The 5 Best Current Accounts in Malaysia

Best Current Account in Malaysia

Source: Oliur via Unsplash

By Hans Teo

There are specific bank accounts for various banking needs. There is the savings account for those who want to accumulate their money and the credit account for those who need to pay huge amounts at a time. For daily transactions, however, you should be looking for the best current account in Malaysia.

These current accounts provide convenience in your transactions, especially online. These are best for owners of small and medium enterprises or individuals who transact a lot.

To save you from the hassle of searching for the best current accounts in Malaysia, we have compiled some of them in this list below.

1.  CIMB Bank Basic Current Account

CIMB Bank Basic Current Account's Homepage
Source: CIMB Bank
BEST FOR: Online banking convenience
PRODUCTS: https://www.cimb.com.my/en/personal/day-to-day-banking/accounts/current-account/basic-current-account.html
WEBSITE: https://www.cimb.com.my/
ADDRESS: Find the branch nearest to you at https://www.cimb.com.my/en/personal/help-support/branch-locator.html
CONTACT DETAILS: +603 6204 7788;

[email protected]

CIMB Bank’s Basic Current Account is a non-interest bearing account solely focused on your banking convenience.

This best current account in Malaysia is perfect for individuals who often do online banking transactions as well as small and medium enterprises. It allows joint accounts, which is great for business partners.

This current account promises secure online banking. Your money is protected by the Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000.

It also comes with a cheque book for your banking convenience and you receive monthly statements to keep track of your transactions.

Highlights

  • Non-interest bearing account
  • Secure and convenient online banking
  • For individuals and SMEs
  • Allows joint accounts

 

2.  AmBank Basic Current Account-i

AmBank Basic Current Account-i's Homepage
Source: AmBank
BEST FOR: Multiple accounts
PRODUCTS: https://www.ambankgroup.com/eng/islamic/IslamicBanking/ProductsServices/Individual/Deposits/Pages/CurrentAccount.aspx
WEBSITE: https://www.ambankgroup.com/
ADDRESS: Find the branch nearest to you at https://www.ambankgroup.com/eng/locator/Pages/Branch.aspx
CONTACT DETAILS: +603-2178 8888;

[email protected]

This best current account in Malaysia is another non-interest bearing account that applies the Shariah concept of Murabahah. Individuals, sole proprietors, small and medium enterprises can apply for this current account.

Users get to enjoy their own cheque book, as well as other conveniences such as Internet banking and nationwide ATM access. This best current account in Malaysia also allows InterBank GIRO (IBG) transactions.

Deposits made to this current account are protected by the PIDM for up to RM250,000 per depositor, but users can open more than 1 fee account with the bank.

There is also a non-fee option for individuals where daily profit is computed then credited at the end of the month.

Highlights

  • Non-interest bearing account
  • For individuals, sole proprietors, SMEs
  • Allows IBG transactions
  • Users can open more than 1 fee account
  • Non-fee option for individuals

 

3.  MBSB PrimeRich Current Account

MBSB PrimeRich Current Account's Homepage
Source: MBSB Bank
BEST FOR: Convenience
PRODUCTS: https://www.mbsbbank.com/en/consumer-banking/deposit/current-account-i
WEBSITE: https://www.mbsbbank.com/
ADDRESS: Find the branch nearest to you at https://www.mbsbbank.com/en/branch-locator#collapseTwo
CONTACT DETAILS: 03-2096 3000;

[email protected]

MBSB Bank’s PrimeRich Current Account offers a fixed monthly profit 0.50% per annum on all balances for individuals, but allows shared accounts. It follows the Shariah concept of Tawarruq, which prospective depositors can explore via their Robo-Shariah-Advisor Module.

To keep you updated on your finances, this best current account in Malaysia comes with a cheque book. A monthly statement of account, yearly Tawarruq notice, and a standing instruction facility are also provided.

You get all these conveniences from this best current account in Malaysia with just an initial deposit of RM1,000 and a minimum balance of RM100.

Highlights

  • Fixed monthly profit 0.50% per annum
  • Tawarruq concept
  • Comes with a cheque book, statement of account, Tawaruqq notice, and standing instruction facility
  • RM1,000 initial deposit
  • RM100 minimum balance

 

4.  RHB Premier Current Account/-i

RHB Premier Current Account/-i's Homepage
Source: RHB
BEST FOR: High returns per annum
PRODUCTS: https://www.rhbgroup.com/premierca/index.html?utm_source=merge&utm_medium=merge&utm_campaign=premierca
WEBSITE: https://www.rhbgroup.com/index.html
ADDRESS: Find the branch nearest to you at https://www.rhbgroup.com/locate/index.html
CONTACT DETAILS: 03-9206 8118;

[email protected]

RHB Premier members have access to one of the best current accounts in Malaysia, the RHB Premier Current Account/-i.

With this current account, depositors can receive up to 1.55% returns per annum. They also enjoy greater cash liquidity and flexible withdrawals.

This best current account in Malaysia also guarantees seamless online banking transactions with its vast network of merchants for bills payments. There are also no fees applied for instant transfers and IBG services with this account.

Highlights

  • Up to 1.55% in returns per annum
  • Greater cash liquidity
  • Flexible withdrawals
  • Seamless online banking transactions
  • Vast network of merchants for bill payments
  • No fees for instant transfers and IBG services

 

5.  Maybank2u.Premier

Maybank2u.Premier's Homepage
Source:  Maybank2u
BEST FOR: Worldwide access
PRODUCTS: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/current/maybank2u_premier.page
WEBSITE: https://www.maybank2u.com.my/
ADDRESS: Find the branch nearest to you at https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/about_us/locate_maybank.page?
CONTACT DETAILS: (Malaysia) 1-300 88 6688;

(Overseas)+603-7844 3696;

[email protected]

OPERATING HOURS: Mon to Thurs 8:45am-5:45pm

Fri 8:45am-4:45pm

Enjoy the flexibility of a current account with high, multi-tiered interest rate with the Maybank2u.Premier current account.

With this best current account in Malaysia, you can earn an interest rate of 0.20% per annum, which is calculated daily and credited monthly. Users also receive a 5% bonus on their interest when they maintain a monthly balance of RM5,000 and above.

Banking with Maybank2u, you get to access your account anywhere in the world and withdraw from MEPS ATMS nationwide and CIRRUS networks worldwide.

Highlights

  • High, multi-tiered interest rate
  • 20% per annum calculated daily and credited monthly
  • 5% bonus for RM5,000 and above maintaining balance
  • Worldwide access

 

With one of these best current accounts in Malaysia, you’ll be able to enrich your financial life with banking transactions that fit your lifestyle best.

If you think a savings account is a better fit for you, you can also check out our list of the best savings accounts in Malaysia.

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