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.
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 |
ATM Fee |
Other Features |
|
Alliance Bank - SavePlus Account |
3.00% |
RM500,00 and above |
RM0 |
RM0 |
Instant account opening, FREE withdrawals at ANY ATM machine |
|
OCBC Bank - OCBC Flex Account |
2.50% |
RM100 |
RM0 |
RM0 |
Earn additional interest rate via save pot, more details on OCBC website. |
|
Hong Leong Bank - Pay&Save Account |
2.25% |
RM2,000 single deposit for 3 consecutive months |
RM0 |
RM0 |
Send and receive Foreign currency features, Debit cards, mobile apps, and rewards program |
|
RHB Bank - Rize Savings Account-i |
1.00% |
RM1,000,000 |
RM12 (annual fee) |
RM0 |
Debit card, mobile app, charity program |
|
CIMB Bank: OCTOSAVERS SAVINGS ACCOUNT-i |
0.30% |
RM3,000 Above |
RM0 |
RM0 |
Earn Points when you spend with a debit card, mobile app, or overdraft protection |
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