So, if you’re not into taking financial risks in these uncertain times and want a secure investment option with guaranteed returns, FDs are your best bet.
When it comes to return rates, however, things can get tricky. With so many variations and combinations, how do you find what’s right for you?
Many comparisons mix FD rates with other savings options like current account savings account (Casa) or investment bundles, which can make it difficult to figure out what’s what – especially what the “pure” FD rate is.
Let’s clear away the clutter, keep it simple, and check out what the rates for 12-month FDs – the most popular in the market – are like.
What’s best right now?
In brief, MBSB and Bank Islam lead the way with 4% per annum, Bank Rakyat with 3.8%, Public Bank with 3.65%, Alliance Bank with 3%, and RHB Bank with 2.6%.
- MBSB Bank and Bank Islam: with a leading rate of 4% p.a., this is a safe and rewarding choice.
- Bank Rakyat: at 3.8% p.a. offers competitive returns, too.
- Public Bank: with 3.65% p.a. is also a solid choice.
- Hong Leong Bank: offers a slightly lower rate of 3.6% p.a. but is still competitive.
- Alliance Bank: at 3% p.a. gives fair returns as well.
- RHB Bank: at 2.6% p.a., this might seem low, but existing customers can enjoy up to 3.7% p.a. (not a like-to-like comparison).
Others such as Maybank and CIMB, for instance, focus on different products such as a mix of Term Investment Accounts and Casa. As such, they are not included in this comparison.
A retail challenger bank, MBSB is keenly contesting for deposits with attractive rates and convenient services. With a leading rate of 4% p.a., it is a great choice if you want high returns on your savings.
While the above rates are accurate as of press time, it’s important to keep up to date on market rates by checking for the newest updates or other exclusive offers. Then you can really sit back and watch your money grow.