Savings Account Rates | Maybank Malaysia (2024)

FAQs

Which bank has the highest interest rate for savings account in Malaysia? ›

UOB has the One Account that allows you to earn up to 6.00% p.a. interest if you're willing to take some additional steps to earn bonus interest, which raises the base rate from 0.10% p.a..

The main difference is that iSAVvy Savings Plus Account pays bonus interest every 6 months based on the increase in the average daily balance every month while iSAVvy Savings Account pays interest-on-interest (if applicable) every 6 months depending on your account balance.

Account Opening Requirements

Below are the required original documents for the opening of a new account: MyKad (IC)/Police or Armed Forces ID Card. Birth Certificate (for children accounts). Passport (for non-residents).

With this account, you get:

To earn interest, no matter what your account balance. No service or maintenance charges as long as a minimum balance of RM20 is maintained. Free mini statement. Online banking with Maybank2u.com.

FDs are effectively risk free as your capital is guaranteed for amounts up to RM250,000. With FDs you know exactly what your returns and investment timeframe will look like beforehand unlike investing in the stock market. If you want to be assured of your returns.

Max is an intelligent cash management solution designed to help you earn more on your cash, no matter where you bank or invest. Max makes it easy to open new high-yield savings accounts in as little as 60 seconds, so that you can gain access to preferred rates and terms as well as increased FDIC insurance coverage.

Yes. EQ Bank offers an FHSA. It offers 3.00% interest on the money in the account, so your money grows until your ready to use it to purchase a home. EQ Bank also offers an FHSA GIC that you can put exclusively in their FHSA which will give you even more interest on the money inside the account.

The documents you'll need to open an account will vary, but for a resident account they will typically include: Photo ID such as a passport. Proof of your right to be in Malaysia - this could be your residency permit, or your MM2H visa documents. Check the policy of the specific bank you choose.

Which bank is best for foreigners in Malaysia? ›

It is possible to open a Malaysian bank account as a non-resident. However, it's likely that you'll need to provide more documentation than a resident or Malaysian national. It can be easier to open a bank account in Malaysia if you choose an international bank, such as HSBC, Standard Chartered Bank or Citibank.

Who can apply for this savings account? Both Malaysians and permanent residents can apply for this account with Maybank. All you really need is an initial deposit of only RM20.

1. Maybank. Maybank is Malaysia's largest bank, operating throughout the country and broader region.

As of April 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.