2021 Best 10 Fixed Deposit Accounts in Malaysia

Yumiko Kijima
05.07.21
7 minute read

This guide covers the top fixed deposit accounts in Malaysia for 2021 - as well as a look at how you can save money on international payments by using Wise. Ready to get started? Let’s get stuck into the hunt for the best FD rate: Malaysia edition.

Fixed deposits account comparison in Malaysia

On the lookout for the highest FD rate in Malaysia? Check these account options out as a starting point. We’ll cover each account in more detail in just a moment.

Bank nameMinimum balance3 months6 months12 months18 months24 months
RHB Ordinary Fixed Deposit accountMYR500 for 2 months and above, MYR5,000 for 1 month1.7%1.8%1.85%NegotiableNegotiable
PB eFixed Deposit accountMYR1,0001.7%1.8%1.85%1.85%1.85%
Ambank Conventional Deposit accountMYR500 for 2 months and above, MYR5,000 for 1 month1.65%1.7%1.55%1.4%1.45%
CIMB e-Fixed Income Return account-iMYR5,0002.0%2.1%2.15%Not availableNot available
PB Golder Journey Savers CampaignMYR5,000Not available2.2%Not available - 2.3% interest for a 9 month maximum tenureNot availableNot available
Bank Rakyat Term Deposit i-AccountMYR10,000Not availableNot available - 2.48% interest for a 8 month maximum tenureNot available - 2.58% interest for a 11 month maximum tenure2.78%Not available
Ambank Term Deposit-iMYR500 for 2 months and above, MYR1,000 for 1 month1.65%1.7%1.55%1.4%1.45%
Maybank Fixed Deposit AccountMYR1,000 for 2 months and above, MYR5,000 for 1 month1.7%1.8%1.85%1.85%1.85%
Standard Chartered Term Deposit-iMYR1,000 for 3 month tenures and above, MYR5,000 for 1 month1.5%1.6%1.6%1.6%1.6%
Hong Leong Bank eFixed Deposit accountMYR5,000 for 2 month tenures and above, MYR5,000 for 1 month1.55%1.6%1.6%Not availableNot available

RHB Ordinary Fixed Deposit account

RHB offers several different FD accounts, including this flexible savings option which is open to anyone aged 18 or above.[1]

  • Deposit your money from 1 month to 5 years with variable interest rates according to tenure
  • Get an overdraft facility from RHB to the equivalent of 100% of your FD value
  • Make limited withdrawals subject to maintaining minimum balance amounts

The Ordinary Fixed Deposit account from RHB has a broad range of tenure options from a single month right through to 5 years. Longer deposit terms come with a negotiable interest rate. There’s a reasonable minimum deposit level of MYR500 for all but the very shortest of FD tenure and your funds are PIDM protected up to MYR250,000 per depositor.

TenureInterest rate[2]
3 months1.7%
6 months1.8%
12 months1.85%
18 monthsNegotiable
24 monthsNegotiable

PB eFixed Deposit account

If you already have a conventional or Islamic current account with Public Bank, this easy fixed deposit option might be for you. It’s also available to customers holding a Public Bank savings account.[3]

  • Minimum deposit of MYR1,000
  • Decide whether you want your interest paid upon maturity or every 6 months
  • Once your FD account matures you can choose to auto-renew the arrangement for convenience

With the PBeFixed Deposit account you can choose your tenure from 1 month to 5 years - although it’s worth noting that the interest rate remains the same for any tenure of 12 months or longer. The minimum deposit of MYR1,000 is reasonable, and you’ll be able to manage your account easily with Public Bank’s online banking service, PBe.

TenureInterest rate[4]
3 months1.7%
6 months1.8%
12 months1.85%
18 months1.85%
24 months1.85%

Ambank Conventional Fixed Deposit account

Ambank has several different fixed and term deposit account options available. Some have eligibility criteria to consider - including the Am50Plus which is for people aged 49 and above. However, this conventional account is open to anyone aged 18 or over, with reasonable minimum deposit rates.[5,6]

  • Apply from 18 years old, with MYR5,000 minimum deposit for 1 month tenure, and MYR500 minimum for all longer placements
  • Tenure options from 1 month to 60 months
  • Automatic renewal with flexible options after your placement matures

Get your interest paid into your Ambank savings or current account, with the choice to renew your placement inclusive of interest at the end of tenure if you want to give your savings a fresh boost. Deposits are PIDM protected to MYR250,000.

TenureInterest rate[7]
3 months1.65%
6 months1.7%
12 months1.55%
18 months1.4%
24 months1.45%

CIMB eFixed Return Income Account-i

If you’re looking to save money for a shorter term, choosing a promotional offer for a fixed term account may be a good option. Accounts like this CIMB eFixed Return Income Account-i[8] are only available during the promotional period, and have shorter tenures of only 12 months. However, in return you’ll get a better rate than those available on regular FD accounts.

  • High interest rates available - for one investment cycle only
  • Higher minimum deposit of MYR5,000 required
  • Upon renewal your deposit will auto renew onto the prevailing rate which is likely to be lower

Depending on your savings aims this may be a quick and easy way to grow your savings faster. However, it’s important to note that promotional terms change and are only for shorter periods. This product can be opened from 2 June 2021 - 9 September 2021. After the term ends your money will be reinvested in a regular FD account which may not earn the very best interest available - check out all the details before you choose your savings vehicle.

TenureInterest rate
3 months2.0%
6 months2.1%
12 months2.15%

PB Journey Golden Savers Campaign

Smart option if you’re aged 50 or above and looking for additional services anyway. This type of promotion can be attractive but there are always a range of conditions and requirements to think about before going ahead. Promotion available 1 July 2021 through to the end of the year.[9].

  • High interest rates available - only for customers who hold other products with Public Bank which are aimed at those over age 50
  • Short tenures only - up to 9 months - offer available for one investment cycle only
  • Deposit MYR5,000-MYR5,000,000
TenureInterest rate
3 monthsNot available
6 months2.2%
9 months2.3%
12 monthsNot available
24 monthsNot available

Bank Rakyat Term Deposit i-Account

Bank Rakyat customers can benefit from one of the best return rates available with this account - but it’s a short term offer which is only open to existing customers. If you don’t already bank with Bank rakyat you’re out of luck.[10]

  • Relatively high minimum deposit of MYR10,000 - eligibility for one investment cycle only, and only for existing customers
  • Short tenures only available, with some of the top return rates out there
  • Malaysian citizens and PRs only can apply

The Bank Rakyat Term Deposit i-Account is Shariah compliant and available to Malaysian citizens and PRs[11]. You’ll be able to choose to receive your profit on a monthly basis or at maturity, and this will be paid into your existing Bank Rakyat account. This offer is open until 31 August 2021 - if you’re considering opening an account after that date you’ll need to check out the most up to date offers available.

TenureProfit rate
8 months2.48%
11 months2.58%
18 months2.78%
24 monthsNot available

Ambank Term Deposit-i

We’ve featured an Ambank conventional account earlier, but also wanted to call out this option for customers who are looking for Islamic banking options. The Term Deposit-i is based on Shariah principles and offers a flexible way to save responsibly.[12]

  • Low minimum deposit options with similar overall profit to a conventional account
  • Partial withdrawals possible subject to retaining a minimum balance amount
  • Deposit your money for any term from 1 month to 5 years

If finding Shariah compliant banking options is important to you then you’ve got a good range of options from the big banks. This account is flexible in term, with a reasonable profit offered, and can be opened and managed online for convenience.

TenureProfit rate[7]
3 months1.65%
6 months1.7%
12 months1.55%
18 months1.4%
24 months1.45%

Maybank Fixed Deposit account

As one of the biggest banks in Malaysia, Maybank has a solid FD option with flexible terms and a decent rate of return - especially for longer tenure accounts[13].

  • Save for as little as 1 month to as much as 5 years
  • Better interest rates available for longer terms - up to an impressive 2.1% for 60 month tenure accounts
  • Manage your money online with Maybank’s online banking options

Save from a minimum of MYR1,000 for all but the shortest of terms available, with interest rates improving the longer you lock your money away.

TenureInterest rate
3 months1.7%
6 months1.8%
12 months1.85%
18 months1.85%
24 months1.85%

Standard Chartered Term Deposit-i

This Standard Chartered fixed term account option is Shariah compliant and can be managed through online and mobile banking options.[14]

  • Available to personal and business customers
  • Deposit from a minimum of MYR5,000 for a 1 month term, or MYR1,000 for longer tenure accounts
  • Manage your money online or using mobile banking and get electronic statements to save paper

Standard Chartered have a few different options for fixed term saving - this Term Deposit-i account could be a good choice for customers looking for a Shariah compliant account, although it’s open to both Muslim and non-Muslim customers over the age of 18.

TenureProfit rate[15]
3 months1.5%
6 months1.6%
12 months1.6%
18 months1.6%
24 months1.6%

Hong Leong Bank eFixed Deposit account

This eFixed Deposit account is an attractive option for people who already have an account with Hong Leong. You can deposit for up to 12 months, with a reasonable minimum deposit rate of MYR500 for terms of 2 months or over.[16]

  • Terms from 1 to 12 months
  • Limited partial withdrawals are available - you’ll still earn interest on the money you leave invested
  • Available to existing Hong Leong customers only - you’ll need to hold a regular or Islamic current or savings account to get started

This account may be a smart move if you’re already a customer at Hong Leong, as a simple way to boost the interest you earn while still being able to make partial withdrawals.

TenureInterest rate
3 months1.55%
6 months1.6%
12 months1.6%
18 monthsNot available
24 monthsNot available

What to consider when choosing your fixed deposit account

Things to consider when you do your research include:

  • Do you prefer conventional or Islamic banking products?
  • How long can you lock your money away for?
  • Do you need an account which allows partial withdrawals?
  • Will you want to reinvest at the end of the term?
  • Are there any other financial products you own or need which may unlock better offers from your bank?

It’s worth checking the account options available from your current bank as a starting point. It’s common to find special offers and promotions for existing customers which come with much better rates than standard accounts. However these exclusive offers also often have tight eligibility restrictions, and high minimum deposit requirements. If you allow your money to reinvest after the tenure has ended you might not be getting the best available return out there as you’ll be moved to a standard account which doesn’t have the higher promotional rate.

Checking the terms and conditions carefully to unlock better rates is essential.


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Investing money in a fixed deposit account can be a great, low risk way to grow your savings. Choose one of the accounts we’ve highlighted above to benefit from some of the best FD interest rates in Malaysia - and don’t forget to check out Wise as a smart way to make international payments with the mid-market exchange rate and low, transparent fees.


Sources

1]RHB - Fixed Deposits | Personal Banking

2]RHB - Saving/Current Account Interest Rates

3]PB eFixed Deposit Account

4]Public Bank - Fixed Deposit

5]AmBank - Deposits - Savings Account, Current Account and more

6]AmBank - Fixed Deposit Account Comparison

7]AmBank - Rates, Fees and Charges

8]FRIA-i via CIMB Clicks

9]PB Journey Golden Savers Campaign

10]Bank Rakyat - Term Deposit-i Account

11]Welcome to Bank Rakyat » Term Deposit-i Account

12]Deposits - Savings Account, Current Account and more

13]Fixed Deposit Account - Fixed Deposit | Maybank Malaysia

14]Term Deposit-i | Islamic Term Deposit Acc – Standard Chartered Malaysia

15]Saadiq Deposit Rates | Islamic Banking – Standard Chartered Malaysia

16]https://www.hlb.com.my/en/personal-banking/deposits/fixed-deposit-account/e-fixed-deposit.html

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