Direct links to the specific bank’s website to check for their current fixed deposit interest rate
MayBank (Winner of AhYap’s “THE SLOWEST MALAYSIAN BANK”. ATM, check deposit and cash deposit machines doesn’t seems to improve their counter services AT ALL)
CIMB Bank (Previously Bumiputra Commerce & Southern Bank)
Hong Leong Bank
Affin Bank (Winner of AhYap’s “THE MOST UGLY BANK’S WEBSITE”. I will never put money in a bank that can’t design a good website! BCB & Southern bank websites are also very ugly. No wonder they are taken over by CIMB now!)
[Leave a comment if any link is broken]
AhYap’s Knowledge Zone
Why do some banks offer higher interest rate while some are lower (esp. foreign banks)? Higher interest rate means the bank need your money. Foreign banks are usually financially stronger and has strong backup from their mother company. So they are not worry about the money too much.
How do banks make money? Lim Goh Thong put $1,000,000 in the bank and the bank give him 4% interest. The bank then loan the money to Ananda Krishnan and charge him 7% interest. The bank make the difference 3%.
Let’s say now Ananda has a choice to get the loan from either AmBank or UOB. AmBank offer him 7% while UOB 6%, which loan do you think he will take? Foreign banks are smart, they want to get more customers. And customers are those who loan money and not those who deposit money! In order to lower the loan interest rate, the deposit rates must also be lower. Else they can’t make good money. This explains why foreign bank don’t offer good deposit rates but VERY GOOD loan rates.
So if you are smart, you will put your fixed deposit in 1 bank and get a loan from another.