Interest Rates For Savings & Fixed Deposits
September 19, 2007 – 10:22 amWhat a quiet morning it has been today. I went to a few banking sites to check out the savings account and Fixed Deposit interest rates for Maybank, RHB, Public Bank and HSBC.
It’s quite disheartening that Maybank only pays 0.8% p.a. for savings account balance up to MYR50,000 while RHB pays 1%. Public Bank is worse for its 0% for balance up to MYR3000 and 0.2% ONLY up to MYR10,000. HSBC, where I also have a savings account with… frankly, I have NO idea what interest rate I am reaping because I could not find it on their website.
As for FD, once again, RHB pays the best rates. Unfortunately, I do not have an account with them and do not plan to open any. I just checked and compare RHB with other banks because my friend has a savings account with them.
I think the smaller the bank, the better its rates, to entice more customers.
Anyway, once again, the interest rates vary so much with HSBC offering the worst rate for tenure under 12 months, but if I were to lock my money for 12 months, then all four banks are paying an interest rate of 3.7% p.a. Come to think of it, if you lock MYR10000 for one year, you will only get MYR370 per year. It’s too little but the risk is almost zero.
I think I will have to consult my friend again. He is a risk manager and would be able to provide some valuable advice.
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