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Savings Account in Malaysia
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AIYH
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 Oct 7 2016, 09:30 PM
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QUOTE(alexanderclz @ Oct 7 2016, 08:33 PM) just wanna ask you guys. what's the difference between basic savings account and regular savings account? as far as i have read, basic savings account only need to deposit a minimum of rm20 to open account with either no annual fee (limited atm withdrawals) or annual fee of rm8 (unlimited atm withdrawals). so doesn't it mean basic savings account is better? Their interest tier structure is different. Take CIMB as an example. Assumed you have both BSA and RSA conventional and have both above 100k. Under BSA, above 100k you will only earn 0.35% p.a. up to 0.45% p.a. While RSA, above 100k will give you 0.8% p.a. The interest rate difference is a bit insignificant but thats the noticable difference Plus, BSA is a product mandated by Bank Negara for every bank to have that BSA with no fee option for free banking to be possible  |
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AIYH
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Oct 7 2016, 10:18 PM
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QUOTE(alexanderclz @ Oct 7 2016, 10:09 PM) i see. thanks for the clarification. just dislike paying the annual fee or atm fee or whatever they call it. lol I normally opt for BSA no annual fee option from most banks to experience their inter banking or potential product later. Having said that, some bank staffs do not know there is such a no annual fee option for BSA and you need to insist and explain to them and ask them to lookup on their website or portal to convince them  The only exception that I pay for is OCBC 360 (one time atm issuance fee as oppose to annual fee but given their potential product feature, so still ok) Ambank TRUE accounts and StanChart Just One account (me planning to do so) are not BSA but no annual fee that I know so far |
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AIYH
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Oct 7 2016, 10:46 PM
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QUOTE(alexanderclz @ Oct 7 2016, 10:40 PM) perhaps banks don't make anything from basic savings account. i went to one CIMB, the person at the counter giving out numbers insisted BSA only for working purposes and need to produce offer letter. i went to another CIMB branch, and got it done without problem. Most bank staffs will push you for the annual fee option If one do not know about the no annual fee BSA option, most of them will end up paying the annual fee After all, as you said, BSA is just a compliance product, they earn nothing from it, is good that customers dont know and they earn the annual fee from them  Personally, I do mostly internet banking and rarely rely on ATM (aside from cash), so will always insist on no annual fee option |
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AIYH
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Oct 25 2016, 11:50 PM
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QUOTE(BacktoBasics @ Oct 25 2016, 11:33 PM) Anyone can recommend me a savings account with high interest? Depositing about 1.5k per month You can just go for Maybank eGIA-i, currently 3.6% p.a. |
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AIYH
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Nov 2 2016, 09:48 AM
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QUOTE(Skylinestar @ Nov 2 2016, 09:44 AM) What's the difference between CIMB Regular Savings Account & Basic Savings Account? The website is terrible at showing the differences. Why is Basic having higher interest rate? Basic: Up to RM50,000 - 0.25% Minimum opening deposit of RM20 Regular: Up to RM50,000 - 0.10% Minimum initial deposit for statement savings account - RM250 or passbook savings account - RM500 Cannot brain this.  Regular saving account earn higher interest above 100k, but the difference is small |
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AIYH
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Nov 2 2016, 10:03 AM
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QUOTE(Skylinestar @ Nov 2 2016, 09:57 AM) any other differences between the 2? If not mistaken, if you opt for BSA option 1, you can get debit card without annual fee (but limited to 8 ATM withdrawal per month) Whereas regular, I think you need to pay for annual fee for debit card |
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AIYH
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Nov 24 2016, 07:26 PM
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QUOTE(vernon91 @ Nov 24 2016, 07:07 PM) you sure ? That means have to get the Regular SA liao  I have an islamic BSA non-fee version of it and I do not share the concerns of the above mentioned.  So not sure what problem he faced though |
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