5 Best Savings Accounts in Malaysia

Best Savings Account in Malaysia

Source: Dmitry Demidko via Unsplash

By Michelle Ja Ling

Savings accounts are important for anyone who wants to secure his money. Fortunately, with the best savings account in Malaysia, you can do that and more.

A good bank offers a competent interest rate as well as a variety of conveniences and perks. To save you from the trouble of going site to site to do your own research, we have compiled the best savings accounts in Malaysia in this list below.

1.  Alliance SavePlus

Alliance SavePlus' Homepage
Source: Alliance Bank
BEST FOR: Waived transaction fees
PRODUCTS: https://www.alliancebank.com.my/banking/personal/current-accounts/alliance-saveplus-account.aspx
WEBSITE: https://www.alliancebank.com.my/home.aspx
ADDRESS: Find the branch nearest to you at https://www.alliancebank.com.my/corporate/branch-locator.aspx
CONTACT DETAILS: 03-5516 9988;

[email protected]

OPERATING HOURS: Mon to Fri 9:00am-5:00pm

Alliance Bank’s Alliance Save Plus provides Malaysians the best avenue to build up their savings with an interest rate of up to 2.25% per annum.

Truly dedicated to helping you save, they waive many transaction fees other banks usually charge. With this best savings account, there is no MEPS withdrawal fee, interbank fund transfer fee, interbank GIRO fee, or debit card annual fee.

The best part is, you can instantly open an account with Alliance Bank. You can do this online or personally at one of their branches and it only takes 15 minutes!

Highlights

  • 25% per annum interest rate
  • No MEPS withdrawal fee
  • No interbank fund transfer fee
  • No interbank GIRO fee
  • No debit card annual fee
  • Quick application online or at one of their branches

 

2.  RHB Bonus Saver Account

RHB Bonus Saver Account's Homepage
Source: RHB
BEST FOR: Convenient banking
PRODUCTS: https://www.rhbgroup.com/personal/personal-saving/index.html
WEBSITE: https://www.rhbgroup.com/index.html
ADDRESS: Find the branch closest to you at https://www.rhbgroup.com/locate/index.html
CONTACT DETAILS: 03-9206 8118;

[email protected]

With an initial deposit of RM500, you can start saving with the RHB Bonus Saver. This best savings account in Malaysia gives you step-up interest rates each month, starting at a 0.25% base rate and reaching up to 2.65% per annum in 12 months.

By banking with RHB, you can also  do more with your savings account. You can transfer funds conveniently and securely locally and overseas through FPX, Interbank GIRO, Instant Transfer, Foreign Telegraphic Transfer, and Western Union.

With their app, DuitNow, you can also give or receive money using mobile numbers. The app also has several other functions that allow you to perform your banking transactions anytime, anywhere.

On top of that, the RHB Bonus Saver also lets you pay your bills and even schedule bills payments with over 3,000 billers available.

Highlights

  • RM500 initial deposit
  • Up to 2.65% interest rate per annum
  • Convenient and secure fund transfers
  • Mobile app that allows you to make transactions anytime, anywhere
  • Give or receive money using phone numbers
  • Pay bills and schedule bills payments with over 3,000 billers.

 

3.  Maybank2u Savers

Maybank2u Savers' Homepage
Source: Maybank2u
BEST FOR: Accessibility
PRODUCTS: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/accounts/savings/maybank2u_savers.page
WEBSITE: https://www.maybank2u.com.my/home/m2u/common/login.do
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]

A small initial deposit and minimum maintaining balance of RM250 can get you places with this best savings account in Malaysia, Maybank2u Savers.

Perfect for people who travel frequently within Malaysia or abroad, this savings account is accessible through 2,800 Maybank ATMs as well as international ATMs.

You can also perform your transactions through various digital platforms, particularly maybank2u.com.my, M2U Mobile, Kawanku Phone Banking, and ATM and Debit Card. Opening and closing accounts is also possible through their website.

This best savings account in Malaysia has high, multi-tiered interest rates calculated daily and credited monthly once you reach a balance of RM2,000.

To top it all off, you can also enjoy cashless shopping with your Maybankard Debit.

Highlights

  • RM25 initial deposit and maintaining balance
  • Accessible through 2800 ATMs and international ATMS
  • Online transactions through a variety of platforms
  • Multi-tiered interest rates
  • Cashless shopping

 

4.  Citibank AcceleRate Savings Account

Citibank AcceleRate Savings Account's Homepage
Source: Citibank
BEST FOR: Global access
PRODUCTS: https://www.citibank.com.my/english/deposits/high-interest-AcceleRate-savings-account.htm?lid=MYENCBGYFHETLSavingsAccounts
WEBSITE: https://www.citibank.com.my/index.htm?icid=MYISUOYENINSUHECI
ADDRESS: Find the branch nearest to you at https://www.findmyciti.com/?lid=MYENCBGGLHETLFINDMYCITI
CONTACT DETAILS: (Kuala Lumpur) 03-2383 0000

(Penang) 04-296 0000

(Johor Bahru) 07-268 0000

(Sabah & Sarawak) 1800-82-1010

One of the best savings accounts in Malaysia, Citibank AcceleRate Savings Account, has one of the highest interest rates with up to 4.88% per annum.

It also enables your savings to grow faster with base and bonus interests calculated daily and credited to your account monthly.

While it lets you grow your hard-earned money, you also get global access. You can withdraw cash from over 20,000 Citibank ATMs worldwide as well as transfer funds internationally between different Citibank accounts with no transaction fee.

This best savings account in Malaysia is also convenient as banking transactions can be done anytime via Citibank or Citigold online. You can also shop internationally with the Citibank or Citigold debit card.

Highlights

  • Up to 4.88% interest rate per annum
  • Base and bonus interests
  • Global access
  • 20,000 ATMs globally
  • Transfer funds internationally without transaction fee
  • Online banking transactions
  • International purchases

 

5.  HSBC Everyday Global Account

HSBC Everyday Global Account's Homepage
Source: HSBC
BEST FOR: Everyday rewards
PRODUCTS: https://www.hsbc.com.my/accounts/products/everyday-global/
WEBSITE: https://www.hsbc.com.my/
ADDRESS: Find the branch nearest to you at https://www.hsbc.com.my/branch-finder/
CONTACT DETAILS: 1300 88 1388

Global, all-in-one banking is what the HSBC Everyday Global Account gives its cardholders. This best savings account in Malaysia is perfect for frequent travellers or even just those who love online shopping imported goods.

Users can save, transfer, and spend in 11 currencies. On top of that, they require no minimum balance and no monthly or annual fees.

While they enable you to move your money around, they also have a competitive interest rate of up to 2.25% per annum so your savings would also grow.

You get to save even more with everyday rewards, such as discounts, when you use your debit card locally and internationally.

Highlights

  • Global, all-in-one banking
  • Save, transfer, and spend in 11 currencies
  • No minimum balance
  • No monthly or annual fees
  • Everyday rewards locally and internationally

 

Were you able to find your savings partner here? Whatever your choice is, the best savings account in Malaysia will help you live your ideal lifestyle.

If you also happen to be looking for a banking partner for affordable balance transfers, check out our list of banks with the best balance transfers in Malaysia.

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