I've just come across this ad from Maybank about m2u savers. Maybank2u.com users may open a m2u savers account and enjoy 2.1% p.a. by keeping RM2000-RM50000 monthly and 2.3% p.a. by keeping RM50,000 and above monthly balance.
2.1% p.a. for a savings account?!?!? Is this true? Seems too good a deal... What do u guys think?

Yes, FD gives higher rates (3-3.8%) but cannot withdraw. This M2U is a savings account (can withdraw anytime) but gives 2.1% pa! Isn't this the best savings account in Malaysia?

Yeah, just check out the link. Indeed a lot of $ is required... At RM2000, for savings account, Maybank's M2U still offer the best rate, 2.1% pa...

This post has been edited by Bryan LSC: Jun 23 2011, 11:24 AM

Well, Standard Chartered lose to Maybank on this, check this out http://www.standardchartered.com.my/person...sits/esaver/en/

Here's the analysis of the three high-interest savings account

a) EON Bank High Flexi Savings Account
Balance (RM) Rates (p.a.)
Up to RM5,000 0.00%
Up to RM10,000 0.10%
Up to RM20,000 0.30%
Up to RM50,000 0.50%
Above RM50,000 2.90%

b) CIMB Money Multiplier Account
Daily interest (2.5% pa) will be paid on entire daily balances provided the balance exceeds RM10,000 on any given day

c) m2u Savers
Minimum Initial Deposit: RM250
Minimum balance to enjoy interest: RM2,000
Minimum balance to maintain: RM250

m2u Interest Rates:
RM2000 to RM50,000 2.10%p.a
Above RM50,000 2.30%p.a

CONCLUSION: I believe for starters/fresh grad like me, M2U savers is the one to go for, coz it only requires RM250 as min initial deposit and RM2000 monthly balance to enjoy the 2.1% p.a. Then, once it exceed RM10,000, can consider changing it to CIMB Money Multiplier to get the 2.5% pa. Lastly, when it exceeds RM50,000, can put into EON High Flexi to get the 2.9% pa interest! I seem like a dreamer...

thanks aeiou, but pity me, i have to wait till i start to work next year to have income and put some cash into M2U... Looking forward to tat... Hope to learn more about investments, personal finance and etc from all the experts here! cheers

I'm wondering, if one of the months I failed to keep the balance of the account at RM2k, then how's the 2.1%pa interest?
For example, if January 2012 - December 2012, every month I manage to keep Rm2000 balance in m2u account except February. So do I still get the 2.1% p.a.
And another thing is, when do they start counting? Coz the minimum deposit is only RM250. So if at the beginning (January) my account got RM250 only and I top-up RM500 monthly afterwards, after 4 months (June), then only they will count from June 2012 till June 2013 to give me the 2.1%p.a.? Is it like this? I'm so confused... Sorry guys, my math sucks...

Alright, I get the picture now! Thx again aeiou!

So we need to open two accounts to get this m2u savers la? And which one should be keep the balance of RM2k monthly to get the 2.1% p.a.?