The Best Fixed Deposits In Malaysia For 2019

The Best Fixed Deposits In Malaysia For 2019

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 (FD).

Fixed deposit is a type of 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.

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We have combed through the market and found the best fixed deposits in Malaysia for 2019 according to your needs.

Compare all the options available to find your best

For general savings 

Maybank Fixed Deposit Account

Minimum deposit: RM1,000
Interest rates:

TenureInterest Rates (% p.a.)
1 month2.90
2 months2.90
3 months2.95
4 months2.95
5 months2.95
6 months3.05
7 months3.05
8 months3.05
9 months3.05
10 months3.05
11 months3.05
12 months3.10
13- 24 months3.10
36 months3.15
48 months3.25
60 months3.35
*source: Maybank2u

Maybank offers some of the most competitive fixed deposit interest rates for consumers. The low minimum deposit reduces the barrier to entry, giving you a long term deposit solution that’s better than a regular savings account.

This is suitable for the general consumer who is looking for a general purpose fixed deposit account without any frills or add-ons. In some cases, that’s all you really want.

Bank Islam Term Deposit-i (Tawarruq)

Minimum: RM500
Profit rates:

TenureProfit rate (% p.a.)
1 month3.05
2 months3.05
3 months3.10
4 months3.10
5 months3.10
6 months3.15
7 months3.15
8 months3.15
9 months3.25
10 months3.25
11 months3.25
12 months3.35
15 months3.55
18 months3.65
21 months3.70
24 months3.75
36 months3.75
48 months3.75
60 months3.85
*source: Bank Islam

Based on the principle of Tawarruq, where the commodities are traded in order to generate profit, the Bank Islam Term Deposit-i offers some of the best profit rates in Malaysia. This is particularly noticeable due to the low minimum deposit.

The underlying assets being traded here are mainly precious metals, excluding gold and silver. However, it also trades in palm oil and other commodities that are shariah compliant.

As a shariah compliant product, this is especially suitable for muslims. However, Bank Islam accepts customers of all religions; and this is a fixed deposit solution that should be considered by all Malaysians.

For the low ballers

CIMB Unfixed Deposit

Minimum deposit: RM1,000
Interest rate:

TenureRate (% p.a.)
1 month2.95
2 months2.95
3 months3.00
4 months3.00
5 months3.00
6 months3.05
7 months3.05
8 months3.05
9 months3.05
10 months3.05
11 months3.05
12 months3.10
13 - 14 months3.10
15 - 23 months3.10
24 - 35 months3.10
36 - 47 months3.20
48 - 59 months3.30
60 months3.40
*source: CIMB Bank

If you’re looking around for a lucrative interest rate that also allows a flexible tenure, then the CIMB Unfixed Deposit is the right plan for you. CIMB Unfixed Deposit offers an interest rate of 3.30% – with only a deposit of RM1,000.

The beauty of this product from CIMB is its flexibility of allowing the depositors to make partial withdrawals. Withdrawal is allowed with a minimum of RM1,000 and in multiples of RM1,000 under the same account number. For those who are signing up for the FD account for more than four months, interest of half of the contracted rate for each completed month of the withdrawn amount is payable on the withdrawn amount, if the withdrawal is made after the completion of three months.

This is attractive for low ballers who may need the money at any one point before the maturity of the FD. The caveat is, you need to maintain a minimum of RM1,000 in the account, except for one-month placement.

It offers the highest interest rate for this tenure, which is suitable for those looking for short-term deposits.

Affin Bank Fixed Deposit

Minimum deposit: RM500 (for two months and above)
Interest rates:

TenureInterest rate (% p.a.)
1 month3.00
2 months3.00
3 months3.05
4 months3.05
5 months3.05
6 months3.15
7 months3.15
8 months3.15
9 months3.25
10 months3.25
11 months3.25
12 months3.90
>12 months4.15
*source: Affin Bank

The Affin Bank Fixed Deposit plan allows you to grow your savings with just RM500; one of the banks with the lowest point of entry for an FD account. It also offers an attractive 3.90% interest rate per annum for a tenure of 12 months. Longer tenures – of up to 60 months – offer interest rates of up to 4.15%. Even if you are not a low-baller, this makes an attractive rate for general savings too.

The low minimum deposit caters to lower income groups that may struggle to get started with other banks.

For the kids

BSN Term Deposit

Minimum deposit: RM500
Interest rates:

TenureInterest rate (% p.a.)
1 month3.00
3 months3.05
6 months3.10
9 months3.15
12 months3.45
15 months3.35
18 months3.35
24 months3.35
36 months3.35
48 months3.35
60 months3.35
*source: BSN

This is the most flexible FD available, with tenures lasting as little as 1 month and a minimum deposit as low as RM500. With the account allowing for individuals as young as 12 years old, the variable tenures allow parents to set the FD maturity date for milestones in their children’s life.

Shorter-term tenures could be used for schooling supplies, while longer terms could be used as graduation presents or to prepare for tertiary education. The low minimum deposit helps with less affluent families aspiring to send their children off to study at local universities.

The BSN Term Deposit-i is also available. Providing a shariah compliant alternative for muslims.

For senior citizens

Public Bank PB Golden 50 PLUS FD Account

Minimum deposit: RM10,000
Interest rates:

TenureRate (% p.a.)
1 month3.05
2 months3.05
3 months3.10
4 months3.10
5 months3.10
6 months3.15
7 months3.15
8 months3.15
9 months3.15
10 months3.15
11 months3.15
12 months3.20
15 months3.20
18 months3.20
21 months3.20
24 months3.20
36 months3.20
48 months3.20
60 months3.20
*sources: Public Bank

Public Bank PB Golden 50 PLUS FD Account is designed for those who are focused on retirement. There are two plans to choose from:

1) RM30,000 for 1 to 12 months
2) RM10,000 for 15, 18, 21, 24, 36, 48 and 60 months

Of these, the shorter term tenure offers interest payments both on a monthly basis or after the fund matures. Alternatively, the longer term tenure only offers interest payments on a monthly basis.

Interest rate payments are not the only reason to look into the PB Golder 50 PLUS FD account. It also offers discounts for account holders older than 50 years old on safe deposit box rental, will writing, and select insurance policies from Lonpac Insurance Berhad.

BSN Term Deposit Senior Citizen

Minimum deposit: RM5,000
Interest rate:

TenureInterest rate (% p.a.)
RM5,000 - RM50,000>RM50,000
12 months3.353.40
15 months3.403.45
18 months3.403.45
24 months3.403.45
36 months3.403.45
48 months3.403.45
50 months3.403.45

*source: BSN

Bank Simpanan Nasional offers better interest rates than Public Bank, although it doesn’t offer the same discounts. The other difference is that interest payments are made every four months; which is roughly every quarter year. However, account holders must open a BSN Giro account in order to receive the payments.

The BSN Senior Citizen term deposit can also be used as collateral for select financial products from the bank. These include credit cards, micro-financing, mortgages, and hire purchase loans. In all, this makes it an attractive solution for those facing retirement and would still like to have financing options open.

The above are some of the best FDs offered in 2019. Compare and decide which one best suits your needs. It’s not too late for you to grab the opportunity and grow your money!

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