These Fixed Deposits Offer The Highest Returns In 2024

Financial experts recommend that we put aside money for contingency for a rainy day. However, putting the money in a savings account may see its value diminishing against the rising inflation rate.

At the same time, putting your money in investments like unit trust, real estate investment trust (REIT) or stocks may not be liquid enough when it comes to emergencies. The next best thing is a fixed deposit.

A fixed deposit is a bank account that lets you take out your money after a fixed period of time and generally gives higher yields than an ordinary savings account. Most banks in Malaysia provide their own deposit products, so it can sometimes be difficult to determine which deposit products you should consider.

Besides that, the Overnight Policy Rate remains at a relatively high 3.00%. This means that you will likely be forking out a little extra to pay off your loans and debts owed to the bank. On the other hand, it is possible to see a small rise in fixed deposit rates as well.

So to help you get more out of your savings, we’ve combed through the market and found the best fixed deposits in Malaysia this year.

Fixed deposit promotions

First off, here are the fixed deposit promotions you’ll want to take advantage of this season. These promos offer better-than-average rates, but you’ll generally have to place a higher minimum deposit.

Bank	Promo until	Min deposit	Tenure	Interest rate
Alliance Personal Welcome Offer	30 September 2024	RM10,000	Up to 6 months	Up to 3.80% p.a.
Public Bank PB RCB Special FD/TD-i campaign	30 September 2024	RM5,000	3, 6, 9, 12 months	3.50% - 3.60% p.a.
Public Bank PB Premier High Yield Fixed Deposit Campaign (Ratio 2:1)	30 September 2024	RM50,000	3 months 8 months	Up to 6.15% p.a. Up to 4.45% p.a.
RHB FD/CMD-i & bancassurance or bancatakaful campaign (FD/ CMD-i 1:1 ratio)	30 September 2024	RM10,000	3 months 6 months	Up to 7.88% p.a. Up to 5.88% p.a.

Comparison of fixed deposits accounts

Besides seasonal promotions, we’ve also put together a list of the highest-returns fixed deposits to fit your needs. Read on for more information about each account.

Best for	Bank	Tenure (months)	Interest rates
General savings	Maybank eFixed Deposit	1 - 60	2.40% - 2.70%
Low ballers	BSN Term Deposit	1 - 60	2.65% - 3.00%
Kids	Hong Leong Bank Junior Fixed Deposit	1 - 60	2.15% - 2.50%
Senior citizens	Golden Time Deposit 2	1 - 60	2.40% - 2.70%

1. For general savings: Maybank eFixed Deposit

Tenure (month)	Interest rate
1	2.40
2	2.45
3	2.55
4	2.55
5	2.55
6	2.60
7	2.60
8	2.60
9	2.60
10	2.60
11	2.60
12	2.60
13 - 35	2.65
36 - 47	2.70
48 - 59	2.70
60	2.70

Maybank’s eFixed Deposit is one of the better options for general savings. The minimum deposit for one-month tenures start at RM5,000 while you need RM1,000 for two-month and above tenures. While Maybank may not offer the highest interest rates over long-periods of time, they are one of the quickest to ramp up. It only takes a 6 month tenure for the FD to hit 2.60%, which is rather fast when compared to other banks.

2. For the low ballers: BSN Term Deposit

Tenure	Interest rate
1	2.65
2	2.65
3	2.80
4	2.80
5	2.80
6	2.85
7	2.85
8	2.85
9	2.85
10	2.90
11	3.00
12	3.00
15	3.00
18	3.00
24	3.00
36	3.00
48	3.00
60	3.00

Fixed deposits generally require at least an RM1,000 deposit, but the BSN Term Deposit accepts as little as RM500, depending on your tenure. It offers flexible profit payment options with higher deposits offering monthly interest payments. BSN Term Deposit tends to have higher FD interest rates when compared to other banks, which makes it a very attractive offer.

3. For the kids: Hong Leong Bank Junior Fixed Deposit

Tenure	Interest rate
1	2.15
2 - 3	2.25
4 - 5	2.30
6	2.30
7 -11	2.35
12 - 60	2.50

If you’re looking for a fixed deposit account to open for your child, consider the Hong Leong Bank Junior Fixed Deposit. You’ll need a minimum deposit of RM1,000.

This account doesn’t offer the best interest rates, but it’s flexible enough to accommodate periodic withdrawals. With this account, interest is calculated daily and paid monthly. You’ll be able to make early partial withdrawals from your account and still earn interest on your remaining balance – other accounts may penalise your interest returns for doing so. Additionally, many other junior saver account options tend to see a sharp drop in interest rates after a certain amount is deposited.

4. For senior citizens: Public Bank PB Golden 50 PLUS

Tenure	Interest rate
1	2.40
2	2.45
3	2.55
4	2.55
5	2.55
6	2.60
7	2.60
8	2.60
9	2.60
10	2.60
11	2.60
12	2.60
13 - 14	2.60
15 - 23	2.65
24 - 35	2.65
36 - 47	2.70
48 - 59	2.70
60	2.70

If you’re aged 50 and above, the Golden Time Deposit 2 could be a good fixed deposit account to consider. It is not the fastest fixed deposit out there, but it offers competitive interest rates that pick up more steam after a 15 month tenure. This is perfect for those close to retirement and have no plans to spend their savings anytime soon. The downsides to this include a rather typical minimum initial deposit of RM30,000 as well as initial deposits for Senior Savings Account, Statement RM250 and Passbook RM500.

Get more out of your savings

Fixed deposits are a great way to earn a bit of returns out of your spare cash, or to preserve your savings. But don’t forget that there are other ways of growing your money, too. You could consider these high-interest savings accounts or these fixed deposit alternatives. If you can handle a bit more risk, and you can afford to put your money away for several years, you can even consider investing it. If you are not sure where to look to start your savings or investment journey, you can try using iMoney’s Smart Search Tool to help you find the right account for you.

This article has been updated on August 28, 2024.