What You Must Know Before Opening A Savings Account

Written by iMoney Editorial

There are various kinds of savings accounts in Malaysia. Depending on your day-to-day usage, some may be more suitable for you. In any case, the most common transactions performed with a savings account are illustrated below:

What You Should Check Before Opening A Savings Account

• Find out the minimum amount needed. Make sure you make a note of the minimum deposit required for you to open and the minimum amount you must have in your account at all time.
• Learn about the interest rate that you will earn. Some savings accounts offer different interest rates depending on your account balance.
• Ask if there are any additional fees for any kind of situation e.g. any account closure fees (in case you plan to close your account in the future) or online transaction fees.
• Explore the different types of savings accounts offered such as savings accounts for children or senior citizens.
• Learn about the online facilities the bank has to offer.

The Application Process

The process of opening a new savings account is pretty much similar across banks. Here’s a chart detailing the steps involved:

Once you successfully opened your savings account, a friendly reminder to keep your PIN and account statements as safe as possible. Be sure to never write your PIN on anywhere obvious. Also, make sure you inform your bank if you do lose your ATM card, or find suspicious/incorrect transactions in your account statements.

 

To find a perfect savings account, see iMoney’s savings account comparison table.