Have a bank account that you don’t use much, but you are charged RM8 to RM16 per year for fees or transfer card fees? Then you can consider opening a Savings Account with no annual fee.
There are two types of savings accounts that are generally offered by banks in the country, one is the savings account that requires an annual fee of RM8 and the other is the savings account that is free of 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 choose the no annual fee savings account.
Bank Negara requires all banks to offer annual fee-free savings accounts for customers to choose from, the so-called annual fee-free savings accounts are Akaun Simpanan Asas or Basic Savings Account.
Maybank has introduced an annual fee-free savings account, known as Maybank Basic Savings Account, which allows users to make 8 ATM withdrawals per month, with a 53 sen fee charged on the 9th 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 . Through this account, users can only use 8 times a month for ATM withdrawals and 6 times a month for counter services. After this number, a fee of 53 sen and RM5.30 sen will be charged.
Public Bank’s annual fee-free savings account is Public Bank Basic Savings Account, which like other banks, allows users to enjoy 8 ATM withdrawals and 6 counter services per month, after which a fee will be charged.
If you want to open a RHB, you can also choose RHB Basic Savings Account. you can enjoy 8 ATM withdrawals and 6 counter services per month. A fee of 53 sen will be levied on users who exceed the number of times.
Every bank has a savings account with no annual fee, but some bank staff may be too hassled or worried that you may withdraw more than 8 times a month, so they will automatically open a bank account for you that requires an annual fee.
