Since young, we've been told to have a savings account where we keep the majority of the money in and the bank will reward us with something called "interest". But, have you ever stopped to check how much interest your bank actually pays you? These days, most basic savings accounts pay close to nothing (around 0.1% - 0.4%), which is quite sad!
So, many turn to fixed deposit accounts, because it pays out higher interest without much risks. The problem for most fixed deposit accounts is that your money gets locked in for anywhere between 1 month to 5 years. In the case of an emergency, you're left deciding whether to take that money out and sacrifice any interest you'll be earning.
What if I told you there's a third option? That you can have the best of both worlds? High interest rates with no lock-in periods and almost no risks. It might sound like the start of a scam or get-rich-quick scheme, but I promise you it's legit and available in many major banks.
Introducing High Yield Savings Accounts / High Interest Savings Accounts! These accounts give you interest rates matching or most of the times even BETTER than fixed deposit rates, but you can treat them like any savings accounts and withdraw money anytime without sacrificing your interests. All you have to do is fulfill certain conditions (usually monthly) and you're good to go! Here are some of these accounts from a few major banks:
#Standard Chartered Privilege$aver
Yield: Up to 4.6%
Amount Eligible: Up to RM100,000
Conditions:
• Base interest (0.10%)
• Save RM3000 each month (+ 1.50%)
• Spend RM1000 each month with SC credit card (+ 1.00%)
• RM1000 in SC investments/insurance each month (+2.00%)
*SC = Standard Chartered
#RHB Smart Account/-i
Yield: Up to 2.85%
Amount Eligible: Up to RM100,000
Conditions:
• Base interest (0.05%)
• Save RM2000 each month (+ 1.80%)
• Pay 3 bills online each month (+ 0.50%)
• Spend RM1000 each month with RHB debit/credit card (+ 0.50%)
#OCBC 360 Account
Yield: Up to 2.15%
Amount Eligible: Up to RM100,000
Conditions:
• Base interest (0.05%)
• Save RM500 each month (+ 0.70%)
• Pay 3 bills online each month (+ 0.70%)
• Spend RM500 each month with OCBC debit/credit card (+ 0.70%)
#Hong Leong Pay&Save Account
Yield: Up to 2.25%
Amount Eligible: Up to RM100,000
Conditions:
• Base interest (N/A)
• Save RM2000 each month (+ 1.25%)
• Pay RM500 online each month (+ 0.50%)
• Spend RM500 each month with HLB debit card (+ 0.50%)
*Extra 0.30% - 0.90% interest when you invest in share trading
These are just 4 conditional high interest savings accounts that can give your savings a boost without keeping your money locked away from you. There are also other high interest savings accounts that works just by having a huge amount of savings, but we've chosen these 4 as they do not require a lot of savings to start right now.
Don't let the conditions turn you away as they are quite easily achievable. For example, using these accounts as your "salary account" easily fulfills most deposit requirements while most banks allow ANY online transfer to count as "bill payments". If you would like to find out more about these accounts, head over to your nearest branch and talk to a representative!
