Bank Negara raises interest rates, and junior savings accounts can also enjoy higher interest.
On November 3, Bank Negara announced a 0.25% interest rate hike, implying that interest rates on various domestic financial products must be raised within a week. Bank loans, fixed deposit rates, savings account rates, and junior savings accounts are all examples of this.
If you have kids, you should consider opening a Junior Savings Account for them to earn high interest. Junior savings accounts pay more interest than regular savings accounts. You can generally refer to the interest rate on fixed deposit.
The interest rate on the junior savings account was around 2.20 to 2.25% before the rate hike, and the interest rate on the child savings account will be 2.45% to 2.50% p.a. after the rate hike. The most recent rates for junior savings accounts at various banks will be available on November 7 and 8.
Using an RM5,000 deposit as an example, you can earn approximately RM10.42 per month at a rate of 2.50% p.a.
