High Interest Rates Savings Accounts From Malaysian Banks

If you have been keeping track of the many savings tips and habits that we have recommended in previous articles, you could be accumulating some savings by now. To really make the most of your extra capital, you want to get the highest return possible.

You can either choose to invest in your EPF or invest in the stock market, but if you want a safe and flexible option, then a savings account might be the most straightforward choice. Savings accounts give you a stable return on your investment and are conventionally always accessible, as opposed to a fixed deposit.

The defining factor in comparing savings accounts is the interest rate that you will receive on your deposit. To help you out, we have done a comparison of the best savings accounts in Malaysia for 2017. These accounts are sorted by the banks that offer them. We also differentiate between conventional and Islamic accounts. Use this list to find the savings accounts in Malaysia with the highest interest rates.

For savings accounts, there is a lot of choice in Malaysia. Most banks offer a wide range of savings accounts, depending on different preferences. For example, a teenager’s first savings account might have different benefits than a savings account designed for people in retirement. Higher interest savings accounts are typically harder to obtain and require higher deposits than lower interest rate accounts. However, the lower interest on some savings accounts might be offset by specific benefits. Low-interest rate savings accounts are generally easy to apply for and quick to use, while higher interest rate accounts typically have a more thorough application process and higher deposit requirements.

For example, the CIMB Kwik account has a 0% interest rate but is extremely easy to apply to, you can handle everything online.

Use the rates listed here as a general guideline, but make sure you are aware of all the terms and conditions for each savings account. Next to traditional savings accounts, there is also a variety of Islamic savings accounts that you can choose from:

The Islamic savings accounts in Malaysia, grant you a Sharia-compliant alternative to traditional savings accounts. These accounts don’t give out interest, but instead, aim to generate profit through the undertaking of Sharia-compliant activities.

Both traditional and Islamic savings accounts vary a lot in terms of features and benefits. For example, there are specific savings accounts for children and accounts for retirees and college students. Use this list to find and compare the best savings accounts in Malaysia in 2017. Apart from savings accounts, you can use our site to compare personal loans and credit cards for a wide range of banks.