I met Nick, a friend that I’ve known from business at a shopping mall last weekend. After some chit chat, I asked ‘So Nick, how’s business last year?’

Nick commented, “Last year was good. I was able to secure a few major deals myself. In fact, I’ve just collected a big payment from a major customer. So, I think business has improved. Hopefully, I can do better this year.”

I continued, “Wow! That’s great news. You must be investing your profits in property and the stock market then?”

Nick replied, “Actually, no. I’m looking for financial products that offer me less risky options with high interest rates and cash liquidity flexibility. It’s important that I keep my cash ready anytime. As you know, I am an active investor. Whenever I see an opportunity for great assets offered at the right price, I will seize the money-making deal. But that needs cash ready on hands. Also, I’ve other commitments to settle like my car loan and my business loan.”

Nick carried on, “The cash will come in handy when business is slow. Any ideas on what’s good out there, bro?”

I answered, “Well, recently, I heard about a bank account that offers high interest rate for your savings with flexibility to access it anytime when you need it, known as Alliance SavePlus Account. Some friends have been recommending it to me and it seems to suit your requirements. Have you heard about it?”

Nick shook his head and replied, ‘Nope. What is it about?’

I shared, “Alliance SavePlus Account is a current account, offering rates very close to fixed deposits but without a lock-in period. It pays up to 3.5% per annum in interest rates, and I think it’s one of the highest in the market right now. Seems suitable for investors like you as you gain access to cash whenever you find a profitable opportunity, while enjoying attractive interests.”

As I shared, I can tell Nick was intrigued. Wanting to know further, Nick asked, “What’s the difference between this Alliance account and a conventional fixed deposit account?”

I explained, “Nick, here’s what I know so far. For example, you can place your money in a 12-month fixed deposit account. The interest rate offered is more or less 3.5% a year. The drawback is, if you are in need of cash before the 12 months is up, you’ll need to withdraw your monies from your fixed deposit account. You’ll receive back your principal sum in full, but as you know, you’ll forfeit the potential interests received.”

Nick nodded in agreement.

I continued, “As for the Alliance SavePlus Account, interests are calculated on daily balances and will be credited into your account on a monthly basis. So, it is more flexible as your money is not being locked-down in your account.”

Here’s how it works:

Total Account Balances (RM)Interest Rate per year
0 - 20,0000%
20,001 - 100,0001.8%
Above 100,0003.5%

For instance, in a single month, if you maintained the cash balances shown below, you would earn the following interests:

DayBalance (RM)Calculation of Interest
RM 120,000 x 3.5% x 10/365 = RM 115.06
11 - 1580,000RM 80,000 x 1.8% x 5/365 = RM 19.72
16 - 2519,000RM 19,000 x 0.0% x 10/365 = RM 0.00
26 - 30120,000RM 120,000 x 3.5% x 5/365 = RM 57.53

In total, you’ll receive RM 192.31 in interests.

See the image for another illustrated example:

Nick was getting the picture. But like most Malaysians, we were brought up to believe that ‘There is no such a thing as a free lunch.’ Thus, in this spirit, Nick asked, “This account seems good. But, what is the catch? Are there any terms & conditions applied?”

I answered, “There is one main condition which is to maintain at least RM 10,000 in monthly account balance (MAB). If you do so, you can enjoy waiver on transaction fees on the following:

a. MEPS withdrawal fees
b. Interbank Fund Transfer fees
c. Interbank GIRO fees
d. Debit Card Annual fees

By now, Nick was sold. He asked, “I think I should find out more about the Alliance SavePlus Account. How do I register?”

It’s reall simple! I told Nick that registration for Alliance SavePlus Account can be completed at any Alliance Bank branch. The branch staff would also be able to assist him with any enquiries he may have about the account.

Who should consider getting for Alliance SavePlus Account?

This account is especially suitable for individuals, sole proprietors, businessmen and investors who handle large volume of cash. It will save you the cost of transferring money out, and earn competitive interest return like an FD, but without the hassle.

There aren’t many products in the market that provide high interest rate for liquid account where you have the option to use your money anytime without having to sacrifice on the interest earned.

Some similar products might require customers to perform additional transactions e.g. pay their bills, deposit a minimum amount every month, etc. to be entitled for the benefits.

If you are interested in making use of this account, here is how you can do it:

1. If you are already an existing current or savings account holder with Alliance Bank, you may login directly into your online banking account to open an Alliance SavePlus Account instantly.

Alliance Online

If you are not an existing customer of Alliance Bank, you may walk in to any branch directly to apply.

Alliance SavePlus Account

Let me conclude here, if you are an investor, do consider the Alliance SavePlus Account because it allows you to use your money whenever required without sacrificing the interest so you can maximise your investment potential and avoid idle money.

I had just got my Alliance SavePlus Account opened!


Personal finance author and trainer

    4 replies to "Here’s How You Can Earn Up to 3.5% p.a. Interest Rates with Your Bank Account"

    • Francis

      UOB eAccount offers slightly better benefit; RM50k at 3.6% interest.

    • Susan Tan

      Thanks for the valuable information. Will check with Alliance Bank if the offer is still valid.

      Thank you as this will benefit my company cash flow .

    • casey woon

      Thank you for your good advise.
      Tomorrow or so i will check and if true will open an account too

      Another good tips is Hong Leong Bank
      They have a c.c bank transfer balance account where they lend you funds but must payback at zero interest. How they select me i dont know but lucky .
      The amount given is based on the cc limit,

    • Maggie

      I’d check Alliance bank online, this offer is expired. Actually other bank also have this offer fot long time ago just the interest not high as Alliance bank.

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