Best High-Yield Savings Accounts in Malaysia — July 2026
By money.com.my EditorialLast updated: 13 April 2026Top 6 from 6 products reviewed
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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.
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 | 3.50% p.a. | — | — | Savers looking for the highest instant-access savings rate in Malaysia with no minimum balance and full PIDM protection | Details |
| 2 |  GX Bank (Grab) GX Bank Save | 3.00% 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 |  Alliance Bank Alliance OneAccount | 1.80% p.a. | — | — | Savers who want above-standard rates from a conventional bank without locking funds in an FD | Details |
| 4 |  Maybank Maybank SaveUp Account | 0.55% p.a. | — | — | Maybank customers who want a basic savings account with the largest ATM network in Malaysia | Details |
| 5 |  CIMB Bank CIMB eSaver Account | 0.60% p.a. | — | — | Existing CIMB customers who want a no-fee savings account linked to CIMB Clicks and OCTO app | Details |
| 6 |  BSN (Bank Simpanan Nasional) BSN Savings Account | 0.40% p.a. | — | — | First-time savers who want a basic account with RM0 minimum balance and full rural branch access | Details |
Our picks — ranked
How we ranked these: headline interest rate, minimum balance requirement, PIDM protection — from 6 products reviewed.
Frequently asked questions
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.