Also known as a checking account, a current account will always come with a chequebook, convenient for businesses to make payments to their creditors. If you write a lot of cheques, you should get a current account. You can withdraw money whenever you wish, and set up standing orders and direct debits for your monthly payments such as your housing loan, car loan, utility bills and other regular expenses.

Choosing the right account

In the Malaysian current account market, you will definitely be spoilt for choice, with every bank claiming that they offer the best banking experience for its customers. But when it boils down to it , what are the things that really matter when choosing the right current account? Depending on what kind of user you are, there are a few things to look out for:

1. If you always have extra cash sitting around, you might want to milk it for all it’s worth with an interest bearing current account. While savings accounts tend to offer better interest rates, quite a number of banks also offer attractive interest rates for their current accounts, but usually only with high deposit amounts.
2. When you need some extra financial support, your bank will allow you to borrow money from your current account via an overdraft, so you can spend more than you have. Always compare overdraft interest charges between banks if you are planning to use one.
3. Other hidden charges, such as a maintenance fee or service charge if you fail to keep a minimum balance in your account. These fees can be as low as RM10 every 6 months. If you know you’re not disciplined enough, find an account without a required monthly balance.

We have done some digging around, and have found the top 5 best current accounts in Malaysia below:

Top 5 Current Accounts

1. RHB MaxCash Account

Interest rate: up to 2.75% p.a.

Service Charge: RM5 on balances less than RM1,000

ATM card annual fee: RM8

Without the need of a recommendation from an introducer, you will be able to apply for the RHB MaxCash Account, given that you are at least 18 years of age. Your chequebook will be issued for free, and the only thing you will need to pay is 15 cents for each leaf.

At RM10,000, the initial deposit amount can be quite high for some customers, but to make up for it, you will get to enjoy interest rates of up to 2.75% p.a. Your interest earnings will be calculated daily, and credit monthly straight into your account. Other notable features include complimentary ATM card, both phone and internet banking via RHBNow, 3 free cash withdrawals per month, and 24-hour customer care service.

Strong points: introducer not needed, high interest rate

Weak points: high initial deposit, RM5 fee on balances less than RM1,000

2. CIMB Money Multiplier Account

Interest rate: 2.5% p.a.

Service Charge: None

ATM card annual fee: RM8

Again, there is no need for an introducer when applying with CIMB. You can open an individual or joint account with another person, provided that you are at least 18 years old and have RM1,000 in hand. You will also be given a chequebook and ATM card upon approval.

Daily interest of 2.5% p.a. will be paid for balances above RM10,000. Unfortunately, for those who don’t have RM10,000 or more, you will not earn any interest on your daily balance. There will be no maintenance fee for the CIMB Money Multiplier Account, and just like the RHB MaxCash Account, you will only be allowed 3 free withdrawals a month, either through cheque, ATM or over the internet.

Strong points: no maintenance fee, high interest rate

Weak points: no interest on balances below RM10,000

3. Citibank Max Yield Account

Interest rate: up to 3% p.a.

Service Charge: None

ATM card annual fee: RM8

This is no ordinary bank account. The Citibank Max Yield Account will grant you higher interest earnings the more deposit and investment products you have with Citibank. For example, if the value of your unit trusts, bonds, and savings account with Citibank is valued at more than RM500,000, you will receive 3% p.a. in interest yields. To open an account, you will need a minimum amount of RM5,000.

Unlike other current accounts, you get the privilege of free cash withdrawals at over 20,000 Citibank ATMs the world over! Other benefits include free direct debit service and online banking via Citibank Online for all your banking inquiries and account management using Online Global View.

Strong points: high interest rates of up to 3% p.a., free ATM cash withdrawal

Weak points: high initial deposit RM5,000, need additional Citibank products to earn higher interest

4. Maybank2u Premier

Interest rate: up to 1.91% p.a.

Service Charge: RM10 per half year, on balance less than RM1,000

ATM card annual fee: RM8

You can apply for the Maybank2u.Premier account with only RM500 in deposits, individually or up to 4 joint accounts – no introducer needed. This is mainly an online current account with easy access to your account from anywhere at all via Maybank2u. If you prefer to speak to a customer service consultant, you can use Kawanku Phone Banking for any inquiries you might have.

You will enjoy earning a up to 1.91% p.a. in interest for deposits over RM500,000. However, you will only start earning interest for deposits over RM5,000.

Additionally, but slightly underwhelming, for monthly average balances of RM5,000 and above, you will also be rewarded with 5% bonus interest on the interest of your monthly average balance.

Strong points: 5% bonus interest on the interest of your monthly average balance, fast and easy online banking

Weak points: RM10 maintenance fee

5. Bank Rakyat eCurrent Account-i

Interest rate: up to 3.89% p.a.

Service Charge: None

ATM card annual fee: RM8

You will only need a deposit of RM500 and be at least 18 years old to open the Bank Rakyat eCurrent Account-i. You will however, need an introducer in order to successfully apply for this current account. As the name suggests, you will be able to access Bank Rakyat online banking anytime to make a transaction and to manage your account.

Since this is an Islamic account, interest earnings are prohibited. Instead, you will earn profit based on your average daily balance at a rate of up to 3.89% when you deposit RM100,000 and above. Aside from that, profit rates are pretty average at 0.75% p.a. for balances below RM30,000. Additionally, you will receive monthly statements for absolutely free.

Strong points: high interest rates, free monthly statements

Weak points: profit not guaranteed

 

• TAGS:
• Bank Accounts
• Bank Rakyat eCurrent Account-i
• CIMB Money Multiplier Account
• Citibank Max Yield Account
• Current Accounts
• Maybank2u Premier
• RHB MaxCash Account