Your savings account is probably earning less than it should. The average conventional savings account at a major Malaysian bank pays 0.25โ0.60% per annum โ barely enough to notice, and well below what newer accounts are offering. With Bank Negara Malaysia holding the Overnight Policy Rate (OPR) steady at 3.00% since May 2023, there is no sign of a rate cut in the near term, which means locking in a competitive savings rate now is a reasonable move. 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.
Quick Comparison: Best Savings Accounts Malaysia 2026
| Bank | Account | Interest Rate (p.a.) | Min Balance | Best For | |---|---|---|---|---| | Maybank | SaveUp Account | Up to 3.00% (tiered) | RM0 | Salary credit + active spenders | | GX Bank | GX Savings | Up to 3.50% | RM0 | Digital-first, no conditions | | AEON Bank | AEON Bank Savings | Up to 3.50% | RM0 | Everyday shoppers, AEON members | | Boost Bank | Boost Savings | Up to 3.80% | RM0 | Highest rate, app-based | | CIMB | eXtra Saver | 0.40% (base) + tiered | RM1,000 | Traditional bank digital account | | Hong Leong Bank | HLe-CLICK Save | 0.60% | RM1 | Simple HLB-linked savings | | Public Bank | PB e-Savings | 0.50% | RM10 | PBB ecosystem users | | AmBank | Am-Savvy Savings | Up to 1.00% (tiered) | RM0 | AmBank current account holders | | BSN | MySave | 0.35% | RM1 | Nationwide access, rural branches | | RHB | Easy-One Account | 0.40% | RM500 | RHB salary credit users | | Affin Bank | eSave-i | 0.45% | RM20 | Shariah-compliant, basic online access |
Note: Digital bank rates (GX, AEON, Boost) are current as of April 2026 and subject to periodic review. Tiered rates at Maybank and AmBank require salary credit or minimum monthly transaction activity.
Top Picks: Full Reviews
Best Overall โ Maybank SaveUp Account
The SaveUp Account is the most widely held savings product in Malaysia, and for good reason: if you already bank with Maybank, it rewards you for doing what you would do anyway. The base rate is a modest 0.25% p.a., but the tiered structure pushes that significantly higher.
To earn up to 3.00% p.a., you need to meet at least two of the following criteria each month: credit your salary via Maybank (minimum RM1,500), make at least three debit card transactions, take out a Maybank loan or credit card, pay a bill through Maybank2u, or invest through Maybank Investment Bank. The more criteria you meet, the higher the tier.
For most salaried Malaysians who already use Maybank as their primary bank, hitting two criteria requires no behaviour change at all. That makes SaveUp the default choice for someone who wants a meaningful rate without switching banks. The account is PIDM-insured, accessible through the MAE app and Maybank2u, and there is no minimum balance requirement.
One limitation: the tiered rate is calculated on a month-by-month basis. If you miss the criteria in a given month, you drop to the base rate for that period. Check your MAE app at the start of each month to confirm your tier.
Best Digital Rate โ GX Bank, AEON Bank, Boost Bank
The three licensed digital banks in Malaysia โ GX Bank, AEON Bank, and Boost Bank โ all pay meaningfully more than conventional banks on savings accounts, and none of them impose a minimum balance. This is the clearest example of new entrants forcing rates upward.
GX Bank (backed by Grab and Kuok Group) pays up to 3.50% p.a. on its savings account, available from the first ringgit with no lock-in. Opening takes around five minutes via the GX Bank app. It is Shariah-compliant by default (operating on a wakalah/qard structure). For a detailed walkthrough of the account, see the GX Bank savings account review.
AEON Bank (backed by AEON Financial Service and MUFG) also offers up to 3.50% p.a. with no minimum balance, and ties in additional cashback benefits for customers who shop at AEON malls or use the AEON Pay card. If you are already an AEON shopper, the bundled benefits make it more attractive than a standalone high-yield account elsewhere.
Boost Bank (backed by Axiata and RHB) currently advertises up to 3.80% p.a., the highest rate among the three, with no minimum balance and no transaction conditions. 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.
Note
Best for Low Balances โ BSN MySave
Bank Simpanan Nasional (BSN) is the government savings bank under the Ministry of Finance. The MySave 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 โ over 400 branches, many in small towns and rural areas without access to a CIMB or Maybank branch. MySave 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, MySave 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 โ ASNB-Linked or AmBank Am-Savvy
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 โ they are unit trust funds โ 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 4โ5% 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 Am-Savvy Savings pays up to 1.00% p.a. on a tiered basis โ a modest rate, but the account is worth mentioning for AmBank customers who also hold an AmBank credit card or home loan. The Am-Savvy 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. Maybank SaveUp 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 โ 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 Easy-One 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 โ 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 โ 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 โ standard FD rates are around 2.60โ2.70% p.a. for a 3-month placement, with promotional rates reaching 3.50โ4.00% 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 โ 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. GX Bank, AEON Bank, and BSN MyFirst Savings-i are all Islamic by default.
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 โ 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 โ interest income for companies is taxable.
Can foreigners open a savings account in Malaysia?
Yes. Most major banks โ Maybank, CIMB, Public Bank, RHB, Hong Leong โ 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.