Savings Account
A savings account is an interest-bearing deposit account with no stated maturity, as opposed to time deposit.  You can withdraw or deposit funds into your savings account any time.  It pays daily interest on your balance and is normally credited to your account every month.  You can choose to receive an account statement or a passbook to keep track of all your transactions and interest earned.

Interest
In Malaysia, the interest earned in a savings account varies depending on how much you have deposited in the account and it also varies marginally from bank to bank.  Usually, the annual interest rate escalates from about 1.5% to about 2.5% for amounts between RM10,000 and RM100,000.  It will be slightly lower for amounts that are less than RM10,000 and marginally higher for amounts in excess of RM100,000.  It would be advisable for you to check with your bank on the latest interest rates applicable.

Back to Top | Next (Fixed deposit)