Savings Account Rates in Malaysia

A savings account is a type of account which allows you to deposit money and earn interest from it. Banks in Malaysia offer a range of savings accounts with different features and benefits. You will be able to withdraw funds from your account and also transfer money to another savings account. Let’s take a look at some of the savings accounts offered by some of the major banks in Malaysia.

List of Malaysian Banks Savings Account Interest Rates

CIMB Bank Savings Accounts

PETRONAS Savers Account

  • Get up to 0.30% p.a. as flat rate interest on the amount.
  • Get a CIMB PETRONAS Debit MasterCard when you open this account. Enjoy cash rebates and many other privileges with this card.
  • You will be eligible for Perbadanan Insurans Deposit Malaysia (PIDM) protection.

Tesco Savers Account

  • Get up to 0.30% p.a. as flat rate interest on the amount.
  • Get a CIMB Tesco Debit MasterCard when you open this account. This card gives you Tesco Clubcard Points and other privileges.
  • You will be eligible for PIDM protection.

AirAsia Savers Account

  • Get up to 1% p.a. interest rate.
  • Earn RM5 as cash rebate for a minimum average monthly balance of RM5,000, if there are no over-the-counter transactions in that particular month.
  • Get 250 AirAsia BIG Points with every RM1,500 average quarterly balance in your savings account. Enjoy exclusive fares to selected destinations when you fly with AirAsia.
  • Maintain a minimum balance of RM3,000 and earn birthday treats.

Prime Savings Account

  • Get 0.1 bonus points p.a. for every RM1 based on monthly average balance.
  • You will be eligible for PIDM protection.
  • Only prime customers can open a Prime Savings Account.

Senior Savings Account

  • The interest is calculated daily and credited monthly to the account.
  • You will be eligible for PIDM protection.
  • A passbook will be issued. Debit cards are optional.

Senior Basic Savings Account

  • No annual fee is charged.
  • You get free 16 over-the-counter visits per month.
  • Get a passbook to manage your savings account. However, you won't get a debit card or provided internet banking facility.

Basic Savings Account

  • Choose between two accounts (with/without annual fee).
  • Perform banking transactions using CIMB Clicks Internet Banking.
  • Enjoy cashless transactions with an ATM card.

Regular Savings Account

  • Get a statement -based ATM card and enjoy cashless transactions.
  • Get quarterly account statements.
  • You will be eligible for PIDM protection.

YOUth Savers Account

  • Use the Periodic Payment Instruction and earn up to 100% bonus interest on the total interest earned with monthly deposits of RM100 or more.
  • Get a CIMB Bank Debit Mastercard when you open this account.
  • Enjoy online access via CIMB Clicks.

Junior Savers Account

  • Earn more interest than you would earn on other savings accounts.
  • Get up to 100% bonus interest on the total earned interest when you deposit RM100 or more every month.
  • Get a savings passbook to monitor your child's spends and savings.

RHB Bank Savings Account

MySave Account

  • The interest is multi-tiered, computed daily, and credited on a half-yearly basis.
  • Enjoy free phone banking and internet banking services.
  • Make use of the bank's 24-hour customer care facility as well as cheque and cash deposits.

MaxSave Account

  • The interest is multi-tiered, computed daily, and credit every half-yearly.
  • Enjoy free phone banking and internet banking.
  • Individuals above 12 years can open this account in RHB Bank.

Passbook Savings Account

  • The interest is multi-tiered, computed daily, and credit every half yearly.
  • You will be eligible for PIDM protection.
  • Individuals, trustees, societies, clubs, associations, and other non-business organisations can open this account.

Statement Savings Account

  • Receive your statements every three months (31st March, 30th June, 30th September, and 31 December).
  • Enjoy free phone banking and internet banking as well as the bank’s customer care services.
  • You will be eligible for PIDM protection

Basic Savings Account

  • The interest is multi-tiered, computed daily, and credit every half yearly.
  • Bankcard is optional.
    • If you don't opt for a bankcard, you get 6 free over-the-counter visits per year and 8 free ATM withdrawals.
    • If you opt for a bankcard, you get unlimited over-the-counter and ATM withdrawals.

Bonus Saver Account

  • Secure great savings with the Bonus Saver Account. You earn both base rate interest and bonus rate interest.
  • The interest is computed daily, and credit every month.

Future Saver Account

  • There are two types of accounts available – RHB Future Saver 100 and RHB Future Saver 300.
  • The base interest is calculated daily and the bonus interest is calculated every month.
  • The child gets covered for personal accident and the parent gets term life coverage.
  • Get complimentary Standing Instruction and SMS alerts.

Junior Savings Account

  • The interest rates are as high as 1 month's FD rates. The interest is calculated daily and credited half-yearly.
  • Your child gets free personal accident insurance coverage when a minimum balance of RM500 is maintained. With more money deposited, coverage can go up to RM50,000.

Citibank Savings Accounts

Basic Savings Account/Savings Account

  • The interest is calculated daily and paid every month.
  • Citibank customers and Citigold customers can withdraw cash of up to RM5,000 and RM10,000, respectively, every day.
  • Get access to telegraphic transfer and monthly e-statement, online e-chat, and call-me-back function.

Standard Chartered Bank Savings Accounts

MyDream Account/MyDream Account-i

  • Make use of the bank's mobile and online banking services to check your account balance or to transfer funds.
  • Get up to 1% p.a. interest rate/profit rate.

Privilege$aver Account

  • Transfer funds without any hassle using instant interbank and interbank GIRO fund transfers.
  • Get unlimited fee waiver for withdrawals at over 12,000 MEPS ATMs and more than 360 HOUSe ATMs in Malaysia.
  • Earn a base interest rate of 0.50% p.a. and a bonus interest rate of up to 2% p.a.

Maybank Savings Accounts

Kawanku Savings Account

  • The interest rates are calculated on a daily basis and credited every June and December.
  • You can get up to 1.20% depending on your account balance.
  • Use Maybank2u.com and M2U Mobile and Kawanku phone banking apps to access your cash.

Maybank2u Savers-i

  • Use PLUS network to get access to over 2,800 Maybank ATMs and International ATMs.
  • Enjoy cashless transactions with Maybankard Debit.
  • Enjoy savings based on the contract of Qard (loan).

Savings Account-i

  • Earn savings based on the contract of Qard.
  • Be eligible for PIDM protection.
  • There is no withdrawal limit at Malaysian branches.

Imteen-i Account

  • This savings account is designed for the youth to save more.
  • Get PIDM protection.
  • The spending limit is RM500 per day on selected withdrawals.

Basic Savings Account-i

  • No service or maintenance charges will be charged if the minimum balance of RM20 is maintained.
  • Get a free mini statement.
  • The account is based on the contract of Qard and the bank can even pay hibah to the account holder.

Yippie-i Account

  • Get access to over 5,800 MEPS ATMs nationwide and PLUS networks globally.
  • Be eligible for protection from PIDM.
  • You can manage your account via Maybank2u or any Maybank ATMs.

Yippie Savings Account

  • This children’s savings account offers a one-month fixed deposit rate.
  • You will be able to withdraw from this account only once per month for six consecutive months.
  • The child (account holder) and the guardian gets a personal accident coverage of up to RM70,000.

Golden Savers Savings Account

  • Earn multi-tiered interest rates, which are calculated daily and credited every month.
  • Get a service charge waiver of RM2 when you carry out foreign telegraphic transfer amounts for RM5,000 or less.
  • Enjoy discounts from selected merchants.

Basic Savings Account

  • Earn interest on any amount of account balance.
  • When you maintain the minimum balance of RM20, no service or maintenance charges are applicable.
  • You will be eligible for protection from PIDM.

Imteen Account

  • Designed for teenagers, this account offers cash rewards when you excel in selected examinations, whilst maintaining a balance of RM1,000.
  • The interest rate is multi-tiered and you earn a one-month fixed deposit rate.
  • Get a personal accident coverage of up to RM30,000 when you maintain an account balance of RM1,000.

Maybank2u Savers

  • Earn high multi-tiered interest rates when you maintain a minimum balance of RM2,000, calculated daily and credited every month.
  • You can open and close your account anywhere in the world via Maybank2.com.
  • Enjoy cashless shopping with a Maybankard Debit card.

OCBC Bank Savings Accounts

360 Account

  • Earn up to 4.10% p.a. interest. The interest includes base interest, interest earned when you pay 3 bills online monthly, and interest earned when you spend RM500 on your OCBC card monthly).
  • You will be eligible for protection from PIDM.

Booster Account

  • Earn an interest of up to 4.45% p.a. The interest includes 3.25% p.a. when you maintain a balance of RM30,000. Also get 1.20% p.a. as wealth bonus on the first RM50,000 on your account balance for 12 months, depending on the qualifying amount.
  • Get monthly statements of your account balance.

EasiSave Account

  • Earn interest of up to 0.25% per year.
  • The interest is calculated and credited every half yearly on 30 June and 31 December.
  • Maintain deposits of more than RM300,000 and get Premier Banking rates and services.

Smart Savers Account

  • Get up to 2.80% interest rates a year when you don't make withdrawals during a calendar month.
  • Get 0.25% interest a year when you make a withdrawal during your calendar month.
  • Make use of online banking for easy payments and transfers as well as ATMs in Malaysia and across the world.

Young Savers Account

  • The interest is calculated daily and credited every half-yearly on 30 June and 31 December.
  • Get a 5% bonus interest on the annual interest earned provided there are no withdrawals. Earn rewards when you excel in public examinations

360 Account-i

  • Enjoy profit rate of up to 4.10% p.a. This includes base profit, when you make deposits, when you pay online bills every month, and when you use your OCBC Al-Amin Debit Card-i every month.
  • You will be eligible for protection from PIDM.

Booster Account-i

  • Enjoy profit up to 4.45% p.a. The profit includes 3.25% p.a. when you maintain a balance of RM30,000. Also, get 1.20% p.a. as wealth bonus on the first RM50,000 on your account balance for 12 months, depending on the qualifying amount.
  • Get monthly statements of your account balance.

Aquil Savings Account-i

  • The account is based on the Shariah principle of Qard.
  • You can enjoy profit or 'haddiyah' when you maintain your account in the bank.

Imad Young Savings Account-i

  • This account is available for students below 18 years of age. This could be converted to either Aquil Savings Account-i or Fixed Deposit-i when the child becomes 18 years of age.
  • For children below 12 years of age, a trust account will be opened in the name of the parents/legal guardian.

Types of Savings Accounts in Malaysia

Basic Savings Accounts

This is the most common savings account offered by most banks in Malaysia. You earn regular interest when you deposit and maintain a certain amount of money in your account.

Savings Accounts for the Children

As the name suggests, this type of account is for children and minors. The accounts are handled by their parents or legal guardians until they reach a certain age. Once the child turns 18 years, the account can be converted into a basic savings account.

Savings Accounts for the Youth

This type of savings accounts are designed to meet the spending requirements of young Malaysians. Like other savings accounts, interest can be earned on youth accounts as well. These accounts help youth develop the habit of saving money to secure their future.

Savings Account for the Senior Citizens

Senior savings accounts are tailored for senior citizens. These accounts generally come with a higher interest rate than a regular savings account. To open a senior citizen savings account, applicants will have to produce proof of age.

Islamic Savings Accounts

Islamic savings accounts are strictly based on the principles of Shariah. Unlike conventional savings accounts, you don't get interest, but profit on the amount deposited. You can only carry out halal transactions using the money in your account.

Features and Benefits of Savings Accounts

  • Secure great savings when you open a savings account. You can earn interest depending on your account balance.
  • Some savings accounts also give you reward points or cash rebate.
  • To open an account, you will be asked to deposit a minimum amount in order to activate your account.
  • You will receive a debit card to withdraw money from your savings account whenever you need to. You can also access cash in your savings account by making cheque withdrawals.
  • Transfer money from your savings account to another account via net banking or mobile banking.
  • When you deposit money in any Malaysian bank, you can be assured that your money is secure.
  • You will be able to open a savings account instantly.

Types of Access provided on Savings Account

You can access the amount in your savings account in the following ways:

  • Via Cheque
  • Via debit card/ATM card
  • Via net banking
  • Via mobile banking
  • Over-the-counter

Savings Account Minimum Initial Deposit

CIMB Bank Savings Accounts

  • PETRONAS Savers Account: RM250
  • Tesco Savers Account: RM250
  • AirAsia Savers Account: RM250
  • Prime Savings Account: RM1,000
  • Senior Savings Account
    • Statement savings account: RM250
    • Passbook savings account: RM500
  • Senior Basic Savings Account: RM20
  • Basic Saving Account: RM20
  • Regular Savings Account: RM250
  • YOUth Savers Account: RM100
  • Junior Savers Account: RM100

RHB Bank Savings Account

  • MySave Account: RM100
  • MaxSave Account: RM200
  • Passbook Savings Account: RM250
  • Statement Savings Account: RM100
  • Basic Savings Account: RM20
  • Bonus Saver Account: RM500
  • Future Saver Account
    • Future Saver 100: RM100
    • Future Saver 300: RM300
  • Junior Savings Account: RM1

Citibank Savings Accounts

  • Basic Savings Account/ Savings Account: RM20

Maybank Savings Accounts

  • Kawanku Savings Account/; RM50 to RM250
  • Maybank2u Savers-i: RM250
  • Savings Account-i: RM1 to RM250
  • Imteen-i Account: RM50
  • Basic Savings Account-i: RM20
  • Yippie-i Account: RM1
  • Yippie Savings Account: RM1
  • Golden Savers Savings Account: RM1,000
  • Basic Savings Account: RM20
  • Imteen Account: RM50
  • Maybank2u Savers: RM250

OCBC Bank Savings Accounts

  • 360 Account: RM500
  • Booster Account: RM500
  • EasiSave Account: RM20
  • Smart Savers Account: RM200
  • Young Savers Account: RM500
  • 360 Account-i: RM500
  • Booster Account-i: RM500
  • Aquil Savings Account-i: RM20
  • Imad Young Savings Account-i: RM500

Documents Required

  • Basic savings accounts: NRIC or passport copy
  • Savings accounts for minors: NRIC/passport/birth certificate
  • Savings account for senior citizens: NRIC or passport copy

Eligibility Criteria

Age criteria

  • Basic savings accounts: Above 18 years of age
  • Savings accounts for minors: Below 18 years of age
  • Savings account for senior citizens: Above 50 years of age.

Nationality criteria

  • Malaysians
  • Foreigners/expatriates

Factors to consider before Opening a Savings Account

With so many options available, it can be confusing which bank and what type of account to opt for. You can make a decision by considering the following factors:

  • The interest rate you earn.
  • If you earn any cash rebate, reward points, or any other privileges.
  • The minimum initial deposit you need to activate the account.
  • The types of fees charged by the bank.
  • What type of debit card you will receive when you open the account.
  • If the banking facilities are smooth and hassle-free.

How to Open a Savings Account?

Follow the below steps to open a savings account:

  • Compare the various savings accounts offered by banks and shortlist one as per your preference
  • Walk into the nearest branch of the chosen bank along with your supporting documents.
  • Express your interest to open a savings account in the bank.
  • Specify what type of account you need.
  • Fill in the application form provided.
  • Submit the filled application form, the supporting documents, and the minimum initial deposit to open the account.
  • A bank representative will let you know when your account is open. Also, you will be given an ATM card/debit card and net banking details.

Which Debit Cards are provided with Savings Account?

When you open a basic savings account, you get a basic debit card as well. However, if you want a specific card like a rewards debit card or a cashback debit card, you can let the bank representative know. For some cards, like CIMB Bank PETRONAS Savers Account and Tesco Savers Account, you will get specific debit cards (CIMB PETRONAS Debit MasterCard and CIMB Tesco Debit MasterCard, in this case).

Conclusion

Before you open a savings account, compare the available savings accounts. Choose one that offers you’re a good interest rate and other privileges.

FAQs

Q. How do I deposit money in my account?

A. You can deposit money in your savings account via cash, cheque, and demand drafts. You can either visit the bank to make a deposit or at cash/cheque deposit machines.

Q. Can I open a senior citizens savings account jointly with someone else?

A. You can open a senior citizens savings account with somebody else provided one of you fulfil the age criteria of the bank. For most banks in Malaysia, individuals above 50 years of age can apply for a senior citizens savings account.

Q. Can I have more than one savings account? Will my interest increase when I have many accounts?

A. You can have more than one savings account in the one or many banks. The rate of interest earned will only depend on the minimum balance in each account and not in the number of accounts you have opened.

Q. Is there any withdrawal limit on savings accounts?

A. Most banks allow account holders to make around 6 to 7 withdrawals from their account. However, this would differ from bank to bank. You can also get access to unlimited cash withdrawals from some accounts like Basic Savings Account from RHB Bank.

Q. How do I check my account balance?

A. Your bank will frequently send you account statements, usually quarterly or half-yearly. You can also check your balance via ATMs, phone banking, and net banking.

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