I have always thought that savings accounts give higher interest rates to current accounts. A check with my Maybank Kawanku savings account, HSBC basic savings account and JustOne current account revealed a couple of surprises.

Firstly, effective 14th May 2009, Maybank Kawanku has stopped paying interest for deposits below RM10,000. And the highest interest rates start from 0.15% up to 1.00%. See table below.

Secondly, my current account pays higher interest compared to both my savings accounts!

Maybank Kawanku interest rates

My HSBC basic savings account pays a flat interest rate of 0.25% for all amounts.

HSBC basic savings interest rate

My SCB JustOne current account interest rate starts from 0.88% !! And not only that, my deposits also earn Choice Points which can be used to exchange for gifts.

SCB current account interest rates

My current account also earn Choice Points

From now on, I’m going to use my current account as my savings account.