If you’re searching for the highest fixed deposit rate in Malaysia, you’re likely looking to earn more on your idle savings without taking on unnecessary risk. Fixed deposits (FDs) remain a popular savings tool for Malaysians due to their simplicity and capital protection.
But with inflation rising and financial options evolving, is chasing the highest FD rate still the smartest move? Here’s everything you need to know—including a look at alternative options with better flexibility and returns.
What Is the Highest Fixed Deposit Rate in Malaysia Right Now?
As of Q1 2024, promotional FD campaigns in Malaysia offer rates between 3.40% to 4.00% per annum for selected tenures, typically 6 to 12 months. These higher rates often come with terms such as:
- Minimum deposit amount (usually RM10,000 or more)
- New funds only
- Online placement via mobile or digital banking
- No early withdrawals without penalty
✅ Always read the fine print. Promotional rates may only apply under specific conditions, and breaking the FD early often results in losing interest earned.
Where to Find the Highest FD Rates
Some banks and financial institutions offering competitive FD rates in 2024 include:
| Bank | Tenure | Rate (p.a.)* |
| Affin Bank | 12 months | Up to 4.00% |
| RHB Bank (Promo) | 6 months | Around 3.75% |
| Hong Leong Bank (Online) | 3–12 months | 3.60% – 3.90% |
*Rates are subject to change based on OPR adjustments and promotional availability. Refer to official bank websites for up-to-date details.
Are There Better Alternatives to FDs?
Yes—if you’re open to non-guaranteed, but higher-yielding options, regulated digital platforms like Versa offer access to money market funds and short-term fixed income products. These are not traditional FDs, but are designed for capital stability and liquidity while aiming for higher net returns than most fixed deposits.
For example, Versa’s products offer:
- Daily returns (compounded)
- No lock-in periods – withdraw anytime
- Transparent fee structure
- Regulated by the Securities Commission Malaysia
Explore Versa’s full offering here:
➡️ highest fixed deposit rate Malaysia
⚠️ Disclaimer: Versa’s products are not protected by PIDM. Returns are market-based and not guaranteed. Always read the disclosure documents before investing.
Final Thoughts: Should You Chase the Highest Fixed Deposit Rate?
While the highest fixed deposit rate in Malaysia can offer decent returns with principal protection, it often comes with trade-offs—like limited liquidity and rigid tenure requirements. For Malaysians who want their money to work harder without being locked in, exploring regulated alternatives like Versa may be a more effective option.
Ready to make your money more efficient? Compare fixed deposit rates and discover smarter alternatives with Versa.
