charge of S$5 per deposit for cash deposit or transfer of funds from another account via the Branch counter. This charge is waived for the first deposit on account opening.
4. A service fee of S$15 per withdrawal is chargeable for withdrawals from your iSAVvy Savings Account over the counter.
5. Making a balance enquiry of your iSAVvy Savings Account over the counter is also chargeable at S$5 per balance enquiry.
6. Closure of account within 6 months of the account opening date is subject to an additional administration charge of S$30.
7. S$2 service fee will be levied for each overseas ATM cash withdrawal transaction.
8. Should the average daily balance of the account fall below S$500, a monthly minimum balance fee of S$2 shall apply.
9. Last most important note: This 2.38% rate is applicable until further notice... until when? NOBODY KNOWS. So act now if you are interested.

FYI: If your iSAVvy Savings Account has S$0 balance for 30 days, then your account will be automatically closed. (Get it?)

For more info: Click here

* Rate is applicable to account balance(s) of S$5,000 and above for new and existing iSAVvy Savings Account(s) until further notice. Interest payable on account balance(s) of S$4,999 and below shall be based on the lowest tier of the prevailing Savings Account interest rate. Rates are subject to change. Terms and conditions apply.

** Eligibility for interest-on-interest is based on maintaining an average monthly balance of S$5,000 over a 6-month period, starting from the second month of account opening.