The Best Saving Account in Malaysia With High Saving Interest Rate 2024 

The Best Saving Account in Malaysia With High Saving Interest Rate 2024

The best savings account in Malaysia with a high interest rate is a must for us to search in 2024. With the best savings account, it sets us apart in managing well our financial status.

I have started researching different offerings from various banks, focusing on savings accounts with high-interest rates. By doing this research, wish to help Malaysians maximize their savings in a dynamic economic landscape, ensuring their hard-earned money grows efficiently. Let’s have a good start in 2024 with the best savings account with a high savings interest rate.

Understanding Saving Accounts

Saving accounts are fundamental to personal finance, especially in Malaysia, where choosing the right one can significantly impact your financial health. These accounts provide a secure and accessible place to store your money, often earning interest over time.

The importance of saving accounts lies in their role in financial planning:

  • Safety and Security: Saving accounts offer a secure place to keep your money. In Malaysia, they’re often insured under schemes like PIDM, adding an extra layer of protection.
  • Earning Interest: While the interest rates might be lower compared to other investment vehicles, saving accounts provide a steady, risk-free return on your money.
  • Liquidity: Unlike investments in stocks or bonds, saving accounts offer easy access to funds, making them ideal for emergency savings or short-term financial goals.
  • Budgeting and Saving: They are excellent tools for budgeting. Regular deposits help inculcate a saving habit, crucial for long-term financial stability.

Factors to Consider For Choosing A Saving Account

When looking for the best savings account in Malaysia, several factors are key to making the right choice:

  • Interest Rates: Higher rates mean more earnings on your savings. Compare rates across banks.
  • Fees and Charges: Look for accounts with low or no maintenance fees.
  • Minimum Balance Requirements: Some accounts require a minimum balance, choose one that suits your financial capability.
  • Accessibility and Convenience: Easy access to your funds and convenient banking services are important.
  • Additional Benefits: Some accounts offer extra perks like online banking, debit cards, or reward programs.
  • Reputation and Reliability of the Bank: Choose a bank known for its stability and good customer service.

Top 10 Bank That Offering the Highest Interest Rate

Savings Account

Interest / Profit Rate

Standard Chartered Privilege$aver

6.15% p.a.

UOB One Account

6.00% p.a.

Rize Commodity Murabahah Savings Account-i

5% p.a.

Hong Leong Bank Pay&Save Account

4.15% p.a.

RHB Smart Account/-i

3.35% p.a.

OCBC 360

3.25% p.a.

UOB Stash

3.20% p.a.

Alliance SavePlus Account

3.00% p.a.

Affin Invikta Account/-i

2.50% p.a.

AmBank eFlex/-i

2.40% p.a.

Standard Chartered Privilege$aver

Standard Chartered Privilege$aver

Introduction

Standard Chartered Privilege$aver is a high-interest savings account, ideal for those who actively manage their finances. It caters to users looking to maximize their savings through various banking activities.

Interest Rate Offer

It offers a tiered interest rate, of up to 6.15% p.a., making it one of the highest in Malaysia.

PIDM Protection

This account is covered under PIDM (Perbadanan Insurans Deposit Malaysia), ensuring the safety of your deposits.

Features

Feature

Description

Base Interest Rate

0.05% p.a.

Deposit Bonus 

Additional 0.70% p.a. for monthly deposits of at least RM3,000

Card Bonus 

Up to 1.40% p.a. for spending on linked debit and credit card

Interest/Insure Bonus

2% p.a. for investing in unit trust or purchasing insurance with a minimum premium

Loyalty Bonus

2% p.a. for increasing average monthly balance by RM3,000

Interest Cap

Bonus interest on up to RM100,000 of monthly average balance

UOB One Account

UOB One Account

Introduction

The UOB One Account is a popular choice in Malaysia for those seeking a high-interest savings account. It’s designed for users who can meet certain transaction conditions, offering attractive interest rates.

Interest Rate Offer

This account offers tiered interest rates, up to 6.00% p.a., making it a competitive choice.

PIDM Protection

Deposits in the UOB One Account are protected under PIDM, ensuring security for your funds.

Features

Feature

Description

Base Interest Rate

0.10% p.a.

Balance Requirement for Maximum Rate

RM50,000 to RM100,000

Account Opening Bonus

Introductory bonus for new customers, valid for 6 months

Salary Credit

Bonus interest for crediting a minimum salary of RM2,000 monthly

Card Spending

Minimum monthly spend of RM500 on UOB debit or credit card

Bill Payments

Pay at least 3 bills online monthly to earn extra interest

Direct Debit Payments

Make 3 direct debit payments monthly for additional interest

Monthly Deposit

Deposit a minimum of RM2,000 monthly via specific transfer methods

Rize Commodity Murabahah Savings Account-i

Rize Commodity Murabahah Savings Account-i

Introduction

The Rize Commodity Murabahah Savings Account-i, offered by Rize, a fully digital bank, is an innovative, Shariah-compliant savings option. It’s designed for tech-savvy users seeking convenient, high-profit online banking.

Interest Rate Offer

This account offers a profit rate of up to 5% p.a., which is especially appealing for smaller deposits.

PIDM Protection

As with many Malaysian bank accounts, it is covered under PIDM, ensuring the safety of deposits.

Features

Feature

Description

Profit Rate

Up to 5% p.a.

Digital Banking

Fully online services, ideal for tech-savvy savers

Special Deposit Rate Campaign

5% p.a. profit rate on the first RM5,000 deposited for six months

Subsequent Amounts

4% p.a. on amounts above RM5,001

Account Access

Services available exclusively online

Hong Leong Bank Pay&Save Account

Hong Leong Bank Pay&Save Account

Introduction

The Hong Leong Bank Pay&Save Account is a dynamic saving option for those who actively use their account for various transactions. It combines saving with spending and investment activities.

Interest Rate Offer

This account offers an interest rate of up to 4.15% p.a., based on specific activities.

PIDM Protection

Deposits in the Pay&Save account are protected under PIDM, safeguarding your money.

Features

Feature

Description

Base Interest Rate

Variable based on activities

Monthly Deposit Requirement

RM2,000 for Savings Interest of 2.25% p.a.

Online Payment Bonus

0.50% p.a. for a minimum spend of RM500 online

Debit Card Spend

0.50% p.a. for retail transactions of at least RM500

Share Trading Bonus

Up to 0.90% p.a. for trading in shares, with tiers based on trade volume

Caps on Earnings

Interest caps on balances up to RM100,000

RHB Smart Account/-i

RHB Smart Account

Introduction

The RHB Smart Account/-i is designed for those who prefer an integrated banking experience. It encourages various banking activities to maximize interest earnings.

Interest Rate Offer

This account offers a tiered interest rate, reaching up to 3.35% p.a., depending on the fulfillment of certain criteria.

PIDM Protection

The RHB Smart Account/-i is covered under PIDM, ensuring the safety and security of your deposits.

Features

Feature

Description

Base Interest Rate

0.05% p.a. for maintaining a minimum balance of RM1,000

Save Category Bonus

Earn up to 1.80% p.a. for depositing RM2,000 monthly

Pay Category Bonus

Up to 1.50% p.a. for paying a minimum of 6 bills

Spend Category Bonus

Up to 1.50% p.a. for spending RM2,500 via credit/debit card

Financing Category Bonus

Up to 1.50% p.a. for home/auto financing payments

Trade and Convert Categories

Additional interest for trading and currency conversions

Cap on Bonus Interest

Maximum bonus interest capped at 3.30% p.a.

OCBC 360

OCBC 360

Introduction

OCBC 360 is a versatile savings account that rewards customers for fulfilling various banking activities. It’s designed for those who want to integrate their everyday banking activities with their savings.

Interest Rate Offer

This account offers a tiered interest rate of up to 3.25% p.a., based on completing specific banking transactions.

PIDM Protection

Deposits in the OCBC 360 account are safeguarded under PIDM, ensuring the safety of your funds.

Features

Feature

Description

Base Interest Rate

0.10% p.a.

Deposit Bonus 

Earn 1.05% p.a. for depositing a minimum of RM500 monthly

Bill Payment Bonus

Additional 1.05% p.a. for paying at least 3 bills via online banking

Card Spend Bonus

1.05% p.a. for spending at least RM500 on OCBC cards

Total Potential Interest

Up to 3.25% p.a. combining all bonuses

Cap on Interest

Applicable on the first RM100,000 of your balance

Special Campaign

New customers can earn up to 4.20% p.a. (until 29 Feb 2024)

UOB Stash

UOB Stash

Introduction

UOB Stash is a savings account that rewards customers for maintaining and growing their account balance. It’s tailored for those who can consistently save and increase their deposits.

Interest Rate Offer

This account offers a tiered interest rate system, with rates up to 3.20% p.a., favoring higher account balances.

PIDM Protection

The UOB Stash account is protected under PIDM, ensuring security for depositors.

Features

Feature

Description

Base Interest Rate

0.05% p.a.

Account Balance Tiers

Different rates for different balance ranges

Maximum Interest Rate

3.20% p.a. for balances above RM100,000

Balance Cap for Bonus Interest

Applicable up to RM200,000

Increased Base Rate

1.60% p.a. for balances exceeding RM200,000

Effective Interest Rate

Varies with the account balance

Alliance SavePlus Account

Alliance SavePlus Account

Introduction

The Alliance SavePlus Account stands out for its high-interest rates and is tailored for those looking to deposit large sums. It combines features of both savings and current accounts.

Interest Rate Offer

The account offers up to 3.00% p.a., depending on the account balance.

PIDM Protection

Funds in the Alliance SavePlus Account are protected under PIDM.

Features

Feature

Description

Interest Rate

Up to 3.00% p.a. for balances above RM500,000

Lower Balance Rates

0% to 2.85% p.a. for lower balances

Minimum Balance

Higher interest rates for maintaining a high balance

Additional Benefits

Waivers for various banking services and fees

Account Type

Functions as a hybrid of savings and current accounts

Affin Invikta Account/-i

Affin Invikta Account-i

Introduction

The Affin Invikta Account/-i is a premium savings account, designed for high-net-worth individuals. It’s part of Affin Bank’s exclusive banking services, offering competitive interest rates.

Interest Rate Offer

The account offers a tiered interest rate of up to 2.50% p.a., based on the account balance.

PIDM Protection

Deposits in the Affin Invikta Account/-i are protected under PIDM.

Features

Feature

Description

Interest Rate

Up to 2.50% p.a. for balances between RM250,000 to RM2,499,999.99

Lower Balance Rates

0% to 1.85% p.a. for balances below RM250,000

Account Eligibility

By invitation only, part of premium banking services

Additional Perks

Access to exclusive banking benefits and services

AmBank eFlex/-i

AmBank eFlex-i

Introduction

The AmBank eFlex/-i account is a flexible, online-exclusive savings option. It’s designed for customers who prefer digital banking and offers competitive interest rates.

Interest Rate Offer

This account provides a tiered interest rate, up to 2.40% p.a., based on maintaining a certain account balance.

PIDM Protection

The AmBank eFlex/-i is protected under PIDM, ensuring the security of deposited funds.

Features

Feature

Description

Base Interest Rate

0.5% p.a. for any balance

Higher Interest Rate

Up to 2.40% p.a. for balances of RM20,000 and above

Account Accessibility

Online application and management via AmOnline Mobile app

Account Type

Online-exclusive product, offering ease of digital transactions

Other New Saving Account That offered high saving interest rate

Savings Account

Interest / Profit Rate

myPTPTN

1% p.a.

GO+ Touch n Go Investment

1.50% p.a.

Versa

3.41% p.a.

GX Bank

3.00% p.a.

Rize

5.00% p.a.

myPTPTN

MyPtptn

Introduction

myPTPTN is a unique option, particularly beneficial for those saving for educational purposes, providing not only interest earnings but also additional benefits like tax relief. It is primarily designed to encourage savings for higher education, offering attractive returns and benefits.

Interest Rate Offer

This account offers an interest rate of 1% p.a., aimed at providing steady growth for educational savings.

PIDM Protection

It is important to note that myPTPTN savings may not be covered under PIDM, as it is a government-led educational fund. 

Features

Feature

Description

Account Purpose

Encourages saving for higher education expenses

Accessibility

Can be accessed and managed through PTPTN’s online portal

Government-Backed

Supported by the Malaysian government

Flexible Deposits

Allows for flexible deposit amounts and frequencies

Tax Relief

Contributions are eligible for tax relief in Malaysia

GO+ Touch n Go Investment

GoInvest

Introduction

GO+ Touch n Go Investment is a unique financial product that combines the convenience of a Touch n Go eWallet with the benefits of an investment account. It is designed to provide users with a flexible way to grow their money.

Interest Rate Offer

This investment offers an average return of 1.5% p.a., though it’s important to note that this rate can vary as it is dependent on the performance of the underlying funds.

PIDM Protection

As GO+ is an investment product rather than a traditional savings account, it does not fall under the protection of PIDM.

Features

Feature

Description

Integration with eWallet

Seamlessly linked to Touch n Go eWallet

Investment Type

Money market investment

Liquidity

Allows for instant access to funds via the eWallet

Minimum Investment

Low entry point for investment, which minimum reload is RM10

Usage

Funds can be used for all Touch n Go eWallet transactions

Versa

versa

Introduction

Versa is a digital cash management platform in Malaysia, offering an innovative way to grow savings. It provides an alternative to traditional fixed deposits, with a focus on flexibility and higher returns.

Interest Rate Offer

Versa offers an attractive average interest rate of 3.41% p.a., which is significantly higher than many conventional savings accounts.

PIDM Protection

As a digital investment platform, Versa is not covered by PIDM. Instead, investments are subject to market risks and returns are not guaranteed.

Features

Feature

Description

Investment Approach

Money market funds for higher potential returns

Accessibility

Fully digital platform for easy access and management

Withdrawal Flexibility

No lock-in period, allowing for quick withdrawals

Minimum Investment

Low minimum investment requirement, which minimum reload is RM100

Automated Savings

Option to automate savings with scheduled deposits

GX Bank

GX Bank

Introduction

GX Bank is a new entrant in the Malaysian banking sector, known for its digital-first approach. It caters to tech-savvy users seeking modern banking solutions with competitive interest rates.

Interest Rate Offer

GX Bank offers a promising interest rate of 3.00% p.a., positioning itself as a strong contender in the digital banking space.

PIDM Protection

As a licensed banking institution, deposits in GX Bank are protected under PIDM, ensuring security for customers’ funds. 

Features

Feature

Description

Digital Banking

Complete online banking experience

Interest Rate

Attractive rate of 3.00% p.a.

Account Accessibility

Easy access through mobile and online platforms

Innovative Services

Modern banking services tailored for a digital audience

Customer Support

Robust digital customer support for convenience

Rize

rize

Introduction

Rize is a pioneering fully digital bank in Malaysia, operated by Al-Rajhi Bank. It offers a modern banking experience with a focus on convenience and attractive returns, catering especially to tech-savvy users.

Interest Rate Offer

Rize provides a competitive interest rate, with up to 5% p.a. on savings, particularly appealing for smaller deposits and those looking for higher returns.

PIDM Protection

As a digital banking service offered by Al-Rajhi Bank, deposits in Rize are covered under PIDM, offering security and peace of mind to depositors.

Features

Feature

Description

Digital-Only Services

Fully online banking services, accessible via digital platforms

Profit Rate

Up to 5% p.a., one of the highest in the market

Special Deposit Rate Campaign

Higher rates for initial deposits (until 31 Mar 2024)

Accessibility

Convenient account management through digital channels

Shariah-Compliant

Offers Islamic banking principles for its products

Conclusion

In Malaysia, choosing the best saving account hinges on individual financial goals and preferences. For traditional banking, Standard Chartered’s Privilege$aver is exemplary with its high interest rates, appealing to active savers. In contrast, for those embracing digital trends, Rize stands out with its competitive 5% p.a. interest rate and fully online banking experience.

These choices encapsulate the diversity within Malaysia’s banking sector, catering to different preferences and financial goals. Whether you lean towards the established reliability of conventional banks or the dynamic offerings of digital platforms, there’s a saving solution tailored to every individual’s journey toward financial growth.

Faq

What is PIDM?

PIDM (Perbadanan Insurans Deposit Malaysia) insures deposits and protects bank customers in Malaysia.

Which savings account has the highest interest rate in Malaysia?

Standard Chartered Privilege$aver offers one of the highest interest rates, up to 6.15% p.a.

Which saving account best for students?

Maybank Yippie Savings Account is popular among students for its benefits and lower requirements.

Which saving account best for senior citizen?

Hong Leong Bank’s Senior Savers Flexi Account is favorable for senior citizens, offering higher interest and other benefits.

What is the safest bank for saving account in Malaysia?

All major banks like Maybank, CIMB, and Public Bank are considered safe, as they are protected by PIDM.

 

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