Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
Update – added OCBC Smart Savers
Back in 2012, I published an article on Savings Accounts at my Generation X Y Z blogspot. However, that was four years ago, I guess there should have been some revisions and changes since then.
Sometime in April 2016, an iFriend messaged me via Facebook to highlight that AmBank is revising their True Savers interest rate downwards effective 1st May 2016.
Then in late April 2016, another person who is new to my blog, asked if I have an article on Junior Savings Account.
So, I thought I should update my previous article and once again present to you the Best Savings Accounts in Malaysia for 2016. Some of the contents below are copied from my previous article as I am too freaking lazy to use my brain cells to churn out completely new article.
Most of the time when I deposit my funds into Savings Accounts is because I need to park my money some place for 2 to 3 weeks. If we are not using any of our funds for 1 month or more, then it is wiser/better to deposit into Fixed Deposit and earn better interest rates. Nowadays, many people don’t have cheque books, and with online accounts, we not only can transfer funds to other banks or make payments to Telco, Utility companies, Assessment; but, we can even transfer our funds from our Savings Account to an eFD with our Apple iPad or Android Tablet while we are shitting! So convenient. Doing Telephone Banking while shitting is not so appropriate lah as the other side can figure out what you are doing with the echo in the toilet, hahaha.
Generally, the highest interest rates for Commercial Banks’ Savings Accounts are Children/Junior Savings Account. So, for those who have young children, you can use these Children Accounts to your benefit.
THE BEST SAVINGS ACCOUNTS IN MALAYSIA
First off, I will present to you the table I have prepared. The accounts presented in my table was chosen with the following considerations:
For Junior/Kids Savings Account – interest rates close to 1 month FD rate.
For Adults’ Savings Account – interest rate close to 2% or higher.
Below Table shows some of the best and highest Savings Accounts Interest Rates offered by Commercial Banks like AmBank, Hong Leong Bank, Maybank, Public Bank and OCBC Bank.