It is basic knowledge for everyone to store their hard-earned money in the bank. However, by depositing into a basic savings account, the interest rate is relatively low and you will barely earn any significant amount. You may want to explore other savings options to grow your money. However, you don’t know which bank is the best to open new savings account with. Here are the best savings accounts in Malaysia.
Best Savings Accounts in Malaysia 2021
First of all, what is a savings account?
A savings account is a financial product offered by a bank to store your money safely while earning interest. It also gives you the convenience to perform your everyday transactions and withdrawals anytime you wish.
In Malaysia, once you deposit cash in a savings account, it’s federally insured by PIDM for up to RM250,000. So if the bank fails, there is protection for your head-earned money.
In exchange for the cash you’ve got deposited within the bank account, the bank will provide you with a return within the sort of interest or profit rate.
Oftentimes, the rate of interest on a bank account is way under that of a set deposit thanks to its nature of being a safekeeping account, i.e. where you store a sum of money within the custody of a bank.
Saving account types and which to choose
Savings account offering prizes
This is a savings account that offers attractive prizes in the form of gifts, or cash when you continuously save money in it. The mechanics is very simple: you need to open an account with the bank and start saving money consistently.
The more money you deposit, the higher the chances for you to win a prize. Depending on the bank, there is a requirement for you to maintain an average monthly balance during a campaign period.
To get your hands on these prize-linked savings accounts, check out these products:
Savings account offering bonus interest
If you want to earn higher returns on your deposits, this type of savings account will work hard for you by offering bonus interest on your average balance. This savings account is perfect for a steady saver who wants to park their money.
All you need to do is maintain an average balance every month and do not withdraw it to earn bonus interest for the month. Other than that, you are also encouraged to top up your deposit every month to qualify for bonus interest.
Here are some of the high-interest savings accounts that offer bonus interests:
Savings account offering high interest based on monthly transactions
Nowadays, we use online banking for almost everything, including shopping, paying bills and transferring money.
On top of earning interest on your monthly deposit amount, this savings account also rewards you with bonus interest based on your monthly banking transactions, such as paying bills via online banking and spending using your debit or credit card.
Check out these savings accounts below for more information:
Salary Savings Account
For working people, payday is the most anticipated time of the month. Usually, it will be credited to a personal savings account registered with your company.
If you have a basic savings account as a salary-crediting account, you won’t get many benefits out of it comparing to a salary savings account.
This savings account for payroll transactions offers a comprehensive solution to your banking needs, from earning high interest on your deposit, to enjoying a preferential rate on your home loan and other exclusive privileges.
Here are a few salary savings accounts that you can compare and apply:
Save yourself the trouble of paying the bank a visit with a list of paperwork just to open a savings account. With an e-saving/saver account, you can open, save and perform online banking transactions without hassle.
For example, Alliance My eSaving Account is among the best choices of online savings accounts there is in the market. What’s even more interesting is that you get to earn up to 10% Rewards Interest on your first deposit of RM1,000.
Looking for more options? Check out these online savings accounts too:
By knowing the huge varieties of savings account types and options in Malaysia, you should be able to pick your favourite out of the list. Best of luck saving!
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