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Everyone one of us need a Savings Account, more so nowadays as we can perform transferring of funds and make payments online. And most banks issue a Visa or MasterCard debit card together with a Savings Account which also serves as an ATM card to allow us to withdraw cash.
With a Savings Account together with an Online Account, we can pay our Telco bills, Utility bills, Credit Card bills, top up prepaid mobile phone account and even pay our income tax without stepping out from our home anytime. So, it is best that we can get a Savings Account that pays us interest while our money is waiting to be used.
However, some banks impose a fee for maintaining a Savings Account, and if they don't, the interest you earn from the basic savings account is really pathetic.
Generally, Kids or Juniors Savings Account offer higher interest rates compared to general savings account for adults. The good news is, there are some savings account targeted at working adults in the market that gives you interest rates close to 1 month tenure FD.
I have published an article titled The Best Savings Account in Malaysia at my main blog and have prepared several tables for your easy reference. Some of the good savings account in town are:
1. Hong Leong Bank Junior Savings Account - interest is credited monthly. Couple this with HLB Junior Fixed Deposit, the interest earn from the HLB Junior FD is also deposited monthly into the JLB Junior Savings Account. Now, one of the feature of the Hong Leong Bank Junior Savings Account is that your child below 12 years old can be issued a Visa Debit/Prepaid Card. You can choose not to have the Debit Card issued to your child if you so desire. But seriously, nowadays children also need a Debit Card for iTunes, App Store and eBooks. Click here to my other blog called Ringgit Wise Fool to read why I say Children nowadays need Debit Cards.
2. Maybank 2U Savers - an internet/online Savings Account without any passbook. A Debit Card cum ATM Card will be issued for cash withdrawal.
3. OCBC SmartSavers Account - this account pays you up to 3% interest credited monthly subjected that you don't do any withdrawal for the month. Good for those who need to park their funds for less than a month. However, if you want to do withdrawal, I suggest you do it early in the month or else you'll earn only 0.5% for the funds sitting in the account when you do a withdrawal for that particular calendar month.
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