Oftentimes, we find ourselves juggling multiple financial goals at a time whether it’s taking care of our family or planning for our retirement. While some financial goals are more personal, others may require a shared effort between you, your spouse or your parents.
A joint savings account that is held by two or more persons allows the individuals to share equal access to money in the account.
Some couples may consider opening a joint savings account for their shared expenses so that they can organise their finances better, or to save up for large expenses that requires them to pool their funds.
A joint savings account can also be convenient for you and your parent or spouse as both parties are able to access the money and make transactions promptly on behalf of each other, if one of you is unavailable.
Maybank
One of the largest local banks in the country, Maybank has a network of over 400 branches within Malaysia. Maybank also has branches overseas in Singapore, Indonesia, London and the Middle East.
Maybank offers two joint savings accounts, which are the Kawanku Savings Account and Golden Savers Savings Account. Both accounts can be shared by up to four individuals.
Kawanku Savings Account: A hassle-free joint savings account that you can apply for online, the Kawanku Savings Account offers decent tiered interest rates of up to 0.35% p.a, credited twice a year in June and December.
There is an early account closure fee of RM20 for accounts that are closed within three months of opening.
Golden Savers Savings Account: A joint savings account for individuals aged 50 and above that offers higher tiered interest rates of up to 0.6%. Account holders must meet a minimum balance requirement of RM1,000 to enjoy the interests.
| Accounts | Initial Deposit | Minimum Deposit | Interest Rates | ATMs |
| Kawanku Savings Account | RM250 | RM1 | 0.20% – 0.35% | 2,922 |
| Golden Savers Savings Account | RM1,000 | RM1 | 0.05% – 0.6% | 2,922
|
CIMB
CIMB is another domestic bank in Malaysia with 217 branches in the country and more than 1,000 branches in total across 10 countries including Singapore, Thailand, Vietnam and the UK. CIMB offers two banking accounts that allows for joint savings, which are the Basic Savings Account, Regular Savings Account and Senior Savings Account.
Basic Savings Account : An easy-to-open savings account with a fully online application process and a low minimum initial deposit of RM20 for everyday banking.
There are two Basic Savings Accounts, which are Basic Savings Account 1 with no annual fee and Basic Savings Account 2 that comes with an annual fee of RM8.
Basic Savings Account 1 comes with no annual fee and eight complimentary ATM withdrawals per month, after which the account holder will need to pay RM0.50 for each transaction. Customers who choose Basic Savings Account 2 will be charged an annual fee of RM8 and will enjoy unlimited ATM withdrawals.
Account holders will also receive tiered interests of 0.25% p.a. to 0.80% p.a. on their account balance. A fee of RM20 will be charged if an account is closed three months after opening.
Regular Savings Account : Another easy-to-open joint savings account with a fully online application process, the CIMB Regular Savings Account comes with online banking services including bill payments, prepaid mobile reloads or to up and monthly e-statements for you to track your transactions.
A fee of RM20 will be charged if an account is closed three months after opening.
Senior Savings Account : A joint savings account for those aged 50 and above with a relatively low minimum initial deposit of RM500. The CIMB Senior Savings Account offer some of the highest tiered interests of up to 1.50% p.a. on savings.
| Account | Initial Deposit | Interest Rates | ATMs |
| Basic Savings Account | RM20 | 0.25% – 0.80% | 2,058 |
| Regular Savings Account | RM250 | 0.10% – 0.35% | 2,058 |
| Senior Savings Account | RM500 | 0.10% – 1.50% | 2,058 |
RHB
Established in 1913, RHB is one of the first local banks in Malaysia with more than 200 branches across the country. RHB also has a multinational presence in eight countries including Singapore, Indonesia, Thailand, Brunei, Cambodia, Vietnam and Lao PDR.
Basic Savings Account: An account that fulfils basic banking needs including bill payments and fund transfers online and offers complimentary statements every quarter to help you keep track of your transactions.
Customers can choose between two RHB Basic Savings Accounts, which are Basic Savings Account 1 and Basic Savings Account 2. Basic Savings Account 1 come with zero annual fee and eight complimentary ATM withdrawals per month, after which customers will have to pay RM0.50 for each withdrawal.
Meanwhile, customers who choose Basic Savings Account 2 will get unlimited withdrawals and will need to pay an annual fee of RM8.
There will be an early account closure fee of RM20 for accounts that are closed within three or six months of opening.
| Account | Initial Deposit | Interest Rates | ATMs |
| Basic Savings Account | RM20 | 0.25% | >200 |
Standard Chartered Bank
Established in Malaysia since year 1875, Standard Chartered Bank is a British bank with branches in over 70 countries including four key wealth centres in Singapore, Hong Kong, United Arab Emirates and the UK. SCB offers a joint savings account, JustOne Personal Savings Account, which is limited to two account holders.
JustOne Personal Savings Account: An easy to open joint savings account with zero minimum initial deposit required. Account holders will receive complimentary online banking, Interbank GIRO fund transfers and interest of 0.10% p.a. on all balance. They are also eligible to earn interests of 0.15% p.a. if they meet a minimum balance requirement of RM1,500. A fee of RM20 will be charged if an account is closed three months after opening.
| Account | Initial Deposit | Interest Rates | ATMs |
| JustOne Personal Savings Account | RM0 | 0.10% – 0.15% | 12 |
Read Also: Guide To Choosing A Child’s Savings Account In Malaysia
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