Introduction to Bonus Rates
When it comes to growing your money, maximising bonus rates on bank accounts is a smart strategy.
Many banks in Malaysia, including RHB, offer bonus rates as an incentive to encourage regular saving, attract new clients, and promote financial discipline.
A high-yield bank account can be particularly appealing for those who want more substantial returns on their deposit. With competitive bank rates, these accounts reward you for maintaining good saving habits while keeping your money accessible.
How Bonus Rates Work
Most bank accounts start with a base rate—a small, stable return on your deposit. However, high-return accounts often have a bonus feature, which offers a higher rate if you meet specific conditions.
For example, RHB’s high-yield accounts, such as the Smart Account/-i, provide additional returns when you maintain a minimum balance, credit your salary, pay, spend, finance, trade or convert with it.
Bonus rates vary, sometimes significantly, based on account type or deposit amounts, and generally, the higher your deposit, the better the rate.
Qualifying for Bonus Rates
Here are some common strategies for qualifying for bonuses on high-yield bank accounts:
Maintain a Minimum Balance
Many high-return accounts require keeping a specific balance to unlock bonus rates.
Set Up Recurring Deposit
RHB has high-yield bank accounts in Malaysia that offer bonuses for recurring deposit.
Make Monthly Transfers
Bonus rates often reward regular transfers into your high-yield bank accounts, so set up automatic transfers to reach these targets.
Use Debit/Credit Cards
By making purchases with a debit/credit card, you may qualify for bonus rates on certain accounts.
Maximising the Benefits of Bonus Rates
Here’s how to make the most of your bonus banking accounts:
Automate Deposit
Automatic transfers help you stay consistent, reaching your monthly savings target effortlessly.
Leverage Salary Crediting
Depositing your salary into a high-yield account like RHB’s Smart Account/-i can help secure a bonus. You can also enjoy multiple benefits by signing up for Joy@Work!
Merge Your Spending Under One Bank
Use debit/credit cards/-i for essential purchases to meet transaction requirements while keeping a balance.
Maintain Your Required Balance
To ensure you keep earning the bonus rate, avoid unnecessary withdrawals, as some accounts require no-withdrawal months to qualify.
Consolidate Additional Bank Services
RHB rates can sometimes increase if you use other bank services like credit cards or insurance/takaful products, boosting your returns.
Pros and Cons of High Bonus Rates Bank Accounts
High Bonus Rates Bank accounts come with both perks and potential limitations:
Pros:
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Higher Rates:
Bonus rates can make a big difference, helping you grow your emergency or general savings faster. -
Incentive for Consistent Saving:
Accounts like RHB’s Premier Current Account/-i or the Smart Account/-i encourage regular deposits and sound financial habits. -
Extra Banking Benefits:
High-yield bank accounts often come with added perks, such as fee waivers or discounted services.
Cons:
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Qualifying Conditions:
If you miss a minimum balance or required deposit, you may not qualify for bonus interest/profit. -
Fees:
If you fall short of account requirements, you may face additional fees. For example, if you close your account in less than 6 months, RM10 account closure fee will apply.
These accounts work best for individuals committed to saving consistently and who don’t need to access funds frequently. If these conditions seem too strict, a basic bank account might be a better fit.
What Are the Best RHB Accounts/-i with Bonus Rates in Malaysia?
RHB offers several bank accounts/-i with attractive bonus interest/profit options, each tailored for different needs:
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RHB Smart Account/-i:
Designed to reward smart savers, this account offers up to 2.85% p.a. interest/profit when you satisfy financial milestones built to encourage your saving behaviour. -
RHB Multi Currency Account/-i:
All-in-one account that offers a diversified currency portfolio. -
RHB MaxSave Account:
Provides tiered interest rates that increase with higher account balances, offering up to 1.00% p.a. for balances above RM100,000. -
RHB Junior Savings Account / RHB Children Account-i:
Designed for children, this account offers attractive interest/profit rates to encourage early savings habits. -
RHB Premier Current Account/-i:
Targeted at higher-income clients, receive an RHB Premier Membership and exclusive Premier Privileges with a dedicated Relationship Manager.
Conclusion and Key Takeaways
Bonus interest/profit bank accounts are a great way to earn more on your savings while developing disciplined financial habits.
By understanding each account’s conditions—whether it’s a basic bank account, a high-interest/profit bank account, or a bank account for kids—you can make the most of Malaysia’s top bank account options.
Choose an account like RHB’s Smart Account/-i or RHB Premier Current Account/-i if you’re focused on higher returns and prepared to meet deposit goals. With the right approach, you’ll be able to maximise interest/profit earnings, grow your savings, and reach your financial goals faster.
