OCBC Smart Saver

If you're not a parent, but you're looking for savings account that offers high interest rate that is similar to Child's Savings Account, then I would definitely recommend OCBC Smart Saver to you.

OCBC Smart Saver is a high-yield savings account that fosters disciplined savings. The interest rates are determined by these two factors:

• Total cumulative amount you deposit into the account every calendar month
• Any withdrawals from the acount every calendar month

Total amount deposited in account every calendar month	Interest rates (yearly)
	No withdrawals during calendar month	At least 1 withdrawal made during calendar month
RM 0 – RM 49.99	2.50% 2.40%	0.50%
RM 50 – RM 999.99	2.85% 2.75%	0.50%
RM 1000 and above	3.00% 2.90%	0.50%

Updated 9th June 2013


This account is a very good tool to force and discipline yourself to save money. If you bank in monthly RM 1000 monthly, you will be get 3.00% p.a. interest. However, if you make any withdrawal from the account, the interest rate will drop to 0.50% p.a.

Many people will say that this account is good but OCBC branch is too far from my house or in another town. Well, to solve this problem, just like how we settle OCBC Titanium card payment, we can use IBG. Again, I would strongly recommend SCB JustOne CASA, go to sign up the account and direct debit RM 1500 every month into JustOne, then you are able to do everything online.

Standard Chartered Step Up FD

From 10 to 14 September, if you deposit a minimum of RM5,000 on a 12-month tenure to JustOne Current Account or JustOne Savings Account, you'll be able to enjoy SCB Step Up Fixed Deposit interest rates.

The 12-month tenure will be divided into 4 cycles, whereby the interest rates will increase from cycle to cycle. 5.5% pa is the interest rate for the last cycle. Refer to the table below for details.

I did a rough calculation. The actual interest rate is around 3.85% pa which is still higher than the current FD rates in the market.

RHB Fixed Deposit

Fixed Deposit is a type of saving with a bank within a period. The interest rate is higher than normal saving account. However, if you withdraw your fixed deposit within the stated period, you'll not be entitled for the interest.

With RHB bank's fixed deposit, you can enjoy flexibility of early partial withdrawal without losing interest on remaining balance. Also, there is availability of overdraft facility of up to 100% of Fixed Deposit amount. There are 3 types of fixed deposit offered by RHB:

FD Type	Eligibility	Min Deposit (RM)	Tenure (month)
Ordinary	Individuals, associations, enterprises	5000 (1 month), 500 (> 2 month)	1 ~ 60
Senior	Individuals age > 50	10000	12 ~ 60
P.A.Y.S	Individuals age > 18	10000	3

You can refer to the fixed deposit interest rate here.