If you’re looking to maximize the return on your savings, several upcoming and established savings accounts in Malaysia are offering attractive interest rates in 2024. Here’s a breakdown of some of the top choices, each with its own set of pros and cons:
1. RHB Smart Account/-i
- Interest Rate: Up to 5.35% p.a. (with specific transaction requirements)
- Pros: You can earn higher interest rates by meeting conditions like crediting your salary, paying bills, and making regular investments.
- Cons: To achieve the maximum rate, you need to perform a series of banking activities, which might be complex for those who prefer straightforward savings.
- Ideal for: Those with regular monthly income and who actively manage their banking transactions.
2. OCBC Booster Account
- Interest Rate: Up to 3.35% p.a.
- Pros: Offers a competitive rate with relatively straightforward requirements like maintaining a balance and making monthly deposits.
- Cons: Requires maintaining a higher balance (RM30,000 and above) to unlock higher interest rates.
- Ideal for: Individuals comfortable with higher minimum balances and consistent monthly contributions.
3. Affin Invikta Account/-i
- Interest Rate: Up to 2.50% p.a. for balances between RM250,000 and RM4 million.
- Pros: A straightforward savings account that offers decent interest for those with large sums of money.
- Cons: The high minimum balance of RM250,000 makes this account less accessible to average savers.
- Ideal for: High-net-worth individuals looking for premium banking services.
4. Maybank Yippie Savings Account
- Interest Rate: Up to 1.9% p.a.
- Pros: Ideal for parents looking to open savings accounts for their children. Comes with perks and educational incentives.
- Cons: Not ideal for adults or those seeking higher rates.
- Ideal for: Parents saving for their children’s future.
5. Hong Leong Pay & Save Account
- Interest Rate: Up to 4.15% p.a. (bonus interest for active users)
- Pros: Provides bonus interest for specific actions like monthly deposits and using the debit card.
- Cons: Requires active management to reach the highest interest rate.
- Ideal for: Those who actively use their debit card and can maintain regular deposits.
In 2024, there are several solid options for Malaysians looking to grow their savings. Accounts like RHB Smart Account and OCBC Booster offer high interest for active users, while Affin Invikta caters to those with larger savings. Be sure to choose an account that matches your financial habits and goals.
For those who can actively manage their transactions, options like RHB Smart Account provide the highest returns. However, for more straightforward, higher-tier savings, Affin Invikta is worth considering if you can meet the minimum balance requirements.
