Best Savings Accounts in Malaysia

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.

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 NameSavings AccountsProfit RateMinimal Deposite
HSBCHSBC Amanah Premier Everyday Global Account-i0.25% to 2.5%RM0
HSBCHSBC Premier Everyday Global Account0.25% to 2.25%RM0
HSBCHSBC Amanah Advance Everyday Global Account-i0.25% to 2.5%RM0
HSBCHSBC Advance Everyday Global Account0.25% to 2.25%RM0
HSBCHSBC Amanah Everyday Global Account-i0.25% to 2.5%RM0
HSBCHSBC Everyday Global Account0.25% to 2.25%RM0
Standard CharteredStandard Chartered Just One Priority Account0.01RM0
Standard CharteredStandard Chartered Just One Personal Account0.0025RM0
Affin BankAffin Bank Junior Saver 2% to 2.1%RM1
MaybankMaybank Yippie-i Savings Account0.2% to 1.9%RM1
Hong Leong BankHong Leong Bank 3-in 1 Junior Account0% to 1.75%RM1
AmbankAmbank Islamic Savers' G.A.N.G Account-i0.5% to 2.2%RM1
AmbankAmbank Savers' G.A.N.G0.5% to 2.2%RM1
RHBRHB Junior Savings Account0.6% to 1.95%RM1
Public BankPublic Bank Wise Savings Account 0.35% to 1.95%RM1
UOB UOB Fun Savers Accout0.35% to 2.2%RM1
Standard CharteredStandard Chartered Young Savers Account0.25% to 1.7%RM1
MaybankMaybank Yippie Savings Account0.2% to 1.9% RM1
Hong Leong BankHong Leong Bank Islamic Junior Savings Account-i0% to 1.5%RM1
Affin BankAffin Islamic Junior Saver-i0.25% to 1.85%RM1
Agrobank Agrobank AgroMuda-i0.75% to 2%RM5
Public BankPublic bank Bestrai Savings Account-i0.1% to 1%RM10
BSNBSN Sijil Simpanan Premium0.11% to 0.35%RM10
BSNBSN Giro-I Savings Account-I Galakan Simpanan Pelajar1.2% to 1.6%RM10
BSNBSN Giro-I Savings Account-I (Children)0.0025RM10
BSNBSN Girp Account: Skim Galakan Simpanan Pelajar1.2% to 1.6%RM10
BSNBSN Children Giro Account 0.0025RM10
Bank RakyatBank Rakyat Nuri savings Account-iIslamicRM10
Bank RakyatBank Rakyat Teenager Savings Account-iIslamicRM10
Bank RakyatBank Rakyat Adult Savings Account-iIslamicRM10
CIMBCIMB Islamic Senior Basic Savings Account-i0.007RM20
UOB UOB Basic Savings Account-i0.25% to 0.25%RM20
CIMBCIMB Senior Basic Savings Account0.25% to 0.45%RM20
Bank of ChinaBank of China Savings Account 0.25% to 1%RM20
RHBRHB Children Account-i1.25% to 2.95%RM20
RHBRHB Basic Savings Account-i0.25% to 0.28%RM20
RHBRHB Savings Account-i0.35% to 1.25%RM20
MBSBMBSB Wise Saver Savings Account-i0.0125RM20
RHB RHB Basic Savings Account 0.25% to 0.28%RM20
MBSB MBSB Cheeky Savings Account-i1.5% to 2.1%RM20
AmbankAmbank TRUE Savers Account0.5% to 1.25%RM20
Public BankPublic Bank Basic Savings Account0.25% to 0.45%RM20
OCBCOCBC EasiSave Account0.0025RM20
Agrobank Agrobank BSA-i0.0025RM20
Agrobank Agrobank AgroTani-i0.4% to 1.6%RM20
UOB UOB Basic Savings Account0.25% to 0.25%RM20
Bank of Nova ScotiaBank of Nova Scotia Berhad Basic Saving Account0.0115RM20
Standard CharteredStandar Chartered Saadiq Basic Savings Account-i0.2% to 0.75%RM20
Standard CharteredStandar Chartered Basic Savings Account0.0025RM20
MaybankMaybank Basic Savings Account-i0.25% to 0.25%RM20
MaybankMaybank Basic Savings Account0.25% to 0.25%RM20
KFHKFH Basic Savings Account-iIslamicRM20
AmbankAmbank Islamic Basic Savings Account-i0.25% to 0.4%RM20
AmbankAmbank Basic Saving Account 0.25% to 0.4%RM20
Hong Leong BankHong Leong Bank Basic Savings Account-i0.0025RM20
Hong Leong BankHong Leong Bank Basic Savings Account0.0025RM20
HSBCHSBC Amanah Basic Savings Account-i0.0025RM20
AllianceAlliance Islamic Savings Account-i0.0025RM20
HSBCHSBC Basic Savings Account 0.0025RM20
CitibankCitibank Basic Savings Account 0.25% to 1%RM20
AllianceAlliance Islamic Basic Savings Account-i0.25% to 0.25%RM20
CIMBCIMB Islamic Basic Savings Account-i0.25% to 0.5%RM20
AllianceAlliance Bank Savings Account0.0025RM20
AllianceAlliance Bank Basic Savings Account0.25% to 0.25%RM20
CIMBCIMB Basic Savings Account0.25% to 0.8%RM20
Al-RajhiAl-Rajhi Savings Account-iIslamicRM20
BSNBSN Basic Savings Account-iIslamicRM20
BSNBSN Basic Savings Account0.0025RM20
Affin BankAffin Bank Basic Savings0.15% to 1.1%RM20
Bank Muamalat Bank Muamalat Basic Savings Account-iIslamicRM20
Bank Islam Bank Islam Basic Savings AccountIslamicRM20
Public BankPublic Bank UnionPay Savings Account0.005RM50
MaybankMaybank Imteen-I Account0.85% to 2.65% RM50
Public BankPublic Bank Bright Star Savings Account0.45% to 2.95% RM50
MaybankMaybank Imteen Account0.2% to 1.9% RM50
AllianceAlliance Bank Buddy0% to 1.55%RM50
BSNBSN Giro-I Savings Acount-I (Teenager)0.0025RM50
BSNBSN Giro-I Savings Account-I (Adult)0.0025RM50
BSNBSN CHESS Account0.025RM50
BSNBSN SEDAR Account0.025RM50
BSNBSN Teenager GIRO Account0.0025RM50
BSNBSN Adult GIRO Account0.0025RM50
KFHKFH Libshara Account-i0.002RM100
MBSBMBSB PimeWin Savings Account-i0.005RM100
RHBRHB Qard Savings Account-iIslamicRM100
KFHKFH Sure Savings Account-i0.0075RM100
RHB RHB Future Saver Account0.5% to 1%RM100
CIMBCIMB Youth Savers Account0.6% to 1.45%RM100
AllianceAlliance Junior Smart Saver-i0% to 1.7%RM100
RHBRHB Statement Savings Account0.1% to 0.85%RM100
RHBRHB MySave Account0.0025RM100
MBSBMBSB CashRich Savings Account-i 0.0165RM100
Agrobank Agrobank Perdana-i0.3% to 1.25%RM100
Hong Leong BankHong Leong Bank Islamic Multi-Tier Savings Account0.0005RM100
CIMBCIMB Islamic YOUth Savers Account-i0.6% to 1.45%RM100
CIMBCIMB Islamic Junior Savers Account-i0.6% to 1.45%RM100
CIMBCIMB Junior Savers Account0.95% to 1.5%RM100
Affin BankAffin Barakah Charity Ac-i0.022RM100
Affin BankAffin Islamic Wealth Saver-i0.25% to 1.85%RM100
Affin BankAffin Islamic Savings Account-i0.25% to 1.85%RM100
BSNBSN GIRO Account: Smart Junior0.35% to 1.7%RM150
Hong Leong BankHong Leong Pay and Save Account0.015RM200
Hong Leong BankHong Leong Islamic Saving Account-i0.15% to 0.8%RM200
RHBRHB MaxSave Account0.35% to 1.25%RM200
AmbankAmbank Everyday Savings Account0.15% to 0.5%RM200
Hong Leong BankHong Leong Bank Savings Account0% to 0.05%RM200
CIMBCIMB Air Asia Savers Account 0.1% to 1%RM250
AllianceAlliance Bank My eSavings Account0.1% to 0.85%RM250
CIMBCIMB Islamic Savings Account-I Plus 0.1% to 0.35%RM250
CIMBCIMB PETRONAS Savers Account 0.003RM250
RHBRHB Passbook Savings Account0.1% to 0.75%RM250
Public BankPublic Bank Plus Savings Account0.2% to 0.8%RM250
MaybankMaybank Savings Account-iIslamicRM250
Maybank2uMaybank2u Savers-i0.85% to 1%RM250
KFHKFH Savings Account-iIslamicRM250
India International BankIndia International Bank Savings AccountNoneRM250
AllianceAlliance Islamic My Esaving Account-i0.1% to 0.5%RM250
CIMBCIMB Islamic EcoSave Savings Account-i0.15% to 1%RM250
CIMBCIMB Regular Savings Account0.1% to 0.35%RM250
MaybankMaybank Kawanku Savings Account0.2% to 0.4%RM250
Maybank2uMaybank2u Savers0.85% to 1%RM250
OCBCOCBC 360 Account-i0.05% to 2.7%RM500
OCBCOCBC Booster Account-i0.05% to 3.1%RM500
OCBCOCBC 360 Account0.05% to 2.7%RM500
OCBCOCBC Booster Account0.05% to 3.1%RM500
UOBUOB Stash Savings Account0.1% to 3.35%RM500
CIMBCIMB Islamic Senior Savings Account-i0.2% to 1.25%RM500
RHBRHB Bonus Saver Account0.0265RM500
Public BankPublic Bank Young Achiever Savings Account0.45% to 2.95% RM500
Public BankPublic Bank Savelink Account0.1% to 0.6%RM500
OCBCOCBC Young Savers Account0.1% to 1.6%RM500
UOB UOB eAccount0.1% to 2%RM500
ICBCICBC Savings Account 0.3% to 1.65%RM500
HSBCHSBC Advance0.2% to 0.25%RM500
CIMBCIMB Senior Savings Account0.1% to 1.5%RM500
BSNBSN GIRO-I eSaver0.3% to 2%RM500
BSNBSN GIRO eSaver0.3% to 2%RM500
Hong Leong BankHong Leong Harvest Savings Account0.05% to 0.75%RM1000
HSBCHSBC Premier 0.2% to 0.25%RM1000
MaybankMaybank Golden Savers-I Savings Account1.2% to 1.95%RM1000
Affin BankAffin Gold0.65% to 2%RM1000
Affin BankAffin Gold-i0.65% to 2%RM1000
MaybankMaybank Golden Savers Savings Account0.2% to 0.7%RM1000
CitibankCitibank Islamic Savings Account-i0.1% to 1%RM2000
Public BankPublic Bank 50 Plus Savings Account0.1% to 1.2% RM2000
UOBUOB Savings Plus Accout 0.05% to 0.05%RM2000
CitibankCitibank AcceleRate Savings Account0.5% to 4.38%RM5000
UOBUOB Passbook Savings Account0.05% to 0.05%RM5000
Hong Leong BankHong Leong Bank Premium Savings Account 0.009RM10000
OCBCOCBC Premier Booster Account-i0.05% to 3.75%RM200000
OCBCOCBC Premier Booster Account0.05% 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.