Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on August 14, 2018

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd hopes to achieve double-digit growth for its savings account balances this year over 2017, boosted by the launch of the Booster and Premier Booster savings accounts.

With rates similar to that of fixed deposits (FD), the freshly minted Booster and Premier Booster savings accounts are set to become the new benchmark for flexible high-interest-yielding savings accounts, it added.

In a statement yesterday, OCBC Bank said Booster account holders can enjoy a 3.25% per year interest rate by maintaining an average balance of at least RM30,000; there is no cap to the balance. If the balance falls below RM30,000, the usual savings interest rate of 0.25% per year will apply.

According to OCBC Bank head of wealth management Ling Seng Chuan, this savings account provides customers with full flexibility without having to compromise on rates that would otherwise only be available with a FD. “We are delighted to respond to the growing demand from customers for a bigger bang for their savings without having to sacrifice on flexibility. OCBC Bank is always on the lookout for the opportunity to provide better wealth management solutions to our customers and the Booster account is a good example of this,” he added.

The Booster account is also available to Premier Banking customers through Premier Booster, which features multi-tiered interest rates based on account balances.

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