Malaysia Best High-interest Savings Account [Nov 2024]

When it comes to managing your savings, the balance between liquidity and returns is crucial. Fixed deposits often offer higher returns but they lack liquidity, tying up your money for a set period. Conventional savings accounts, on the other hand, provide easy access to your funds but with much lower interest rates, usually not exceeding 1%.

Enter high-interest savings accounts, which strike a balance between the two. These accounts offer attractive interest rates, sometimes up to 6% per annum, without compromising on accessibility.

While some conditions might apply to unlock these high rates, they still provide significantly better returns compared to standard savings accounts. This makes them a compelling option for those looking to grow their savings while maintaining liquidity.

Here’s a look at some of the best high-interest savings accounts in Malaysia for Nov 2024, designed to help you maximise your earnings without locking up your funds.

What Exactly are High-Interest Savings Accounts?

High-interest savings accounts stand out primarily due to their attractive interest rates compared to regular savings accounts. These accounts are ideal for cautious savers, offering better returns without the risk linked to stocks or bonds.

They serve as a secure option to preserve and incrementally increase your capital, making them perfect for long-term savings, emergency funds, major life milestones, or retirement planning.

However, these accounts often come with certain conditions such as minimum balance requirements, transaction limits, or the need to link with other financial products within the same bank to unlock the highest rates.

Despite these stipulations, the benefit of higher earnings makes these accounts a worthwhile consideration for many.

Overview of High-Interest Savings Accounts in Malaysia

1. UOB One Account

The UOB One Account offers tiered interest rates of up to 6.00% p.a. for balances up to RM100,000. You can earn up to 2.00% for the first RM 50,000; up to 6.00% for the next RM 50,000; and up to 2.00% for balance more than RM 100,000 by performing any of the 2 actions below:

• Credit a minimum of RM2,000 salary every month
• Spend at least RM500 each month using your eligible UOB debit or credit cards.
• Pay 3 bills of minimum RM50 each via UOB TMRW app or Personal Internet Banking (PIB) every month.
• Make 3 direct debit payments (minimum RM50 each) every month.
• Deposit a minimum of RM2,000 via Interbank Giro/ DuitNow/ Instant Transfer every month.

Source: UOB

2. Standard Chartered Privilege$aver

Standard Chartered's Privilege$aver account offers a total interest rate of up to 4.15% p.a. for balances up to RM100,000 by fulfilling the following requirements:

• Deposit RM3,000 or more
• Spend more than RM1,000 using Standard Chartered credit card
• Spend more than RM1,000 using Standard Chartered debit card
• Invest minimum of RM40,000 in eligible products

Source: Standard Chartered

3. RHB Smart Account

RHB Smart Account rewards you for saving, spending, and investing transactions with a maximum interest rate of 2.85% for balances up to RM100,000 with some of the more easier requirements:

• Monthly average balance more than RM 1,000
• Deposit a minimum amount of RM 2,000 monthly
• Pay a minimum of 3 bills monthly via RHB Online Banking or Mobile Banking
• Spend a minimum of RM 1,000 on your RHB Credit Card/-i or Debit Card

Additionally, you can earn an extra 1% by investing a minimum of RM1,000 in eligible products monthly, although this interest applies only to the investment amount, not your savings balance.

Below is an illustration of interest earned for a RM100,000 balance and RM100,000 invested in RHB investment product.

Source: RHB

4. UOB Stash Account

The UOB Stash Account offers tiered interest rates based on your account balance, with a base rate of 0.05% p.a. For balances up to RM200,000, you can earn up to 3.20% p.a. by maintaining or increasing your monthly average balance. The interest rates are as follows:

• First RM25,000: 0.05%
• Next RM25,000: 1.05%
• Next RM50,000: 2.55%
• Next RM100,000: 3.20%
• Above RM200,000: 1.60%

To enjoy bonus interest rates and maximise returns, you need to maintain the monthly average balance.

Source: UOB

5. OCBC 360 Account

The OCBC 360 Account offers a competitive interest rate of up to 3.25% p.a. for balances up to RM100,000 by meeting specific deposit and spending conditions:

• Deposit at least RM 500 every month
• Pay at least 3 bills online every month.
• Spend at least RM500 on your OCBC Credit/Debit Card(s) every month.

Additionally, new customers can benefit from a promotional rate of up to 5% p.a. for the first two months by depositing at least RM3,000 monthly. The OCBC 360’s relatively low requirements make it an attractive choice for consolidating everyday expenses and earning high returns. 

Source: OCBC

6. Hong Leong Pay&Save Account

The Hong Leong Bank Pay&Save Account offers a maximum interest rate of 4.15% p.a. for balances up to RM100,000, with specific conditions:

• Deposit at least RM2,000 in a single transaction monthly for three consecutive months (capped at RM500 per quarter)
• Spend at least RM500 with your debit card monthly (capped at RM30 per month)
• Pay cumulative RM500 bills online every month (capped at RM30 per month)
• Bonus interest of up to 0.90% for successful trades on HLeBroking, Hong Leong Bank’s stockbroking platform.

Additionally, the account supports 12 foreign currencies, making it unique among local bank accounts.

Source: Hong Leong Bank

7. Alliance SavePlus Account

The Alliance SavePlus Account has straightforward eligibility requirements but requires a substantial balance for the best rates:

• RM0 - RM20,000: 0.00%
• RM20,001 - RM50,000: 1.20%
• RM50,001 - RM200,000: 1.80%
• RM200,001 - RM500,000: 2.85%
• RM500,001 and above: 3.00%

To earn a more desirable interest rate of 2.85%, maintain an account balance between RM200,001 and RM500,000. Balances over RM500,000 earn 3.00%, though this requires a significant initial deposit. This account is ideal for those looking to deposit large sums of money with minimal hassle.

8. OCBC Booster Account

The OCBC Booster Account offers a total interest rate of 3.35% p.a. on a maximum balance of RM50,000 for four months, combining a base interest rate of 2.15% p.a. and a Wealth Bonus interest rate of 1.20%.

• Base interest/profit: Earned on your entire balance when you maintain at least RM30,000.
• Wealth Bonus interest/profit: Applied to the first RM50,000 of your balance for four months, based on qualifying amounts of selected investments or insurance.

Enjoy the promotional Wealth Bonus for four months when you invest in any new eligible wealth product from OCBC of at least:

• Regular Premium Insurance: RM6,000 for the first year annual premium
• Unit Trust Lump Sum Investment: RM20,000

Additionally, new customers can benefit from a promotional rate of up to 4.35% p.a. Where instead of the Wealth Bonus interest rate of 1.20%, you will get 2.00%. This promotion is exclusively for new Booster Account/-i customers during the campaign period from 15 May 2024 to 28 January 2025.

9. Ambank eFlex

The AmBank eFlex account offers bonus interest to enhance its base rate by maintaining a balance above a certain threshold. Here’s how it works:

• Base Rate: 0.5% p.a. on any end-of-day balance.
• Bonus Interest/Profit Rate: The difference between the prevailing 3-month FD/TD-i rate (currently 2.30%) and the daily accrual interest/profit rate. To qualify, maintain a daily end-of-day balance of at least RM20,000.
• Online Exclusive: Apply via the AmOnline Mobile app.

Enjoy seamless transactions and be prepared for emergencies while earning competitive interest rates on your savings.

High-Interest Savings Account vs Fixed Deposits

Both high-interest savings accounts and fixed deposits are viable options for those seeking predictable, guaranteed, and low-risk returns. The differences however, are distinctive:

Looking for Other Low Risk Investment?

High-interest savings accounts offer greater liquidity and good returns, but they often have limits on the interest you can earn and require meeting certain conditions. Fortunately, there are other low-risk investment options worth considering:

Cash Management Solutions

These provide high liquidity and potential for higher yields than traditional fixed deposits by investing in money market funds. One example is StashAway Simple, offering a projected rate of 3.6% p.a. without locking up your money and no minimum or maximum deposit requirement. 

Flexi Home Loan Account

Allows prepayment of home loans to reduce interest costs while maintaining the ability to withdraw excess payments, blending savings and liquidity effectively.

National Education Savings Scheme (SSPN)

Designed for parents saving for their children's education, SSPN offers competitive dividends backed by the Malaysian government, plus tax relief on contributions.

Amanah Saham Nasional Berhad (ASNB

ASNB provides a range of funds, especially for Malaysian Bumiputera investors, with competitive returns that can surpass fixed deposits. The stability and potential higher dividends make it a strong option for dynamic investments.