Updated: October 16, 2019 Home » Financial Plan » Banking
There are many banks in Malaysia that provide children’s savings accounts for children under the age of 18. Junior Saving Account, which has higher interest on savings accounts than general deposits, and even higher than fixed deposits.
If you have children under the age of 18, you can take them to open this account. In addition to high interest rates, there are other benefits for junior savings accounts, including free insurance, performance rewards, and more! MisterLeaf is here to share with you the junior savings accounts of 6 local banks.
1. Affin Junior Saver Account
- Savings interest: up to 3.05% pa
- Personal accident coverage for FREE up to 5x your savings amount, up to RM50000
- Opening an account with a minimum deposit of RM1
2. Maybank Yippie Savings Account
- Savings interest: up to 2.90% pa
- Free personal accident insurance rewards up to RM70000
3. Ambank AmGenius Savings Account
- Savings interest: up to 3.20% pa
- Opening an account with a minimum deposit of RM1
- The interest is calculated daily and is credited to the account every month.
4. RHB Bank Junior Savings Account
- Savings interest: up to 2.95% pa
- Free up to RM50000 for personal accident insurance
- Opening an account with a minimum deposit of RM1
5. CIMB Bank Junior Savers Account
- Savings interest: up to 2.95% pa
- Deposit RM100 per month for additional bonus interest
6. Public Bank WISE Savings Account
- Savings interest: up to 2.95% pa
- If you do not withdraw funds during the month, you will receive a bonus of 5% per month.
In order to allow parents to compare the savings accounts of Malaysian banks, I prepared a chart. (Compare Junior Saving Account).
| Bank | Up To 50000 | 50001-99999 | 100K-499999 | 500K-999999 | 1M And Above | Source |
|---|---|---|---|---|---|---|
| AffinBank Junior Saver Account | 2.75% | 2.00% | 2.45% | 2.60% | 2.65% | Affin Bank Rates |
| Maybank Yippie Savings Account | 2.65% | 0.85% | 0.85% | 0.85% | 0.85% | Maybank Rates |
| AmBank AmGenius Savings Account | 2.70% | 2.70% | 1.00% | 1.00% | 1.00% | Ambank Rates |
| RHB Junior Savings Account | 2.70% | 2.70% | 1.00% | 1.00% | 1.00% | RHB Bank Rates |
| CIMB Junior Savers Account | 2.70% | 0.95% | 1.45% | 1.45% | 1.45% | CIMB Bank Rates |
| PBB Wise Savings Account | 2.70% | 0.35% | 0.35% | 0.35% | 0.35% | PBB Bank Rates |
*Update: October 2019
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