Best Savings Accounts in Malaysia 2026: Highest Interest Rates Compared

Your savings account is probably earning less than it should. The average conventional savings account at a major Malaysian bank pays 0.25–0.60% per annum — barely enough to notice, and well below what newer accounts are offering. With Bank Negara Malaysia having cut the Overnight Policy Rate (OPR) to 2.75% in July 2025 (from 3.00%, where it had held since May 2023), savings and FD rates have edged down with it — which makes locking in a competitive savings rate now a reasonable move before any further easing. This guide compares the best savings accounts available in Malaysia in 2026, names the actual accounts (not just the banks), and explains what conditions you need to meet to earn the headline rate.

Bottom line: The highest-yield savings accounts in Malaysia right now are at the digital banks, but only two of them beat a conventional account on money you can withdraw freely. Boost Bank pays up to 3% p.a. on Savings Jars and GX Bank pays 2.00% p.a., both with no minimum balance and no lock-in, versus 0.25–0.60% at most conventional banks. AEON Bank's prevailing rate is 0.25% p.a. — its 3.00% is a promotion on Savings Pots. If your emergency fund or idle cash is sitting in a traditional savings account, moving it to a Boost Savings Jar or a GX main account is the single easiest rate upgrade — and all are PIDM-protected up to RM250,000 per bank.

Best for: everyday savers and emergency funds that need instant access. For lump sums you won't touch, a fixed deposit or money-market fund usually pays more (linked below).

Last updated 6 August 2026 · money.com.my Editorial

Quick Comparison: Best Savings Accounts Malaysia 2026#

Note: Digital bank rates (GX, AEON, Boost) were verified against each bank's own website on 29 July 2026 and are subject to periodic review. AEON's 3.00% is a promotion and GX publishes its schedule as effective from 30 July 2026, so both can move. Tiered rates at Maybank and AmBank require salary credit or minimum monthly transaction activity.

For our live, ranked shortlist of high-yield accounts — ordered by current rate rather than explained — see Best High-Yield Savings Accounts in Malaysia. This guide is the companion explainer: it covers how the tiers and conditions behind those rates work, so you can tell which headline rate you would actually earn.

Top Picks: Full Reviews#

Best Overall — Maybank2u Savers#

Maybank2u Savers is the account to look at first if you already bank with Maybank, because it rewards you for doing what you would do anyway. It pays a low base rate, and lifts that rate when you complete a set of monthly banking activities Maybank calls Missions. There is a Shariah-compliant twin, Maybank2u Savers-i, which works the same way.

The qualifying activities typically cover things a primary-bank customer already does — crediting a salary, card spending, paying bills through Maybank2u. We have not re-verified the current rate tiers or the exact qualifying conditions, so we are not printing them here. Maybank revises both, and a stale number on a savings comparison is worse than no number. Check the live figures on the Maybank2u Savers product page before you decide.

For most salaried Malaysians already using Maybank as their primary bank, qualifying takes little or no behaviour change, which is what makes this the default choice for someone who wants a better rate without switching banks. The account is PIDM-insured and accessible through the MAE app and Maybank2u.

One limitation is structural and worth knowing regardless of the current numbers: the lifted rate is assessed month by month. Miss the qualifying activities in a given month and you drop to the base rate for that period. Check the MAE app at the start of each month to confirm where you stand.

Best Digital Rate — GX Bank, AEON Bank, Boost Bank#

None of the three licensed digital banks here — GX Bank, AEON Bank, Boost Bank — impose a minimum balance, and two of the three pay meaningfully more than a conventional bank on an ordinary balance. The exception is AEON, whose standing rate is no better than a conventional account. Compare the base rate first, then decide whether the bonus rate is worth its condition.

GX Bank (backed by GXS, the Grab–Singtel joint venture, together with Kuok Brothers) pays 2.00% p.a. on its main account and Savings Pockets, available from the first ringgit with no lock-in. To earn more you move money into a Bonus Pocket: 3.18% p.a. over 3 months or 3.70% p.a. over 6 months. That bonus rate includes the 2.00% base rather than adding to it, holds a maximum of RM12,500 per pocket across at most four pockets, and forfeits the accrued bonus interest if you withdraw early — the base interest already credited stays yours. Opening takes around five minutes via the GX Bank app. GX Bank is a conventional bank licensed under the Financial Services Act 2013, so it pays interest, not profit — it is not Shariah-compliant. For a detailed walkthrough of the account, see the GX Bank savings account review.

AEON Bank (backed by AEON Financial Service and MUFG) publishes two rates. Its prevailing profit rate is 0.25% p.a. on both the Savings Account-i and Savings Pots. The 3.00% p.a. it advertises is a promotion on Savings Pots, of which you can open up to 20. There is no minimum balance. AEON also ties in cashback benefits for customers who shop at AEON malls or use the AEON Pay card — and for an AEON shopper those benefits, rather than the rate, are the reason to open the account. When the promotion ends, that money earns 0.25% p.a. unless you move it.

Boost Bank (backed by Axiata and RHB) pays up to 3.00% p.a. on Savings Jars, which you can open from RM1 with no minimum balance and no transaction conditions — the highest rate among the three on money you can withdraw at will. Its headline up to 4.00% p.a. applies to Special Jars, which Boost's own wording says you receive by spending with its eligible partners. That rate is bought with spending; it is not paid on an ordinary balance. For the full account breakdown, see the Boost Bank review 2026.

The trade-off with digital banks is the branch network: there are none. If you need to deposit cash, you will need to transfer from another account. For savings that never touch physical cash, that restriction does not matter.

Best for Low Balances — BSN savings account#

Bank Simpanan Nasional (BSN) is the government savings bank under the Ministry of Finance. The BSN savings account account pays a modest 0.35% p.a., but that is not why it is on this list.

BSN earns its place for accessibility. It has the largest physical network of any bank in Malaysia — over 400 branches, many in small towns and rural areas without access to a CIMB or Maybank branch. BSN savings account requires only RM1 to open, there is no monthly fee, and the account is linked to BSN's ATM network which accepts cash deposits at branches. For Malaysians outside the Klang Valley, or for parents setting up a first account for a child, BSN savings account removes every practical barrier.

The account is PIDM-insured. For children under 18, BSN also offers the MyFirst Savings-i account, a Shariah-compliant option with the same low threshold.

Best for Seniors and Conservative Savers — ASNB-Linked or AmBank AmBank eFlex#

If you are looking for a savings account that complements a longer-term wealth plan rather than simply parking short-term cash, two options stand out.

ASNB funds (Amanah Saham Nasional Berhad) are not technically savings accounts — they are unit trust funds — but they function as high-yield, liquid savings alternatives for Malaysians. Open-to-all funds like Amanah Saham Malaysia 2 (ASM 2) and Amanah Saham Malaysia 3 (ASM 3) have historically paid 4–5% p.a. in distributions. Units can typically be redeemed within one to three business days. If you have not reviewed your ASNB eligibility, visit asnb.com.my directly. For Bumiputera investors, ASB remains one of the best short-term savings instruments available with returns that consistently outpace bank savings rates.

AmBank AmBank eFlex Savings pays up to 1.00% p.a. on a tiered basis — a modest rate, but the account is worth mentioning for AmBank customers who also hold an AmBank credit card or home loan. The AmBank eFlex links directly to AmBank's everyday banking ecosystem, and the tiered rate is triggered by salary credit or maintaining a minimum average daily balance. It is not a rate you would open a new bank relationship for, but it makes sense as a secondary savings account if you are already an AmBank customer.

What Affects Your Interest Rate#

Not all savings accounts pay the same rate to every customer. These are the main levers:

Salary crediting: Crediting your salary directly to the account (typically RM1,500+ per month) is the single most common trigger for a higher savings rate. Maybank2u Savers and several other tiered accounts unlock their best rates primarily through this mechanism. If your employer's payroll runs through a specific bank, that bank's account becomes naturally more valuable for your savings.

Transaction requirements: Some accounts require a minimum number of debit card or online transactions per month to qualify for a higher tier. Three to five transactions is typical. These are easy to meet if the account is your primary spending account — but if you are opening a secondary account for savings only and rarely transact through it, you may default to the base rate.

Minimum average daily balance: Accounts like RHB RHB MaxSave require a minimum balance (RM500 in that case) to avoid a service charge or to qualify for the advertised rate. Always check the minimum balance requirement against what you plan to hold in the account — falling below it can wipe out any interest earned.

New-to-bank promotions: Several banks run limited-time promotions for new account holders, offering above-standard rates for the first three to six months. These are worth capturing, but treat the promotional rate as a short-term bonus, not a long-term basis for comparison.

Savings Account vs. Fixed Deposit — Which Is Right for You?#

A savings account keeps your money accessible at any time. A fixed deposit locks your money away for a defined period (1, 3, 6, or 12 months) in exchange for a higher guaranteed rate.

The practical question is whether you need the liquidity. If you will not touch the money for at least three months, an FD will usually pay more — standard FD rates are around 2.60–2.70% p.a. for a 3-month placement, with promotional rates reaching 3.50–4.00% for new funds. If you might need the money urgently, a savings account is the right tool: breaking an FD early forfeits all interest earned.

For most Malaysians, the ideal structure is a savings account for your emergency fund (three to six months of expenses, liquid at all times) and an FD or ASNB for surplus savings you will not touch for a defined period.

See our FD comparison for current rates across major banks.

Frequently Asked Questions#

Is my savings account protected if the bank fails?

Yes. All deposits at BNM-licensed banks and digital banks in Malaysia are insured by Perbadanan Insurans Deposit Malaysia (PIDM). The coverage limit is RM250,000 per depositor per member institution. This includes both conventional and Islamic accounts. If you hold more than RM250,000 in savings, spread it across two or more separate banks (not just separate accounts at the same bank) to maximise your covered amount. Verify membership status at pidm.org.my.

What is the difference between a conventional savings account and an Islamic savings account?

A conventional savings account pays interest — a fixed return calculated as a percentage of your balance. An Islamic savings account operates on Shariah-compliant contracts such as mudharabah (profit-sharing) or wakalah (agency), where the bank invests your funds and shares the profit with you. In practice, Islamic savings accounts at the same bank pay comparable rates to their conventional counterparts, and the profit rate for most established Islamic accounts is declared in advance and met consistently. Among the digital banks, AEON Bank is the Islamic one for retail savers, licensed under the Islamic Financial Services Act 2013 (KAF Digital Bank also holds an IFSA licence but focuses on SME banking). GX Bank, Boost Bank and Ryt Bank are conventional, licensed under the Financial Services Act 2013. BSN MyFirst Savings-i is Islamic.

Do I need to pay tax on savings account interest in Malaysia?

Interest income from savings accounts at licensed Malaysian banks is exempt from personal income tax for individuals — you do not need to declare it in your income tax return (e-Filing on MyTax). This applies to conventional interest and to Islamic profit distributions. The exemption is straightforward and applies regardless of the amount earned. Corporate or business accounts are treated differently — interest income for companies is taxable.

Can foreigners open a savings account in Malaysia?

Yes. Most major banks — Maybank, CIMB, Public Bank, RHB, Hong Leong — allow foreign nationals to open a savings account with a valid passport and a Malaysian visa or pass (employment pass, student pass, or social visit pass). Requirements vary by bank and are periodically updated; the safest step is to contact the bank branch directly or check their website before visiting. Digital banks (GX Bank, AEON Bank, Boost Bank) currently require a Malaysian identity card (MyKad) for account opening, which means they are not an option for most foreign nationals.

Amendment — 31 July 2026. The conventional-versus-Islamic section previously stated that "AEON Bank and Boost Bank are Islamic — both hold licences under the Islamic Financial Services Act 2013". That was wrong about Boost Bank. Bank Negara Malaysia licensed the Boost/RHB consortium under the conventional Financial Services Act 2013 on 29 April 2022, and PIDM lists Boost Bank Berhad under Licensed Banks. Among the digital banks, AEON Bank is the Islamic option for retail savers; GX Bank, Boost Bank and Ryt Bank are conventional.

Amendment, 6 August 2026. This guide's "Best Overall" pick was the Maybank SaveUp Account, described with a 0.25% base rate, an "up to 3.00% p.a." tiered rate and a list of five qualifying criteria. SaveUp is a Maybank Singapore product and is not sold in Malaysia. Maybank Malaysia's mission-based savings account — the one this section was actually describing — is Maybank2u Savers, with a Shariah-compliant twin, Maybank2u Savers-i. The pick has been renamed and the rate figures removed rather than restated, because we have not re-verified Maybank2u Savers' current tiers and a stale rate on a savings comparison does more harm than an absent one.

Still outstanding on this guide, disclosed rather than quietly fixed: several other product names in the comparison table above did not resolve against those banks' own current line-ups when we checked. They are being re-verified, and this guide will carry a further amendment when that work lands. Until then, confirm any account name and rate on the bank's own page before acting on it.

Amendment, 6 August 2026 (second correction). Following the Maybank SaveUp correction below, we checked every remaining product name in the comparison table against each bank’s own current account list. Five more did not exist: CIMB “eXtra Saver”, Hong Leong “HLe-CLICK Save”, AmBank “Am-Savvy Savings”, RHB “Easy-One Account” and BSN “MySave”. Affin’s was misspelled (it is AFFIN eSaver-i). The table now names only accounts we have confirmed on the bank’s own site — CIMB Regular Savings / EcoSave / Wadiah Savings-i, Hong Leong Pay&Save, AmBank eFlex / AmWafeeq Savings-i / Everyday Savings, RHB MaxSave / Savings Account-i, and AFFIN eSaver-i. The interest rates that sat beside the invented names have been removed rather than moved across, because they were attached to products that do not exist and we have not re-verified rates for the real ones. Check the rate on the bank’s own page. The Public Bank row was removed pending verification. This guide’s description no longer claims “Rates verified July 2026”.