Open joint fd account over the counter, either one to sign, if u trust each other, for convenience sake.

Board rates are published on websites. Monitor this thread or drop by banks from time to time to enquire promo rates.

Normal fd with board rates min rm1k. Promos might need 10k.

If you intend to deposit monthly, you need to go to the counter monthly, unless u Hugo with eFd, eg mbb, hlb. Efd rates changes from time to time depending on promos.

The usual reason for saving money in Fixed Deposit instead of in Savings or other Investment
is the common general misunderstanding that FD rates are higher and safe.
Actually, this very much depends on the current situation, the kind of FD and effort needed, and the amount of money and cashflow in and out and the depositor/s situation.

For the first example, is 4.1% better than 4%? Take a look at the following if you do not understand:-

www.ocbc.com.my/personal-banking/accounts/360/

This OCBC 360 account is long running product, but it is not an FD but is achievable by most working people to fulfill the terms like transfer RM 500 of their salary into the savings account, spending at least RM 500 per month using the OCBC credit card etc It is not joint savings and the best benefit of 4.1% is only for the first RM 100,000 in that account. The question is whether you can or should spend RM 500 per month using the card.

In case, you are not so richly qualified, all is not lost in this second example. The very old BSN Sedar scheme offers you various benefits besides 2.5% + 15% bonus on the interest for the first year and 30% bonus on the subsequent years. Start small at the minimum requirement of  depositing RM 50 per month for 24 months. Slowly build up a number of Sedar accounts nest eggs as manage earnings, expenses and savings better which later could be used for other higher rated products.

http://www.mybsn.com.my/content.xhtml?contentId=129

For the third example, is +5% or +6% better than 4.3% , 4.5 % or 4.7%? Do you trust your mother or father who is over 55 years old, or you just want them to have some spending money?

A daughter passes money or deposits voluntary contributions to her non-working housewife mother EPF account. The mother instructs EPF to credit  a fixed  amount on the 26 th of each month into her savings account. She can then withdraw it for use for herself or give/transfer  it to her daughter later.

http://www.kwsp.gov.my/portal/en/web/kwsp/...lf-contribution

The maximum amount or RM 60,000 per calendar year can also be deposited in January of each year or December. The earlier, the contribution, the more interest earlier. The contributions can be over various times but always taken as effective at end of month deposited for interest calculation. This can cater for people up to 100 years old. The great thing is that EPF allows you to specify the way the remaining money is distributed to your named beneficiaries bypassing any will problems (except Muslims who do not enjoy this). If you have more than RM 60,000 per year income, you can either do the same with another oldie like your father or else go for other choices.