Compare Savings Accounts in Malaysia

Compare savings and fixed-deposit rates from Malaysian banks.

26 live savings accounts offers tracked across 16 Malaysian providers, with rates from 2% AER. Data current as of 23 October 2026 and updated daily from the Giraffy database.

Live offers

26 live offers compared from 16 providers, from 2% AER. Updated daily.

GXBank Savings Account GXBank

2% AER

  • Interest Rate: 2.00% base; up to 4.00% (Bonus Pocket)
  • Account Type: Digital bank savings
  • Access / Term: Instant access
  • Balance Limits: Bonus on first RM10,000

BSN MyFirst Account BSN

2% AER

BSN national savings bank offering easy access savings with ATM access nationwide.

  • Interest Rate: 2.00% p.a.
  • Account Type: Regular Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 20

HSBC Everyday+ Savings HSBC Malaysia

3% AER

HSBC's everyday savings with bonus interest tiers and free transfers.

  • Interest Rate: Up to 3.00% p.a.
  • Account Type: Regular Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

GXBank Savings GXBank

3% AER

Malaysia's first digital bank offering up to 3% p.a. with no lock-in.

  • Interest Rate: Up to 3.00% p.a.
  • Account Type: Digital Bank Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

Affin Al-Falah Savings-i Affin Bank

3.10% AER

Affin's Islamic savings with daily profit calculation and PIDM coverage.

  • Interest Rate: 3.10% p.a.
  • Account Type: Islamic Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 20

SC JustOne Savings Standard Chartered Malaysia

3.20% AER

Standard Chartered's JustOne savings with bonus interest for salary credit.

  • Interest Rate: Up to 3.20% p.a.
  • Account Type: Regular Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

Agrobank Savings-i Agrobank

3.20% AER

Development finance savings tailored for agricultural sector clients.

  • Interest Rate: 3.20% p.a.
  • Account Type: Islamic Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 20

Boost Bank Savings Jar Boost Bank

3.30% AER

  • Interest Rate: Up to 3.30% daily, no conditions
  • Account Type: Digital bank savings
  • Access / Term: Instant access
  • Balance Limits: See myboostbank.co

Alliance SavePlus-i Alliance Bank

3.30% AER

Alliance Bank Islamic savings-i with daily profit calculation.

  • Interest Rate: 3.30% p.a.
  • Account Type: Islamic Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 20

Bank Islam iSave Bank Islam

3.40% AER

Bank Islam's basic savings-i account with competitive profit rates.

  • Interest Rate: 3.40% p.a.
  • Account Type: Islamic Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 20

MBSB Savings-i MBSB Bank

3.50% AER

MBSB's Shariah-compliant savings with attractive profit rates and easy access.

  • Interest Rate: 3.50% p.a.
  • Account Type: Islamic Savings
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 100

Boost Bank Savings Boost Bank

3.50% AER

Boost Bank digital savings with competitive returns and instant access via app.

  • Interest Rate: Up to 3.50% p.a.
  • Account Type: Digital Bank Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

UOB Stash Account UOB Malaysia

3.50% AER

UOB's Stash Account rewards you for growing your balance month-over-month.

  • Interest Rate: Up to 3.50% p.a.
  • Account Type: Regular Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

Bank Muamalat Mudarabah Savings Bank Muamalat Malaysia

3.60% AER

Muamalat's flagship Islamic savings based on Mudarabah profit-sharing contract.

  • Interest Rate: 3.60% p.a.
  • Account Type: Islamic Savings (Mudarabah)
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 100

AEON Bank Fixed Deposit AEON Bank

3.80% AER

  • Interest Rate: 3.80% p.a.
  • Account Type: Islamic fixed deposit (term)
  • Access / Term: Term applies
  • Balance Limits: See aeonbank.com.my

AEON Bank Savings-i AEON Bank

3.80% AER

AEON Bank's Islamic savings with daily hibah and retail rewards integration.

  • Interest Rate: Up to 3.80% p.a.
  • Account Type: Islamic Digital Bank Savings
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

Bank Rakyat Savings-i Bank Rakyat

3.80% AER

Malaysia's largest Islamic cooperative bank offering Mudarabah savings.

  • Interest Rate: 3.80% p.a. (dividend)
  • Account Type: Islamic Savings (Mudarabah)
  • Access / Term: Instant access
  • Balance Limits: Minimum MYR 50

GXBank Fixed Deposit GXBank

3.85% AER

  • Interest Rate: 3.85% p.a. (12 months)
  • Account Type: Fixed deposit
  • Access / Term: 12-month term
  • Balance Limits: See gxbank.my

OCBC Al-Amin Saving-i OCBC Malaysia

4% AER

Shariah-compliant savings account with competitive hibah rates and PIDM protection.

  • Interest Rate: Up to 4.00% p.a.
  • Account Type: Islamic Savings (Saving-i)
  • Access / Term: Instant access
  • Balance Limits: No minimum balance

Tabung Haji Savings Tabung Haji

4.25% AER

Malaysia's Islamic pilgrimage fund offering dividend-based savings for Haj purposes.

  • Interest Rate: 4.25% p.a. (dividend)
  • Account Type: Islamic Savings (Tabung Haji)
  • Access / Term: Partial withdrawal anytime
  • Balance Limits: Minimum MYR 1

Raikan Lokal Kita Dengan Ganjaran Berganda Boost Bank

RM6.90 /month

  • Provider: Boost Bank

Boost Bank Plan Boost Bank

RM6.90 /month

  • Provider: Boost Bank

MAKE YOUR MONEYMAKE MORE MONEY GXBank

RM8 /month

  • Minutes: 4 mins
  • Provider: GXBank

GXBank Plan GXBank

RM8 /month

  • Provider: GXBank

Your Banking Benefits, Boosted Boost Bank

RM10 /month

  • Rate: 4.0%
  • Provider: Boost Bank

RM10 Reward Just For You Boost Bank

RM10 /month

  • Provider: Boost Bank

What are Savings Accounts in Malaysia?

A savings account holds your money securely while earning interest (conventional) or profit (Islamic), giving you easy access for everyday needs and short-term goals. In Malaysia they range from basic passbook and e-savings accounts to high-yield digital accounts and Shariah-compliant savings offered by Islamic banks. The recent wave of digital banks has sharpened competition, pushing headline savings rates well above traditional passbook accounts for balances that meet certain conditions.

How the Malaysian market works

Malaysian savings accounts come from conventional banks, Islamic banks and the new licensed digital banks. Conventional accounts pay interest while Islamic accounts pay profit under structures such as Tabarru or Mudarabah, but both are functionally comparable for savers. Rates are often tiered, with the highest headline figures applying only to balances up to a cap or requiring conditions such as minimum spend or salary crediting. Digital banks have driven promotional rates notably higher than legacy accounts.

Benefits

PIDM protection — Deposits are insured by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor per bank.

Easy access — Funds remain available on demand through apps, ATMs and online transfers, unlike locked-in fixed deposits.

Shariah-compliant options — Islamic savings accounts pay profit instead of interest for customers who prefer Shariah alignment.

Competitive digital rates — Digital-bank accounts offer notably higher headline returns than traditional passbook savings.

How to choose

Look at the headline rate but read the conditions: many high rates apply only up to a balance cap or require monthly activity such as a minimum deposit or spend. Check whether the account is conventional or Islamic, any minimum balance or fees, and how easily you can move money. Confirm the bank is PIDM-insured, and consider bundling a savings account with a linked current or spending account for convenience.

Leading providers in Malaysia

GXBank, Boost Bank and AEON Bank are the licensed digital banks driving high promotional savings rates through their apps. HSBC Malaysia, OCBC Malaysia and Standard Chartered Malaysia offer competitive conventional and premier savings tiers. MBSB Bank provides Islamic savings, and Lembaga Tabung Haji serves Muslims saving toward Hajj with Shariah-compliant returns. Each suits different balances and preferences, so compare rate conditions closely.

What it costs

Savings accounts typically charge little or no monthly fee, and instead pay you a return. Rates range from around 2% on standard tiers up to roughly 10% on the most aggressive digital-bank promotions, though the top rates usually apply only to capped balances or require qualifying conditions. Watch for below-the-line fees such as falling below a minimum balance, and note that promotional bonus rates often revert to a lower base rate after the campaign period.

Protections and regulation

Savings accounts are offered by banks licensed and supervised by Bank Negara Malaysia (BNM). Eligible ringgit deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor per member bank, covering both conventional and Islamic deposits. Islamic accounts fall under the Islamic Financial Services Act 2013. Complaints can be escalated to the Ombudsman for Financial Services.

Common questions

Is my money safe? Yes, eligible deposits at PIDM member banks are insured up to RM250,000 per depositor per bank, including digital banks.

Why is the advertised rate higher than what I earn? Top rates often apply only to balances below a cap or require conditions like a minimum monthly deposit; balances above the cap earn a lower base rate.

What is the difference between interest and profit? Conventional banks pay interest, Islamic banks pay profit under Shariah structures; for savers the practical experience is similar.

Savings Accounts in Malaysia — FAQ

What is the highest savings rate in Malaysia right now?

Giraffy tracks 26 savings accounts across 16 providers in Malaysia. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.

Is my money safe in a savings account?

Yes — PIDM protects up to RM 250,000 per depositor, per bank. Always confirm your institution is BNM-regulated before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.

What does p.a. mean on a savings account?

p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.

What is the difference between easy access and fixed-rate savings?

Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.

Do I pay tax on savings interest?

Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.

Can I open multiple savings accounts at different banks?

Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (RM 250,000 under PIDM per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.

How quickly can I access my money in an easy access savings account?

Most easy access accounts transfer funds to a linked current account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.