Best Savings Accounts in Malaysia with Highest Interest Rates (2024)

4 min readApr 5, 2024

In today’s world, making your money grow is more important than ever. Fortunately, high-interest savings accounts in Malaysia offer an opportunity to earn a better return on your savings compared to traditional accounts. Whether you’re saving for a dream vacation, a down payment on a house, or simply building a financial safety net, choosing the right high-interest savings account can make a significant difference. This guide will explore 10 popular options in Malaysia, outlining their interest rates, minimum balances, and key features to help you find the perfect fit for your financial goals.

Note: To explore a wider range of options and find the account that aligns perfectly with your saving goals, check out our in-depth guide on the best high-interest savings accounts in Malaysia for 2024 [https://biztechcommunity.com/personal-finance/best-savings-accounts-in-malaysia/].

Top 10 High-Interest Savings Accounts in Malaysia

Earning a better return on your hard-earned savings is within reach! We have listed the 10 most attractive high-interest savings accounts in Malaysia. We’ll explore interest rates, minimum balances, and other key features to equip you with the knowledge to choose the perfect account and watch your savings flourish.

1. UOB Stash:

Interest Rate: Up to 3.20% p.a. (highest tier requires maintaining or increasing balance each month, RM100,000 — RM200,000)
Minimum Balance: None
Account Type: Online Savings Account
Pros: High potential interest rate, no minimum balance requirement.
Cons: Bonus interest structure can be complex, interest rate drops above RM200,000 balance.

2. OCBC 360 Account:

Interest Rate: Up to 2.45% p.a. (tiers based on salary crediting and maintaining a minimum balance)
Minimum Balance: RM500
Account Type: Online & Branch Savings Account
Pros: Available online and at branches, decent interest rate with some effort.
Cons: Requires minimum balance and additional actions for higher tiers.

3. Alliance Bank SavePlus Account:

Interest Rate: Up to 2.00% p.a. (tiers based on maintaining a minimum balance)
Minimum Balance: RM1,000
Account Type: Online & Branch Savings Account
Pros: Available online and at branches, reasonable interest rate with minimum balance requirement.
Cons: Lower potential interest rate compared to some options.

4. RHB Bank Smart Account:

Interest Rate: Up to 1.80% p.a. (tiers based on maintaining a minimum balance and salary crediting)
Minimum Balance: RM1,000
Account Type: Online & Branch Savings Account
Pros: Available online and at branches, chance for slightly higher interest with additional requirements.
Cons: Lower potential interest rate compared to some options, requires effort for higher tiers.

5. Affin Bank Affin Invikta Account:

Interest Rate: Up to 1.80% p.a. (rates vary by account subtype)
Minimum Balance: Varies by account subtype (check with Affin Bank)
Account Type: Online & Branch Savings Account
Pros: Available online and at branches, may offer a suitable option depending on chosen subtype.
Cons: Interest rates and minimum balance requirements can vary, requires research for specific details.

6. MBSB Cash Rich Savings Account-i:

Interest Rate: Up to 1.85% p.a. (tiered based on account balance)
Minimum Balance: None
Account Type: Islamic Savings Account (Branch)
Pros: Shariah-compliant, no minimum balance requirement.
Cons: Lower potential interest rate compared to some conventional options.

7. Standard Chartered Privilege$aver:

Interest Rate: Up to 6.15% p.a. (limited time promotional rate with strict conditions)
Minimum Balance: RM0
Account Type: Branch Savings Account
Pros: Potentially very high interest rate (check terms for details).
Cons: Limited time offer, complex requirements to achieve the highest rate.

8. Hong Leong Bank Hong Leong Pay & Save Account:

Interest Rate: Up to 2.25% p.a. (bonus interest for monthly deposits and debit card spending)
Minimum Balance: RM10,000
Account Type: Online & Branch Savings Account
Pros: Potential for bonus interest with specific actions, available online and at branches.
Cons: Requires a higher minimum balance compared to some options.

9. Rize Savings Account-i:

Interest Rate: Up to 5.00% p.a. (current promotional rate, check terms for duration)
Minimum Balance: None
Account Type: Islamic Online Savings Account
Pros: Shariah-compliant, very high potential interest rate (limited time).
Cons: Limited time promotional rate, relatively new bank.

10. Al-Rajhi Bank Al-Rajhi Savings Account-i:

Interest Rate: Competitive Rates (specific rates not readily available online)
Minimum Balance: Varies (check with Al-Rajhi Bank)
Account Type: Islamic Online Savings Account
Pros: Shariah-compliant, potentially competitive rates.
Cons: Limited information readily available online, requires contacting the bank for details.

Factors to consider when choosing a high-interest savings account in Malaysia

Here are some additional factors to consider when choosing a high-interest savings account in Malaysia:

Bonus interest requirements: Some accounts offer bonus interest for meeting certain requirements, such as maintaining a minimum balance or making a certain number of deposits each month.
Withdrawal fees: Some accounts may charge fees for exceeding a certain number of withdrawals per month.
Eligibility: Some accounts may have eligibility requirements, such as a minimum salary or being a Malaysian citizen.
Insurance: All savings accounts in Malaysia are insured by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000.

By considering these factors, you can choose the high-interest savings account that best suits your needs.

The Perfect Account Awaits!

With a variety of high-interest savings accounts available in Malaysia, there’s an option to suit every saving strategy. Consider your financial goals, preferred minimum balance, and desired features when making your choice. Remember, the best account maximizes your interest rate while aligning with your banking habits. By leveraging the information in this guide, you’re well on your way to selecting the perfect high-interest savings account and jumpstarting your journey towards achieving your financial dreams!

Disclaimers: This is not an exhaustive list of all high-interest savings accounts in Malaysia. The information provided is accurate as of April 5, 2024, but interest rates and account features can change.