{"id":46948,"date":"2023-07-10T09:40:52","date_gmt":"2023-07-10T01:40:52","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=46948"},"modified":"2023-07-10T19:55:02","modified_gmt":"2023-07-10T11:55:02","slug":"apply-online-savings-account","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/apply-online-savings-account","title":{"rendered":"How To Apply For An Online Savings Account"},"content":{"rendered":"

\u201cWhy should I open a savings account through the internet?\u201d You may ask. Well, in this world of digitalisation, you already have the convenience of accessing your bank funds with just a tap of a button. So why shouldn\u2019t it extend to opening new accounts as well?<\/p>\n

Having multiple saving accounts isn\u2019t a bad thing either. It can help with your budgeting by separating funds. Think of it as the envelope budgeting method, but using bank accounts instead of keeping the money at home.<\/p>\n

In the table below we\u2019ve compiled a list of banks and their basic savings accounts that can be opened without having to set foot in a bank branch, with a few exceptions when it comes to the final step of verifying your identity.<\/p>\n

<\/span>Banks that offer online savings accounts<\/span><\/h2>\n

The first thing to note is that you must not be an existing customer to the banks prior to opening a new online savings account. Banks in Malaysia limit opening a new online account to new customers, which is something you should keep in mind when shopping around.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Bank<\/center><\/th>
How?<\/center><\/th>
Initial Deposit in a single transaction<\/center><\/th>
Need to verify at your nearest branch<\/center><\/th>\n<\/tr>\n<\/thead>\n
UOB One Account<\/a><\/td>
Online Form + 6 digit OTP<\/td>
RM2,000<\/td>
yes<\/td>\n<\/tr>\n
Standard Chartered Basic Savings Account<\/a><\/td>
Online Form<\/td>
RM1,500<\/td>
yes<\/td>\n<\/tr>\n
Maybank Basic Savings Account<\/a><\/td>
Online Form<\/td>
RM20<\/td>
no <\/td>\n<\/tr>\n
Hong Leong Bank Basic Savings Account<\/a><\/td>
Apply using phone via QR code<\/td>
RM20<\/td>
no<\/td>\n<\/tr>\n
OCBC 360 Account<\/a><\/td>
Online Form<\/td>
RM500<\/td>
yes<\/td>\n<\/tr>\n
HSBC Basic Savings Account<\/a><\/td>
Online Form + Verification at ATM<\/td>
RM20<\/td>
yes<\/td>\n<\/tr>\n
RHB MaxSave Account<\/a><\/td>
Online Form<\/td>
RM200<\/td>
no<\/td>\n<\/tr>\n
Rize Savings Account-i<\/a><\/td>
Download, install app<\/td>
RM20<\/td>
no<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>What documents do you need?\u00a0<\/strong><\/span><\/h2>\n
    \n
  1. Full name<\/li>\n
  2. NRIC or Passport<\/li>\n
  3. Must be 18- years old and above<\/li>\n
  4. Employment and income details<\/li>\n
  5. Contact details<\/li>\n
  6. Current address or past addresses (if MyKad address isn\u2019t the same as current address, please provide utility bills, bank statement, EPF statement or driver\u2019s license.<\/li>\n
  7. Initial deposit must be transferred from your own account from a different bank under your own name.<\/li>\n<\/ol>\n

    We hope that this list provides you a better idea of what is required to open an online savings account.<\/p>\n

    <\/span>Some general guidelines you should know<\/span><\/h2>\n

    Now, here are some general pointers you should know when looking into the application process:<\/p>\n