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Best High-Yield Savings Accounts in Malaysia — May 2026
By money.com.my EditorialLast updated: 13 April 20266 products compared
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High-yield savings accounts give you better interest than a current account with no lock-in — you can withdraw anytime. Digital banks in Malaysia now offer 2.5%–4% p.a. on savings, well above major banks' typical 0.3%–0.5%. We ranked accounts by effective annual yield, taking into account balance tiers and any minimum balance requirements.
What is a good savings account interest rate in Malaysia?+
Major banks offer 0.3%–0.5% p.a. Digital banks currently offer 2.5%–4.0% p.a. with no lock-in period. For higher returns with a lock-in, fixed deposits offer 3.5%–4.5% p.a.
Are savings accounts in Malaysia insured?+
Yes. Savings accounts at PIDM member institutions are insured up to RM250,000 per depositor per institution. All BNM-licensed banks including digital banks are PIDM members.
Do I pay tax on savings account interest in Malaysia?+
No. Interest income from savings accounts at licensed Malaysian banks is exempt from income tax for individual Malaysian tax residents.
Rates and product details verified as of 13 April 2026. Product availability and rates are subject to change — always check with the provider before applying. All data sourced from official bank websites and Bank Negara Malaysia.
