RHB Bonus Saver is a high paving interest rates account from RHB Bank. This saving account features as high as 2.75% p.a interest rates however it comes with certain conditions.
How do I get the max from this saving account ?
Base rate
The base rate of the saving account starts from a meagre 0.25% p.a. This would be the rate that RHB will pay if you do not hit the step up criteria for their bonus interest rates. This interest rates is calculated from average daily basis as of all saving accounts in Malaysia.
Bonus Interest Rates
To enjoy bonus rates, you will need to have an increase of the saving accounts by RM 500 per month. There are certain conditions to be met which is counted by “Step-up Counter” defined by RHB. You will need to complete 12 Step-ups to be able to enjoy the maximum interest rates of 2.75% p.a
Pros
- This kind of saving account will encourage people to save monthly to be able to enjoy the Bonus Interest Rate
Cons
- Complex calculation on the t&C
- There is a term stating that the step up amount may be adjusted by RHB
Verdict
The calculation for bonus interest rates look very complex and sounds like rocket science. This is the screenshot of the Bonus interest rate calculation. To be honest, it looks very complex and I do not have an idea on what is going on. As a rule of thumb, I would not invest or put money into something that I do not understand.
To be fair, RHB stated that SMS will be sent to you once you achieved certain Step-up and reminder SMS will be sent if you fail to achieve certain Step-Up balance. This sort of easy the whole complexity of maximizing your interest rates.
Requirements
Here are some basic requirements that you need to start saving with RHB Bonus Saver
- You must be at least 18 years old
- There is a minimum deposit of RM 500
RHB Bonus Saver account can only be open at at RHB Branches. This account is also eligable for protection from PIDM.
