Many banks offer attractive interest rates for current accounts, but only with very high levels of deposits (usually RM100,000 and above). Latest "A Term of Commutative Algebra" by Altman and Kleiman? The successful regional partnership between Maybank and Manchester United gets a 5-year extension. They mean one and the same. rev 2021.3.1.38676, Sorry, we no longer support Internet Explorer, The best answers are voted up and rise to the top, Personal Finance & Money Stack Exchange works best with JavaScript enabled, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site, Learn more about Stack Overflow the company, Learn more about hiring developers or posting ads with us. Why do English-speaking Catholics say 'descended into hell' instead of 'descended into Hades' or 'into Sheol'? That type of account we call a 'current account', and the other type either a 'deposit account' or a 'savings account'. A good example of a current account is the Alliance Bank SavePlus current account. Keeping a checking account is just as expensive. Savings account is an interest-bearing account with certain limitations. Compare Basic and Premium versions of Current’s personal checking account. Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. *Starting 1st January 2015, there will be an additional RM0.50 cheque processing fee (in addition to the RM0.15 stamp duty) as set out by Bank Negara Malaysia. You may also be able to 'link' the two accounts directly if you choose an account from the same bank as you current account. A bank client can choose to open checking accounts vs savings accounts depending on several factors, such as purpose, ease of access, or other attributes. A checking account is a type of bank account that is used for everyday transactions. Visual design changes to the review queues, Hong Kong - What's the difference between Current Account and Savings Account here. Remember to bring along your identification card (MyKad) and an initial deposit of at least RM500 (dependent on banks) before stepping into your favourite bank. I have 'current' attached to my personal account and 'savings' on the account I hold jointly with my wife. These accounts can … One of the upsides when applying for a savings accounts is that an introducer normally isn’t required, and the minimum deposit need not be in the RM100s, but usually only RM20, or even as low as RM1! Both accounts have no minimum balance, no overdraft fees, and no hidden fees. A high interest-bearing account with checking facilities and other exclusive privileges. It is the most basic account that banks, credit unions, and small lenders offer. Open an account in minutes. Service Charge N/A Min. Despite proliferation of graphene, why is gold still so expensive in the future? In India, what is the difference between Current Account and a Savings Bank Account? What's the difference between “direct credit” vs. “local wire transfer”? Through the years there have been certain denominations of our Malaysian Ringgit that has been discontinued. They are meant to be used for everyday transactions, bill payments, and other similar uses. Current accounts and savings accounts are the two most common types of checking accounts offered by banks – but what exactly is the difference between the two? So where do we start? Why does JetBlue have aircraft registered in Germany. – WS2 Feb 26 '14 at 18:32 Usually, a person would have a basic savings account or basic current account or both (some might refer to these as checking accounts). Who Guarantees What in the 'Current Account Switching Guarantee"?