MBSB Kids' Fixed Deposit

MBSB opened its first Kids Fun branch in Puchong IOI Mall in 6th June 2014. It is the first in the industry to encourage association of MBSB brand through Cheeky Savings Club children's savings account and inculcate good savings habit among the young customers in a fun and easy manner.

MBSB Cheeky Savings Account

I previously compared the Child's Savings Account among the local banks, the highest interest rate was only 3.00% p.a. with maximum one withdrawal per month. Effective from 28th October 2013, MBSB had revised the interest rate for its Cheeky Conventional Savings Account to 3.10% p.a.

Cheeky SA is open to all Malaysian aged 18 years old and below. The minimum initial deposit is RM 20 and interest rate of 3.10% p.a. is applicable to the first RM 50000, for amount above RM 50000, interest rate of 2.50% p.a. will apply. The interest is credited monthly to Cheeky SA and there is no limit on number of withdrawals per month.

For initial deposit amount of RM 500, a Cheeky Club backpack, T-shirt and coin box will be given free of charge. However, the drawbacks of Cheeky SA are it is not protected by PIDM, limited MBSB branch and you can only deposit over the counter as IBG does not cover MBSB.

If you are interested to open Cheeky SA for your kids, just bring along your IC and your children's myKid and visit the nearest MBSB branch.

Comparison of Child's Savings Account

Today is the fourth day of Chinese New Year and most of us are still on holiday to visit friends and relatives. If you are a parent with kids, you should be wondering where to keep your kids' ang pow money. Child's Savings Account is a good choice to keep your children's ang pow money as it offers high interest rate which is equivalent to 1-month tenure FD rate.

If you open a Child's SA with a few hundred Ringgit, you can usually get a free coin box. The coin box is a good tool to encourage your children to start saving since they are young. Child's SA normally only allows maximum one withdrawal per month. Some banks will give bonus interest upon interest earned if no withdrawals is made over a certain period.

The deposit in Child's SA can enjoy high interest rate up to a certain amount only. The following is the list of banks which offer highest interest rate for Child's SA:

Savings Account	Rate	Interest  Credit	Limit
Ambank AmGenius	3.00% p.a.	Monthly	RM 50000
Public Bank Wise	3.00% p.a.	Monthly	RM 50000
Maybank Yippie	3.00% p.a.	Half yearly	RM 50000
RHB Junior	3.00% p.a.	Half yearly	RM 100000
Hong Leong Junior	2.90% p.a.	Monthly	RM 50000
UOB FunSavers	2.90% p.a.	Half yearly	RM 50000
SCB Young Savers	2.75% p.a.	Half yearly	RM 50000

AmBank Prosperity Bundle FD

AmBank Top Rate Deposit promotion has ended on 26th January 2013 due to tremendous response. The overall limit of RM600 million was achieved and taken up within 10 days.

There's another Prosperity Bundle Campaign that is currently ongoing until 31st March 2013. It offers promotional interest rate of 3.80% p.a. for 6-month tenure FD with the condition that 20% equivalent of FD placement amount must be deposited in CASA.

The minimum FD placement is fresh fund of RM 20000 for new customers and RM 10000 for existing customers. If the CASA is AmGenius (Child's Savings Account), the effective interest rate would be 3.64% p.a. but if the CASA is Basic Savings Account-i, the effective interest rate would be only 3.26% p.a.

Besides, the Gong Xi Fa Cai Campaign that starts on 1st February 2013 rewards first 150 customers in each branch with an exclusive gift (AmBank umbrella) when they deposit a minimum of RM 2000 in their CASA.

Alliance Bank 6.6% Bundle FD

It is the season of FD promotions from banks. Alliance Bank has joined in to bring you the 6.6% p.a. Bundle FD, started from 27 November 2012 and ends on 31st January 2013. The information is yet to be uploaded to Alliance Bank's website and the information I got was from Call Center.

Bundle FD means that you need to deposit 10% equivalent of your FD deposit into Alliance CASA when you sign up for the Fixed Deposit. There are 2 packages of Bundle FD:

1. Package one, FD + 10% equivalent amount of FD place in Alliance Buddy (Children's savings account).
2. Package one, FD + 10% equivalent amount of FD place in CASA.

Minimum amount to place for FD is RM 10000 and the FD tenure is 6 months. If you place RM 10000, you need to place another RM 1000 into the CASA account.

This is the interest rate for the 6-month tenure FD:

Month	Package 1 (p.a.)	Package 2 (p.a.)
1	3.10%	3.10%
2	3.10%	3.10%
3	3.10%	3.10%
4	3.20%	3.20%
5	3.20%	3.20%
6	6.60%	6.00%
Actual	3.72%	3.62%

The actual interest rate is lower than that of Bank Rakyat and MBSB.

AmBank AmGenius Savings Account

I have been searching high and low for a child saving account with highest interest rate for my child. After doing some comparisons among child saving account of local banks, I found out that Ambank offers the highest interest rate which is equivalent to one month FD rate, 3%. The limitation is that there can only be 1 withdrawal per month.

Main Features

• Free Personal Accident Insurance up to RM50,000.
• Free Coin Box (refer to photo above) for opening account with RM300 & above.
• High interest rate equilvalent to 1-month FD rate according to account balance.
• Only 1 withdrawal per month
• Interest credited into account monthly

Requirements & Eligibility

• Minimum age: 18 years & below
• Minimum opening amount: RM1
• Minimum balance to maintain: RM10

Current Interest Rate

• Up to RM50,000 3.00%
• Above RM50,000 1.00%


The coin box is not that solid, the camel was parted from the coin box after my child used it for less than 3 months.