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 Savings Account in Malaysia

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GrumpyNooby
post Feb 23 2020, 09:06 PM

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e-KYC for banks to come soon

In a nutshell, e-KYC is the online process of verifying the identity of customers and assessing the risks or possible illegal intentions during each transaction — whether it be opening or logging onto an account, applying for a loan or making a payment. With e-KYC, consumers no longer have to go to a bank branch to open a savings or current account.

https://www.theedgemarkets.com/article/ekyc...u-9TFJ9eW3vRBB4
GrumpyNooby
post May 15 2020, 05:02 PM

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QUOTE(birain @ May 15 2020, 04:59 PM)
RHB bonus saver account good?
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You aware that there's a revision in term of its interest rate right?

QUOTE(acejlsh @ May 13 2020, 09:11 PM)
https://www.rhbgroup.com/others/highlights/..._may/index.html

RHB revision.

Bonus Saver Account get cut on one off basis, from 2.65% down to 1.40%
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GrumpyNooby
post May 19 2020, 09:59 PM

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QUOTE(Anangie @ May 19 2020, 09:58 PM)
Which saving account that give better interest rate?
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With or without conditions to meet?
GrumpyNooby
post May 19 2020, 10:06 PM

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QUOTE(Anangie @ May 19 2020, 10:02 PM)
With condition is also fine as long can get higher interest rate.
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SC PSA: https://forum.lowyat.net/topic/4892672
OCBC 360: https://forum.lowyat.net/index.php?showtopi...&hl=conditional
Other conditional high yield saving accounts: https://forum.lowyat.net/index.php?showtopi...&hl=conditional

QUOTE(MilesAndMore @ Apr 28 2020, 09:48 PM)
OCBC Bank 360 Account
Up to 3.40%

Standard Chartered Bank Privilege$aver
Up to 5.60%, realistic return is 3.60% starting next month

RHB Bank Smart Account / RHB Islamic Smart Account-I
Up time 4.25%, realistic return is 3.25%
**RM10 account maintenance fee to be charged every June and December if average monthly balance is less than RM1,000. This is a current account and you can request for cheque book facility if needed.

UOB Bank ONE Account
Up to 2.88%

Hong Leong Bank Pay & Save Account
Up to 2.75%

Affin Bank E-Saver / Affin Islamic Bank E-Saver-I
RM2,000 to RM49,999 - 2.25%
RM49,999 and above - 2.50%
**Do note Affin Bank savings account calculation is based on deposit band. Account can only be open via AffinOnline. So yes, you need to have a bank account with Affin Bank prior to opening this account yourself via AffinOnline. For example, you have RM50,000 in your Affin Bank E-Saver, there is no interest for the first RM1,999, then it is 2.25% for the next RM48,000, and finally 2.50% for the last RM1.

MBSB Bank Cash Rich Savings Account-I
2.15% on all balances
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GrumpyNooby
post May 20 2020, 10:52 PM

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QUOTE(MrTaxxi @ May 20 2020, 10:43 PM)
what about 'without conditions'?

i am using m2u savers

before covid it was 2%.. now 0.85%  biggrin.gif  biggrin.gif  omg...
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That's the unattractive space.
Sorry can't help much.
GrumpyNooby
post May 24 2020, 01:47 PM

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QUOTE(Anangie @ May 24 2020, 01:45 PM)
Is interest rate RHB Smart Account at 3.25% still valid as at now (after last revision of OPR this month)?
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QUOTE(MilesAndMore @ Apr 28 2020, 09:48 PM)
OCBC Bank 360 Account
Up to 3.40%

Standard Chartered Bank Privilege$aver
Up to 5.60%, realistic return is 3.60% starting next month

RHB Bank Smart Account / RHB Islamic Smart Account-I
Up time 4.25%, realistic return is 3.25%
**RM10 account maintenance fee to be charged every June and December if average monthly balance is less than RM1,000. This is a current account and you can request for cheque book facility if needed.


UOB Bank ONE Account
Up to 2.88%

Hong Leong Bank Pay & Save Account
Up to 2.75%

Affin Bank E-Saver / Affin Islamic Bank E-Saver-I
RM2,000 to RM49,999 - 2.25%
RM49,999 and above - 2.50%
**Do note Affin Bank savings account calculation is based on deposit band. Account can only be open via AffinOnline. So yes, you need to have a bank account with Affin Bank prior to opening this account yourself via AffinOnline. For example, you have RM50,000 in your Affin Bank E-Saver, there is no interest for the first RM1,999, then it is 2.25% for the next RM48,000, and finally 2.50% for the last RM1.

MBSB Bank Cash Rich Savings Account-I
2.15% on all balances
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This post has been edited by GrumpyNooby: May 24 2020, 02:18 PM
GrumpyNooby
post May 24 2020, 01:56 PM

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QUOTE(Anangie @ May 24 2020, 01:51 PM)
How about for RHB Smart Acc? I saw in website still 3.25%?

https://www.rhbgroup.com/RHBOnlineDepositAc...nxoCbqsQAvD_BwE
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Yes, realistically 3.25% pa as long as you meet all the Save, Pay & Spend requirements.

This post has been edited by GrumpyNooby: May 24 2020, 02:21 PM
GrumpyNooby
post May 31 2020, 09:57 PM

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QUOTE(birain @ May 31 2020, 09:56 PM)
i see, any recommendations?
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RHB Smart Account:
https://www.rhbgroup.com/RHBOnlineDepositAc...nxoCbqsQAvD_BwE

Realistically 3.25% pa as long as you meet all the Save, Pay & Spend requirements.
GrumpyNooby
post Jun 1 2020, 10:58 AM

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IMPORTANT NOTICE [FOR CIMB]
Savings / Current Account Interest / Profit Rate Revision

Dear Value Customers, Effective 01 June 2020, CIMB will revise Interest/Profit Rate for selected savings/current account.

Refer to attachment for details:
https://www.cimb.com.my/content/dam/cimb/pe...e-2020(ENG).pdf

This post has been edited by GrumpyNooby: Jun 1 2020, 11:09 AM
GrumpyNooby
post Jun 4 2020, 10:46 AM

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2 June 2020
Dear Valued Customers,

Effective 8 July 2020. please be informed that AFFINBANK and AFFIN ISLAMIC BANK will be revising Retail Deposits Band.

Click here for the Revised Retail Deposits Band.
https://www.affinonline.com/AFFINONLINE/med...sitsBandEng.pdf
GrumpyNooby
post Jul 5 2020, 12:14 PM

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QUOTE(Human Nature @ Jul 5 2020, 10:47 AM)
I made a DuitNow transfer from

UOB to Bank Rakyat - RM0.50 service charge
UOB to CIMB - free

Any idea why the difference? Thanks
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Amount same?
GrumpyNooby
post Jul 5 2020, 12:17 PM

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QUOTE(Human Nature @ Jul 5 2020, 12:16 PM)
To BR is 10k
To CIMB is less than 1k
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DuitNow above RM 5k for UOB will be charged 50 cents.

This post has been edited by GrumpyNooby: Jul 5 2020, 12:17 PM
GrumpyNooby
post Jul 10 2020, 10:27 AM

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Would you still put your money in the bank?

KUALA LUMPUR (July 10): With the overnight policy rate (OPR) at a record low now, it may not be a wise idea to put your money in the bank if a high return is what you are looking for.

Bank Negara Malaysia slashed the OPR by another 25 basis points (bps) to a record low of 1.75% on Tuesday. With this, the rate has been cut by 125bps this year.

https://www.theedgemarkets.com/article/woul...your-money-bank
GrumpyNooby
post Jul 10 2020, 05:35 PM

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Revision of Deposits Rates Effective 14 July 2020
10 July 2020

We wish to inform that effective 14 July 2020, the revised deposits rates are as follows:

Revision of Deposits Rates Effective 14 July 2020
https://www.affinonline.com/AFFINONLINE/med...ate14072020.pdf

For more information, contact our Call Centre at 03-8230 2222, visit your nearest AFFINBANK branch.
GrumpyNooby
post Jul 15 2020, 06:01 PM

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QUOTE(KCY3701 @ Jul 15 2020, 05:15 PM)
I know we already have a thread for Conditional High Yield Savings Account. How about Unconditional High Yield Savings Account? Is there any good ones that exist?
Means those account that doesn't need any credit/debit card spend, salary deposit, buy insurance/mutual fund nonsense etc. Of course the rate will be lower a bit la.
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There're tier/band based high yield saving account.
These saving accounts rate could be high but may not on par with Conditional High Yield Savings Account that comes with various conditions to fulfill.
GrumpyNooby
post Jul 15 2020, 07:36 PM

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QUOTE(KCY3701 @ Jul 15 2020, 07:27 PM)
Any good example?
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UOB Stash:
https://www.uob.com.my/personal/promotions/stash-bonus.page

Alliance SavePlus:
https://www.alliancebank.com.my/banking/per...us-account.aspx

GrumpyNooby
post Jul 23 2020, 02:25 PM

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Received this from Citi via SMS:

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https://www.citibank.com.my/global_docs/edm...nterest/edm.htm

T&C: https://www.citibank.com.my/global_docs/pdf...ampaign-tnc.pdf

This post has been edited by GrumpyNooby: Jul 23 2020, 02:26 PM
GrumpyNooby
post Jul 27 2020, 04:33 PM

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HSBC launches Malaysia's first 24/7 digital account opening

https://www.theedgemarkets.com/article/hsbc...account-opening
GrumpyNooby
post Aug 4 2020, 06:17 PM

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Key takeaways from H2'20 Global Market Outlook Webinar

According to Standard Chartered Wealth Expectancy Report 2019, 70% of Malaysians primarily use Savings Accounts for wealth generation. This fact is concerning given that interest rates are at a decade low and investors are finding it increasingly difficult to reinvest their savings at returns offered previously.

In times like these, inaction can make you vulnerable to market movements. Here is how we can help you navigate through the uncertainties:

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GrumpyNooby
post Aug 11 2020, 07:38 PM

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QUOTE(JohnLo @ Aug 11 2020, 07:36 PM)
what purpose of saving in saving acc? interest rate is not high also
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For doing transactions; online bill payment with extension JomPay network, DuitNow QR (replicating e-wallet) and using debit card.

This post has been edited by GrumpyNooby: Aug 11 2020, 07:39 PM

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