Have a bank account that you don’t normally use, but you are charged an annual fee of RM8 to RM16? Then you may want to consider opening a Savings Account with no annual fee.
There are generally two types of savings accounts offered by banks, one with an annual fee of RM8 and the other with no annual fee. The fee-free account will be limited to 8 withdrawals per month and a fee of 53 sen will be deducted from the 9th withdrawal. If you make less than 8 withdrawals per month, then you can opt for the no annual fee savings account.
Bank Negara requires all banks to offer annual fee-free savings accounts for customers to choose from, which are known as Akaun Simpanan Asas or Basic Savings Accounts.
Maybank has introduced a no-annual-fee savings account, the Maybank Basic Savings Account, which entitles users to eight ATM withdrawals per month, with a 53 sen fee charged on the ninth withdrawal. Users are also limited to 6 times a month for counter service.
In addition, CIMB also offers an annual fee-free account called CIMB Basic Savings Account 1. Through this account, users are limited to 8 ATM withdrawals per month and 6 counter services per month. After this number, a fee of 53 sen and RM5.30 sen will be charged.
Public Bank’s annual fee-free savings account is the Public Bank Basic Savings Account, which, like other banks, entitles you to 8 ATM withdrawals and 6 counter services, after which you will also be charged a fee.
If you wish to open a RHB account, you can also choose the RHB Basic Savings Account, which entitles you to 8 ATM withdrawals and 6 over-the-counter services per month. A fee of 53 sen will be levied on those who exceed the number of times.
Every bank offers an annual fee-free savings account, but some bank staff may find it too much of a hassle or worry that you may have to withdraw more than 8 times a month, so they will automatically open a bank account for you that requires an annual fee.
