Welcome to our in-depth review of Malaysia’s top savings accounts for 2023. Here, we decipher the convoluted banking world to identify which bank has the highest interest rate for savings account in Malaysia and show you how to use these accounts to strengthen your financial position.
Table of Contents
Brief Introduction to Savings Accounts
Savings accounts are fundamental financial instruments created to assist you in safely storing your money while offering a negligible rate of interest. These accounts offer the convenience of withdrawals and deposits without a set maturity period. Additionally, they provide several access options, including digital banking services, debit cards, and ATM withdrawals. Despite having lower interest rates than investment vehicles like fixed deposit accounts, they are still essential to everyone’s financial portfolio because of their accessibility and safety.
Importance of High Interest Savings Accounts
High-interest savings accounts are essential since they might be able to address the problems brought on by inflation on a financial front. Despite not being considered investments, they can help you increase your money by giving you better returns on your savings. Choosing a savings account with the best interest rate is essential to keeping and growing your wealth due to the current economic unpredictability. It’s critical to remember that even seemingly insignificant variations in interest rates over time can result in big variations in revenue.
Purpose of the Article
This post aims to give you the information and understanding required to locate and profit from the highest-paying savings accounts in Malaysia in 2023. We’ll explain the nuances of these savings accounts, walk you through their particular requirements, and highlight the ones that offer the best returns using current resources.
Our top priority is your financial stability. Stay with us as we investigate how to use high-interest savings accounts to protect and expand our wealth in 2023 by learning more about the industry.
10 Top High Interest Savings Accounts in Malaysia
Below is a comparison table summarizing the top high-interest savings accounts in Malaysia:
|Bank & Account Name||Maximum Interest Rate||Key Requirements for Max Rate||Minimum Balance (RM)||Covered by PIDM|
|Standard Chartered Privilege $aver||6.15% p.a.||Various Bonuses, including deposit, credit/debit card, invest/insure, and loyalty||Bonus Interest is capped at RM100,000 of the monthly average balance||Yes (Up to RM250,000)|
|UOB One Account||6.00% p.a.||Meeting certain requirements and maintaining a balance between RM50,000 and RM100,000||RM50,000 – RM100,000||Yes (Up to RM250,000)|
|Rize Commodity Murabahah Savings Account-i||5% p.a. (for first RM5,000), 4.00% p.a. thereafter||Participating in the special deposit rate campaign||RM5,000||Yes (Up to RM250,000)|
|Hong Leong Bank Pay&Save||4.15% p.a.||4 required actions: deposit, online payments, debit card spending, and optional share trading||RM10,000||Yes (Up to RM250,000)|
|RHB Smart Account/-i||3.35% p.a.||Transactions in 5 categories: Save, Pay, Spend, Financing and Trade||Up to RM100,000||Yes (Up to RM250,000)|
|UOB Stash Account||3.20% p.a.||Maintaining or increasing the account balance||Over RM100,000||Yes (Up to RM250,000)|
|Alliance SavePlus||3.00% p.a.||Balance above RM500,000||Over RM500,000||Yes (Up to RM250,000)|
|Affin Invikta Account||2.50% p.a.||Available by invitation only||RM250,000 – RM2,499,999.99||Yes (Up to RM250,000)|
|AmBank eFlex||2.33% p.a.||Maintaining a minimum balance of RM20,000||RM20,000||Yes (Up to RM250,000)|
|OCBC Flex Account||2.20% p.a. (Save Pot)||Split funds into Spend Pot and Save Pot||RM20 for Spend Pot, No minimum for Save Pot||Yes (Up to RM250,000)|
1. Standard Chartered Privilege $aver
- Interest rate: Tiered, up to 6.15% p.a.
One of the greatest savings accounts in Malaysia is the Standard Chartered Privilege$aver, which offers an extremely appealing maximum interest rate of 6.15% p.a. in the context of savings account interest rates in Malaysia. The account is well known for having a tiered return structure that includes basic interest and bonus interest rates.
The Privilege$aver account is broken out in the following manner:
|Base Interest Rate||The account provides an annual basic interest rate of 0.05%.|
|Bonus Interest Rate||Many different actions can be taken to earn bonus interest, including making a deposit of at least RM 3,000, using the Debit Card for five eligible retail transactions, using the Credit Card for one eligible transaction totalling RM 1,000, subscribing to a minimum of RM 40,000 in Unit Trust, and/or purchasing an eligible Insurance/Takaful policy with a minimum annual premium/contribution value of RM 40,000. This generates an extra 2.00% p.a.|
|Loyalty Bonus||Account holders can now earn an additional 2% interest on top of the usual bonus interest through the new Loyalty Bonus category, bringing the maximum interest rate to 6.15% annually. The user is required to keep a minimum incremental average balance of RM3,000 every month to maintain this.|
|Maximum Interest Cap||The initial RM100,000 of the account balance is the cap on the maximum effective interest rate of 6.15% per annum.|
|Initial Deposit||To start this account, no initial deposit is necessary.|
|Fee Waivers and Transfers||The account offers interbank fund transfers and various fee waivers.|
For people who want to increase their savings returns while actively using their account for daily transactions and investments, the Standard Chartered Privilege$aver account is ideal. However, it should be mentioned that this account is more advantageous for those who can keep a sizeable amount and satisfy the transaction conditions for bonus interest. The Privilege$aver account is a tempting choice for maximising savings potential because it can earn up to 6.15% p.a.
2. UOB One Account
- Interest rate: Tiered, up to 6.00% p.a.
One of the top savings accounts in Malaysia is the UOB One Account, which offers competitive savings account interest rates with alluring returns. The account is set up with tiers of interest rates, which are affected by particular behaviours like using a credit card, paying bills, and receiving salary credit.
The UOB One Account is broken down in the following manner:
|Base Interest Rate||Depending on the account holder’s actions and balance, the UOB One Account offers a base interest rate of 3.6% p.a.|
|Tired Interest Rate||Interest rates are tier-based and dependent on particular actions; for example, users must spend at least $500 on a UOB credit card and have a minimum salary credit of $1,600 to qualify for a 1.4% p.a. interest rate.|
|Maximum Interest Rate||The account balance must be between $75,001 and $100,000 to receive the maximum interest rate of 3.6% per annum.|
|Requirements||There are no intricate criteria, such as the requirement for investments or insurance. The account is appropriate for retirees, independent contractors, and freelancers who value simplicity.|
|Account Suitability||Due to the UOB One Account’s simpler credit card spending and bill payment criteria, non-salaried people should use it. Through salary credit and credit card usage, salaried people may find other accounts with greater interest rates, such as the DBS Multiplier, more alluring.|
Due to its low-interest rates and ease of use, the UOB One Account stands out as one of the finest savings accounts in Malaysia. It offers a simple, hassle-free alternative for people to increase their savings without completing difficult transactions or meeting extra restrictions. People can earn substantial returns on their money by purchasing a UOB credit card and keeping a minimum income credit.
3. Rize Commodity Murabahah Savings Account-i
- Profit rate: Tiered, up to 5% p.a.
The high-yield savings account offered by Malaysia’s digital bank, Rize, is known as the Rize Commodity Murabahah Savings Account-i (CMSA). This account’s foundation is the Islamic idea of a commodity murabahah or tawarruq arrangement, which guarantees that the savings and returns are in accordance with Shariah.
This account’s key characteristics include a tempting profit rate, a little initial investment, and a low minimum balance requirement. The account requires a minimum balance of RM10 and only an initial deposit of RM20. Profits are calculated daily and given monthly, giving account holders a reliable return. The Perbadanan Insurans Deposit Malaysia (PIDM) will also protect each depositor’s account up to RM250,000.
The bank is providing an attractive profit rate of 5% for the first RM5,000 invested into the account as part of the Rize Deposit Campaign 2023. A 4% profit rate is offered on deposits over RM5,000. This exclusive deal is available between 20 March 2023 and 31 August 2023.
For ease of understanding, below is a summary table:
|Minimum Balance Requirement||RM10|
|Accessibility||Convenient ATM access, usable at 35 million outlets worldwide|
|Special Campaign Profit Rate (20 March 2023 to 31 August 2023)||5% for first RM5,000, 4% for deposits above RM5,000|
4. Hong Leong Bank Pay&Save Account
- Interest rate: Tiered, up to 4.15% p.a.
A popular choice for people looking to maximise their savings is the Hong Leong Bank Pay & Save account, which is frequently recognised as one of the best savings accounts in Malaysia due to its high-interest rates and useful features.
Based on the data presented and my experience with such financial instruments, the following are some important details regarding the Hong Leong Bank Pay & Save account:
|Interest Rates||High, up to 4.15% p.a.|
|Interbank ATM Withdrawals||Free|
|Support||Supporting micro SMEs|
|Other Benefits||Support for underserved communities|
The Hong Leong Bank Pay & Save account received acclaim from customers in the data supplied for its high-interest rates, which is a crucial component in choosing the best savings account in Malaysia. However, it also received criticism for its verification requirements and transaction restrictions.
5. RHB Smart Account/-i
- Interest rate: Tiered, up to 3.35%
The offered content highlights the RHB Smart Account/-i as one of Malaysia’s top banks, highlighting, in particular, its commendable savings and fixed deposit interest rates. People looking for the best savings account Malaysia may consider this as an option.
The RHB Smart Account/-i has the following salient characteristics and information:
|Interest Rates||Up to 4.15% p.a.|
|Interbank ATM Withdrawals||Free MEPS withdrawals, no minimum balance required|
|Limitation||Transaction limits and annual fees|
|Account Opening for Foreigners||Possible but may face ID verification challenges, requires a branch visit|
|Account Opening Process||Can be initiated online but requires necessary documentation and a branch visit|
One of the primary selling points of the RHB Smart Account/-i and a factor in its reputation as one of the best in Malaysia is the savings account interest rates. Potential account holders should be aware of some restrictions, like transaction caps and yearly fees. Additionally, difficulties with identification verification may arise for foreign nationals with working visas interested in opening this account.
6. UOB Stash
- Interest rate: Up to 3.20% p.a.
The UOB Stash Account, which offers base and bonus interest dependent on the account balance, is an effective savings option in Malaysia. Those looking for the best savings account Malaysia with competitive savings account interest rates would find it appealing because it offers tiers of interest rates, the highest of which peaks at an effective rate of 2.38% per year for a deposit of RM200,000.
The UOB Stash Account’s individual features and attributes are shown below:
|Interest Rates||Varies from 0.05% to 3.2% every year, and in extreme situations, up to 5%. Based on account balance tiering|
|Base and Bonus Interest||Based on a monthly account balance that was either maintained or raised|
|Account Management||With the UOB TMRW App, which provides practical choices for online banking and mobile payments.|
|Eligibility||Aged 18 and over; both Malaysians and foreigners. specific criteria for foreigners and Malaysians|
|Minimum Initial Deposit||Application via app: RM500; other applications: RM100|
|Promotions||Offers and incentives for successful applicants that expire quickly|
7. Alliance SavePlus Account
- Interest rate: Tiered, up to 3.00% p.a.
Alliance Bank Malaysia offers the Alliance SavePlus account, which is a flexible everyday digital account with several features that appeal to a wide customer base. This covers both Malaysians and non-residents over the age of 18. Through the Malaysia Deposit Insurance Corporation (PIDM), the account provides insurance on deposits up to RM250,000.
A minimum monthly average balance must be maintained to qualify for the Alliance SavePlus account’s many perks, including quick account opening, cutting-edge security measures, and the ability to make unlimited free ATM withdrawals. Additionally, users can use QR codes at more than a million retailers to complete cashless transactions. Even the option to open an online Foreign Currency Current Account & Fixed Deposit Account is available with the account.
The interest rates for SavePlus accounts are calculated using a split tiering system, and they are typically updated in accordance with the bank’s effective dates. The prices may be negotiated on some items. Daily calculations result in monthly crediting of the account’s interest.
A simplified summary summarising the important elements of the Alliance SavePlus account can be found below:
|Types of Account||Everday Digital Account|
|Eligibility||Malaysians, Permanent Residents, Non-Residents aged over 18|
|Security||Advanced Security Technologies|
|ATM Withdrawals||Unlimited (with minimum monthly average balance)|
|Cashless Transactions||Available (using QR codes)|
|Foreign Currency Account & Fixed Deposit Account||Option to open online|
|Minimum Monthly Average Balance for fee waivers||RM10,000|
8. Affin Invikta Account/-i
- Interest rate: Tiered, up to 2.50% p.a.
One of Malaysia’s high-interest savings accounts is the Affin Invikta Account. For balances between RM250,000 and RM2,499,999.99, the Affin Invikta Account provides an interest rate of 2.50% annually. Observe that access to this account is via invitation only.
Here is a straightforward table summarising these facts:
|Interest Rates||Up to 2.50% p.a.|
|Balance for Interest Rate||RM250,000 – RM2,499,999.99|
|Access||By Invitation Only|
Based on its high savings account interest rates, the Affin Invikta Account appears to be among the top savings accounts in Malaysia. However, specific details such as the invitation process, any extra incentives, or account criteria should be explicitly confirmed with Affin Bank’s resources or customer care.
It’s crucial to remember that all accounts are PIDM insured up to RM250,000, adding an extra measure of protection for your deposits.
9. AmBank eFlex/-i
- Profit rate: Tiered, up to 2.33% p.a.
A flexible savings account with a special mix of features is the AmBank eFlex/-i. It offers interest rates comparable to fixed deposit or term deposit-i rates in addition to the amenities generally found in savings accounts. As a result, it’s a great option if you’re seeking for the greatest savings account in Malaysia.
If the account keeps a qualifying level of RM20,000, the eFlex/-i account provides both fast access to liquidity and greater interest/profit rates. This account’s base rate is 0.5% per year, but if the balance stays above RM 20,000, the interest/profit rate is increased to coincide with the current 3-month FD/TD-i rate.
Customers of AmBank/AmBank Islamic can access this account through the AmOnline Mobile App and can deposit money online or with cash at AmBank Cash Deposit Machines. This emphasises its practicality and adaptability, boosting its appeal as one of the best savings accounts Malaysia.
In particular, the eFlex Savings Account-i is an online savings account that pays interest at a rate comparable to the board rate for a 3-month Term Deposit-i. This account offers the same hassle-free online account establishment, free Interbank GIRO (IBG) and Instant Transfer transactions, and daily profit accrual with competitive rates as its conventional counterpart.
Finally, to further safeguard your deposits, each of these accounts are covered by Perbadanan Insurans Deposit Malaysia (PIDM) coverage up to RM250,000 for each depositor.
The AmBank eFlex/-i’s features and savings account interest rates are summarised in the following table:
|Types of Account||Savings account with interest rates comparable to fixed deposit/term deposit-i rates|
|Base Interest/Profit Rate||0.5% p.a.|
|Top-Up Interest/Profit Rate||Prevailing 3-month FD/TD-i rate if balance > RM20,000|
|Access||Via AmOnline Mobile App|
|Deposits||Online transfer, Cash Deposits at AmBank Cash Deposit Machines|
|Addtional Benefits||Hassle-free online account opening, Free Interbank GIRO(IBG) and Instant Transfer transactions, Daily accrual profit with competitive rates|
|PIDM Protection||Yes, up to RM250,000per depositor|
10. OCBC Flex Account
- Interest rate: Up to 2.20% p.a.
The OCBC Flex Account divides money into a “Save Pot” and a “Spend Pot” for flexible spending and saving.
|Interest Rates||The Save Pot offers a 2.20% interest per year, and the Spend Pot offers 0.30%. Additionally, there is an opportunity to earn up to 3.70% per annum with the Spend Bonus and Wealth Bonus.|
|Currency Exchange||The account provides a 0% foreign exchange mark-up fee on the OCBC Debit Card|
|Application||Applicants need to be a Malaysian and maintain a minimum monthly balance of RM20|
|Reward||A current promotion offers a RM68 Welcome Cash Reward|
|Deposit Protection||Yes, up to RM250,000per depositor|
|Debit Card And Withdrawals||Through a debit card or internet banking, the account provides access to funds in the Spend Pot. Calculations of Bonus Interest will be impacted by debit card purchases that change the account balance overall. OCBC Group ATM withdrawals are free of charge, but PayNet shared ATM withdrawals may incur a fee of up to RM1.00|
|Other Features||Per primary account holder, only one OCBC Flex Account is permitted. At nine o’clock at night, the Save Pot’s day-end balance is determined, and Bonus Interest is computed using that balance. Interest won’t be paid on accounts with negative daily balances,|
Other sources claim that the OCBC Flex Account is one of the high-interest savings accounts in Malaysia, providing up to 2.20% interest annually on the Save Pot and being a desirable option for people looking to maximise their savings and spending in a planned manner.
When contrasting OCBC Flex Account with other accounts, it is evident that each has special features and advantages that make them ideal for various individual needs. The interest rates, account features, customer lifestyle, and financial objectives must all be considered when determining the best savings account Malaysia or savings account interest rates.
Tips on How to Maximize Your High Interest Savings Account
We’re here to talk about how to use high-interest savings accounts to their full potential. I feel that with a few helpful pointers, we may maximise the use of our savings accounts as someone who has navigated the landscape of savings and investing. This is especially crucial if we want to ensure we’re utilising the greatest savings account in Malaysia and maximising savings account interest rates.
Regularly Review Your Savings Account
The most important thing is to check your account. Checking your savings account’s terms to ensure you get the greatest bargain possible entails doing this. In Malaysia, there are numerous savings accounts that each give a different interest rate. Make sure you keep up with the best deals available. By frequently monitoring your account, You can examine your interest and determine whether you may be earning more with a different account. Additionally, financial institutions frequently change their terms, which might affect your revenue. As a result, it’s critical to stay current and make adjustments as required.
Consider Diversifying Your Savings
Don’t put all of your eggs in one basket, second. As the saying goes, diversification is key. This necessitates carefully weighing your investing and savings possibilities. There are many different kinds of savings accounts, and other investment options accessible in Malaysia. Considerable alternatives include Fixed Deposit Accounts (FDA), Tabung Haji, Amanah Saham Bumiputera (ASB), and Skim Simpanan Pendidikan Nasional. Each of these has a unique risk profile and return rate. Your overall earnings can be increased, and you can be protected from the decline of any one investment by diversifying your savings.
Understand the Importance of an Emergency Fund
Finally, maintaining an emergency fund is one of the greatest methods to get the most out of your high-interest savings account. Preparing for financial emergencies is another essential component of financial freedom, as well as increasing your savings. Your emergency fund is best kept in a high-interest savings account because it enables growth while allowing easy access. An emergency fund should, on average, be sufficient to pay for three to six months of living expenditures. This safety net will give you financial security and peace of mind because you’ll know you’re ready for unforeseen costs.
More low-risk investment opportunities
I frequently get asked about alternatives to conventional high-interest savings accounts in our ongoing debate about maximising savings and finding low-risk investing options in Malaysia. Using a fixed deposit is one specific strategy that keeps coming up.
A fixed deposit investment account offers a higher interest rate than a typical savings account. Considered a low-risk investment option, it’s ideal for people who like to keep their investment strategy low-risk. When you open a fixed deposit account, you consent to keep a specific amount in the account for a specific time. The money you’ve put in is earning interest during this time. This may be a fairly risk-free strategy to increase the value of your savings.
The Current Account Savings Account, or CASA, is another excellent low-risk investment option. The features of a checking and savings account are combined in a CASA. With a CASA, you can enjoy the freedom of using the current account section for everyday costs while earning interest on the savings half of your account. Due to their lack of a time commitment, CASAs often give lower interest rates than other accounts, but they also offer the greatest amount of flexibility and promote consistent savings.
Finally, I’d like to mention the possibility of making savings based on insurance. Some savings accounts, such as the Privilege Plus Savings Account, come with free insurance coverage. To be eligible for certain insurances, such as personal accident insurance coverage, which includes an accidental medical reimbursement benefit and an accidental permanent disability benefit, you must maintain a minimum balance in these accounts.
These choices each present a distinctive method of saving and investing. As a result, before making any decisions, it’s crucial to analyse your financial goals and situation carefully.
Although there is typically little danger associated with these investing options, all investments are subject to risk. Before starting, it’s critical to comprehend your risk tolerance and financial objectives. To make the best selections possible, it is important to understand savings account interest rates and other financial tools in addition to choosing the best savings account in Malaysia.
**Now, I’d want to make a crucial caveat to keep everyone informed: This post was initially published in 2020 and updated for relevance, accuracy, and thoroughness. Please be advised that financial information and products can change quickly, despite my efforts to keep this material current. Always check with your financial institution or advisor for the most recent information.