Updated: June 9, 2019 Home » Financial Plan » Banking
I’m going to compare senior saving accounts in Malaysia.
My father is 56 years old. I bring him to CIMB to opening basic saving account and the staff advices him to open a Senior Saving Account. What is the different between basic saving account and Senior Saving Account?
In fact, the difference between a normal saving account and senior saving account is the senior saving account pays the highest interest rate.
Besides, the senior saving account is eligible for senior citizens who had reached 50 years old.
After I done some research, I found some banks that give out the higher interest compare to other bank for senior saving account.
| Deposit Band (RM) | AffinBank | Maybank | Standard Chartered |
|---|---|---|---|
| AffinGOLD | Golden Savers Savings Account | SeniorSave Account | |
| < RM1,000 | 1.50% | 0.00% | 0.60% |
| Up to RM5,000 | 1.50% | 1.10% | 0.60% |
| Up to RM10,000 | 2.80% | 1.10% | 0.60% |
| Up to RM20,000 | 2.80% | 1.10% | 0.60% |
| Up to RM25,000 | 2.80% | 1.30% | 1.80% |
| Up to RM50,000 | 2.80% | 1.51% | 1.80% |
| Up to RM100,00 | 2.80% | 1.81% | 1.80% |
| Up to RM250,000 | 2.85% | 2.06% | 1.80% |
| Above RM250,000 | 2.85% | 2.36% | 1.80% |
| Above RM500,000 | 3.10% | 2.36% | 1.80% |
| Other Benefit | Interest is calculated daily and credited monthly | Interest calculated on a daily basis and credited on a monthly basis. | Interest is calculated daily and paid 6-monthly. |
| FREE Personal Accident Insurance | |||
| Source | Affin Senior Account | Maybank Senior Account | Standard Chartered Senior Account |
From the chart above, we found that the highest interest rate is Affin Bank, follow by MayBank and StandardCharted Bank.
If your parents have over the age of 50 may, then you may recommend them to choose Senior Saving Account.
LiangLiang writes about Saving, Blogging, and Investment, enjoys cooking and discovering everything new. Oh yes, she is a pretty and smart girl too.
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why don plce in FD ?