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.
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 name||Minimum balance||3 months||6 months||12 months||18 months||24 months|
|RHB Ordinary Fixed Deposit account||MYR500 for 2 months and above, MYR5,000 for 1 month||1.7%||1.8%||1.85%||Negotiable||Negotiable|
|PB eFixed Deposit account||MYR1,000||1.7%||1.8%||1.85%||1.85%||1.85%|
|Ambank Conventional Deposit account||MYR500 for 2 months and above, MYR5,000 for 1 month||1.65%||1.7%||1.55%||1.4%||1.45%|
|CIMB e-Fixed Income Return account-i||MYR5,000||2.0%||2.1%||2.15%||Not available||Not available|
|PB Golder Journey Savers Campaign||MYR5,000||Not available||2.2%||Not available - 2.3% interest for a 9 month maximum tenure||Not available||Not available|
|Bank Rakyat Term Deposit i-Account||MYR10,000||Not available||Not available - 2.48% interest for a 8 month maximum tenure||Not available - 2.58% interest for a 11 month maximum tenure||2.78%||Not available|
|Ambank Term Deposit-i||MYR500 for 2 months and above, MYR1,000 for 1 month||1.65%||1.7%||1.55%||1.4%||1.45%|
|Maybank Fixed Deposit Account||MYR1,000 for 2 months and above, MYR5,000 for 1 month||1.7%||1.8%||1.85%||1.85%||1.85%|
|Standard Chartered Term Deposit-i||MYR1,000 for 3 month tenures and above, MYR5,000 for 1 month||1.5%||1.6%||1.6%||1.6%||1.6%|
|Hong Leong Bank eFixed Deposit account||MYR5,000 for 2 month tenures and above, MYR5,000 for 1 month||1.55%||1.6%||1.6%||Not available||Not available|
RHB offers several different FD accounts, including this flexible savings option which is open to anyone aged 18 or above.
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.
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.
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.
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]
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.
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 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.
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.
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..
|3 months||Not available|
|12 months||Not available|
|24 months||Not available|
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.
The Bank Rakyat Term Deposit i-Account is Shariah compliant and available to Malaysian citizens and PRs. 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.
|24 months||Not available|
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.
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.
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.
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.
This Standard Chartered fixed term account option is Shariah compliant and can be managed through online and mobile banking options.
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.
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.
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.
|18 months||Not available|
|24 months||Not available|
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.
If you need to send international payments you may want to check out Wise. Wise uses the real mid-market exchange rate rate for all currency conversion, so you only ever pay a low, transparent fee. That can work out considerably cheaper compared to using your regular bank - leaving you with more money to save and invest for the future.
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.
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