I have maxed out 8k every year (mostly 16k since both for myself and wife) since opening accounts when the kids were babies.

If you're asking whether the tax relief of 8k is worth it.... it's about RM2k less I have to pay to government at my tax bracket. And its not like every other tax relief where you actually have to spend and buy something, its literally putting aside savings for your kid's education. The dividend used to be decent too, now seems a bit worse, but lose 1% on there is not an issue when gaining 2k every year from tax relief plus additional 1% on full amount during ganjaran kesetiaan month.

Roughly calculating, definitely the dividend + ganjaran over the years is 20+k so far. Income tax benefit slightly more, maybe 25k between me and spouse. That's total roughly one third of the amount I had in the account as of 31st December 2023. Most of the ganjaran is from pumping a few hundred k just for those months la, but as you can see the income tax benefit is more worth (obviously, it's at 26% for me, compared to ganjaran 1%, but ganjaran is much much higher cap).

Another way of putting it, I saved X amount for my kids over the past 10 years, and due to income tax benefit and dividen and ganjaran I now have X+50% saved up. Bitcoin/AAPL/NVDA would have given more of course, but this is savings not investment.

are you just farming reward points from your credit card or something?

With and under that condition, go for sspn prime

yes but take time

face problem?

camera problem then

When I did that earlier this year, max 1k at one time.

Not sure if they've changed, but last I checked the app withdraw is not instant, and you can't initiate another withdrawal until the first one completes (few days). So not 3 days.

Just use Bank Islam or over the counter.

sometime have to wait 1 week only receive, after receive only can withdraw next 1k

easiest way BI online, instantaneous
SSPN is my ATM when i need  money

Nope, it won't be faster. Open bank islam account, then you need to remember to activate the link between that and your PTPTN (can only do at Bank Islam ATM, which mostly can only find at their branches). If you have a good CS (like the one who attended me at USJ Taipan branch) they will remind you, but otherwise you will go home, then find that need to go find ATM again to do it. That is if you have informed them your objective is to handle SSPN funds when they ask you for reason of opening accounts, some here have just said "for saving" and then buta-buta go home without doing so.

But if you plan to do more than once, it will save you time overall, because you can do transaction online (during working days/hours only) for fifty cents.

Of course if you're planning to play with larger amounts than 25k then you probably want to use PTPTN office anyway, since max 50k per day moving out of SSPN to Bank Islam (normally 25k to move it out, then another 25k use of your limit to move it from Bank Islam to wherever your target account is).

Is there annual withdrawal limit for SSPN Prime via bank islam?
Keep getting exceed transaction limit error, even when I only withdraw 5k

Hi,

Do I have to open the sspn account with my kids IC or my IC to enjoy the tax relief?

Just sharing a "hidden level" i found coz my niece just shared - she has been tapping out her SSPN via RHB account! not Bank Islam nor Bank Rakyat. sekian I've not personally investigated ya - so check it out as an alternative to Bank Islam and Bank Rakyat if U are interested.