How high is the highest FD rates in Malaysia?
Date of research: 5th January 2024. Site used: ringgitplus.com
Savings is critical prior to investment
How much do you save per month? How much could you save? Can we save our way to happiness? Well, we could buy something to make us happy but could we save money to make us happy in the future? How much could we earn from just saving, saving and saving alone? Typically, that may be saving into the Fixed Deposit. Well, a long time ago, I used to get a very high interest rate (yes, I am that old…) but these days, is it still commendable? Let’s take a look then.
Deposit RM100,000 into a 12 month FD.
Here are the top 6 highest as per ringgitplus site today (5th Jan 2024) Highest would be from BSN and they are giving 3.35 percent. However, they do not allow Early Withdrawal. The second highest would be Alliance Bank and they offer a lower rate of 3.2 percent but they allow early withdrawal. It does seem like a better choice in this case since no one could foresee any unforeseen circumstances.
Deposit RM5,000 into 12 months FD instead?
If I do not have that amount and I only save RM5,000 instead? Would the banks still offer similar rates? Kudos to BSN which has a FD scheme for Senior Citizen offering an even higher rate at 3.5 percent. Meanwhile Alliance Bank is bottom out of the top 6 because their Alliance FD Gold could have been only for a certain minimum amount of deposit.
How about if I want to take a lower number of months then?
BSN is still top. Followed by the same three foreign brands. What we could notice however is that the rates offered for a 6 month period FD is slightly lower than that of 12 months. How I see this is that there is some chance that our current interest rate may be adjusted upwards in the longer term. We will have to wait and see if I am right perhaps by 2Q of this year.
Somehow, I have no account with any of the banks listed here. I do not even own a credit card with any of them except Alliance Bank maybe over 15 years ago. Credit Cards are dangerous people say. So, just have 1 or 2 which fits your requirements and that’s good enough lah. I have a CIMB Visa Infinite and a Standard Chartered Worldmiles Mastercard. So, I have covered both Visa and Mastercard. I think good enough. Do share your experience if you have with any credit cards too. There are some which I really dislike. haha.
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