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MaomaoChiaEnglish ArticlesChoose and Open the Best Saving Account Interest Rates in Malaysia

Choose and Open the Best Saving Account Interest Rates in Malaysia

by MAL CHIA
Choose and Open the Best Saving Account Interest Rates in Malaysia

Savings accounts are a great way for you to increase your passive income – even if it’s just a small amount. However, most banks provide an interest rate that is lower than 1%, which is not very encouraging for individuals who are just starting to build up their savings.

In this article, we are going to focus on saving accounts that rewards your saving behaviours with more than 2% per annum.

 

Which Saving Account is the Best in Malaysia?

The interest rates shown below mostly applies for up to RM50,000 in savings – perfect for individuals who have just started a savings account.

The best savings account that you can open depends on your current savings amount and your priorities. As an example, if you are intending to save more than RM500,000 then a higher interest rate may apply in a bank that is not listed in this article.

Most banks will have an online attachment showing the interest rates for each account type. You can refer to their interest rates according to your savings thresholds for better accuracy. Before we start exploring the savings accounts and their interest rates in Malaysia, it is important to note the details below.

 

What to Remember When Opening Saving Accounts

Here are some things that you should note when reading the explanations below.

  • The interest rates may change at the bank’s discretions.
  • Junior saving accounts require you to be a guardian or parent of a child under 18 years old, and in some cases, under 12 years old.
  • Once the child turns 18, the account will be converted into a basic savings account.
  • Where junior accounts are concerned, you need to apply for the accounts at a bank’s branch for verification purposes.
  • Most banks only allow you to open savings accounts online after you have an account with then and have registered for online banking. You cannot directly open an account with them online in any banks in Malaysia.
  • If you already have a bank account at any of these banks, you should open an e-banking account on their platform so that you can perform your transactions online. Maybank and CIMB Bank, as an example, allows you to open some savings accounts online once you have your online banking account set up.

 

Choosing the Bank to Open Your Savings Account in Malaysia

The best tip to start a savings account in Malaysia is to go for the Junior Saving Accounts. You can save your money in your child’s name, or start encouraging them to save money early on. Either way, the interest is higher than normal saving accounts.

The more you save in these junior saving accounts, the more you can earn in annual interests! Some of these banks will pay the interests every month, while others pay only every half a year or annually.

There are also other benefits when it comes to some saving accounts – If you don’t withdraw any money for a few months, you might even be able to get an extra bonus in interests! As such, it is encouraged that you have a savings account that is dedicated to just your monthly savings.

Try to open only one savings account to enjoy maximum interest benefits!

 

Saving Account Interest Rates in Malaysia

The section below focuses only on banks and saving account types that can give more than 2% in interests per annum, and the interest rates are only up to RM50,000 or RM100,000 in savings at most. Refer to the links on the account names to learn more about their interest rates and conditions!

BankSavings Account TypeMinimum Initial DepositInterest Rate p.a. (%)Remarks
Affin Islamic BankAffin eSaver-iRM250.002.10Can be opened via Affin Online
Junior Saver-iRM1.002.05For 18 and below.
BSNBSN SEDARRM50.002.50Must credit monthly savings into account within first 7 days of each month to enjoy the interest rates. 15%.

Bonus on interest earned for first 12 months, 30% bonus for 24 months and subsequent months.

BSN CHESSRM50.002.50For 18 and below.

Must credit monthly savings into account within first 7 days of each month to enjoy the interest rates. Academic Excellence Award for UPSR, PMR, SPM & STPM.

Bonus on interest earned starts at 15% for the first 5 years, then increase 5% for every subsequent 5 years.

CIMB BankJunior Savers AccountRM100.003.20For 12 and Below
HongLeong BankJunior Savings AccountRM1.003.00For 18 and below.
3-in-1 Junior AccountRM1.002.60For 18 and below.

Minimum RM1K for Fixed Deposit.

Includes Junior Savings Account, Junior Fixed Deposit & Junior Debit Card (Prepaid)

MaybankYippie Savings AccountRM1.003.15For 18 and below.

Academic rewards for PT3, SPM, STPM/A-Levels and University Degree available.

Imteen Savings AccountRM50.003.15For 12-18 years old.

Academic rewards for PT3, SPM, STPM/A-Levels and University Degree available.

Maybank2U SaversRM20.002.00Can be opened and closed on Maybank2U Online.

Interest earnings start after RM2000 in savings account.

OCBCSmart Savers AccountRM200.002.25Interest rate based on how much is deposited into the account every month.
Young Savers AccountRM500.002.90For 17 and below.

Cash award for good performance on UPSR, PT3 & SPM

Public BankWISE Savings AccountRM1.003.00For 18 and below.
PB Bright Star Savings AccountRM50.003.15For 18 and below.

Cash Awards for Children Excelling in UPSR, PT3 and SPM

RHBJunior Savings AccountRM1.003.20For 18 and below.

 

Open A Bank Account Online in Malaysia

As mentioned in the first few paragraphs of this article, only a few types of savings accounts can be opened online.

You can open these savings accounts online from the bank’s online interface as long as you already have an existing account in that bank and you have activated the online banking features.

 

I Don’t Have An Existing Bank Account for That Bank. What Should I Do?

If you do not have a bank account for a specific bank, you will need to open your first account at any branches of the bank located close to you. You will only need to bring your own I/C to the bank to open these accounts if you are above 18, but if you are opening a junior account, you will need to have the I/C or birth certificate of the child as well.

Take a look at the savings accounts options above before you head to the bank and open an account! This way, you can get started immediately with earning interest rates from your selected bank.

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