Saving can get more challenging these days with costs of living rising and salaries staying stagnant. Moreover, with people living longer and life expectancy at an average of 74.7 years, we need to have enough savings for our retirement years.
It’s therefore important to be able to save up some of our salary easily and that could be through a savings account. When choosing a savings account, you may want to consider factors such as the interest rate and Malaysia Deposit Insurance Corporation (PIDM) protection.
PIDM protection means that in the event of a bank closure, your savings will be insured for up to RM250,000 – keeping up to that amount of your savings safe.
#1 AmBank – TRUE Saver Account: 0.25% To 0.75%, Bonus Interest Up To 6.5%
Account holders of the AmBank TRUE Saver Account get to enjoy a minimum interest of 0.25% per annum on savings and opportunities to boost their savings further with bonus interests up to 6.5%.
Firstly, account holders need to bank in RM20 as an initial deposit. Depending on the balance you have in your account, the interest rate differs. If you have a balance of between RM0 to RM5,000, you will get 0.25% interest per annum. For those who have more than RM5,000 in savings, you stand to earn 0.75% per annum.
Account holders get to earn more on their savings when they fulfill certain conditions.
As shown below, if you have a minimum of RM3,000 credited to your account every month in one go for example, from salary crediting, you will be entitled to a bonus interest of 1.15% per annum.
The TRUE Saver Account may be suitable for beginner to middle income earners with consistent salaries to meet conditions for enjoying bonus interests.
| Account Balance | Interest Rate |
| RM0 – RM5,000 balance | 0.25% p.a. |
| > RM5,000 balance | 0.75% p.a. |
| Extra Transactions | Bonus Interest |
| Min. RM3,000 deposit monthly at one time | 1.15% p.a. |
| Min. 3 transactions via Debit Card, Credit Card, AmOnline, and DuitNow or home loan payments via TRUE SA
|
0.60% p.a. |
| Invest RM5,000 to RM10,000 in unit trusts | 2.00% to 4.00% p.a. |
| Purchase insurance with annual premiums of RM2,400 to RM3,600 | 2.00% to 4.00% p.a. |
#2 UOB – One Account: 0.10% To 0.20%, Bonus Interest Up To 4%
UOB One Account holders get a minimum of 0.10% interest per annum on their account balance for savings below RM50,000. For those with higher savings of more than RM100,000, you will get 0.20% interest per annum. Minimum initial deposit is RM500.
| Account Balance | Interest |
| RM0 – RM50,000 | 0.10% p.a. |
| RM50,000.01 – RM99,999.99 | 0.10% p.a. |
| > RM100,000 | 0.20% p.a. |
By fulfilling two conditions or transactions below, you will get the opportunity to earn more interest – as high as 6% interest (4% effective interest) rate per annum.
- Introductory special interest for first six months for new customers.
- Monthly salary crediting of at least RM2,000.
- Monthly minimum spend of RM500 with card.
- Make three bill payments that are at least RM50 each via the UOB TMRW app or Personal Internet Banking.
- Make three debit payments worth at least RM50 each.
- Minimum deposit of RM2,000 in inward fund transfer.
| Account Balance | One Fulfilled Conditions | Two Fulfilled Conditions | Maximum Effective Interest Rate |
| RM0 – RM50,000 | 0.80% | 2.00% | 2.00% |
| RM50,000.01 – RM99,999.99 | 1.80% | 6.00% | 4.00% |
| > RM100,000 | 2.00% | 2.00% | 3.60% |
For example, if you have a balance between RM0 and RM50,000, you could boost your interest earning to 2% by fulfilling two conditions stated above whether it’s a monthly salary crediting of RM2,000 and making three debit payments worth RM50 each or others.
#3 OCBC Bank – 360 Account: 0.10%, Bonus Interest Up To 3.15%
Like the name of the account, OCBC 360 Account helps you earn interest on everyday transactions. It is a savings account for salary crediting that lets you earn up to 3.25% interest per annum with a minimum initial deposit of RM500.
Account holders get a 0.10% base interest on their account balance. They get to increase their interest earnings by fulfilling three conditions:
- Depositing at least RM500 every month will earn you 1.05% interest annually.
- Make three bill payments online to earn an additional 1.05% interest per annum.
- Spend RM500 with your card every month to get an extra 1.05% interest per annum.
Let’s say you get a base interest of 0.10% on your balance. Then, you deposit at least RM500, make three bill payments online, and spend RM500 on groceries every month. Your accumulated interest would be 0.10%+1.05%+1.05%+1.05% = 3.25%.
#4 AmBank – eFlex: 0.5%, Bonus Interest 1.90%
AmBank eFlex is an online savings account that gives you the opportunity to earn 2.40% interest if you meet the balance requirement.
With a minimum initial deposit of RM20, you can open an account via the AmOnline App. Account holders earn a base rate of 0.5% per annum on savings.
To earn a bonus interest, there’s a singular condition you will have to meet. If you keep your balance at RM20,000 and above, you could earn a bonus interest of 1.90%.
#5 OCBC Bank – Flex Account: 0.30%, Bonus Interest Up To 1.90%
The envelope budgeting method dictates that one should separate their money into different envelopes for spending and saving. Some people keep separate bank accounts to manage their money as such.
OCBC Flex Account saves you the trouble of doing that by offering both Save Pot and Spend Pot in one account. It’s very easy to manage and transfer your funds between the pots with just a swipe.
You need a minimum deposit of RM20 to get started. Then, you split your funds into two pots. You’re entitled to a base interest of 0.30%. To enjoy a bonus interest of up to 1.90%, the money in your Save Pot is earmarked and can’t be withdrawn.
You may use funds from the Spend Pot anytime.
#6 Hong Leong Bank – Pay & Save Account: Savings Interest 2.25%, Bonus Interest 0.50% Up To 0.90%
Hong Leong Bank Pay & Save Account lets you earn savings interest and bonus interest with a minimum initial deposit of RM50.
You will have to credit RM2,000 in one transaction every month into your account to enjoy 2.25% savings interest.
Then, to earn an extra interest of 0.50%, you will have to make transactions. You can make payments worth RM500 online whether it’s for your car or house loan to earn the extra interest, capped at RM30 per month.
In addition, you can spend RM500 with your debit or credit card to earn another 0.50% interest, capped at RM30 per month. To maximise your savings, you can earn up to 0.90% interest a year by investing with Hong Leong Bank.
| Investments | Interest |
| Min 1 successful trade and up to RM20,000 | 0.30% p.a. |
| Up to RM30,000 | 0.50% p.a. |
| Up to RM100,000
|
0.70% p.a. |
| More than RM100,000 | 0.90% p.a. |
The Pay & Save Account also has a multi-currency feature that allows you to keep major currencies including US Dollar, Australian Dollar, Thai Baht, Pound Sterling, Japanese Yen, and Singapore Dollar in one account.
Featured Image Credit: Hong Leong Bank, UOB, OCBC Bank, AmBank
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