1M SOR rates has turned negative (https://www.businesstimes.com.sg/banking-finance/singapore-sees-negative-rates-creep-in-with-flush-liquidity). The latest Tbills auction closed near zero yield. As monetary base expand across the developed countries, savers are penalised as the printing of money force down the price and value of money.
Looking at the current environment, some banks provide above average deposit rates:
Hong Leong Bank first 200k = 1.5975%
CIMB first 100k = 1.43% (not stated valid till when)
RHB High Yield first 100k = 1.4125% (not stated valid till when)
Maybank Isavvy first 200k = 1.3%
SCB Esaver first 200k = 0.7% (till July)
Out of the 4 malaysian banks, I have 3 accounts with them. They do need a lot of patience to work with. HL bank does not even have a banking app (if you downloaded one, its the Malaysia's version). Maybank is actually the best among them in terms of online banking, recently improved interface sees them assimilating to our local banking digital expectations.
As local banks with huge liquidity from locals and foreign funds are unlikely to match their rates, savers unfortunately have to put up with some inconvenience of having multiple accounts with sometimes frustrating digital banking experience.
Hong Leong Bank does not even provide estatements. You need to pay then to generate a statement of account standing. I do not think it will cultivate any customer loyalty as deposit rates becomes commoditized - ie the highest rates take all. But given the rates are higher than all new mortgages rates now, unfortunately, we would have to take it, even if there is no internet banking!
