How To Apply For An Online Savings Account

“Why should I open a savings account through the internet?” 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’t it extend to opening new accounts as well?

Having multiple saving accounts isn’t 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.

In the table below we’ve 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.

Banks that offer online savings accounts

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.

Bank	How?	Initial Deposit in a single transaction	Need to verify at your nearest branch
UOB One Account	Online Form + 6 digit OTP	RM2,000	yes
Standard Chartered Basic Savings Account	Online Form	RM1,500	yes
Maybank Basic Savings Account	Online Form	RM20	no
Hong Leong Bank Basic Savings Account	Apply using phone via QR code	RM20	no
OCBC 360 Account	Online Form	RM500	yes
HSBC Basic Savings Account	Online Form + Verification at ATM	RM20	yes
RHB MaxSave Account	Online Form	RM200	no
Rize Savings Account-i	Download, install app	RM20	no

What documents do you need? 

1. Full name
2. NRIC or Passport
3. Must be 18- years old and above
4. Employment and income details
5. Contact details
6. Current address or past addresses (if MyKad address isn’t the same as current address, please provide utility bills, bank statement, EPF statement or driver’s license.
7. Initial deposit must be transferred from your own account from a different bank under your own name.

We hope that this list provides you a better idea of what is required to open an online savings account.

Some general guidelines you should know

Now, here are some general pointers you should know when looking into the application process:

• Please check that you have a valid MyKad or any equivalent identification document such as MyTentera, MyPR and passport.
• Non-Malaysian Residents and PR residents should also take note of whether the bank(s) that you are interested in opening a savings account with accept(s) applications from non-Malaysian residents and PR residents.
• Do make sure that you are applying within Malaysia. This means that you are physically in Malaysia when you start your application process for a savings account.
• Not all banks accept photographs of your documents. If you don’t have access to a scanner, then you can instead try to use one of the many document scanning apps available for smartphones. Just remember to save them in PDF format!

Having said all these, the point of keeping your money in a safe space while earning interest is to accumulate a good saving habit.

Avoid scammers

One word of advice, is to be aware of phishing attempts and scammers.

Always remember that your bank will never contact you personally to ask for your personal information including credit or debit card details.

Read More: Have You Fallen For An Online Scam? Here Are 4 Warning Signs

Finally, keep in mind to never click on suspicious looking pop-ups and links that require you to provide personal details.

This article was first published in February 2021 and has been updated for freshness, accuracy and comprehensiveness.