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RHB bonus interest promotion - up to 4.5%-5.5% p.a. interest on savings accounts

RHB Bank is increasing the deposit rates on Premier Plus Account and High Yield Savings Plus Account across all deposit tiers from 1 September 2022.
RHB bonus interest promotion - up to 4.5%-5.5% p.a. interest on savings accounts

The RHB High Yield Savings Plus is a savings account offered by RHB Bank, one of the largest financial services group in Malaysia.

It is now offering as much as 4-7x higher yield on its High Yield Savings Plus accounts:

Depositors in its Premier Plus accounts are also seeing increases:

This rate revision is applicable for all existing and new customers.

Additional 3% interest on monthly incremental average daily balance

RHB is concurrently running a promotion where you can get an additional 3% p.a. on your monthly incremental average balance if you top up your account with incremental fresh funds from 1 September 2022 to 30 November 2022.

To illustrate with an example, you can get up to $700 of monthly interest with a fresh $200,000 deposit in September assuming you have $0 in August.

  • Base interest: $200,000 x 1.5% / 365 days x 30 days = $246
  • Bonus interest: $200,000 x 3% / 365 days x 30 days = $493

Eligibility for RHB High Yield Savings Plus

The criteria for opening up an account are relatively straightforward:

  • Singaporeans or Singapore Permanent Residents
  • 16 years and above
  • Foreigners with Employment Pass or Work Permit Holders

This means that most of us would probably qualify.

Fees for RHB High Yield Savings Plus

There are no account opening fees, however, an account closure fee will be charged if it is closed within 6 months of account opening.

Initial Deposit

$1,000

Account Closure Fee

S$30 only if account is closed within 6 months of opening

Minimum Balance Fee

S$0 

There is also no minimum balance or fall below fees.

Overall, this is one of the most interesting promotions when it comes to yield on your cash. It's relatively simple, doesn't require gimmicks like salary crediting, and to maximise interest for 2 months you just need to have incremental balance above your previous month.

However, after the promotion period, the interest rate falls to between 1.2% to 1.5% which is more in-line with market standards, making this promotion somewhat of a hit-and-miss, especially if you don't mind the long waiting time for the account opening process.


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