Best Savings Account in Malaysia

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Best Savings Accounts In Malaysia: Compare 2026 Plans
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We found 85 savings account(s) for you!

Last updated: Jun 30, 2026

FAQs What is a Saving Account?

A savings account is a deposit account offered by a bank, which allows you to save and withdraw your money as and when you like. In most cases, saving accounts generate less interest than Fixed Deposit accounts; but unlike the latter, there are no maturity periods and you do not lose any earned interest when you choose to withdraw your deposits before a certain period of time.

  • In a standard savings account arrangement, you deposit your funds to a bank and receive interest based on the amount of money you have in the account on periodic basis. You are allowed to access the funds you have deposited through a variety of mediums, which include withdrawals from a bank counter, an Automated Teller Machine (ATM) through a debit card, or via phone banking and in certain cases, through an online banking service.

    Savings accounts generally do not have cheque facilities. In Malaysia, a deposit account that works in an identical manner as a savings account but comes with a chequebook is known as a current account. However, current accounts are typically harder to qualify for, and could also come with maintenance charges.

  • Most savings accounts in Malaysia do generate interest, but the rates pale in comparison to the returns generated by Fixed Deposit accounts. Generally speaking, saving accounts are not considered good financial vehicles to generate interest returns from your money. Instead, they are mostly considered as a means to store and withdraw money for everyday expenditure.

    To get the best return from your savings account, always make sure you have done the necessary comparison between different savings accounts before you commit. Also, some savings accounts may feature a tiered interest rate system, which gives you a higher interest rate for higher account balances. Ultimately, you should always find out more about your saving account in order to take full advantage of its policies.

  • Deposits made at most banks in Malaysia are protected by Perbadanan Insurans Deposit Malaysia (PIDM), an insurance that automatically insures depositors against closure of the bank for up to RM250,000 per depositor per bank. Banks that are protected under PIDM are known as PIDM member banks, usually identifiable by a PIDM sign at the front counters.

    To be insured by PIDM for more than RM250,000, the best way is to place any amount above RM250,000 with a different bank. Another way is to place the money into a joint-name account or an Islamic account, which are insured separately from conventional single-name account. Information about PIDM can be found here.

  • Intense competition in the banking sector means certain banks do offer higher interest rates for their savings accounts compared to others in order to capture a wider market segment. As a smart consumer, you are advised to make an effort to seek out these banks.

    To find the savings accounts with the best interest rates in Malaysia, simply refer to the table at the top of the page, which contains a list of all savings accounts offered by major banks in Malaysia as well as their latest prevailing rates. Upon finding a savings account you like, you can also apply for one online and at no charge. Simply click on “Apply Now” beside the savings account of your choice, and allow our consultant to help make the necessary arrangements on your behalf.

  • The best savings account in Malaysia in 2026 depends on your goals. For the highest unconditional daily interest, Boost Bank currently offers 3.30% p.a. with no salary credit or spend requirement. For traditional bank options, look at high-interest savings accounts from CIMB, Maybank, and Alliance Bank, which offer tiered interest rates that can exceed 2.50% p.a. when transaction conditions are met. All accounts listed on iMoney are from PIDM member banks, meaning your deposits are protected up to RM250,000.

  • Yes. Savings accounts held with PIDM member banks in Malaysia are automatically insured by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per depositor per bank. This protection applies to both conventional and Islamic savings accounts. If you have more than RM250,000, you can split your funds across multiple banks, open a joint-name account, or open a separate Islamic account - each of which is insured independently under PIDM rules.

  • A conventional savings account earns interest (faedah) on your deposit balance. An Islamic savings account operates under Shariah law and does not pay interest. Instead, the bank pays hibah (gift) or profit under a Wadiah or Mudarabah contract. Both types are available at most major Malaysian banks, are PIDM-protected, and function similarly for everyday transactions. Non-Muslims may also open Islamic savings accounts.

  • A tiered interest rate savings account pays different interest rates depending on how much money you keep in the account. Higher balance tiers typically earn higher rates. For example, a bank may pay 1.00% p.a. on the first RM10,000, then 2.50% p.a. on balances above that amount. Always check the full tier structure before applying, as headline rates may only apply to a specific balance band.

  • A salary savings account is designed to receive your monthly salary credit and usually offers bonus interest or exclusive privileges (such as preferential home loan rates, fee waivers, or cashback) in return. It is a good option if you want to consolidate your primary banking relationship with one bank. However, compare the base interest rate and bonus conditions carefully, as some salary accounts require minimum monthly spending on a linked debit or credit card to unlock the best rates.

  • Yes. Most major Malaysian banks and all digital banks (GXBank, Boost Bank, AEON Bank) allow you to open a savings account fully online via a mobile app or web portal. You will typically need a valid MyKad (for Malaysians) or passport (for non-Malaysians), a selfie for eKYC verification, and an initial deposit transferred from an existing bank account. Some traditional banks may still require a one-time branch visit for identity verification.

  • Minimum initial deposits vary by bank and account type. Digital bank savings accounts (such as Boost Bank or GXBank) often require as little as RM1. Traditional bank accounts typically require RM20 to RM100 as a minimum initial deposit. Junior savings accounts for children may have lower thresholds. Always verify the current minimum deposit requirement directly with the bank before applying, as these figures are subject to change.

  • Most Malaysian savings accounts calculate interest on a daily basis, based on the end-of-day or minimum daily balance, and credit it monthly or quarterly. The formula is: Interest = Balance x Annual Interest Rate / 365 x Number of Days. For tiered accounts, each balance tier is calculated separately. Islamic accounts distribute profit (hibah) at the bank's discretion rather than a guaranteed contractual rate, though in practice profit rates are usually published and competitive.

  • Common fees associated with Malaysian savings accounts include: account closing fees (if closed within 3 to 6 months of opening), below-minimum-balance fees, ATM withdrawal fees for non-home-bank ATMs, and inter-bank transfer fees for certain services. Many digital bank and online savings accounts have no maintenance or transaction fees. Always read the Fees and Charges schedule (Jadual Yuran dan Caj) before opening any account.

  • A savings account gives you flexible access to your funds at any time, with interest accruing on your balance. A fixed deposit (FD) requires you to lock your money for a set tenure (typically 1 to 12 months) in exchange for a higher, guaranteed interest rate. FD rates in Malaysia typically range from 2.10% to 2.80% p.a. in 2026, compared to savings account rates of 0.50% to 3.30% p.a. depending on the account type. If you need daily liquidity, a savings account is appropriate; if you can park funds for a fixed period, an FD usually offers better returns.

    If you are more interested in fixed deposits, you can compare various options of fixed deposit accounts in Malaysia conveniently and select which one is right for your needs.

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