@LickGuy,
I haven't been able to get onto M2U's website to do a direct comparison between the 2. Premier 1 Account is really a Current Account with cheque facilities. Interest is also calculated on daily basis according to tier rate [refer to website for rate]. There is also a surcharge of RM5 p/month on this Premier 1 Account. I believe NO interest will be calculated should ur account balance drop below RM5k.

1) Current Account (CA) usually doesn't give U interest - and even if U do get, it's usually insignificant
2) Compare interest rate between Savings Account (SA) and CA - SA might be higher - if so, keep ur $ there. The higher the interest the better it is for U
3) Overdraft facility (OD) is when U draw down below RM0 - that's when the bank starts lending U $ [interest rates are calculated differently so check what ur OD interest is before using it] - I don't think U'll be making use of it so it's not a benefit for u.

I think U should just get a normal savings account with an ATM card (I'm assuming U want an ATM card issued with it). Y pay for these fanciful services when U don't need it. RM5 p/month x 12 = RM60 fee ur paying just to keep the Premier 1 Account open.

@LickGuy,
If U need cheque facilities then U haf no choice but if U can do away with cheque facilities then don't bother with Premier 1.