Best Savings Accounts in Malaysia: Your Ultimate Guide to Smart Savings

Fatin Haris

Fatin Haris

Last updated 20 October, 2023

In Malaysia, a variety of savings accounts are available, each with its unique features and benefits. This article is your comprehensive guide to the best savings accounts in Malaysia, helping you make informed financial decisions.


What Is a Savings Account?

A savings account is a fundamental financial tool designed for accumulating and safeguarding your money. It offers safety, accessibility, and often, interest on your deposits. This makes it a popular and safe choice among Malaysians for growing their savings.

Types of Savings Accounts

There are a variety of savings accounts available in Malaysia, each with its own features and benefits. Some of the most common types of savings accounts include:

  • Regular savings account

This is the most common type of savings account. It offers basic features, such as interest on your savings balance and access to your money through ATMs and online banking.

  • Islamic savings account

This type of savings account is compliant with Islamic law. It typically offers lower interest rates than regular savings accounts, but it is a good option for Muslims who want to save money in a way that is consistent with their religious beliefs.

This type of savings account allows you to deposit a fixed amount of money for a fixed period of time. In return, you earn a higher interest rate than you would on a regular savings account.

  • Children's savings account

This type of savings account is designed for children. It typically has lower minimum balance requirements and higher interest rates than regular savings accounts.

  • Senior citizens' savings account

Designed for senior citizens, It typically has lower minimum balance requirements, higher interest rates than regular savings accounts and exclusive benefits like discounts on insurance and travel.

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Comparison of Top Savings Accounts in Malaysia

Here is a comparison of some of the top savings accounts in Malaysia based on interest rates, fees, and customer reviews:

Bank & Account Type

Interest/Profit Rate

Minimum Balance Requirement

Monthly Maintenance Fee


Other Features

Alliance Bank - SavePlus Account


RM500,00 and above



Instant account opening, FREE withdrawals at ANY ATM machine

OCBC Bank - OCBC Flex Account





Earn additional interest rate via save pot, more details on OCBC website. 

Hong Leong Bank - Pay&Save Account


RM2,000 single deposit for 3 consecutive months



Send and receive Foreign currency features, Debit cards, mobile apps, and rewards program

RHB Bank - Rize Savings Account-i



RM12 (annual fee)


Debit card, mobile app, charity program

CIMB Bank:



RM3,000 Above



Earn Points when you spend with a debit card, mobile app, or overdraft protection


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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