These Fixed Deposits Offer The Highest Returns In 2024

best fixed deposit

Financial experts recommend that we put aside money for contingency for a rainy day. However, putting the money in a savings account may see its value diminishing against the rising inflation rate.

At the same time, putting your money in investments like unit trust, real estate investment trust (REIT) or stocks may not be liquid enough when it comes to emergencies. The next best thing is a fixed deposit.

A fixed deposit is a bank account that lets you take out your money after a fixed period of time and generally gives higher yields than an ordinary savings account. Most banks in Malaysia provide their own deposit products, so it can sometimes be difficult to determine which deposit products you should consider.

Besides that, the Overnight Policy Rate remains at a relatively high 3.00%. This means that you will likely be forking out a little extra to pay off your loans and debts owed to the bank. On the other hand, it is possible to see a small rise in fixed deposit rates as well.

So to help you get more out of your savings, we’ve combed through the market and found the best fixed deposits in Malaysia this year.

Fixed deposit promotions

First off, here are the fixed deposit promotions you’ll want to take advantage of this season. These promos offer better-than-average rates, but you’ll generally have to place a higher minimum deposit.

BankPromo untilMin depositTenureInterest rate
Alliance Bank CNY Wealth and FD 29 February 2024RM10,000Up to 6 months12.88% p.a.
Bank Simpanan Nasional BSN Term Deposit-i with BSN SSP Platinum30 April 2024RM5,0006 monthsUp to 5.70% p.a
HSBC Bank Time Deposit Promo31 March 2024RM50,0006 monthsUp to 4.00% p.a.
Public Bank PB PowerInvest Fixed Deposit Campaign30 June 2024RM10,000Up to 8 monthsUp to 13.05% p.a.

Comparison of fixed deposits accounts

Besides seasonal promotions, we’ve also put together a list of the highest-returns fixed deposits to fit your needs. Read on for more information about each account.

Best forBankTenure (months)Interest rates
General savingsMaybank eFixed Deposit1 - 602.60% - 2.90%
Low ballersMBSB Term Deposit-i1 - 603.00% - 3.90%
KidsHong Leong Bank Junior Fixed Deposit1 - 602.15% - 2.50%
Senior citizensPublic Bank PB Golden 50 PLUS 1 - 602.60% - 2.80%

1. For general savings: Maybank eFixed Deposit

Tenure (month)Interest rate
13 - 352.85
36 - 472.90
48 - 592.90

Maybank’s eFixed Deposit is one of the better options for general savings. The minimum deposit for one-month tenures start at RM5,000 while you need RM1,000 for two-month and above tenures. While Maybank may not offer the highest interest rates over long-periods of time, they are one of the quickest to ramp up. It only takes 6 months for the FD to hit 2.80%, which is faster than most banks.

2. For the low ballers: MBSB Term Deposit-i

TenureInterest rate
13.00 (Annually)
23.05 (Annually)
33.10 (Annually)
63.20 (Annually)
93.30 (Annually)
123.40 (Annually)
153.45 (Annually) / 3.35 (Monthly)
183.50 (Annually) / 3.40 (Monthly)
243.55 (Annually) / 3.45 (Monthly)
363.60 (Annually) / 3.50 (Monthly)
483.65 (Annually) / 3.55 (Monthly)
603.85 (Annually) / 3.80 (Monthly)

Fixed deposits generally require at least an RM1,000 deposit, but the MBSB Term Deposit-i accepts as little as RM500. It offers flexible profit payment options (monthly, quarterly or upon maturity), though monthly and quarterly options are only available from 15 months onwards. Also, do note that this is an Islamic FD account and works slightly differently from a regular one.

3. For the kids: Hong Leong Bank Junior Fixed Deposit

TenureInterest rate
2 - 32.25
4 - 52.30
7 -112.35
12 - 602.50

If you’re looking for a fixed deposit account to open for your child, consider the Hong Leong Bank Junior Fixed Deposit. You’ll need a minimum deposit of RM1,000.

This account doesn’t offer the best interest rates, but it’s flexible enough to accommodate periodic withdrawals. With this account, interest is calculated daily and paid monthly. You’ll be able to make early partial withdrawals from your account and still earn interest on your remaining balance – other accounts may penalise your interest returns for doing so. Additionally, many other junior saver account options tend to see a sharp drop in interest rates after a certain amount is deposited.

4. For senior citizens: Public Bank PB Golden 50 PLUS

TenureInterest rate

If you’re aged 50 and above, the Public Bank PB Golden 50 PLUS could be a good fixed deposit account to consider. It has decently high interest rates that start at 2.15% and quickly picks-up the pace to 2.80% at 6 months.

It allows you to enjoy profits on a monthly basis until maturity, with medium to long term tenures of 6 to 60 months. However, since the interest rate seems to level out after 6 months, longer tenures might not be worth it. These relatively short tenures can be very useful if you’re relying on your interest payments to help cover living expenses during retirement.

The only downside is that you need to place a deposit of at least RM30,000 for 12 month tenures or less.

Get more out of your savings

Fixed deposits are a great way to earn a bit of returns out of your spare cash, or to preserve your savings. But don’t forget that there are other ways of growing your money, too. You could consider these high-interest savings accounts or these fixed deposit alternatives. If you can handle a bit more risk, and you can afford to put your money away for several years, you can even consider investing it. If you are not sure where to look to start your savings or investment journey, you can try using iMoney’s Smart Search Tool to help you find the right account for you.

This article was first published in June 2021 and has been updated for freshness, accuracy and comprehensiveness.

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