Whether you plan to buy your first home or simply want to build a financial safety net, you will probably need a savings account sometimes in your life. Savings accounts are not only specifically designed to provide you a secure place to save your money but also to grow your assets as the financial institutions will pay profit in addition to your savings.
Read on to know more about the best savings accounts in Malaysia.
What Is a Savings Account?
In general, a savings account is a basic financial service offered by banks and non-banking financial companies. Savings accounts allow you to keep your money for particular purposes. Not only will you able to keep your money in the most secure way, but you will also earn a specific amount of interest.
As the most widely used banking service, savings accounts allow you to perform daily transactions and funds withdrawals at any moment you want with no hassle. In Malaysia, you are federally guaranteed by Perbadanan Insurans Deposit Malaysia (PIDM) when you put cash on your savings account.
PIDM is generally a federal agency that provides its member with protection against the deposit, insurance, and benefits loss. Thus, if the bank is unable to give your rights, all the money you have earned for your hard work is still protected.
A savings account also typically comes with a bankbook where the depositors have the flexibility to track and record any kind of transaction. These include the record of the profit you have earned. However, some savings accounts do not come with bankbooks. To keep track of your transactions, you can still obtain a bank statement on either paper or paperless.
How Do Savings Accounts Work?
The way a saving account works is not overly complicated. Basically, this banking service works like this: You select a particular bank or non-banking institution to open a savings account and deposit a specific sum of cash into your account.
Then, the bank pays a certain amount of interest based on your money you deposit. The bank will later loan your money to other borrowers and charge them with a slightly higher rate of interest than the interest you earn from the cash you deposit. This interest is usually given by the bank on a monthly basis.
Depending on the banking institutions, you can always deposit money to your account through one or some of the following methods:
- Cash/check deposits through ATM
- Cash/check deposits at the bank branch
- Funds transfer from another account
- Check deposit through mobile banking
- Direct deposit
Best Savings Accounts in Malaysia
You can now open a savings account through the online platform of the bank. This hassle-free method lets you enjoy the same benefits you get from opening the bank over the counter or even more exciting benefits. Looking for options?
Here is the list of the best savings accounts in Malaysia that can be opened via an online banking platform.
Banks Name | Savings Accounts | Profit Rate | Minimal Deposite |
---|---|---|---|
HSBC | HSBC Amanah Premier Everyday Global Account-i | 0.25% to 2.5% | RM0 |
HSBC | HSBC Premier Everyday Global Account | 0.25% to 2.25% | RM0 |
HSBC | HSBC Amanah Advance Everyday Global Account-i | 0.25% to 2.5% | RM0 |
HSBC | HSBC Advance Everyday Global Account | 0.25% to 2.25% | RM0 |
HSBC | HSBC Amanah Everyday Global Account-i | 0.25% to 2.5% | RM0 |
HSBC | HSBC Everyday Global Account | 0.25% to 2.25% | RM0 |
Standard Chartered | Standard Chartered Just One Priority Account | 0.01 | RM0 |
Standard Chartered | Standard Chartered Just One Personal Account | 0.0025 | RM0 |
Affin Bank | Affin Bank Junior Saver | 2% to 2.1% | RM1 |
Maybank | Maybank Yippie-i Savings Account | 0.2% to 1.9% | RM1 |
Hong Leong Bank | Hong Leong Bank 3-in 1 Junior Account | 0% to 1.75% | RM1 |
Ambank | Ambank Islamic Savers' G.A.N.G Account-i | 0.5% to 2.2% | RM1 |
Ambank | Ambank Savers' G.A.N.G | 0.5% to 2.2% | RM1 |
RHB | RHB Junior Savings Account | 0.6% to 1.95% | RM1 |
Public Bank | Public Bank Wise Savings Account | 0.35% to 1.95% | RM1 |
UOB | UOB Fun Savers Accout | 0.35% to 2.2% | RM1 |
Standard Chartered | Standard Chartered Young Savers Account | 0.25% to 1.7% | RM1 |
Maybank | Maybank Yippie Savings Account | 0.2% to 1.9% | RM1 |
Hong Leong Bank | Hong Leong Bank Islamic Junior Savings Account-i | 0% to 1.5% | RM1 |
Affin Bank | Affin Islamic Junior Saver-i | 0.25% to 1.85% | RM1 |
Agrobank | Agrobank AgroMuda-i | 0.75% to 2% | RM5 |
Public Bank | Public bank Bestrai Savings Account-i | 0.1% to 1% | RM10 |
BSN | BSN Sijil Simpanan Premium | 0.11% to 0.35% | RM10 |
BSN | BSN Giro-I Savings Account-I Galakan Simpanan Pelajar | 1.2% to 1.6% | RM10 |
BSN | BSN Giro-I Savings Account-I (Children) | 0.0025 | RM10 |
BSN | BSN Girp Account: Skim Galakan Simpanan Pelajar | 1.2% to 1.6% | RM10 |
BSN | BSN Children Giro Account | 0.0025 | RM10 |
Bank Rakyat | Bank Rakyat Nuri savings Account-i | Islamic | RM10 |
Bank Rakyat | Bank Rakyat Teenager Savings Account-i | Islamic | RM10 |
Bank Rakyat | Bank Rakyat Adult Savings Account-i | Islamic | RM10 |
CIMB | CIMB Islamic Senior Basic Savings Account-i | 0.007 | RM20 |
UOB | UOB Basic Savings Account-i | 0.25% to 0.25% | RM20 |
CIMB | CIMB Senior Basic Savings Account | 0.25% to 0.45% | RM20 |
Bank of China | Bank of China Savings Account | 0.25% to 1% | RM20 |
RHB | RHB Children Account-i | 1.25% to 2.95% | RM20 |
RHB | RHB Basic Savings Account-i | 0.25% to 0.28% | RM20 |
RHB | RHB Savings Account-i | 0.35% to 1.25% | RM20 |
MBSB | MBSB Wise Saver Savings Account-i | 0.0125 | RM20 |
RHB | RHB Basic Savings Account | 0.25% to 0.28% | RM20 |
MBSB | MBSB Cheeky Savings Account-i | 1.5% to 2.1% | RM20 |
Ambank | Ambank TRUE Savers Account | 0.5% to 1.25% | RM20 |
Public Bank | Public Bank Basic Savings Account | 0.25% to 0.45% | RM20 |
OCBC | OCBC EasiSave Account | 0.0025 | RM20 |
Agrobank | Agrobank BSA-i | 0.0025 | RM20 |
Agrobank | Agrobank AgroTani-i | 0.4% to 1.6% | RM20 |
UOB | UOB Basic Savings Account | 0.25% to 0.25% | RM20 |
Bank of Nova Scotia | Bank of Nova Scotia Berhad Basic Saving Account | 0.0115 | RM20 |
Standard Chartered | Standar Chartered Saadiq Basic Savings Account-i | 0.2% to 0.75% | RM20 |
Standard Chartered | Standar Chartered Basic Savings Account | 0.0025 | RM20 |
Maybank | Maybank Basic Savings Account-i | 0.25% to 0.25% | RM20 |
Maybank | Maybank Basic Savings Account | 0.25% to 0.25% | RM20 |
KFH | KFH Basic Savings Account-i | Islamic | RM20 |
Ambank | Ambank Islamic Basic Savings Account-i | 0.25% to 0.4% | RM20 |
Ambank | Ambank Basic Saving Account | 0.25% to 0.4% | RM20 |
Hong Leong Bank | Hong Leong Bank Basic Savings Account-i | 0.0025 | RM20 |
Hong Leong Bank | Hong Leong Bank Basic Savings Account | 0.0025 | RM20 |
HSBC | HSBC Amanah Basic Savings Account-i | 0.0025 | RM20 |
Alliance | Alliance Islamic Savings Account-i | 0.0025 | RM20 |
HSBC | HSBC Basic Savings Account | 0.0025 | RM20 |
Citibank | Citibank Basic Savings Account | 0.25% to 1% | RM20 |
Alliance | Alliance Islamic Basic Savings Account-i | 0.25% to 0.25% | RM20 |
CIMB | CIMB Islamic Basic Savings Account-i | 0.25% to 0.5% | RM20 |
Alliance | Alliance Bank Savings Account | 0.0025 | RM20 |
Alliance | Alliance Bank Basic Savings Account | 0.25% to 0.25% | RM20 |
CIMB | CIMB Basic Savings Account | 0.25% to 0.8% | RM20 |
Al-Rajhi | Al-Rajhi Savings Account-i | Islamic | RM20 |
BSN | BSN Basic Savings Account-i | Islamic | RM20 |
BSN | BSN Basic Savings Account | 0.0025 | RM20 |
Affin Bank | Affin Bank Basic Savings | 0.15% to 1.1% | RM20 |
Bank Muamalat | Bank Muamalat Basic Savings Account-i | Islamic | RM20 |
Bank Islam | Bank Islam Basic Savings Account | Islamic | RM20 |
Public Bank | Public Bank UnionPay Savings Account | 0.005 | RM50 |
Maybank | Maybank Imteen-I Account | 0.85% to 2.65% | RM50 |
Public Bank | Public Bank Bright Star Savings Account | 0.45% to 2.95% | RM50 |
Maybank | Maybank Imteen Account | 0.2% to 1.9% | RM50 |
Alliance | Alliance Bank Buddy | 0% to 1.55% | RM50 |
BSN | BSN Giro-I Savings Acount-I (Teenager) | 0.0025 | RM50 |
BSN | BSN Giro-I Savings Account-I (Adult) | 0.0025 | RM50 |
BSN | BSN CHESS Account | 0.025 | RM50 |
BSN | BSN SEDAR Account | 0.025 | RM50 |
BSN | BSN Teenager GIRO Account | 0.0025 | RM50 |
BSN | BSN Adult GIRO Account | 0.0025 | RM50 |
KFH | KFH Libshara Account-i | 0.002 | RM100 |
MBSB | MBSB PimeWin Savings Account-i | 0.005 | RM100 |
RHB | RHB Qard Savings Account-i | Islamic | RM100 |
KFH | KFH Sure Savings Account-i | 0.0075 | RM100 |
RHB | RHB Future Saver Account | 0.5% to 1% | RM100 |
CIMB | CIMB Youth Savers Account | 0.6% to 1.45% | RM100 |
Alliance | Alliance Junior Smart Saver-i | 0% to 1.7% | RM100 |
RHB | RHB Statement Savings Account | 0.1% to 0.85% | RM100 |
RHB | RHB MySave Account | 0.0025 | RM100 |
MBSB | MBSB CashRich Savings Account-i | 0.0165 | RM100 |
Agrobank | Agrobank Perdana-i | 0.3% to 1.25% | RM100 |
Hong Leong Bank | Hong Leong Bank Islamic Multi-Tier Savings Account | 0.0005 | RM100 |
CIMB | CIMB Islamic YOUth Savers Account-i | 0.6% to 1.45% | RM100 |
CIMB | CIMB Islamic Junior Savers Account-i | 0.6% to 1.45% | RM100 |
CIMB | CIMB Junior Savers Account | 0.95% to 1.5% | RM100 |
Affin Bank | Affin Barakah Charity Ac-i | 0.022 | RM100 |
Affin Bank | Affin Islamic Wealth Saver-i | 0.25% to 1.85% | RM100 |
Affin Bank | Affin Islamic Savings Account-i | 0.25% to 1.85% | RM100 |
BSN | BSN GIRO Account: Smart Junior | 0.35% to 1.7% | RM150 |
Hong Leong Bank | Hong Leong Pay and Save Account | 0.015 | RM200 |
Hong Leong Bank | Hong Leong Islamic Saving Account-i | 0.15% to 0.8% | RM200 |
RHB | RHB MaxSave Account | 0.35% to 1.25% | RM200 |
Ambank | Ambank Everyday Savings Account | 0.15% to 0.5% | RM200 |
Hong Leong Bank | Hong Leong Bank Savings Account | 0% to 0.05% | RM200 |
CIMB | CIMB Air Asia Savers Account | 0.1% to 1% | RM250 |
Alliance | Alliance Bank My eSavings Account | 0.1% to 0.85% | RM250 |
CIMB | CIMB Islamic Savings Account-I Plus | 0.1% to 0.35% | RM250 |
CIMB | CIMB PETRONAS Savers Account | 0.003 | RM250 |
RHB | RHB Passbook Savings Account | 0.1% to 0.75% | RM250 |
Public Bank | Public Bank Plus Savings Account | 0.2% to 0.8% | RM250 |
Maybank | Maybank Savings Account-i | Islamic | RM250 |
Maybank2u | Maybank2u Savers-i | 0.85% to 1% | RM250 |
KFH | KFH Savings Account-i | Islamic | RM250 |
India International Bank | India International Bank Savings Account | None | RM250 |
Alliance | Alliance Islamic My Esaving Account-i | 0.1% to 0.5% | RM250 |
CIMB | CIMB Islamic EcoSave Savings Account-i | 0.15% to 1% | RM250 |
CIMB | CIMB Regular Savings Account | 0.1% to 0.35% | RM250 |
Maybank | Maybank Kawanku Savings Account | 0.2% to 0.4% | RM250 |
Maybank2u | Maybank2u Savers | 0.85% to 1% | RM250 |
OCBC | OCBC 360 Account-i | 0.05% to 2.7% | RM500 |
OCBC | OCBC Booster Account-i | 0.05% to 3.1% | RM500 |
OCBC | OCBC 360 Account | 0.05% to 2.7% | RM500 |
OCBC | OCBC Booster Account | 0.05% to 3.1% | RM500 |
UOB | UOB Stash Savings Account | 0.1% to 3.35% | RM500 |
CIMB | CIMB Islamic Senior Savings Account-i | 0.2% to 1.25% | RM500 |
RHB | RHB Bonus Saver Account | 0.0265 | RM500 |
Public Bank | Public Bank Young Achiever Savings Account | 0.45% to 2.95% | RM500 |
Public Bank | Public Bank Savelink Account | 0.1% to 0.6% | RM500 |
OCBC | OCBC Young Savers Account | 0.1% to 1.6% | RM500 |
UOB | UOB eAccount | 0.1% to 2% | RM500 |
ICBC | ICBC Savings Account | 0.3% to 1.65% | RM500 |
HSBC | HSBC Advance | 0.2% to 0.25% | RM500 |
CIMB | CIMB Senior Savings Account | 0.1% to 1.5% | RM500 |
BSN | BSN GIRO-I eSaver | 0.3% to 2% | RM500 |
BSN | BSN GIRO eSaver | 0.3% to 2% | RM500 |
Hong Leong Bank | Hong Leong Harvest Savings Account | 0.05% to 0.75% | RM1000 |
HSBC | HSBC Premier | 0.2% to 0.25% | RM1000 |
Maybank | Maybank Golden Savers-I Savings Account | 1.2% to 1.95% | RM1000 |
Affin Bank | Affin Gold | 0.65% to 2% | RM1000 |
Affin Bank | Affin Gold-i | 0.65% to 2% | RM1000 |
Maybank | Maybank Golden Savers Savings Account | 0.2% to 0.7% | RM1000 |
Citibank | Citibank Islamic Savings Account-i | 0.1% to 1% | RM2000 |
Public Bank | Public Bank 50 Plus Savings Account | 0.1% to 1.2% | RM2000 |
UOB | UOB Savings Plus Accout | 0.05% to 0.05% | RM2000 |
Citibank | Citibank AcceleRate Savings Account | 0.5% to 4.38% | RM5000 |
UOB | UOB Passbook Savings Account | 0.05% to 0.05% | RM5000 |
Hong Leong Bank | Hong Leong Bank Premium Savings Account | 0.009 | RM10000 |
OCBC | OCBC Premier Booster Account-i | 0.05% to 3.75% | RM200000 |
OCBC | OCBC Premier Booster Account | 0.05% to 3.75% | RM200000 |
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What Type of Savings Account Is the Best?
One can always have more than one bank account. The majority of people even at least have two different types of savings accounts, one for safekeeping and the other is for transaction purposes.
However, a conventional savings account will sometimes only give you a slight interest in your hard-earned money.
There is a wide range of savings options to help you grow your money. Yet, if you have no idea which financial institution is the best for you to open a savings account, check the list of the best savings accounts in Malaysia below:
1. Savings account with bonus interest
Basic savings accounts generally only give a lower rate of interest. But there are many banking companies in Malaysia that offer a type of savings account with bonus interest based on your balance. This one is ideal for low-income earners and steady savers.
All you have to do is keep an average balance monthly and not touch it to collect monthly bonus interest. In order to be qualified for this bonus, the bank will usually encourage you to add your balance every month. Here is the list of the banking companies in Malaysia that offer savings accounts with bonus interest.
2. Savings account with prizes
Some of the best savings accounts in Malaysia offer enticing rewards, which usually come in the form of gifts, such as vehicles, home appliances, and many more. Some banks even offer cash as a prize. To be eligible for the prizes, one should not only have to open a deposit account in a specific bank.
There are a number of requirements that an account holder must follow to get the chance of winning the prize. Usually, the financial company encourages its customers to consistently make a deposit to win the prize. In other words, the more money you put in your bank account, the more likely you are to win a prize. If you are interested in this type of account, below are some of the prominent banks you may select.
3. Salary savings account
For many working people, payday is as welcome as flowers in May. Usually, the monthly salary will be added to each employee’s personal savings account by the company. If you use a basic savings account to earn your salary, you will not get much profit from it compared to those of a salary savings account.
The savings account specifically created for a payroll transaction provides a vital solution to any of your banking requirements, from obtaining a high rate of interest to a competitive home loan rate, as well as other valuable privileges. The following is the list of the best savings accounts in Malaysia you may select for payroll purposes.
4. Savings account with high interest based on your monthly transactions
Today, people use internet banking for many purposes, such as paying the bills, performing funds transfers, and shopping. Apart from gaining profit based on the amount of your monthly deposit, this type of savings account will also give you a bonus interest according to your banking transactions every month. Check out the selected banking institutions that offer those benefits.