Ask for free basic savings account. All banks in Malaysia will have that as it's BNM rules to offer such account. Banks will usually discourage you from opening that account. Just ignore and be firm that you want that account.

Setback: 8x free ATM withdrawal a month.

Not true. See above

This post has been edited by Ramjade: Oct 31 2017, 04:02 PM

There are 2 basic saving account. One free and one paid. If you don't specify you want the free, banks will by default give you the paid version.

This post has been edited by Ramjade: Oct 31 2017, 04:22 PM

Of course. That's normal. That's why must ask for free basic saving account

That's ridiculous. Paid debit cards = free debit card. I have never experienced that. The only thing I experienced is bank officer making a black face when I request for free BSA

A well place "I am going to report this issue to BNM" will rectify the problem.

This post has been edited by Ramjade: Oct 31 2017, 09:20 PM

When you open an account, you are a liability to the bank. In addition, if they cannot make money off you, your account with them is considered a loss already. So tell me, if 10k people want to open free basic saving account, and bank cannot make money from them, would bank want to open for you?

That's why, when you go to a bank and request for account, by default, banks will never give you the free basuc savings account except if you ask or maybe it's BSN.

I have to agree with your statement. No stock is basically just an excuse. It cannot be used in today's time as now all banks issue debit card with atm functions.

When you open a bank account, forget about the interest. Interest is usually close to zero making it neglible. If you want interest, better you look for high interest rate savings account/FDs/Money market fund.

All BSA require you to keep min RM20 inside.

Nope. No BSA will give you that high.

You want high interest, your only options are
1) Phillip money market fund (3.5x%)
2) FSM CMF2 (3.3x%)
3) Ocbc 360
4) Rhb bonus saver
5) M2savers

It's your right to report the issue to BNM if the banks refuse or make excuses for openning free BSA.

This is just to threaten the bank. If they still refuse, just drop a email to BNM.

This post has been edited by Ramjade: Nov 2 2017, 07:26 PM

Yes. 8 free withdrawal a month.

Regarding your earlier question, yes. You can ask maybank to convert the paid account to the free account.

When you open a SA, be prepare for 0 interest. As mentioned, if you want high interest, you need to work for it (research for high interest account, pass their tnc). Don't hope free BSA have super high interest. Dah la banks not making much money from you, want to give you high interest? That's too much already. Banks are not charity body.

Your amount is too small until the interest given is negligible.