Bank Account in Malaysia: Excellent Interest Rates, Great Convenience

| July 11, 2017

There are several good reasons to establish a bank account in Malaysia, not the least of which is the still-positive outlook in terms of private consumption of goods and services.

For the past six years, this sector has grown at an average rate of more than 7% with a slight reduction to about 5.5% in 2016. The nation also has a current policy of boosting consumer spending. A healthy internal economy is generally a good sign for the banking sector as the economy remains strong with room to grow.

Bank Account

Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution. The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution.

The laws of each country specify the manner in which accounts may be opened and operated. They may specify, for example, who may open an account, how the signatories can identify themselves, deposit and withdrawal limits and many other matters.

A second good reason involves the increasing use of technology to provide state-of-the-art banking services. Banks offer attractive savings account plans with daily interest along with basic current accounts that include monthly statements and unlimited cheques. It’s also possible to establish a children’s savings account with special rewards and added benefits.

Good Examples

For example, if you want to get a Malaysia bank account, you may want to look more closely at a 360 Account offering outstanding rates with no minimum balance requirement and interest rates up to the 4% range.

Maybe the regular savings accounts offered by banks are more your style with a reasonable minimum balance requirement and rates in the 2.8% range.

When you visit the website of one of the leading financial institutions in this region, you may want to start with a basic savings account that still pays a small amount of interest with a reasonable minimum balance requirement.

Accounts are available to Malaysians, Malaysia PRs, and foreign citizens, though you may have to have an “introducer” to open your account. You benefit from all the online banking conveniences that allow you to closely track your money.

You can view all your accounts online, download previous and current statements, and more. Up-to-date technology also allows you to make payments and transfers easily so you can pay bills and transfer funds to accounts within the bank or to accounts with other banks through the interbank network.

Account holders also gain access to thousands of nationwide ATM locations with bank cards accepted at many sites. In Singapore and Malaysia, withdrawals carry no transaction fees when you use an ATM within your bank’s network. You also gain access to hundreds of ATM locations globally.

Starting Out the Right Way

Banks are also focusing on starting your children in the right way by encouraging them to save early. These special accounts require an initial deposit of RM 500 with special guidelines for students under the National School Adoption Programme.

As you look more closely at an account with one of these leading banks, be sure to find out whether you’re required to maintain a minimum monthly balance. In most situations, this requirement is low enough to allow almost anyone to meet the guidelines.

To be eligible for these special accounts, the account holder must be age 17 or below. If the child is 11 years of age or below, a parent or guardian must open the account. Be sure to ask about the interest rates applied to various accounts. These numbers vary depending on the amount held in the account but can be very attractive.

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Category: Banking

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