Malaysia Bank Fixed Deposit Interest Rate
Sep 12th, 2006 by AhYap
A quick comparison table is available at BankingInfo. But this table is limited to the following tenure, 1, 3, 6, 9 and 12 months. More than 1 year is available here.
Direct links to the specific bank’s website to check for their current fixed deposit interest rate
Local Banks
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)
AmBank
Public Bank
CIMB Bank (Previously Bumiputra Commerce & Southern Bank)
RHB Bank
Hong Leong Bank
EON Bank
Alliance 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!)
Foreign Banks
UOB
OCBC
HSBC
Citibank
Standard Chartered
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.
Useful link collection, it seems AmBank got a lot of ‘action’ in the market and provides lots of deals better than others…
by the way, there’s a broken link on HSBC one… fix it!
Thanks for the feedback. Link fixed now!
I also dunno what to say about AmBank, I like them in terms on Interest Rate, but their previous \’body\’ is Arab Malaysian Bank and MBF. The word \”Arab\” doesn\’t sound good to me. And MBF had a few rumours that it will go bankrupt and people queuing up whole night to withdraw their money from the bank! Terrible scene which I witness myself. And it is true that their financial at that time was not strong enough. And end up it is being eaten by Arab Bank and become the AmBank now. MBF always lead in interest rate because the need money badly. And I think AmBank is inheriting the \’high interest\’ tradition.
If I want to put my money in the bank for fixed deposit, which bank I should choose?
Any bank that is near to your house.
Interest rate is so low and similar to each bank that I really don’t bother the 0.1% differences. For me, I will use Maybank because Maybank2u now offer instand Fixed Deposit placement so you can do it online at your home! That really save a lot of time. You can also uplift your FD anytime online. Very convenient.
I want to deposit my money to AmBank FD call it Intrestplus FD, do you think it’s better ?
@bendigi, there is a catch with AmBank Interest Plus and MegaFD high interest rate. For Interest Plus, you need to buy mutual funds with them, something like if you want to put RM10k in Interest Plus, you also need to buy RM10k of mutual funds. For MegaFD, you need to buy their life insurance in a lump sump. Same like interest plus, you can place RM10k of MegaFD after you buy a RM10k insurance policy. I have researched MegaFD before and find that the policy is actually very good when compared to other insurance companies (given that you can pay a lump sump at once instead of yearly).
Wow.. great stuff here.. I came across this site by coincidence and I am glad i did. Can’t resist from asking if by any chance you can share your knowledge on Foreign Currency/Multi Currency Fixed Deposit.
I notice some banks do not offer such. While those banks which do, unlike the normal fixed deposit rate which has 0.1% differences, it vary fr one another. Any comment?
So is that better to save money in EPF instead of fixed deposit ?
where can i find the best investment rates that will give me around 20?
Nice one .. I am actually looking for FD rates …
Good info here ..
For Alex, best investment that can return >15% is actual your own business..
ahYap,
Any cooment on Foreign Currency/Multi Currency Fixed Deposit compared to local FD ?
hi, actually im looking for information about a fixed deposit account and what i get best intrest rate a year … reply me thanx
Links to BankingInfo.com comparison table updated. Please click on the link again to compare newest fixed deposit rates.
Ambank offer 13mths FD @ 3.88%p.a.? but it didnt seen in the website yet. huh???
how about the tax rate of the fixed deposit?
Any FD that is RM100,000 and above is subjected to 5% withholding tax (withhold directly by the bank). The loophole to avoid tax if you need to put more than RM100,000 FD is to place several FDs with smaller amount, for example, 5 x RM50,000 FD. So the tax is easily avoided.
hie there,
i’m just passed by at this site then i found that its interesting knowledge can be share together. Did u heard about MBSB? This is a well established company that operating around malaysia. Actually its a subsidiary of EPF and it is a also a financial Institution. One of the product that offer by this co is FIXED DEPOSIT. The rate was attractive.
its for corporate, individual and also for 49′ers club. for corporate & individual ,the rate given for 12mth are 4% and for 49′ers club, the rate is 4.15% upon maturity. To know much better about this co, You may visit their website at http://www.mbsb.com.my.
need to now wich bank of malaysia give saving account for best
interest….please send for my mail that all information
i need money
i want money
Ah Yap
Do you know that maybank2u can place FD, but if you cancel the saving account, maybank2u will automatic cancel and all your electronic FD will gone. is it true?
Atie, is true that mbsb is offer high rate but only few branches in nationwide. the cost of petrol, toll and time already eat up what you earn in FD. Is it worth it?
Do you know that PIDM only insure your account per bank to max RM60K only even you put in the same bank for RM100K (include of saving, FD, current, etc) in one bank. This mean the PIDM only paid you RM60K per name per bank. Therefore, do not put more then RM60K per bank per name.
Do you know that CIMB give 7% (for one time FD) if you renew car insurance at CIMB. This offer until Dec’08. Unmfortunately, all the branches counter (exclude HQ) tellers also don’t know this offer. The customer service know but they don’t know how to activate. CIMB good in web site and move very fast but internal communication breakdown. Shhhh…
alex, go to borrow from Ah long because they only mau tolong.
What about if the bank go bankrupt?
this web is very useful..tanx for ahyap…
Hi Ah Yap, I have friends working in New Zealand now. They keep their money in New Zealand. I am asking on behalf of my friends. If they come back to Malaysia they are intending to put money in malaysia bank foreign currency fix deposit. The question is, can they purchase international bank draft in New Zealand and go to a malaysia bank and deposit in foreign currency fix deposit? Or is there any other options?
Thank you in advance from Bill.
@Bill: That works but not efficient. The malaysia need to mail back the draft to New Zealand to cash it and it can take up to 1 month. The best way is to call the local bank (foreign bank like UOB is preferred) and have them open an account for you first while you are still in NZ. Then wired the money over and it takes only 1 day.
heY, mr aYap….
the fixed deposit for 1month is 3.0% …is it which means i put
RM 40,000 for 1month,den the 2nd month i will get rm41,200 ?? ??
regards_
ahbeh
@ahbeh,
You got to divide it by 12 leh, the rate you see is annual rate. So if 3 months is 3.1%, you got to divide by 12 and times 3.
That way you will be very rich is a few years! LOL.
heY, mR. ahyaP…
how can i earn extra $$ through ur site ? …. thanks a million !
wow..i just drop by and it sounds nice here…everyone seems busy earn money i various ways…erm..just a question here…wat’s the minumum placement for FD for 2 months?
i wanted to invest in FD. All this while i keep my money in ASB.
So what do u think with economic situation - should i maintain in ASB or change to FD. Advise whick bank if offering attractive rate. Do we need to consistently top up our FD-eg - initial investment rm 2000 and we take 6 months. Do i need to top up rm 2000 every month till the 6th month or it is 1 time payment for the duration? Pls clarify. Thanks!!
pls. inform me the latest FD comparison 4 December FD Investment.
MAA offer 5% with deposit at least RM 10,000 for at least a year with death insurance 125%