The cash management space in Malaysia is dark and messy with restrictions and fine print that make growing cash tedious at best. Ironically, in Asia, where saving is so deeply ingrained in many of its cultures, institutions have structured cash management options to benefit the institutions inherently more than their own customers.
For example, a common misconception is that a savings account’s entire balance will earn the advertised rate in full. But, that’s almost never actually what the fine print says: average savings accounts have confusing tiered interest rates that require customers to satisfy multiple criteria, including having to deposit your salary, credit cards, and minimum monthly expenditures. And, fixed deposit accounts have rates that range from 1.9% to 2.1% p.a., but lock-up deposits for up to 12 months.