Best High-Interest Savings Account In Malaysia (2020)
No one uses a savings account for the sake of watching their money grow exponentially. And rightly so – a savings account is not an investment. It is a place to store your money so that you can access it immediately if you need it.
But that doesn’t mean you have to settle for low interest rates. After all, the difference between an interest rate of 0.50% and 2.50% on a balance of RM 10,000 is around RM200 per year. It’s not a life changing amount, but who wouldn’t want a few hundred ringgit extra a year?
Basic savings accounts offer returns of around 0.2% to 1.5%. The good news is that there are several savings accounts in Malaysia that offer better rates – if you qualify. Here’s what you need to know.
High Interest Savings Account Comparison
Here is the best high yield savings account in Malaysia:
Read on for more details on each savings account.
1. Citibank AcceleRate Savings Account
Citibank offers the highest interest rate on our list, but its eligibility requirements are not straightforward.
To get the best rates, you will need to deposit new funds every month. The 4.38% bonus interest rate does not apply to your entire account balance, but to your additional balance (your new balance minus the average balance of the previous month).
As such, you should only consider this savings account if you are regularly depositing new funds into your savings account.
How to earn a maximum interest rate of 4.88%:
- 50% on your average balance
- 38% on your additional balance over the previous month’s average balance (capped at RM 30,000 per month)
2. Standard Chartered Privilege Average $
Standard Chartered is offering a generous 4.60% total interest rate on your entire account balance (up to RM100,000), although there are a few hurdles you have to overcome.
How to earn a maximum interest rate of 4.60%:
- Base interest rate of 10%
- 50% if you deposit RM3,000 per month
- 00% if you spend RM 1,000 per month on your credit card
- 00% if you invest RM1,000 through Bancassurance / Bankatakaful or a regular monthly unit trust savings plan
If you meet all the conditions, consolidating your income and expenses through Privilege $ average might be a good option. Another advantage is that the interest rate is laddered, so even if you meet some of the conditions – for example, you meet the deposit and spend requirements, but choose not to invest – you could still get a good return. by 2.60%.
3. OCBC 360 Account
The OCBC 360 account requires you to meet certain deposit and spending requirements to get the best interest rate, although its requirements are lower than other similar savings accounts, such as the Standard Chartered Privilege $ average or Hong Leong Bank Pay & Save account.
How to earn a maximum interest rate of 2.45%:
- 05% on your entire balance
- 80% if you deposit RM500
- 80% if you pay at least three bills online
- 80% if you spend at least RM500 on your OCBC card (s)
However, the 2.45% interest rate is only applicable on your first RM 100,000 balance. Amounts in excess will receive the base rate of 0.05%.
The relatively low requirements of the OCBC 360 could make it a good choice for consolidating your necessary or daily expenses.
4. UOB Hidden Account
UOB Stash account has a simple eligibility requirement, but you will need to maintain a certain balance in your account.
|Balance level||Maximum effective interest rate|
|25,000 RM next||0.55%|
|100,000 RM next||2.30%|
To benefit from the best interest rates, you should also make sure that your average monthly balance for the current month is equal to or greater than that of the previous month.
How to earn a maximum interest rate of 2.30%: maintain an account balance greater than 100,000 RM
5. Hong Leong Bank Pay & Save Account
Hong Leong Bank Pay & Save account is similar to OCBC 360, but it has higher deposit requirement.
How to earn a maximum interest rate of 2.25%:
- 25% savings interest if you deposit at least RM2,000 in a single monthly transaction
- 50% e-Xtra interest if you spend at least RM500 with your debit card per month
- 50% bonus interest if you pay at least RM500 online on your bills, loans or credit card monthly
However, savings interest is capped at RM500 per quarter, while e-Xtra interest and bonuses are capped at RM30 per month. This means that amounts over 100,000 RM will not receive the 2.25% interest rate.
But if you are a stock trader, this savings account has a little bonus for you. You will get a bonus interest rate between 0.30% and 0.90% for successful trades made on HLeBroking, the stock brokerage platform of Hong Leong Bank.
6. Alliance SavePlus account
The Alliance SavePlus account has the simplest eligibility requirements on this list. The only downside is that you will need a large bank account balance to take advantage of the best rates:
|Amount (RM)||Rate (% pa)|
|0 – 20,000||0.00|
|20,001 – 50,000||0.20|
|50,001 – 200,000||0.80|
|200,001 – 350,000||2.00|
How to earn a maximum interest rate of 2.25%: maintain an account balance greater than RM 350,000
More low-risk ways to grow your money
Looking for safer ways to grow your money? Consider these fixed deposit accounts or this fixed deposit alternative. If you can afford to take a little more risk, you can even invest your money in these low risk investments. Remember not to invest money that you might need to access immediately, like your emergency fund – it belongs in a savings account.
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