Which Savings Accounts Offer The Best Interest Rates?
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Nobody uses a savings account for the thrill of watching their money grow exponentially. And rightly so – a savings account is not an investment. It’s a place to stash your cash so you can access it immediately if you need to.
But that doesn’t mean you should settle for low interest rates. After all, the difference between a 0.50% and 2.50% interest rate on a RM10,000 balance is around RM200 a year. It’s not a life changing amount, but who wouldn’t want an extra few hundred ringgit a year?
Basic savings accounts provide returns of around 0.2% to 1.5%. The good news is that there are several savings accounts in Malaysia that offer better rates – if you are eligible. Here’s what you need to know.
Comparison of high-interest savings account
Here are the best high-yield savings account in Malaysia:
| Savings account | Maximum interest rate | How to get maximum interest rate |
|---|---|---|
| Standard Chartered Privilege$aver | 6.15% | Deposit + invest + pay + spend |
| RHB Smart Account/-i | 6.85% | Deposit + invest + pay + spend |
| UOB ONE Account | 6.00% | Deposit + pay + spend |
| UOB Stash Account | 2.38% | Maintain balance between RM100,001 and RM200,000 |
| OCBC 360 Account | 3.25% | Deposit + pay + spend |
| Hong Leong Bank Pay&Save Account | 4.25% | Deposit + pay + spend |
| Alliance SavePlus Account | 2.85% | Maintain balance between RM200,001 and RM500,000 |
| Rize Savings Account-i | 5.00% | Deposit |
| AmBank eFlex | 2.30% | Deposit |
Read on for more details about each savings account.
1. Standard Chartered Privilege$aver
Up until January 2026, Standard Chartered offers a generous total interest rate of 6.15% on your entire account balance (up to RM100,000), although you’ll have to jump through a few hoops.
How to earn maximum interest rate of 6.15%:
Generally speaking existing Standard Chartered Privilege$aver account holders are able to increase their interest from a base 0.05% p.a. to 6.15% p.a. by fulfilling the following requirements:
- Deposit RM3,000 in fresh funds into your Privilege Savings Account or Super Salary-i (0.70% p.a.)
- Spend RM500 on your Standard Chartered credit card (0.70% p.a.)
- Perform at least two JomPAY bill payment transactions via your Eligible Account (0.70% p.a.)
- Invest a minimum of RM10,000 in Online Unit Trusts during the month (2.00% p.a.)
- Deposit RM3,000 in fresh funds into your Privilege Savings Account or Super Salary-i (2.00% p.a.)
If you meet all the requirements, consolidating your income and expenses through Privilege$aver could be a good option. Another advantage is that the interest rate is tiered, so even if you meet some of the requirements – say, you meet all the requirements but choose not to invest anything, you could still walk away with a decent 4.15% interest.
2. RHB Smart Account/-i
This account also awards you for making saving, spending and investing transactions. Thanks to RHB’s new Smart campaign, you can earn up to a whopping 6.85% interest up until December 2025. It is even a little more flexible than the Standard Chartered Privilege$aver, giving you more options to earn that maximum amount.
How to earn maximum interest rate of 6.85%:
- 0.05% base interest rate
- 1.00% minimum deposit of RM2,000
- 1.00% maintain Joy@Work status as active
Meet up to a maximum of 3 pillars from the below:
- 1.60% spend a minimum of RM1,000 with RHB Cards/-i
- 1.60% pay at least 3 bills via RHB Online Banking or RHB Mobile Banking App with a minimum of RM25
- 1.60% convert a minimum of RM3,000 to foreign currency
- 1.60% trade with a minimum of RM100 brokerage fee via RHB Investment Bank
3. UOB ONE Account
This account rewards you for saving, spending and paying your bills, but you’ll only get the best rates if you have over RM100,000 in your account.
How to earn maximum interest rate of 6.00%:
Perform any two of the following every month while having over RM100,000 in your account:
- Credit a minimum of RM2,000 salary into your One Account
- Spend a minimum of RM500 in total on your UOB credit and debit cards
- Pay three bills of minimum RM50 via UOB TMRW app or Personal Internet Banking (PIB)
- Make three direct debit payments of minimum RM50
- Deposit a minimum of RM2,000 via Interbank Giro/ DuitNow/ Instant Transfer
Source: UOB
4. UOB Stash Account
The UOB Stash Account has a simple eligibility requirement, but you’ll need to maintain a certain balance in your account.
| Balance Tier | Maximum Effective Interest Rate |
|---|---|
| First RM25,000 | 0.05% |
| Next RM25,000 | 0.55% |
| Next RM50,000 | 1.55% |
| Next RM100,000 | 2.38% |
| Above RM200,000 | 2.22% |
To earn the best interest rates, you’ll also have to make sure that your monthly average balance for the current month is equal to or more than the previous month’s.
How to earn a maximum interest rate of 2.38%: maintain an account balance of between RM100,001 and RM200,000.
5. OCBC 360 Account
The OCBC 360 Account requires you to meet certain deposit and spending conditions to get the best interest rate, although its requirements are lower than other similar savings accounts, such as the Standard Chartered Privilege$aver or the Hong Leong Bank Pay&Save Account.
How to earn maximum interest rate of 3.25%:
- 0.10% on your entire balance
- 1.05% if you deposit RM500
- 1.05% if you pay at least three bills online
- 1.05% if you spend at least RM500 on your OCBC card(s)
However, the 3.25% interest rate is only applicable on your first RM100,000 balance. Amounts beyond that will receive the base rate of 0.05%.
The OCBC 360’s relatively low requirements could make it a good choice for consolidating your necessary or everyday expenses.
6. Hong Leong Bank Pay&Save Account
The Hong Leong Bank Pay&Save Account is similar to the OCBC 360, but it has a higher deposit requirement.
How to earn maximum interest rate of 4.25%:
- 2.25% savings interest if you deposit at least RM2,000 in a single transaction monthly for three consecutive months
- 0.50% e-Xtra Interest if you spend at least RM500 with your debit card monthly
- 0.50% bonus Interest if pay cumulative of RM500 bills online every month
However, it should be noted that the e-Xtra Interest and Bonus Interest are capped at RM30 per month.
But if you’re a stock market trader, this savings account does have a little bonus for you. You’ll get a bonus interest rate of between 0.30% and 0.90% for successful trades performed on HLeBroking, Hong Leong Bank’s stock broking platform.
7. Alliance SavePlus Account
The Alliance SavePlus Account has the most straightforward eligibility requirements on this list. The only downside is that you’ll need a hefty bank account balance to enjoy the best rates:
| Amount (RM) | Rate (% p.a.) |
|---|---|
| 0 - 20,000 | 0.00% |
| 20,001 - 50,000 | 1.20% |
| 50,001 - 200,000 | 1.80% |
| 200,001 – 500,000 | 2.85% |
| 500,001 and above | 3.00% |
How to earn a maximum interest rate of 2.85%: maintain an account balance of between RM200,001 and RM500,000. Accounts with more than that are subject to a 3.00% interest rate, but have a massive upfront barrier to entry.
8. Rize Savings Account-i
Rize’s Murabahah Savings Account-i offers a fairly high interest rate and a relatively low barrier to entry.
How to earn maximum interest rate of 5.00%: Deposit a minimum of RM20 to earn 5.00% interest up to a maximum of RM5,000.
This account is fantastic for those who are looking for a savings account with a low barrier to entry. Customers can benefit from a high interest rate up to RM5,000. Depositing more than that will net you a lower interest rate of 3.30%, but this remain relatively high in comparison to other options.
9. AmBank eFlex Account
AmBank’s eFlex account may not offer exceptionally high interest rates or promos, but what it lacks, it makes up for in pure simplicity and accessibility. All you need to do is to maintaining a balance above a certain threshold in order to gain bonus interest.
How to earn maximum interest rate of 2.30%:
- 0.5% base rate from simply apply for eFlex via AmOnline
- 1.80% for maintaining a balance of RM20,000 or more daily
During times of extreme emergency, eFlex’s base rate of 0.5% tends to be on the high end compared to other offerings.
More low-risk ways to grow your money
Looking for more safe ways to grow your money? Consider these fixed deposit accounts or these fixed deposit alternatives. If you can afford to take a bit more risk, you can even invest your money in these low-risk investments. Just remember not to invest any money you may need to access immediately, such as your emergency fund – this belongs in a savings account.
