Best High-Yield Savings Accounts in Malaysia: Rates Compared — October 2026
By money.com.my EditorialRates and minimum deposit checked against the banks' own pages for 1 of 3 accounts, last on 7 October 2026Top 3 from 3 products reviewed
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The best savings account is the one that pays the most on the balance you actually hold, after any condition it attaches. A high-yield savings account pays more than a current account and still lets you withdraw anytime. Most of Malaysia's digital banks pay between 0.25% and 2.00% p.a. on an ordinary balance; Boost Bank pays 2.5% p.a. on its Savings Account and 3% p.a. on its Savings Jars. Banks also advertise up to 4% p.a., but that headline carries a condition, such as committing to a fixed tenure, qualifying card or bill-payment transactions, spending with partner merchants (Boost Bank's promotional Special Jars, each with its own condition and end date), or a promotional window. We list featured picks first, then accounts by our editorial rating (not by rate), and say what each one asks of you.
How to choose a savings account →New to high-yield savings? Our guide explains tiered vs base rates, the conditions that unlock headline rates, digital-bank accounts, and savings vs FD.Quick comparison
| # | Product | Key Rate | Annual Fee | Min Income | Best For | |
|---|---|---|---|---|---|---|
| 1 |  Boost Bank Boost Bank Savings Account | 3.00% p.a. | — | — | Savers who want 2.5%–3% p.a. on instant-access savings with no minimum balance | Details |
| 2 |  GX Bank (Grab) GX Bank Save | 2.00% p.a. | — | — | Grab users and digital-first Malaysians who want a high-yield savings account with no lock-in and no minimum balance | Details |
| 3 |  BSN (Bank Simpanan Nasional) BSN Savings Account | 0.25% p.a. | — | — | First-time savers who want a basic account they can open with RM20 and use at rural branches | Details |
Rates and minimum deposit: checked against the bank's own product page for 1 of these 3 products, on 7 Oct 2026. The other 2 have no such check in our data, so confirm their figures on the bank's page. Rates and terms can change without notice; confirm with the bank before you apply.
Our picks — ranked
How we ranked these: featured picks first, then our editorial rating, not ranked by interest rate — from 3 products reviewed.
Frequently asked questions
What is a good savings account interest rate in Malaysia?+
Major banks pay 0.00%–0.50% p.a. on base rates, and some add a bonus if you meet conditions. Most digital banks pay 0.25%–2.00% p.a. on a balance you can withdraw anytime; Boost Bank pays 2.5% p.a. on its Savings Account and 3% p.a. on its Savings Jars. Banks advertise up to 4% p.a. once you meet a condition — a 6-month tenure commitment at GX Bank, qualifying card or bill-payment transactions at Ryt Bank, partner spending for Boost Bank's promotional Special Jars (each runs to its own end date; check the rate in the Boost Bank app), or a promotional window at AEON Bank. Judge a savings account on the rate you will actually earn, not the headline.
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 minimum deposit: checked against the bank's own product page for 1 of these 3 products, on 7 Oct 2026. The other 2 have no such check in our data, so confirm their figures on the bank's page. Rates and terms can change without notice; confirm with the bank before you apply.